GalaxyOne: Wealth & Investing

5.25% is great so if you just use the banking service you're ok. But if you trade stocks you should know what to expect. Trades take awhile to be reflected in your transaction history but at least the balance updates right away. My biggest annoyance is that when you switch to another app and come back it often resets the fierce app (at least on iOS). Meaning if you had a trade set up and just wanted to check a chart one more time before confirming then you'll have to set up the trade all over again. And there aren't limit orders. It's all market prices (although collared to no more than 2.5% beyond the estimate given). No fees for stocks but crypto has a sizable fee. It is def a good bank to use as a backup to your regular broker since you earn good interest on your uninvested balance and can invest right away the full balance instead of having to wait for funds to post in excess of the maximum instant credit. Also you can pay bills from the cash the next day after selling a stock instead of having to wait to withdraw from a separate disconnected brokerage.

I have used several other online banks. I have had issues with arbitrary freezes/holds/etc. These guys don’t play games with your money. This is paramount and very important as you cannot walk into a brick and mortar to get your money. It earns the 5.25% and the customer service is excellent. Daniel and Anna are fantastic. I keep a decent balance with them and never had any problem. Only suggestion: The statements should be polished up. There is a typo at the top right hand corner that caused a mortgage underwriter during a house purchase to believe the statement I provided was fake. The top right hand corner says “electrical on demand deposits” it should say “electronic”. I did mention this to them and hopefully we see this change in the next month or so. Also they need standard ACH manual entry for external accounts. Plaid is not compatible with all institutions but most. I use a credit union that Plaid doesn’t support. Otherwise I would not hesitate on depositing money here. I hope these guys really take off.