stacks of money and a piggy bank

The Top 3 Banking Accounts Options I’m Currently Keeping My Cash In

As I’ve bemoaned several times on this site before, I have too many bank accounts. That’s because, when I review these products for Dyer News, I like to get hands on and really test them out for myself — not to mention keep up with the numerous updates. Truth be told, I actually don’t mind having all of these accounts, but I did recently decide that it may be time to do some tidying. While I didn’t actually close any accounts, I did do some reshuffling to maximize the benefits of some options and, really, just pick my favorites.

So which of the many banking options ended up getting promotions in this shake up? Here are the top three accounts I’m now using along with a couple of honorable mentions I still love.

The Top Three Digital Bank Accounts I’m Making the Most Of

Ally logo

Ally

When APYs were a lot stronger, I found that I was more willing to take a chance and keep a lot of my cash with various FinTechs and apps. Ironically, when rates started getting slashed, it was actually those options that were the hardest hit. Meanwhile, other accounts I have, such as Ally and Discover have brought their rates down much more slowly (although they’re still falling). So, with no major benefit to the apps at the moment, I decided to move a good chunk of my money over to Ally.

In addition to the still so-so APY of 0.60% I earn on my Ally savings account, the other benefit of this move is that I can pay rent from my Ally checking account — for which I actually have paper checks. Also, while I’ve had good experiences with FinTech options overall, I’d be lying if I said that I didn’t have slightly more peace of mind keeping money with a more established company such as Ally. Therefore, I think this reshuffling to make this online option my primary bank account will work out well for the time being.

T-Mobile Money app and debit card

T-Mobile Money

Funny enough, my newest bank account is also playing a larger role in my financial life post reshuffling — and that would be T-Mobile Money. I actually first heard about this account a few months back but only got around to opening an account recently. The biggest draw for me was the opportunity to earn up to 4% APY on my savings. Since this promo is good on balances of up to $3,000 (with dollars over that yielding 1% APY), you can guess around how much I moved over to this account.

I should mention that there are a couple of catches here. For one, in order to get the 4% APY, you need to be a T-Mobile or Sprint postpaid customer. Luckily, I am. Second, you need to deposit at least $200 a month into your account to unlock that higher rate. For me, that’s pretty doable and so I plan on taking advantage of this great deal while it lasts.

Yotta Savings app

Yotta Savings

Lastly, since interest rates aren’t what they once were (aside from T-Mobile Money’s impressive offer), I decided I would try out a different idea instead. Enter Yotta Savings. This recently-released app offers a digital savings account that’s tied to a weekly lottery element. For every $25 in your balance, you’ll earn one ticket to that week’s contest. Thus, if you have $2,500 in your account, you’ll not only have 100 tickets for the current week’s lottery but also have 100 tickets for each subsequent week’s event. Pretty cool, eh?

The draw of Yotta is that you can win up to $10 million (paid out as a $5.8 million lump sum) if you hit their jackpot. Of course, I’m not holding my breath for that. However, the smaller prizes of less than a dollar can add up. So, both because I’m curious about the app and because I think it could potentially pay out more than most bank accounts these days, I’m going to keep some money with Yotta Savings — and keep crossing my fingers.

Honorable Mentions

SoFi Money debit card and app

SoFi Money

For a time, SoFi Money was my primary secondary account (yes, I know it’s an oxymoron). Yet, this was mostly because of the travel perks the card offers such as no foreign transaction fees and free foreign ATM access — the latter of which is now reserved for early adopters such as myself. Unfortunately, the lack of travel in my life means that this account isn’t as useful to me at this moment. Still, I am keeping a decent amount of money in there and continue to take advantage of their cashback deals.

Revolut

Lastly, another account I’d be remiss not the mention is another relatively recent addition: Revolut. As I mentioned in my review, I grew mildly obsessed with this app after downloading it and remain fascinated by its foreign currency exchange capabilities. Meanwhile, the app has only gotten better since I opened it, first adding Savings Vaults that earned interest and then unveiling a Savings Bonus for these Vaults, allowing users to earn up to a whopping 5% APY (0.5% APY + 4.5% APY bonus for Premium and Metal customers). While that would best even the T-Mobile Money option, this enhanced rate can only be earned on balances equal to the amount you spent on your Revolut debit card in the past month. That small catch means that it doesn’t make a whole lot of sense for me to pursue that route. Instead, I’ll happily continue to occasionally exchange my dollars for Yen and Euros while dreaming of the day that I may finally be able to utilize such currencies again.

With so many banking options now available to consumers, it can be difficult to know which makes the most sense. Incidentally, this problem is only exacerbated for me as a reviewer as I end up seeing something to like about many of the options I encounter. Yet, when it came down to it, I found that I’d currently get the most benefit from using Ally, T-Mobile Money, and Yotta Savings together — along with SoFi Money and Revolut after that. Of course, this line up could always be adjusted as offerings change and the world (hopefully) gets back to normal. But, for now, I’d recommend looking into any or all of these digital banking choices.

Author

Kyle Burbank

Founder ~ Moneyat30
Kyle is a freelance writer - including being the head writer for Fioney.com. He also serves as editorial director for the Disney fan site LaughingPlace.com and the founder of Money@30.com. In 2015, Kyle and his wife Bekah moved from Los Angeles to Springfield MO in pursuit of greater financial freedom. Together, the pair enjoy travel, coffee, and spending time with their dog Rigby. Additionally, as of 2023, they become first-time homeowners.

Other Articles by Kyle Burbank

Solis 1 and Solis 5G WiFi devices

Solis's Memorial Day Hotspot Sale is Perfect for Summer Travel

If you're heading overseas this summer, you might find it helpful to have a mobile hotspot with global data at your disposal. So, in what is certainly no coincidence, Solis is having a Memorial Day Weekend sale. As a result, you can currently score discounted hotspots as well as data...
airplane tickets and globe with an airplane

My Initial Experience in the Overwhelming World of Travel Hacking

Over the past few years, my wife and I have had the good fortune of getting to enjoy an increasing amount of travel. This includes heading to domestic locations such as Los Angeles for the D23 Expo and Orlando to visiting Walt Disney World, as well as international travels to Paris, Hong...
bed in MGM Grand King room

Travel Tuesday: MGM Grand King Room Review Revisited

It's been a while since I've added to my Las Vegas Content Bonanza™. Well, that's also because it had been some time since I last had a chance to visit Sin City. But, back in January for CES, that changed. This time around, I spent a week at the MGM...

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get Posts in Your Inbox
Featured Articles
Solis 1 and Solis 5G WiFi devices

Solis's Memorial Day Hotspot Sale is Perfect for Summer Travel

If you're heading overseas this summer, you might find it helpful to have a mobile hotspot with global data at your disposal. So, in what is certainly no coincidence, Solis is having a Memorial Day Weekend sale. As a result, you can currently score discounted hotspots as well as data...
airplane tickets and globe with an airplane

My Initial Experience in the Overwhelming World of Travel Hacking

Over the past few years, my wife and I have had the good fortune of getting to enjoy an increasing amount of travel. This includes heading to domestic locations such as Los Angeles for the D23 Expo and Orlando to visiting Walt Disney World, as well as international travels to Paris, Hong...
bed in MGM Grand King room

Travel Tuesday: MGM Grand King Room Review Revisited

It's been a while since I've added to my Las Vegas Content Bonanza™. Well, that's also because it had been some time since I last had a chance to visit Sin City. But, back in January for CES, that changed. This time around, I spent a week at the MGM...
Go Brewing cans of NA beer

Go Brewing - My New Favorite Non-Alcoholic Beer?

About a year ago, I started taking an interest in non-alcoholic beer after discovering Athletic. While I've never been a big beer drinker, I have long been curious about the craft beer scene and, honestly, may have even been a bit jealous of how my wife got to try all...