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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 9:08 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.
Much higher interest rates, easy to transfer money in or out.
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.
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 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.
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
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.
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.
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.
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.
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
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.
Instant transfers from saving to checking.
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 2/5/13 at 10:27 am
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