Best online checking account

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tc101
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Best online checking account

Post by tc101 »

We had a topic about the best online savings bank, but I think there are enough differences that I should start a separate topic on checking. If the host disagrees, please feel free to combine these discussions.

I have a friend who wants an online checking account. High interest rates are not an issue because she will not have much money in the account. Service is the main issue.

I have a Fidelity cash management account that I use for checking. It has free checks, free ATM, photo check deposit and great service. I also have an Ally account but I use it just for the higher interest on savings. Ally has the same features as Fidelity. I am thinking of recommending Fidelity because I think it is more likely to maintain it's great service. If some other bank buys Ally, the service could go down. That happened with Ing. It is very unlikely anyone else would ever buy Fidelity. Fidelity has an ulterior motive to maintain great service. They want to attract people to their mutual funds and brokerage.

What are your thoughts.
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Toons
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Re: Best online checking account

Post by Toons »

I will be the first to answer ,and I am sure you will get many others that have their favorite "online checking" account.
Personally I use Capital One 360 checking ,been with them since the ING direct days.I am pleased with the features ,no minimums.
Works for me.
:happy

https://home.capitalone360.com/online-checking-account
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CarlZ993
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Re: Best online checking account

Post by CarlZ993 »

I also like Capital One 360 checking. Been using it for years as a secondary checking account (local credit union is the primary). I also have an Ally checking account. I can't recall using it at all since I opened it. Dead money just sitting there. I should know better. :)
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tc101
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Re: Best online checking account

Post by tc101 »

I just did a quick test. Ally gets me to real person faster than Capital One 360. Fidelity was slowest of all.
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leonidas
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Re: Best online checking account

Post by leonidas »

I use Schwab Investor Checking. Had it for about 6 or 7 years. Free everything including checks and ATM rebates. The rebate comes at the end of the month.
I just love it.
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CABob
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Re: Best online checking account

Post by CABob »

You didn't ask, but, my preference is for the use of a brick and mortar bank for checking.
Interest on low dollar checking accounts is low or nonexistent so that is not a consideration. Most banks now support online transactions and I like to support in my little way local businesses. Given this, I see no advantage to seeking an online bank, but, obviously others feel differently.
Bob
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tc101
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Re: Best online checking account

Post by tc101 »

my preference is for the use of a brick and mortar bank for checking.
..... I see no advantage to seeking an online bank, but, obviously others feel differently.
Most online banks now let you use any ATM and refund the fees. Brick and mortar banks don't do that. Most online banks also give you free checks. Most online banks have quicker phone service than brick and mortar banks.
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lifebeckonss
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Re: Best online checking account

Post by lifebeckonss »

+1 for Schwab Bank High Yield Investor Checking Account

I don't have it yet but am seriously considering it.
The main point for me is that it does not charge any ATM fees whatsoever worldwide (unlimited refund of ATM charges).
Sounds like a great card for folks who love to travel and want to use foreign ATM's
ieee488
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Re: Best online checking account

Post by ieee488 »

CABob wrote:You didn't ask, but, my preference is for the use of a brick and mortar bank for checking.
Interest on low dollar checking accounts is low or nonexistent so that is not a consideration. Most banks now support online transactions and I like to support in my little way local businesses. Given this, I see no advantage to seeking an online bank, but, obviously others feel differently.
+1

I hardly ever call my bank so faster call answer time is not a factor.

I don't use cash much, so having to get cash from the local bank's ATM is not a big deal to me.

Free checks are nice, but if one uses online transactions, the issue becomes moot.

The point of online banking is for the higher CD rates and the higher money market rates. Otherwise, it is a why-bother.
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Workinghard
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Re: Best online checking account

Post by Workinghard »

tc101 wrote:
my preference is for the use of a brick and mortar bank for checking.
..... I see no advantage to seeking an online bank, but, obviously others feel differently.
Most online banks now let you use any ATM and refund the fees. Brick and mortar banks don't do that. Most online banks also give you free checks. Most online banks have quicker phone service than brick and mortar banks.
And my online bank, Ally, doesn't charge for electronic transfers to Vanguard!
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Toons
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Re: Best online checking account

Post by Toons »

Haven't called anyone at CapOne for I don't know how many years :happy
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Leif
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Re: Best online checking account

Post by Leif »

I agree on Fidelity. Very happy with the services they provide. The only negative for me is their service related to small business is not that great. However, that is probably not an issue for the OP.

On the "High Yield" side I've been using Amex. They have provided good service. However, I'm in the process of giving Synchrony bank and their OptimizerPlus account a try. They are offering 1% vs. 0.85% for Amex. Only other difference I've noticed is Amex has no minimum balance. At Synchrony you must maintain a $30 balance or they will charge a $5 fee. Not a problem for me, but could be an issue for others. Also, the CD rate at Synchrony is MUCH better, so that is another reason that is prompting me to give them a try.
Last edited by Leif on Thu Jan 08, 2015 10:59 pm, edited 2 times in total.
Watts
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Re: Best online checking account

Post by Watts »

My Ally checking account is my primary account. Been really happy with them for the past two years!
aerofreaky11
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Re: Best online checking account

Post by aerofreaky11 »

Thanks for posting topic. I'm still with Everbank, but it might be worth the change depending on what I see here.
brianH
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Re: Best online checking account

Post by brianH »

Another vote for Fidelity.

I guess the best thing about it that hasn't been mentioned: nothing has changed (negatively) since I opened it many years ago. I use it as my primary, and changing certain auto-deducted bills (utilities) and work's direct deposit involves paper, yes, paper, forms and is a pain. I haven't had to change these since I opened with FIDO, because they have given me no reason to. In other words, I'm a satisfied customer.
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mbk734
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Re: Best online checking account

Post by mbk734 »

Discover bank is also very good and easy to use and has a great website. 10c back on every bill pay and debit card swipe. I have also used Capital One and Fidelity.
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RatWheel
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Re: Best online checking account

Post by RatWheel »

+1 for Ally. Used to have ING but switched because Ally had the nice checking account offer with free use of ATMs including international I believe.
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wassabi
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Re: Best online checking account

Post by wassabi »

RatWheel wrote:+1 for Ally. Used to have ING but switched because Ally had the nice checking account offer with free use of ATMs including international I believe.
Sadly Ally no longer offers free international ATM transactions. Schwab does. I have both. Love both. :thumbsup
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Re: Best online checking account

Post by Cyclone »

I looked into the Fidelity cash management account, but I wasn't comfortable with it. Is it a bank account, a brokerage account, or what? So I decided to go with Charles Schwab Bank, because it is a real bank. If I have a problem with my direct deposit, for example, I know that Charles Schwab Bank is supposed to handle it in compliance with Regulation E. I didn't have that same confidence level with Fidelity. I was a bank regulator for over 16 years, so maybe that is the type of thing I worry about.
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Titanium3er
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Re: Best online checking account

Post by Titanium3er »

Add one vote to Ally. I have my primary checking and a small savings account with them. I've been using them for a bit over a year and have had no bad experiences whatsoever. I've had horrible experiences with BoA and WF which led me to Ally in the first place. They reimburse ATM fees and have a large online/mobile check deposit limit per day so that you don't have to space deposits out. Their interest rate is very competitive on checking, savings, and CD's. I've never had an issue with their mobile app. If you can't tell, I've enjoyed working with them :happy
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Leif
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Re: Best online checking account

Post by Leif »

I have a story regarding Fidelity.

I have several accounts at Fidelity. One time I wrote a check without sufficient funds in my account. Fidelity called me, told me about it, and asked if I wanted to transfer funds from another account. I said yes and it saved me overdraft problems.

Let me ask people who have a standalone bank. Have you ever heard of something like that? I've even heard stories where banks rearrange deposit and withdrawals on the same day just to get that overdraft fee.

After something like that Fidelity generate tons of loyalty from me.
stlutz
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Re: Best online checking account

Post by stlutz »

I use Schwab for checking. They have the best customer service of any financial firm I've ever dealt with. While I've never had any big problems (a check getting cashed for the wrong amount was the biggest one), when I've called the person who picks up the phone has always been able to deal with the issue without any handoffs.
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SmileyFace
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Re: Best online checking account

Post by SmileyFace »

I'm with CABob - I'm still a brick-and-mortar guy for checking. I use a local regional bank. The one or two times I've had to call they answer immediately and take care of me. I can also simply stop by and talk to someone - or make deposits, etc. The only advantage I can see for the online banks is the ATM reimbursements but I manage cash well so don't mind stopping at my local ATM (ALWAYS on my way) before departing on a trip or when called for - I prefer to do this versus seeking out ATMs on an unscheduled basis.
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prudent
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Re: Best online checking account

Post by prudent »

[quote="Leif" I've even heard stories where banks rearrange deposit and withdrawals on the same day just to get that overdraft fee.[/quote]

My bank's Terms and Conditions used to say that the bank agrees not to structure debits to maximize overdraft fees, but I agree that processing debits in order of highest amount to lowest amount is not equivalent to structuring debits to maximize overdraft fees. Now that's just silly on the face of it.

Last month they changed it to make it even less clear what they intend to do. It now reads:
We may charge your account for withdrawals from it in any order we choose, and we may change the order at anytime or from time to time. However, we will not use a charge order designed to maximize the fees we charge for overdraft items. You understand and agree that processing checks (as opposed to electronic card items) in the order of highest dollar amount to lowest dollar amount tends to result in the most important items being authorized first and does not violate this limitation. In determining the order in which we charge your account for withdrawals, we may establish different categories of withdrawals (for example, putting withdrawals made by using a check into one category and withdrawals made by using an electronic card into another category) and, except to the extent that applicable law requires the charging of withdrawals in a particular order, establish the order of charging of withdrawals between categories or within a category (for example, charging withdrawals made by using an electronic card before charging withdrawals made by using a check and charging withdrawals made by using a check in the order of highest dollar amount to lowest dollar amount).
With the new policy, I doubt you could question anything they did regarding how they process withdrawals.
AviN
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Re: Best online checking account

Post by AviN »

For a checking account, I'd prefer a bank with convenient local branches so I can walk into and withdraw as much cash as I want on short notice.

FWIW, I use Wells Fargo. It works fine for me.

Avi
feh
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Re: Best online checking account

Post by feh »

CABob wrote:You didn't ask, but, my preference is for the use of a brick and mortar bank for checking.
Interest on low dollar checking accounts is low or nonexistent so that is not a consideration. Most banks now support online transactions and I like to support in my little way local businesses. Given this, I see no advantage to seeking an online bank, but, obviously others feel differently.
+1

We use our local credit union. No fees, physical location if you need it for some reason, online access. Don't keep enough money in the account to care about the lousy interest rate.
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heartwood
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Re: Best online checking account

Post by heartwood »

I like my Fidelity cash management account. However since most assets are at Vanguard I use it only to receive the earnings from my Fidelity 2% AMEX card and to make ATM withdrawals with fee reimbursement.

I use my Vanguard Advantage checking account in a brokerage account as my main checking. Free for flagship members, free checks, etc. Linked to my Vanguard MM account for settlement. The downside is the ATM access w/o a fee is only through (???)(I forget who since I don't even carry the debit card anymore.) If they offered ATM fee reimbursement it would be perfect for me.
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Re: Best online checking account

Post by EddyB »

I have Schwab as my primary bank, even though I don't live near a branch, and I keep a small account at a local credit union for the instances where I need something notarized, etc. It's been a good combination.
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gasdoc
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Re: Best online checking account

Post by gasdoc »

CapitalOne 360
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backpacker
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Re: Best online checking account

Post by backpacker »

ieee488 wrote:
CABob wrote:You didn't ask, but, my preference is for the use of a brick and mortar bank for checking.
Interest on low dollar checking accounts is low or nonexistent so that is not a consideration. Most banks now support online transactions and I like to support in my little way local businesses. Given this, I see no advantage to seeking an online bank, but, obviously others feel differently.
I don't use cash much, so having to get cash from the local bank's ATM is not a big deal to me.
I carry very little cash. Sometimes I don't carry any. One of the reasons I love Ally is that If I ever do need cash, I can get $20 (or whatever) from whatever ATM happens to be nearby without any fees.
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Toons
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Re: Best online checking account

Post by Toons »

backpacker wrote:
ieee488 wrote:
CABob wrote:You didn't ask, but, my preference is for the use of a brick and mortar bank for checking.
Interest on low dollar checking accounts is low or nonexistent so that is not a consideration. Most banks now support online transactions and I like to support in my little way local businesses. Given this, I see no advantage to seeking an online bank, but, obviously others feel differently.
I don't use cash much, so having to get cash from the local bank's ATM is not a big deal to me.
I carry very little cash. Sometimes I don't carry any. One of the reasons I love Ally is that If I ever do need cash, I can get $20 (or whatever) from whatever ATM happens to be nearby without any fees.

Same here ,I carry very little cash and if a need "a little" I use my Cap360 card when I'm in the grocery store and use the cash back feature when using it as a debit card. :happy
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Pizzasteve510
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Re: Best online checking account

Post by Pizzasteve510 »

leonidas wrote:I use Schwab Investor Checking. Had it for about 6 or 7 years. Free everything including checks and ATM rebates. The rebate comes at the end of the month.
I just love it.
+1
No foreign ATM fees as well (reimbursed), mobile app super easy for deposits.
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backpacker
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Re: Best online checking account

Post by backpacker »

Toons wrote:
backpacker wrote:
ieee488 wrote: I don't use cash much, so having to get cash from the local bank's ATM is not a big deal to me.
I carry very little cash. Sometimes I don't carry any. One of the reasons I love Ally is that If I ever do need cash, I can get $20 (or whatever) from whatever ATM happens to be nearby without any fees.
Same here ,I carry very little cash and if a need "a little" I use my Cap360 card when I'm in the grocery store and use the cash back feature when using it as a debit card. :happy
Nice! I keep forgetting about the cash back feature. I did a quick search in my area and it looks like drugstores, home improvement stores, and Walmart also do debit card cash back.
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Toons
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Re: Best online checking account

Post by Toons »

backpacker wrote:
Toons wrote:
backpacker wrote:
ieee488 wrote: I don't use cash much, so having to get cash from the local bank's ATM is not a big deal to me.
I carry very little cash. Sometimes I don't carry any. One of the reasons I love Ally is that If I ever do need cash, I can get $20 (or whatever) from whatever ATM happens to be nearby without any fees.
Same here ,I carry very little cash and if a need "a little" I use my Cap360 card when I'm in the grocery store and use the cash back feature when using it as a debit card. :happy
Nice! I keep forgetting about the cash back feature. I did a quick search in my area and it looks like drugstores, home improvement stores, and Walmart also do debit card cash back.
+1 I thought I would bring it up because like you , I didn't really think about it until about a year ago,,,it just hit me one day when I was checking out and the question popped up on the "pad",,,Do you want cash back? Since then I have rarely used an ATM :happy
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Dandy
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Re: Best online checking account

Post by Dandy »

I've been tempted to use online bank checking but when I figured the amount of interest I would get vs a bit more hassle I didn't think it was worth it. I have a no fee checking at a brick bank and any excess I transfer to either Vanguard, Ally or Discover Bank. The online bank CD/savings/money market accounts pay more than checking so I probably come close to breaking even.

When interest rates rise that may change the approach.
Stonebr
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Re: Best online checking account

Post by Stonebr »

tc101 wrote:I just did a quick test. Ally gets me to real person faster than Capital One 360. Fidelity was slowest of all.
I have an Ally checking account attached to the online savings and CDs. I've never actually talked to a machine at Ally. Every time I call, which admittedly is not very often, I get a person.

That said, I prefer using my local branch bank for checking. The ability to deposit at the ATM and get face-to-face help from the branch employees is a plus, as is the use of the safe deposit box. I like being able to belly up to the teller window and ask for my withdrawal in fives and tens rather than the twenties you get from a machine. I like to be able to deposit rolls of nickels and ask for $2 bills just for kicks. I like to use my bank branch for closing on the sale of a car. I like their free pens.
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CABob
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Re: Best online checking account

Post by CABob »

I also like the cash back feature of using a debit card for purchase. I don't use it much but my DW does and she now doesn't ask me for or take a couple of 20's from my wallet when she needs some cash.
:annoyed
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john94549
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Re: Best online checking account

Post by john94549 »

I still think Alliant is a pretty good deal, as noted in prior posts. No fees, no gimmicks, no per-check charges, no minimums, free first order of checks, link to an interest-bearing savings account, nice website. Good CSRs.
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Re: Best online checking account

Post by jda »

wassabi wrote:
RatWheel wrote:+1 for Ally. Used to have ING but switched because Ally had the nice checking account offer with free use of ATMs including international I believe.
Sadly Ally no longer offers free international ATM transactions. Schwab does. I have both. Love both. :thumbsup
Did this happen recently? The reason I asked is because I didn't get charged fees when use Ally atm card in both UK and France last March.

Also +1 for Ally, can't really think anything bad about them.
IPer
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Re: Best online checking account

Post by IPer »

Could be Ally Bank or Capital One, I use both.
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wassabi
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Re: Best online checking account

Post by wassabi »

jda wrote:
wassabi wrote:
RatWheel wrote:+1 for Ally. Used to have ING but switched because Ally had the nice checking account offer with free use of ATMs including international I believe.
Sadly Ally no longer offers free international ATM transactions. Schwab does. I have both. Love both. :thumbsup
Did this happen recently? The reason I asked is because I didn't get charged fees when use Ally atm card in both UK and France last March.

Also +1 for Ally, can't really think anything bad about them.
No, they changed their policy a few years ago. However, according to the FAQ on their site, they do say may be charged a fee. Great that you weren't charged. I'll be going to the UK and France in a few months and look forward to trying it out!

From Ally's site: "If you use an ATM in a foreign country, you may be charged a fee of up to 1% of the transaction amount for the currency conversion and/or cross border transaction. Ally only reimburses ATM fees charged by other banks if the ATM is in the US."
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Re: Best online checking account

Post by IPer »

I use my Capital One card, credit card, overseas, it has no international fee. I have not nor would I attempt to use the Ally card, especially with
that vague wording. I used my other AmEx card once and a Visa once and got a hefty fee both times, these fees seem to be variable on not tied
to conversion rates.
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Leif
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Re: Best online checking account

Post by Leif »

I used the Fidelity debit card in the ATMs in a couple of countries in Europe last year. There was no transaction fee, bank charge, or conversion fee. I also checked the conversion rate and it was a good rate.
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Re: Best online checking account

Post by nordsteve »

I'm not setting a lot of discussion here about the web ui, which I probably use much more frequently than the phone. That's what attracted me to Capital One 360.
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Re: Best online checking account

Post by TomTX »

Toons wrote:I will be the first to answer ,and I am sure you will get many others that have their favorite "online checking" account.
Personally I use Capital One 360 checking ,been with them since the ING direct days.I am pleased with the features ,no minimums.
Works for me.
:happy

https://home.capitalone360.com/online-checking-account
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Bustoff
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Re: Best online checking account

Post by Bustoff »

It drives me crazy each year when I get the 1099-INT from Bank of America. I finally opened an Ally checking account. They pay 0.60% if you maintain a $15,000 balance.
crg11
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Re: Best online checking account

Post by crg11 »

Ally has a new user interface. I like it so far (at least the savings account UI).
shawcroft
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Free international ATM use?

Post by shawcroft »

I'll probably add either Ally or Capitol One as an online bank to stash our 6-12 months "emergency fund. We've been thinking about it for a few months
Over the weekend, I noticed that Capitol One offers surcharge-free use of the ATM's in the Allpoint network. When I looked at the Allpoint network features, their website says they offer surcharge-free access to international ATM's.....such as in the UK.
Has anyone who uses Capitol One found this to be true- does Capitol One ATM access included free use of Allpoint ATM's outside the US?
Shawcroft
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53timr
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Re: Best online checking account

Post by 53timr »

Don't neglect to look at credit unions also. I dropped my bank many years ago (when Wachovia was bought out by Wells Fargo) and have never looked back. I use Navy Federal Credit Union and they are great. Free checking, free online banking, a large world wide network of free ATMs plus they have several brick and mortar locations in my area should I need to visit a branch. Use this tool to find a credit union available to you:
http://www.mycreditunion.gov/about-cred ... -Area.aspx
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shawcroft
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Best online checking account

Post by shawcroft »

The plot thickens!
I called Capitol One 360 and spoke with a "live representative". I asked if Capitol One 360 (CO-360) uses the Allpoint ATM network ( he said yes). I then asked if access to the 55,000 worldwide ATM's included in the Allpoint ATM network was available to CO-360 customers...and the representative said yes!
Really?
I said if this were true, Capitol One should be bragging about it- not just stating that there were 38,000 ATM's available to CO-360 customers in the US.
Has anyone had experience using a CO-360 debit/ATM card at an international location and either had an access surcharge - which was to refunded- or did not have any access surcharge?
Shawcroft
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