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legitimatejonah t1_j251mi1 wrote

Reply to comment by jakeperrow in Recommendations for high yield savings accounts? by captaincoaster

Upvote for Ally it’s where I store my emergency fund as well as some savings goal! Of course I keep a little cash with my standard bank savings account at USAA but Ally has been fantastic as a HYSA!

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captaincoaster OP t1_j258ucv wrote

How is ALLY (or I guess SoFi) different from “standard bank savings”? Is there risk involved?

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Varathien t1_j25arfr wrote

No risk (FDIC insurance applies to online banks too). You're just giving up the convenience of having physical branches, in return for much better interest rates.

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legitimatejonah t1_j25iwog wrote

As the person below me said their is no risk involved. Same FDIC insurance up to $250,000. I will say I don’t personally have SoFi but know others who do and they absolutely love it. You could always give both a try and close the account you don’t like.

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