Posted on Oct 2, 2022
What recommendations do you have for a military bank with checking and savings and a high APY?
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Like many people, I've recently gone through some things with my bank that are unacceptable. What recommendations do you have for a military bank with checking and savings and a high APY (I'm seeing some banks offering over 2% APY on checking and/or savings accounts)? Obviously, I'm aware of USAA, Navy Federal, and Marine Federal. I'm more interested in SOFI, Pentagon, or a few others. Looking for good recommendations and supporting reasons, please!
Posted >1 y ago
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https://www.bankrate.com/
The above link is what I used to quickly see what the competition was offering when I was in the world of banking.
Stuff like that is going to be a moving target.
Having spent my entire civilian career in banking and financial services from the likes of Wells Fargo all the way down to credit unions 1,000th the size rates are all over the places depending on who wants deposits, what they intend to do with those deposits and their ability to pay (interest rate offerings) for those deposits.
That all said.............. in a world of Cyber attacks BIG BANKS have always STOPPED attacks against my credit card accounts COLD!!!!!!!!!!! Smaller institutions tend to be more exposed.
The above link is what I used to quickly see what the competition was offering when I was in the world of banking.
Stuff like that is going to be a moving target.
Having spent my entire civilian career in banking and financial services from the likes of Wells Fargo all the way down to credit unions 1,000th the size rates are all over the places depending on who wants deposits, what they intend to do with those deposits and their ability to pay (interest rate offerings) for those deposits.
That all said.............. in a world of Cyber attacks BIG BANKS have always STOPPED attacks against my credit card accounts COLD!!!!!!!!!!! Smaller institutions tend to be more exposed.
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If you're looking for a high-yield interest account, you'll do best with online banks such as the one you mentioned (SoFi), CIT bank (http://www.cit.com) and others*. Just like shopping, online banks will generally be able to give you a better APY because they don't have a lot of overhead like traditional 'brick and mortar' banks do.
The real question is if you have some "special considerations" such as being deployed a lot and needing to have access from overseas, worldwide use of ATMs, etc. If you don't, then you're not necessarily looking for a bank that is more "military friendly" than others and will do a comparison to get the best 'bang for your buck'.
Prior to 2020, you would also have to consider how often you wanted access to your money. The infamous "Regulation D" prevented more than six transactions a month to an account that was classified as a "saving's account", but you're no longer limited by the government (although some banks may limit you by their own policy, so make sure to check).
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* NerdWallet and Bankrate have good rundowns of high-interest accounts at
https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2
https://www.bankrate.com/landing/savings/rates/
The real question is if you have some "special considerations" such as being deployed a lot and needing to have access from overseas, worldwide use of ATMs, etc. If you don't, then you're not necessarily looking for a bank that is more "military friendly" than others and will do a comparison to get the best 'bang for your buck'.
Prior to 2020, you would also have to consider how often you wanted access to your money. The infamous "Regulation D" prevented more than six transactions a month to an account that was classified as a "saving's account", but you're no longer limited by the government (although some banks may limit you by their own policy, so make sure to check).
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* NerdWallet and Bankrate have good rundowns of high-interest accounts at
https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2
https://www.bankrate.com/landing/savings/rates/
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COL Randall C.
Yep. I'm not sure if the final law has been implemented (congress and all that), but the Federal Reserve passed an "interim final rule" on it on 28 APR 20.* The rule "allows, but does not require, financial institutions to suspend enforcement of the six-transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits."
It's possible that your bank still limits your saving account transactions to six per month, but most have gotten rid of it.
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* https://www.federalreserve.gov/supervisionreg/caletters/caltr2106.htm
It's possible that your bank still limits your saving account transactions to six per month, but most have gotten rid of it.
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* https://www.federalreserve.gov/supervisionreg/caletters/caltr2106.htm
The Fed - CA 21-3: Suspension of Regulation D Examination Procedures
The Federal Reserve Board of Governors in Washington DC.
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Give A Credit Union a Shot...
They Pay Out More, Charge Less In Fees, Etc....BTW, If You're Concerned about The Interest You Receive On Savings, Forget It....Cost Of Living Exceeds Your Interest Rate, Then You Still Have To Pay Income Tax On It...So By Saving, You Lose Twice.....IF You're Talking An Adequate Amount to Invest,
Real Estate's About The Only One I'd Even Recommend...Basically Rental Units... Easy Money Maker With Tons Of Tax Benefits... Talk To A Banker, NOT Anyone In The Real Estate Business, And Always Avoid Financial Advisors.....They're Just Muggers In Disguise.
They Pay Out More, Charge Less In Fees, Etc....BTW, If You're Concerned about The Interest You Receive On Savings, Forget It....Cost Of Living Exceeds Your Interest Rate, Then You Still Have To Pay Income Tax On It...So By Saving, You Lose Twice.....IF You're Talking An Adequate Amount to Invest,
Real Estate's About The Only One I'd Even Recommend...Basically Rental Units... Easy Money Maker With Tons Of Tax Benefits... Talk To A Banker, NOT Anyone In The Real Estate Business, And Always Avoid Financial Advisors.....They're Just Muggers In Disguise.
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