Where should we park our money?

Post date: 2022-08-10 11:10:39

My husband and I have had an online savings account with DiscoverBank for many years, but now have to change to a different bank. I've been looking at Bankrate and the like, and have simply gotten confused. Can you help navigate us to an online bank which will meet our needs and pay a (relatively) great rate of interest on either a savings account or a money market account? (For comparison purposes, DiscoverBank is currently paying 1.5%.)

Our account at DiscoverBank grows through investment dividends/capital gains which we transfer over from our online brokerage (E*Trade, if it matters), and is reduced through automated monthly transfers to supplement our retirement incomes, as well as large withdrawals for major expenses. We have never had more than two or three withdrawals in a given month and I don't anticipate that changing.

This has all worked very well for us. But we've recently set up a trust for our estate upon our passing, and DiscoverBank will not allow us to designate the trust as a beneficiary, which is a deal-breaker. Our lawyer says he's never encountered that problem with other clients' banks, so I don't expect that to be a limiting factor with New Bank but I will make sure that New Bank will allow a "payable on death" to a trust.

We keep a high enough balance in the online savings account to satisfy any bank's minimum deposit. It would be nice, but not necessary, to have CDs available at the same New Bank. Otherwise, we have no requirements beyond being able to park our money somewhere that pays decent interest and allows us to move it around electronically.

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