• Kale

Millennials, 3 savings accounts that aren't terrible

It’s hard to find one and rare for someone who isn’t being paid by these banks to write this, but here we are, folks, doing both.

Step two after you opened your new checking account

(ref https://www.froogal.us/post/millennials-3-checking-accounts-that-dont-suck) is opening up a fresh new savings account.

It is incredibly important that these are in two different places. The easiest explanation of why is, would you order Chinese food at a burger joint?

Well, maybe if you’re bold, but probably not. Let these companies play to their strengths and you reap the benefits.

So, now that we’re on the same page, here are the reasons for choosing one of these 3 accounts from a practical standpoint (not because your folks said it was a good one or they have a cool logo and tall building):

  • Safely hold your money (FDIC/NCUA-insurance)

  • Pay or reward you as much as possible for being a customer

  • Not have a terrible website & customer service

  • Have zero fees

  • Have financial planning features

  • Have social/shared account capabilities

That’s it. Too much to ask? As we shall see, it’s just right.

1.) Froogal [Froogal Savings] account

Let me lead off with the best choice and a very transparent statement:

I built this savings account exactly because choices 2 & 3 (and every other bank and credit union or that matter) weren’t giving us what we needed.

  • 1 Froogal rewards point* for every $100/balance/month (can be used to unlock 50+ subscriptions) + point sharing without restrictions

*Yes, it points not interest (APY)

  • Web-based platform

  • Free & unlimited transactions (ACH)

  • No minimum balance

  • No tiers

  • No other lurking fees (like overdrafts, account maintenance, etc)

  • Great customer service (you're assigned a personal contact when you sign-up/the first login)

  • Comprehensive do-it-yourself financial planning built into the platform accounts (goal-based)

  • Completely social (way beyond joint-accounts — plan, collaborate, collect as a couple, group, or event-specific [such as a wedding registry] all for free

I know the rebuttal here, that I’m biased, and I am, but my team literally built this for you/us.


Froogal is by far the best option out there and for those hesitant on points vs APY, you go ahead and watch while every bank slashes their interest rates over the next few weeks while Froogal points only increase in value (as we constantly negotiate better deals with banks/vendors on your behalf).

2. Ally Bank

No one in the personal finance/FI community would take this list seriously without Ally being listed, and rightfully so, but it’s tied for you 2nd best option with choice 3.

  • 1.50% APY on all balances (certainly not the highest out there but they consistently remain in middle-of-the-pack, in banker speak “they pay you just enough so you don’t leave”)

  • FDIC-insured

  • Web & App (decent/good)

  • No maintenance or ACH fees

  • They do have overdraft fees to the tune of $25/overdraft (ouch)

  • Good customer service

  • Decent features (naming of accounts & sub-accounts, graphics)

  • No social capabilities


Long story short, Ally is a staple of the industry and a solid choice for individuals looking to pick up APY.

3. First Foundation Bank

Curveball for most of you I’m sure, but this account is here for one reason only — it is currently paying the highest interest rate available.

This should be the choice for the rate-chasing crowd (unless you can find a better regional offer that makes sense for you, I recommend checking out Doctor of Credit if you’re hardcore https://www.doctorofcredit.com/)

  • 2.00% APY (highest available as of 4.1.20)

  • FDIC-insured

  • $1,000 minimum balance to qualify for rate

  • No fees

  • Basic website

  • No financial planning features

  • No social capabilities

  • Average customer service


So you’ve got your 3 options: rewards & mindblowing savings platform, classic & rate-focused digital bank, and high-rate & basic online banking.

You know my vote, but even if it’s not for you, pick one of these 3 and change your life today.

Contact us


Deposits with Froogal are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Deposits with Froogal are also not the obligation of or guaranteed by the underlying banking institutions. 

Although it is unlikely, you could lose money holding funds with Froogal.  

Froogal Inc. via the online web platform Froogal.us (“Froogal”) offers a software-based wealth management engine that delivers automated financial planning tools to help users achieve better outcomes.

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Neither Froogal Inc. nor its affiliates are a bank. 

"Featured" banks and deposit rates on Froogal should not be construed as recommendations or investment advice.  Users should conduct their own research before selecting a deposit option and are wholly responsible for their bank selection. Rates displayed are updated weekly based on listing on www.depositaccounts.com. Rates displayed are subject to change at any time by the underlying banks.  If rates should change, Froogal will notify users once identified. 

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