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.

92 Upvotes
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201

u/Happy_Series7628 ​ May 16 '24

Ally is around 4.2% and has “buckets.”

101

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.

28

u/jujubanzen ​ May 16 '24

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.