re: Capital One 360 Performance Savings - UPDATE: 4.35% APY as of 12/11/23

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This may be a dumb question. But how do I know I’m not getting tricked with these various online banks? Don’t want to send a large sum of money to some random scam.

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If you have any hesitation, just stick with the ones that are major names (Cap 1, Ally, Synchrony, CIT, etc.) and most of all, don’t click on any suspicious links that appear in your email or other places (no matter if it’s a brick & mortar or an online bank).

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Maybe I’m old school but I feel comfortable driving up to a bank that says FDIC insured out front.

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A friend of mine’s wife feels that way too. Only in her mind, “her” money is kept in a safe at that particular branch. I’ve talked to her about her fears, but after a two hour “lesson” about how treasury securities work, I no longer have conversations about money with her. No need to offend someone I otherwise like. But don’t let an irrational fear keep you planted in a comfort zone that’ll cost you money.