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Is Customer Service More Important Than Yield?

Diehard
  |     |   113 posts since 2018

I'm fairly new to online banking & savings. And sure, finding the highest CD and savings yield is always good. But how much importance do you place on customer service? And the bank or credit union's policies? And the ease of making transactions on their website?

Some ACH policies are overly restrictive, or ACH is non-existent for withdrawls or deposits, and the only option is mail.

Some websites are overly complicated, lacking in features, and transaction times can be very slow.

Some customer service phone reps are lacking in information, and online reps can be very slow with email replies.

The application process is very simple & quick on some sites, while others drag you through 6 pages of questions, and want you to take photos of I.D., social security card, utility bill, etc.

I've had much better customer service, and a better website/transaction experience, with banks or credit unions that offer a little less in yield. It's a trade-off.

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Diehard
  |     |   113 posts since 2018
A couple of examples:

MySavingsDirect.com. The most simple online *savings* website I've seen. Nothing fancy about it. Easy and fast. Can ACH large amounts in & out. Good for liquid savings, but they do not offer competitive yields on CDs.

PurePoint Financial. Another website that's quick, easy, simple, and professional. All my email questions were answered within 24 hours or sooner. Very simple new account process. Very fast ACH transactions. Savings rate lags a little, at 2.15%. But excellent customer service.
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