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Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

bankrank.io

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Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#11

Post by [deleted] »

MrFoof wrote: post #8
calderarrow wrote: post #6

Earlier quoted context omitted.

I actually never heard of them until we started working on this project. I was surprised to see their rates of like 6%. It’s only on the first $1000 or something, so it seems like a promotion to get them listed on those “top 20 bank” listicles. Regardless, I plan on opening a savings account with them because that’s ridiculously good for a risk free product

Oh it definitely is, and their customer service is a far cry from what it used to be as well (especially compared to say, PenFed and Alliant) . That aside though, they still are a decent CU that's probably never going away unless their old school levels of bank rudeness start to really bite them.

[deleted]

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#12

Post by st0ptr4ckingus »

MrFoof wrote: post #4

Couldn't help but notice DCU at the top. DCU was chartered in 1979 for employees of Digital Equipment Corporation following complaints to CEO Ken Olson that employees were having difficulties securing mortgages. Just like with all sorts of other things (CPU architecture, OS kernels, etc.), DEC never really died.

DCU definitely was more reliable and had better customer service before COVID. Most of my issues is with how they handle wires and ACH payments now. Before it would post at 5AM now randomly throughout the day. One of my last one came in at 4:30 pm and have had some post as late as 7:30pm (all times eastern).

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#13

Post by ram_rar »

calderarrow wrote: post #5
ram_rar wrote: post #3

I used to churn quite a bit to get max rates. Few things I have learnt - The banks giving the high initial rates at first are also to lower immediately when interest rates fall. It might not be a big deal in current economic climate, but its not worth the hassle to chase the extra 0.2% to keep moving $$$ around. - Many of the banks with higher % also expect you do other things with your account like maintaining direc…

I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What d…

Sign me up, if you can get my 5% returns with same liquidity as money market funds.

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#14

Post by joshstrange »

This is interesting but I wish it filtered out options that had laughably low max balances.

I entered $50,000 and DCU pops up with 6.17%, that's great, oh wait, it's only for up to $1K.

Also this tool appears to be missing the 2 options I personally use that beat almost all these rates.

* HMBradley Savings: 3% (a number of hoops to jump through but I've automated it all) up to $100K

* One Finance: 3% (no hoops) up to $25K

OF is my "main bank" where I keep up to $25K in that 3% savings accounts as my "semi-hot wallet" (after the checking account) and then HMB is my "cold storage" since there are some hoops to jump through to withdraw money while maintaining the rate. I have my HMB set up to always be draining via their CC (doesn't affect savings rate you must maintain to get 3%) so I can always pull $1-3K out a month on top of the 80% you can withdraw without issue (which gets ACH'd to my main bank automatically after the DD lands). This means I only "lock up" $1200/mo but the CC drains that and then some without issue. I can always ACH more into the savings account from my main bank if I'm close to the $25K limit on that savings account.

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#15

Post by joshstrange »

calderarrow wrote: post #5
ram_rar wrote: post #3

I used to churn quite a bit to get max rates. Few things I have learnt - The banks giving the high initial rates at first are also to lower immediately when interest rates fall. It might not be a big deal in current economic climate, but its not worth the hassle to chase the extra 0.2% to keep moving $$$ around. - Many of the banks with higher % also expect you do other things with your account like maintaining direc…

I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What d…

> What do you think about a fully managed service that moves the funds automatically behind the scenes

I'm interested as long as this service works with YNAB/Plaid.

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#16

Post by calderarrow »

joshstrange wrote: post #14

This is interesting but I wish it filtered out options that had laughably low max balances. I entered $50,000 and DCU pops up with 6.17%, that's great, oh wait, it's only for up to $1K. Also this tool appears to be missing the 2 options I personally use that beat almost all these rates. * HMBradley Savings: 3% (a number of hoops to jump through but I've automated it all) up to $100K * One Finance: 3% (no hoops) up to…

Thanks for the feedback! To be fair, we're definitely not capturing a sizeable portion of the banks/credit unions that are actually "good". We prioritized the larger banks, but we definitely intend to capture every bank/cu down the road.

As far as the results go, we figured that users would want to see how they can break up their deposits across multiple accounts to maximize the yield of all their deposits. So putting 1k in DCU may be pretty nice for someone with 3k, since that 6% is a massive return on what's effectively a risk-free product. For someone with more savings, I could see how that drop in the bucket is pretty insignificant, and could probably be filtered out.

A common theme of the early feedback we've gotten has been "add more filtering," so it seems like it'd be good to have a way to limit the results to only the best single account that could take the entire balance. We'll work on that.

Also, thanks for the heads up about HMB and OF. We'll add those later this week!

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#17

Post by calderarrow »

joshstrange wrote: post #15
calderarrow wrote: post #5

Earlier quoted context omitted.

I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What d…

> What do you think about a fully managed service that moves the funds automatically behind the scenes I'm interested as long as this service works with YNAB/Plaid.

That could work! Are there any specific integrations you'd want to see which we could prioritize?

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#18

Post by calderarrow »

ram_rar wrote: post #13
calderarrow wrote: post #5

Earlier quoted context omitted.

I think you’re right that below a certain threshold, moving money between accounts just isn’t worth it. But from our research, it looks like people can actually stand to gain 100x on their deposit accounts, and I think that’s more compelling than an extra one-tenth of a percent. The bulk of consumers use the big banks that offer 0.01%, so getting even 1% on their deposits becomes significantly more compelling. What d…

Sign me up, if you can get my 5% returns with same liquidity as money market funds.

If you'd like, I'll send you an update when we go live. Feel free to shoot me an email: bankrank.alpha@gmail.com

Re: Show HN: Bankrank.io – Search hundreds of bank accounts to find the best rates

#20

Post by smarri »

calderarrow wrote: post #2

Hey HN! I’m the main developer of bankrank.io, but I’m part of a passionate team of financial-techies. We were inspired by credit card churning, which is when people cycle through credit cards to optimize their rewards [0]. We wanted to apply a similar approach to checking and savings accounts so consumers could maximize their interest rates and minimize fees. There are approximately 10,000 banks and credit unions in…

Hey I think this is great, congratulations! I've been trying to get something similar going for UK banks, would you be interested in taking a look at the MVP? I took a slightly different approach, but also didn't have the technical chops to build the nice filter system you guys have.
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