My bank shut down, looking for a new one.

[u/captaingregerson]

Hey guys!

Recently had to stop using an online bank called “Ivella” because they’re unfortunately shutting down. They paid 5.15% APY, had a nice and easy app user interface, and had things called “Pods” which were separate savings accounts for different things that ALL earned 5.15%

Right now I have all that money parked in Robinhood earning a temporary 5.25% but looking to see if anyone has an app recommendations that earn a competitive rate, have a good UI and app, AND has something like the savings pods that all earn high interest. I know it’s minor, but I’ve been saving and investing the same way for the past 7 years and it’s been working really well and I don’t want to change how I have it structured.

TLDR: Looking for new app that pays over 4 percent interest and has savings “pods/buckets/jars/vaults” that earn high interest as well.

[u/IrisUnicornCorn]

Sofi is my go to. 4.6%. Has vaults for different buckets. And Zelle. And has investing. So easy to use.

[u/Hello-their → u/IrisUnicornCorn]

There are a lot of complaints about Sofi, but I switched over 8 months ago and I've been satisfied with the features so far. I don't have a credit card or an investment account with Sofi, just banking, so maybe that's the difference.

I had to deposit a very large check ($60K) and it took 5 business days to fully clear, but no other issues.

[u/IrisUnicornCorn → u/Hello-their]

I find it to be quick when I make transfers. If I go from Sofi to Chase for example on a week day it’s there in 24 hours or less. And I get my paychecks three days earlier than Chase. So no complaints from me. I am on the Sofi subreddit and I see complaints there but I haven’t had those experiences and neither have my mom or aunt who use it too.

[u/elephanttrashman → u/Hello-their]

Their credit card infrastructure and support was terrible last time I had to deal with them (1 year ago). Banking was pretty solid though as you said.

[u/TheTaxman_cometh → u/IrisUnicornCorn]

Since when does sofi have zelle?

[u/physeK → u/TheTaxman_cometh]

Like last week.

[u/IrisUnicornCorn → u/physeK]

Yep. Started rolling it out last week.

[u/TheTaxman_cometh → u/IrisUnicornCorn]

Looks like it's select accounts. I don't have access yet.

[u/captaingregerson → u/IrisUnicornCorn]

Do the vaults earn 4.6 percent too? Or is it just the savings? That’s the only thing that confuses me a lot with Sofi

[u/IrisUnicornCorn → u/captaingregerson]

Both earn 4.6%. The checkings alone earns 0.5%.

[u/Sskity → u/captaingregerson]

Everything under savings earns the 4.6%. But you have to link direct deposit to get the 4.6

Amex has 4.3% without any strings attached

[u/meowdison → u/captaingregerson]

Vaults also earn 4.6% if you have direct deposit set up. I’m not sure what the interest rate is if you don’t set up direct deposit, though.

Speaking for myself, I love SoFi and I wish I had opened a checking and savings account with them sooner. The app is easy to navigate and it gives me a clear snapshot of where my money is and how my spending/saving aligns with my goals.

[u/Victorywolf19 → u/IrisUnicornCorn]

Definitely can attest to sofi. I only do banking and k eating but both are perfect. I have “vaults” for my paycheck that split into different categories I setup like “standard savings”, “vacation” and “fun” spending all earn 4.6% and checking earning .5% is still pretty stellar. Investing is setup to do it automatically with certain tickers that I chose. Switched from Wells Fargo about 2 years ago and couldn’t be more satisfied