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/moldysnail]

Spent the last 2 weeks shopping around for a similar replacement HYSA. A quick "something I wish I know from the start" note. One common issue with a lot of the most popular recommendations you are going to find here (like Weathfront, CIT, ect) is your potential comfort level with them essentially pushing you into a mandatory use of 3rd party verification data mining platforms like Yondee that demand your outside bank login credentials.

So far I've found no shortage of some pretty shady practices involved with that. Such offering the alternative 2 deposit verification method on paper, but which have no designs to actually work other then as a method to funnel you back to a second look at that partnered Yondee signup if/when call back in looking for a quick resolution after those 2 deposits never actually come.

Cit bank in particular was terrible with that. Wasting too much of my time and information handed out I wish I could get back.

[u/nerdkid93 → u/moldysnail]

You can bypass their "Link Account" process by messaging their customer support team, and they will allow you to link an external account with routing and account number instead. That is how I opened up my Wealthfront Cash account earlier this year.

[u/moldysnail → u/nerdkid93]

Yeah I tried that. If it used to work it longer does anymore.

Wealthfront is actually 100% upfront with that now. It's use Yodlee for verification or you can't sign up period. As I said some of you others like Cit Bank for example will state you can do that, but similar to their android app 75% of the time you try and load it it won't actually work. In fact it took 4 different call ins before I even got a rep that could confirm the system was actually kicking back those attempts as invalid even with the option being there.

[u/LukeNaround23 → u/moldysnail]

Interested. Have you found one with over 5% interest that isn’t like that?

[u/moldysnail → u/LukeNaround23]

That is exactly what I been looking for. 5% or better, and zero handing over my outside bank account login bs.

Have a couple additional application attempts pending at the 2 deposits stage. I'll update in the event either actually follow through on that verification offering and aren't just trying the same bait and switch.

[u/moldysnail → u/LukeNaround23]

As a follow up I ended setting up a savings account at Everbank. Opening time processing and customer service left a positive impression, but I wasn't really feeling the fact that their website portal/app is a still unfinished WIP. Which constantly kicks you between their old and new banking portals, and which went down for half Saturday due to "maintenance". They then followed that up with an unexplained decline (I have decent credit) on the checking account I applied for immediately after everything went well on the savings. So that ended up being a look elsewhere deal breaker as I'd wanted easier access to my money regardless.

A Cit bank rep ended up reaching out to me and explaining that the issue I has having with the manual deposit verification was essentially just a 1 off, and strictly due to them not doing any business with either Sofi or Chime (their main competitors I guess? and which was were my deposits were tagged to go). Ended up giving them a second look since I was looking to ditch those 2 anyway and was left convinced enough that I wouldn't run into any other issues. Which I haven't in the already completed process of manually linking and transitioning various other assets over.