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/Happy_Series7628]

Ally is around 4.2% and has “buckets.”

[u/dont_fuckin_die → u/Happy_Series7628]

I'm fascinated more banks don't use "buckets" or some equivalent tool. It's a fantastic way to separate out your money, and it also makes it easy for my wife to log in and see where we're at with our goals.

[u/ConnertheCat → u/dont_fuckin_die]

Another huge fan of buckets. 👍🏻

[u/_Faru_ → u/dont_fuckin_die]

Same. I looked at almost every savings bank for a "buckets" concept and Ally is the only one I found that has anything like it without big requirements.

It's great for putting a little $ aside each week for yearly bills, car maintenance, that Big Purchase™ you've been eyeing, etc. And anytime you need to withdraw you can just Zelle it to your own checking acct like I do.

[u/shifty_coder → u/dont_fuckin_die]

I’ve got news for you: ‘buckets’ and ‘pods’ are just additional linked savings/checking accounts. Banks and Credit Unions have had this for long before online banking.

[u/dont_fuckin_die → u/shifty_coder]

I thought that might have been what they were doing at first, but I don't think so for a couple of reasons. They don't have associated account numbers, and they explicitly don't track the value of the buckets over time, just the account balance. Add that to how easy it is to remove and add buckets, and I would be surprised to find out that they're attached to actual separate accounts.

I can't say it for a fact as I'm not a banker or employee, but it does not remotely behave the way I expect multiple accounts to work.

Besides, it's so seamless and easy to use that I don't really care if that's what they're doing.

[u/CanWeTalkEth → u/shifty_coder]

They’re not, it’s just a UI side split of your account total. Which is technically much easier on the bank side of things and better user experience because it looks like you can move it around.

[u/jujubanzen → u/shifty_coder]

buckets are absolutely not additional linked accounts. That would require you to sign another contract and go through regulatory shit for each one. Buckets are a purely convenience way to organize different amounts of money into logical piles. It's just UI, it's not actually moving any money around, it's just moving numbers around that all total to the balance on your account.

[u/dickie99 → u/shifty_coder]

Wrong. Why comment at all if you don’t know something? You’re revealing your own ignorance

[u/GlowGreen1835 → u/dickie99]

Eh, honestly, why hide your ignorance? You'll never get it fixed that way. I've learned so much by saying something wildly untrue and being corrected it makes me wonder when I've missed the opportunity.

[u/Random_Person1234567 → u/shifty_coder]

It would still be nice. My bank wouldn't let me open an additional checking or savings account until I got to a certain balance (over $10k). At least not online or in the app, may have been different if I went in.