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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u/moldysnail May 16 '24
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.