Is it safe to move mothers savings to high interest online banks?

[Anonymous]

Yes, safe. I use Am Ex.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes jeep under $260k and don’t use ally.

What's wrong with Ally and what does a jeep have to do with it?

J/k but seriously, what's wrong with Ally?

Nothing wrong with Ally but a Jeep on the other hand is a different story.

[Anonymous]

Also look into Bask Bank.

[Anonymous]

Merrill Edge is 4.34

[Anonymous]

Anonymous wrote:Yes jeep under $260k and don’t use ally.

The insurance limit is per depositor. If you are an account co-owner, you can have $520K in the bank and be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m POA for my 81 yr old mom. She has a few checking accounts totaling about $500,000 and see that both banks have very low interest rates. I started looking online and there are banks offering 5% on savings accounts. No penalties no fees. I’ve researched and it seems to be all legitimate and safe and FIC secure up to 250k. Of course I would use two different banks.

Which banks are offering 5% on savings?

Nerd wallet publishes this info monthly (of c fine print): https://www.nerdwallet.com/best/banking/savings-accounts

Yeah, no such thing as 5% saving there. The best rate is 4.25

https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

Thanks for the link!

[Anonymous]

I would never put my hard earned money onto cyberspace! If it's not in a real bank then it's not real money. Might as well be bitcoins!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes jeep under $260k and don’t use ally.

What's wrong with Ally and what does a jeep have to do with it?

J/k but seriously, what's wrong with Ally?

NP but Ally was recently on a list of banks that have a similar business profile to Silicon Valley Bank.

I still have money there but it's well under the FDIC limit. Just something to be aware of.

[Anonymous]

My accountant recommends Goldman Sachs Marcus for online banking. I believe they are paying 3.7% right now

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes jeep under $260k and don’t use ally.

What's wrong with Ally and what does a jeep have to do with it?

J/k but seriously, what's wrong with Ally?

Nothing is wrong with Ally--it was on a list of banks that held low interest long-term loans like SVB did which reduces liquidity during an interest rate rise. But SVB's real red flag wasn't that--it's that 97% of its deposits were beyond the 250k limit and so there was a bank run of people on the amount that isn't insured. Ally is nearly all deposits under 250k so all FDIC insured.

[Anonymous]

Just moved all of our $$$ from Ally to Amex.

Watch this…

https://youtu.be/8uEY0iHtscQ

[Anonymous]

Anonymous wrote:Just moved all of our $$$ from Ally to Amex.

Watch this…

https://youtu.be/8uEY0iHtscQ

Sorry you got fooled.

I don't take my financial advice from influencers.

https://en.wikipedia.org/wiki/Kevin_Paffrath

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes jeep under $260k and don’t use ally.

What's wrong with Ally and what does a jeep have to do with it?

J/k but seriously, what's wrong with Ally?

NP but Ally was recently on a list of banks that have a similar business profile to Silicon Valley Bank.

I still have money there but it's well under the FDIC limit. Just something to be aware of.

This is a recent thread which has the only list I've seen that Ally was on.


https://www.dcurbanmom.com/jforum/posts/list/15/1119156.page


Telling that you do not link the list you mention.
The article mentioned by the OP of this thread is no longer available probably because it was irresponsible clickbait as I could read in the early morning hours before it was pulled.
People like you help me understand why this forum is filled with such erroneous advice.

[Anonymous]

Citbank Platinum Savings is paying 4.75%. Must maintain a $10,000 balance. Citbank Connect Savings pays 4.5, no balance requirement. I've been very happy with them.

[Anonymous]

Anonymous wrote:Just moved all of our $$$ from Ally to Amex.

Watch this…

https://youtu.be/8uEY0iHtscQ

You're taking advice from a schmuck on YouTube who knows absolutely nothing about banking.