Hi all, I’m looking at HYS accounts and I see Sofi and Openbank coming up as some of the higher rate options. It looks like Openbank is based in California and has 4.2% but poor customer service reviews on Trustpilot. Sofi is 4.3% but with a limited time 0.7% “boost,” so 3.60% normally, but appears to have better customer service. I’m more inclined to have better support through Sofi.
I also had many people tell me Ally gave them 3.30% and pretty good customer service and transfer times. Any thoughts?
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I would look into Credit Union options if I were you. They’re not-for-profit, unlike banks, so the terms tend to be better and favor the members of the credit union (everyone with an account is a member)
Thanks for the suggestion. It looks like the credit unions around me do have similar or a slight bit better rates. And I do like the idea of keeping my money more locally.
one of my local credit unions is offering 6.75%
whatever you go with, pay attention to the rates, they’re coming down just about everywhere
I’ve used Ally in the past and it was perfectly fine. But now I keep accounts at American Express online bank. It’s mostly out of inertia, since it was convenient to have my credit cards and savings on the same dashboard, and the rates also fairly closely track Ally’s. It has been 7 years since I’ve changed savings accounts, so I’m less about chasing rates and more concerned about having a consistent financial process.
I use SoFi for my checking account and am very satisfied with their services. It’s the closest I’ve gotten to reaching parity with the now-acquired-and-sunsetted Simple banking app.
I’ve been pretty happy with SoFi. I like that they support multi factor authentication with TOTPs. I haven’t had to deal with their customer service yet.
Their Android app is god awful though if that matters to you. Also they send me a ton of spam but Gmail takes care of it so for me that’s a minor issue.
