Opening first ever HYSA: Ally vs Discover?

[El_Mero_Mero]

About to throw 15K to 20K into one of these HYSA. The money won't be touched for a while.*

Which of the two do you recommend and why?


* it's my mother's money and she has more in savings in Popular Bank, but she wanted to try to take some out of her main Savings account in her main bank and see if she could get a little bit more traction in yearly interest earnings by trying one of these high-yield savings accounts in another bank.

 

[Silkk]

Discover ain’t wanna approve my credit card so fucck them bytches. Go with Ally

 

[El_Mero_Mero]

Discover ain’t wanna approve my credit card so fucck them bytches. Go with Ally

That's interesting. I feel like they're probably one of the easiest companies to get a credit card with. I never had a credit card in my life until last year, so the only sort of harm to my credit that I ever had was bad school loans. Discover was one of the easiest cards to apply for, so I just went with them. This August it's been about one whole calendar year and I've always paid my card on time so my credit score is pretty good. Maybe they denied you because of past incidents.

Other than that, I've heard good things about both discover and a lie, so I'm just curious if anyone here is using them and what they would recommend. This won't be my account (it will be my mother's), but I will also soon be looking into opening up a similar HYSA of my own.

 

[Silkk]

That's interesting. I feel like they're probably one of the easiest companies to get a credit card with. I never had a credit card in my life until last year, so the only sort of harm to my credit that I ever had was bad school loans. Discover was one of the easiest cards to apply for, so I just went with them. This August it's been about one whole calendar year and I've always paid my card on time so my credit score is pretty good. Maybe they denied you because of past incidents.

Other than that, I've heard good things about both discover and a lie, so I'm just curious if anyone here is using them and what they would recommend. This won't be my account (it will be my mother's), but I will also soon be looking into opening up a similar HYSA of my own.

Depends on the card, and I use them both for savings. Gonna close Discover because of that tho, Im petty

 

[Skooby]

I have been with Ally since they were GMAC bank. Never had a problem with them and they've always been near the top when it comes to rates.

 

[OH SOHH TRILL]

Synchrony bank is also good. Give you a bank card with the savings account and waive atm fees.

 

[Hahahaha]

I'd go chase to earn the signup bonus. Their bonus is 600 currently for checking/savings if you DD into checking and hold 15K in savings for 90 days. Then transfer to Ally or Marcus after they payout.

 

[mannyrs13]

I got Ally and they been straight. The rates have been going down lately but thats expected with all the issues going on. Long as she has the money to save and already has something invested for retirement than she might as well go for it.

 

[funkee]

marcus by goldman sachs or ally. i'm opening a marcus account tomorrow. thought about citi, but reading too many negatives about feesa nd customer service/withdrawals.

 

[El_Mero_Mero]

2 Quick Questions:

If I put some money into a HYSA with Ally or Discover, am I only allowed to make withdrawals 6 times a year before being penalized?

If set it up my HYSA to make automatic withdrawals to pay my Credit Card each month, will I be penalized after 6 months of withdrawals?

 

[Skooby]

2 Quick Questions:

If I put some money into a HYSA with Ally or Discover, am I only allowed to make withdrawals 6 times a year before being penalized?

If set it up my HYSA to make automatic withdrawals to pay my Credit Card each month, will I be penalized after 6 months of withdrawals?

It's 6 withdrawals per month (or statement cycle).

Yes, payments count. But why not link your bill pay to you checking?

With Ally, it won't overdraft since it takes from the savings if nothing is in the checking account.

 

[Skillz]

I'd go chase to earn the signup bonus. Their bonus is 600 currently for checking/savings if you DD into checking and hold 15K in savings for 90 days. Then transfer to Ally or Marcus after they payout.

I did this. You should def look into it. My dates below.

3/23 - Opened $25 each?
4/17 - 15k To Savings
5/13 & 5/20 - Direct Deposit - Just set up a recurring transfer from my Discover Savings
5/21 - $300 Bonus posted to checking
6/25 - $200 Bonus posted to savings
6/25 - $100 Bonus posted to checking.

I got the Savings bonus a little before 90 days. I moved like 4k in and out. So I'm guessing they use some sort of average. I still kept 15k+ for 90 days though.

@Skooby is correct, you get 6 withdrawals/month. But they're free, if you need more than 6 just open another. I've seen cats with like 10+.

Just a note with the overdraft on checking. You may have to activate that feature. I wrote a check thinking it would pull from Savings and it didn't. I got hit with a fee.

I hit up Ally like 2 days later and they said I had to sign up for it. I asked if they could waive the fee since I didn't know and they did.

 

[Yinny]

I just opened a Marcus (Goldman Sachs) account, has a 2.00% APY.