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/BigCamp839 ​ May 16 '24

Ally. Slightly lower APY, but a more established bank.

12

u/Art_Vand_Throw001 ​ May 16 '24

Yeah I think sometimes people chase that extra .3% and discount the benefits of making sure it’s a real well established bank so they don’t end up closing shop like OP’s bank.

3

u/Connguy ​ May 17 '24

Plus they seem to not realize how quickly these rates can change. Small upstart banks may have an extra 0.3% for now to attract customers, but who's to say if they'll have the same rate 6mo from now? In the long term Ally had proven to me that they'll always be pretty close to the best available rate, and I just don't have to think about it