It’s not 3%, but it might be worth noting that Ally Bank now offers a 2.20% APY for their Online Savings Account. I think this updated happened a couple of days ago.
Unlike robinhood, ally’s savings account is FDIC insured.
Personally, I’ve used Ally for my savings account for about two years. Originally I was hesitant about joining an online bank—I’ve been with BOA for as long as I can remember. But putting a couple grand in a savings account that gets 0.05% is a poor move.
After talking to a few co-workers about their finances, I began researching savings accounts on reddit, nerdwallet and other blogs. I can’t comment on their other products, but I’m a big fan of their savings account.