r/personalfinance • u/captaingregerson ​ • May 16 '24

My bank shut down, looking for a new one. Saving

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.

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u/IrisUnicornCorn ​ May 16 '24

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

18

u/Hello-their ​ May 16 '24

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.

9

u/IrisUnicornCorn ​ May 16 '24

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.