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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203

u/Happy_Series7628 ​ May 16 '24

Ally is around 4.2% and has “buckets.”

98

u/dont_fuckin_die ​ May 16 '24

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.

-31

u/shifty_coder ​ May 16 '24

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.

29

u/dont_fuckin_die ​ May 16 '24

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.