Need a new bank, 2019 edition.

March 5, 2019 9:53 AM

I've used Capital One 360 for years. Their customer service has become awful. What are my options for a decent bank or credit union?

Looking for a new bank; I've been with Capital One 360 (and its predecessor, ING Direct) for 10+ years. However, their customer service has become progressively awful over time and I'm no longer comfortable using them.

I'm looking for a bank or credit union that offers no-fee checking and savings accounts, mobile banking, mobile check deposit, and no mandatory minimum balances if at all possible. Does something like that even exist nowadays?

Logistics: In the US, live in Chicago, IL, receive pay by direct deposit.

posted by huskerdont to Work & Money (17 answers total)

Simple has good customer service, no fee checking, mobile banking and an excellent app, mobile check deposit (no fee), and no mandatory minimum balance (as long as you stay above $0). They also have a savings account, but I haven't used it yet. You earn about .01% monthly on the money in your checking account, and you can "save" money in your checking account for different goals - the remaining money not placed in a goal is deemed "safe-to-spend." You can spend more than your "safe-to-spend" and not be charged as long as you have enough money in one of your goals to cover however much you've overspent. It's a great way to keep track of money you don't want to put in a savings account, and the goals function makes it insanely easy for me to keep my spending under control.

I've used this bank for at least 5 years and I've always liked it better than any other bank I've used. The only drawback is that you can't order a checkbook from them - there's an option in the app for them to write an individual check and mail it for you, but I prefer to write and track the check myself so I write checks from my other bank account when I NEED to use a check.
posted by Penguin48 at 10:17 AM on March 5, 2019

Ally. Ally. Ally.
posted by General Malaise at 10:22 AM on March 5, 2019 [10 favorites]

Since you may want some information: Free checking and savings. Collects interest on both (and the savings is up over 2% now). They have everything you want, and incredibly good customer service (if you ever need it).
posted by General Malaise at 10:23 AM on March 5, 2019 [2 favorites]

I LOVE Alliant Credit Union, which checks off all your boxes. Interest is 0.65ish on checking and 2.02 on savings right now, and there are very few fees. After they get to know you (takes a couple of months or so; YMMV), I find funds are available form remote check deposit the next morning, or even later the same day. You can have up to 20 savings accounts; after you open your initial checking/savings combo, it takes seconds to "spin off" a new savings account any time you need one, online.

Another one I like but haven't dug as deep into is Aspiration. You basically decide what fee you want to pay them (even if it's zero), and they're socially conscious as well.

A new player that seems to have basically NO fees for ANYTHING, as far as I can tell, is SoFi. Unlike the others (and unlike most banks), they actually run your credit. I don't know much more about them because my credit is shit and they rejected me. (I was able to get approved on the others, though.) Also, they're not a conventional bank, so there's no FDIC or NCUA protection. If you have a distaste for Silicon Valley "disruptor" assholes like I do, they're worth avoiding as well.

Back to Alliant, though: I know they're not the ABSOLUTE highest interest rate on savings, but they're very close, and they do follow the others. And at some point, you get tired of chasing interest rates for that last one-tenth of one percent anyway.
posted by CommonSense at 10:34 AM on March 5, 2019 [3 favorites]

Oh, and not to abuse the edit window, but since you're in Chicago, Alliant CU is local to you! Not that it makes much difference now, since every ATM is effectively "your" ATM (they reimburse all ATM fees), but having the ability to go to an actual Alliant branch or ATM is a nice perk you get if you're a Chicago local.
posted by CommonSense at 10:35 AM on March 5, 2019

If you want a bricks and mortar bank in Chicago, Wintrust Community Bank has been great for us; no ATM fees plus they refund any non-Wintrust ATM fees.
posted by sencha at 10:53 AM on March 5, 2019

I'm seconding Ally. I've had very very excellent customer service.
posted by Sophie1 at 10:59 AM on March 5, 2019

Also, they're not a conventional bank, so there's no FDIC or NCUA protection

I had a look and I believe SoFi's "Money" product does offer FDIC protection via sweeping funds into accounts at a real bank they partner with. There's a (probably brief) window between depositing and sweeping where funds might not be covered. They're still a weird setup and absolutely do give off huge SV disruptor vibes.
posted by BungaDunga at 11:47 AM on March 5, 2019

asked this same question within the last year. ally, for sure. i have been very happy with them.
posted by misanthropicsarah at 12:36 PM on March 5, 2019 [1 favorite]

Nthing Ally as the "new" ING Direct with their aggressive interest rate increases, the ability to easily add/remove savings accounts online, and easy-to-contact customer support.

People talk about all the SoFis and Simples and whatnot but I just want a savings account, not an experience, you know?
posted by Nonsteroidal Anti-Inflammatory Drug at 1:50 PM on March 5, 2019 [1 favorite]

I like Ally, but also recommend Aspiration, a bank with a social impact mission. Their debit card also gives cash-back rewards for shopping at more socially responsible businesses.
posted by pinochiette at 2:28 PM on March 5, 2019

You can get 3% interest on your checking balance with this Credit Union, if you meet the monthly requirements which are pretty basic. The website is very low budget, and they don't process transactions over the weekend it seems, but other than that they've been great.
posted by crunchy potato at 3:16 PM on March 5, 2019

I love Simple, but I've also got accounts at Chime. And I love them just as much. They also have a referral program where if you refer a friend, and your friend signs up for and receives a direct deposit of $200 within 45 days of opening the account, you and your friend both receive $50.

Link above is NOT my referral link. I'm happy to share, but only if asked.

Both Simple and Chime have provided great customer service, and neither required checks of my credit or my Chexsystems rating. (Which is great, because when I applied to Ally after asking this same question a few months ago, it took them two weeks to tell me I was not approved for an account.)
posted by The Almighty Mommy Goddess at 6:43 PM on March 5, 2019

I hope I can piggy back on this question because I have a very similar question, down to the "with it from the days of ING" history. The ability to add multiple accounts for essentially a digital version of the envelope system is key for me (basically I keep track of reimbursements to myself in a big spreadsheet and sweep various amounts from about 6-7 Capital One dedicated accounts like "Professional Development" and "Travel" and "Famiy" into my big Capital one checking account once a month before I pay my credit card bill).

It sounds like Simple and Ally support multiple accounts associated with one major checking account, any others? Also I know Credit Union Mileage May Vary but is this pretty normal for most local credit unions?
posted by mostly vowels at 7:10 PM on March 5, 2019

If you're ok with online-only banking then I would recommend Barclays, which has a 2.20% rate, good website, and great service.
posted by hampanda at 11:55 AM on March 6, 2019

Schwab! I've had to call them a couple times over the years (forgot my pin in a foreign country, fraud, etc) and have immediately gotten a human each time. You'll have to open a brokerage account as well, but you don't have to use it/put money in it. They meet your other criteria and also don't have any ATM fees.
posted by matildatakesovertheworld at 10:30 PM on March 7, 2019

I've been reading about how Goldman Sachs is rolling out this "Marcus"-branded banking option that is supposed to have aggressively high interest rates and other features to attract new customers. May be worth a look. I have no experience with them.
posted by Mid at 7:26 AM on March 8, 2019