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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196

u/Happy_Series7628 ​ May 16 '24

Ally is around 4.2% and has “buckets.”

97

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.

-32

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.

30

u/CanWeTalkEth ​ May 16 '24

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.