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 2 y ago
Responses: 5
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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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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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I have been using Andrews Federal Credit Union since 1994. They have treated me right and done me well.
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