My savings are sitting in a traditional bank earning nothing and I'm ready to move it somewhere that'll actually grow. Problem is I don't know where to start.
Every search gives me sponsored articles that feel fake. Want something straightforward: good interest rates, no hidden fees, won't randomly lock me out or pull shady stuff.
Been looking at neobanks like Wise, Revolut, Vivid Money, others but honestly skeptical about online banking in general. Has anyone used these long term for savings? Mostly need a place to park emergency fund (around €8K saved over couple years) where it earns something reasonable while staying accessible.
What are people actually using that's reliable?
Moving savings to online bank – which are actually trustworthy?
byu/MutedFeedback-5477 inpersonalfinance
Posted by MutedFeedback-5477
6 Comments
In the US, being FDIC or NCUA insured is all you need to worry about. Since you’re asking in euro though, it’s a safe assumption that you’re not in the US. Basically, just be sure it has deposit insurance that applies in your country.
Skip the flashy neobanks for your emergency fund and look at actual online banks with full deposit insurance like Marcus or Trade Republic if you’re in the EU. Those neobanks like Revolut are fine for spending but you want your 8K somewhere boring and FDIC/EU insured that’s been around for a while, not somewhere that might pivot to crypto or freeze your account over some random flag.
My Capital One 360 performance savings account is currently earning 3.40%. There are def better ones out there for earning more but when I looked last (awhile ago) they required minimum deposits, or monthly deposits or other stipulations.
I had my emergency fund just sitting in a regular bank doing nothing. I moved some over to Vivid Money, so far it’s been easy to use, accessible and no weird freezes. For €8k, it feels safe enough and I just keep an eye on deposit protection. I’d try a chunk first and see how it goes.
A lot of the big rates you see floating around are fixed term promotions or require locking your cash for a bit, so if you absolutely need instant access make sure the terms say you can withdraw without penalties
I’d honestly stick to Ally, Marcus by Goldman, or Capital One. I tried some others and they always did bait and switch (dropping the interest rate shortly after). While I have a Capital One account I feel that I have to mention they did similar tactics of dropping the interest rate and making a new account their high yielding one, it happened to me two times and I just happened to catch it. They recently settled a law suit about it https://capitalone360savingsaccountlitigation.com/