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Online Savings Accounts
Posted on 2/4/13 at 8:52 am
Posted on 2/4/13 at 8:52 am
Are there any drawbacks to these over banks? I know online accounts offer a higher interest rate so it seems like a no brainer to start an online one over a bank.
Also, any recommendations on which online ones are the best?
Also, any recommendations on which online ones are the best?
3
Posted on 2/4/13 at 9:02 am to LouHoltz
I just opened an account with Schwab last week. Haven't really done much with it yet since I', still going through the process of transfering money and getting everything situated.
The higher interest rates, no ATM fees, and picture check cashing won me over. I'm 24 and my net worth isn't very high so take it with a grain of salt.
The higher interest rates, no ATM fees, and picture check cashing won me over. I'm 24 and my net worth isn't very high so take it with a grain of salt.
Posted on 2/4/13 at 9:14 am to LouHoltz
If this will be a savings account only (ie. not high yield checking, etc), the only real drawback I can think is the access to money. Most online banks don't have branches or ATMs where you can quickly access money. You'll have to wait for a wire transfer to be completed and deposited into your normal checking.
I use ING (Capital One 360 now). Never had a problem with them, and are now backed by CapOne. I think this also allows you to use CapOne facilities, at least in part, to access your money.
I use ING (Capital One 360 now). Never had a problem with them, and are now backed by CapOne. I think this also allows you to use CapOne facilities, at least in part, to access your money.
Posted on 2/4/13 at 11:15 am to LouHoltz
I use Capital One 360 (formerly ING) and American Express...good rates and service....also have one with my bank (Chase) which blows.
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