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LouHoltz 
South Carolina Fan
Member since Apr 2010
100 posts
| Online Savings Accounts (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?
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TheDiesel 
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
1642 posts
| re: Online Savings Accounts (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.
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thelsutigers
LSU Fan
Lubbock, TX
Member since Nov 2009
3074 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 9:08 am to TheDiesel)
I did the same thing with ing or as it is known now as 360. Its owned by Capital One.
Much higher interest rates, easy to transfer money in or out.
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LouHoltz
South Carolina Fan
Member since Apr 2010
100 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 9:14 am to thelsutigers)
quote:
I did the same thing with ing or as it is known now as 360. Its owned by Capital One.
Yea I was looking to start one with a portion of my tax refund so just looking to see if there was a catch to these online accounts. From what I can tell seems like an easy choice.
The Capital One account seems like a good one considering I already have my checking there.
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LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
146 posts
| re: Online Savings Accounts (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.
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foshizzle
LSU Fan
Member since Mar 2008
25054 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 9:37 am to TheDiesel)
quote:
I just opened an account with Schwab last week.
Good call. I've had my money with them for ten years now. Actually, the best thing IMO is their phone customer service, it beats the daylights out of everyone else.
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Chris4x4gill2 
Alabama Fan
North Alabama
Member since Nov 2008
1492 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 10:27 am to foshizzle)
I have used ING for several years and been happy. Like has been said, it takes about 3 days for a trasfer to hit your checking acount
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LouHoltz
South Carolina Fan
Member since Apr 2010
100 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 10:53 am to Chris4x4gill2)
Thanks for all responses. Glad I didnt open one up at a bank before looking into this.
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cwill 
New Orleans Saints Fan
Member since Jan 2005
18830 posts
| re: Online Savings Accounts (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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TheDiesel
LSU Fan
Houston via Baton Rouge
Member since Feb 2010
1642 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 1:01 pm to foshizzle)
quote:
the best thing IMO is their phone customer service
I actually just got off the phone with them and they were very helpful. They have a 90 day introductory period where all mobile deposits take 5 days to post and I had no clue.
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foshizzle
LSU Fan
Member since Mar 2008
25054 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 1:06 pm to TheDiesel)
quote:
They have a 90 day introductory period where all mobile deposits take 5 days to post and I had no clue.
For new customers that makes perfect sense. As a long-time customer myself, my mobile deposits post within 24 hours.
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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
4285 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 1:24 pm to foshizzle)
quote:
I have used ING for several years and been happy.
Also just opened a Cap One acct online. Got $50 and ATM card when I need to get money out. Used ING for years because of higher interest rates
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Siderophore
LSU Fan
Member since Nov 2010
3334 posts
| re: Online Savings Accounts (Posted on 2/4/13 at 4:37 pm to LSUtigerME)
My way of working around that is to have a checking account from a branch of the same bank.
Instant transfers from saving to checking.
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stoov
LSU Fan
Atlanta, GA
Member since Oct 2010
428 posts
| re: Online Savings Accounts (Posted on 2/5/13 at 10:27 am to Siderophore)
I use ING as well and made $56 in interest last year
This post was edited on 2/5 at 10:27 am
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