Goodbye Capital One 360!!

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dbc47
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Goodbye Capital One 360!!

Post by dbc47 » Wed Jan 03, 2018 8:33 pm

I've been with these folks since it was ING Direct (16 years) and I reached the limit of my patience today. I couldn't log in to the site to view our bucks nor could I reach anyone by phone. I shouldn't have to work this hard to do business with anyone! I know this has been discussed many times here and always stuck it out with them, but no more. Will be starting the process of opening a new Trust account at Ally shortly. The only thing I see at the moment that kinda stinks is that Capital One's MM account is at 1.3% whereas Ally is at .90%. It appears at quick glance that just putting the money in Ally's no penalty CD seems the best way to go as I just will be using them as an online savings account anyway.

Any words of wisdom? Ally seems to get pretty good reviews here unless I'm missing something. At least their web site seems to work.........

student
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Re: Goodbye Capital One 360!!

Post by student » Wed Jan 03, 2018 8:35 pm

I just logged on to Capital One. It is working. I must admit that Ally has 24/7 service, which is good. I did not go with them because they do credit check and I did not want to waste an inquiry.

Mike Scott
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Re: Goodbye Capital One 360!!

Post by Mike Scott » Wed Jan 03, 2018 8:36 pm

Several of us in the family have been using Ally for online savings for several years with no problems.

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dbc47
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Re: Goodbye Capital One 360!!

Post by dbc47 » Wed Jan 03, 2018 8:41 pm

student wrote:
Wed Jan 03, 2018 8:35 pm
I just logged on to Capital One. It is working. I must admit that Ally has 24/7 service, which is good. I did not go with them because they do credit check and I did not want to waste an inquiry.
I can log in just fine, but after I do I'm taken to a screen wanting me to confirm or update my personal information. It is at that point that I get stuck as I can't get past that screen. I hit "confirm", nothing happens. I hit "remind me later" and nothing happens. I just can't get beyond that point.

onourway
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Re: Goodbye Capital One 360!!

Post by onourway » Wed Jan 03, 2018 8:42 pm

I honestly hear a lot more complaints with Ally on Reddit than with CapitalOne. I've been with them for 15 years and never had an issue other than the very rare site outage. That said, Ally should be paying ~1.2% right now. They're typically competitive but have been lagging Capital One MM in rate increases over the last year.

student
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Re: Goodbye Capital One 360!!

Post by student » Wed Jan 03, 2018 8:43 pm

dbc47 wrote:
Wed Jan 03, 2018 8:41 pm
student wrote:
Wed Jan 03, 2018 8:35 pm
I just logged on to Capital One. It is working. I must admit that Ally has 24/7 service, which is good. I did not go with them because they do credit check and I did not want to waste an inquiry.
I can log in just fine, but after I do I'm taken to a screen wanting me to confirm or update my personal information. It is at that point that I get stuck as I can't get past that screen. I hit "confirm", nothing happens. I hit "remind me later" and nothing happens. I just can't get beyond that point.
Oh. I do not see that screen. In any case, it is not working for you. So do give Ally a try as they have 24/7 service.

Billionaire
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Re: Goodbye Capital One 360!!

Post by Billionaire » Wed Jan 03, 2018 8:46 pm

Question for the OP....What was so excruciatingly important that you needed access to the website and/or a representative ASAP?
I have no complaints about Capital One 360. If I've ever had a problem it was probably because I was trying to logon at 3:00 am in the morning the the system is possibly being updated.

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whodidntante
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Re: Goodbye Capital One 360!!

Post by whodidntante » Wed Jan 03, 2018 8:48 pm

Yer dern tootin' there ain't nutting like are Redneck Bank!
https://redneck.bank/

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dbc47
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Re: Goodbye Capital One 360!!

Post by dbc47 » Wed Jan 03, 2018 8:53 pm

Billionaire wrote:
Wed Jan 03, 2018 8:46 pm
Question for the OP....What was so excruciatingly important that you needed access to the website and/or a representative ASAP?
I have no complaints about Capital One 360. If I've ever had a problem it was probably because I was trying to logon at 3:00 am in the morning the the system is possibly being updated.
Geez.........No, it is not "excruciatingly import" that I had to have immediate access, but if I had walked into a bank and was told that I couldn't have access to my money and no one was around to help me understand what the problems was I'd be looking for another bank. Same here.

Besides this was not the first time dealing with this problem as it has happened to me many times before. This time was just the icing on the cake.
Last edited by dbc47 on Wed Jan 03, 2018 9:17 pm, edited 1 time in total.

onourway
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Re: Goodbye Capital One 360!!

Post by onourway » Wed Jan 03, 2018 8:56 pm

dbc47 wrote:
Wed Jan 03, 2018 8:53 pm
Geez.........No, it is not "excruciatingly import" that I had to have immediate access, but if I had walked into a bank and was told that I couldn't have access to my money and no one was around to help me understand what the problems was I'd be looking for another bank. Same here.
Well, your bank does effectively do that to you. There are limited hours Monday-Friday and they are closed plenty of those days as well. They might even close up entirely for a while if they need to renovate the building. Internet banking is much more available, but some of those housekeeping chores (and their associated bugs) still crop up from time to time.

Jack FFR1846
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Re: Goodbye Capital One 360!!

Post by Jack FFR1846 » Wed Jan 03, 2018 9:20 pm

whodidntante wrote:
Wed Jan 03, 2018 8:48 pm
Yer dern tootin' there ain't nutting like are Redneck Bank!
https://redneck.bank/
like

cause it's funner
Bogle: Smart Beta is stupid

ge1
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Re: Goodbye Capital One 360!!

Post by ge1 » Wed Jan 03, 2018 9:57 pm

I'm curious, why would you have any money with Capital One or Ally when Vanguards Money Market Fund pays 1.22%?

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DaftInvestor
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Re: Goodbye Capital One 360!!

Post by DaftInvestor » Wed Jan 03, 2018 10:01 pm

I dumped them years ago - they are always behind others on rates.
Marcus by GS pays 1.4% in their online savings and consistently has better rates and ACH transfers take only a day - check bankrate.com for other options.

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Kenkat
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Re: Goodbye Capital One 360!!

Post by Kenkat » Wed Jan 03, 2018 10:01 pm

ge1 wrote:
Wed Jan 03, 2018 9:57 pm
I'm curious, why would you have any money with Capital One or Ally when Vanguards Money Market Fund pays 1.22%?
Agree, especially since Vanguard is reporting 1.38% current yield on Prime MM. I guess the only reason might be FDIC coverage.

coolguy954
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Re: Goodbye Capital One 360!!

Post by coolguy954 » Wed Jan 03, 2018 10:03 pm

sounds like it must be whatever device you were using at that time. I never had that problem that 8 years I have been with them

youngpleb
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Re: Goodbye Capital One 360!!

Post by youngpleb » Wed Jan 03, 2018 10:17 pm

I opened a emergency fund savings account with Live Oak Bank (thanks Bankrate!) right before Christmas. It pays 1.5% so that’s pretty sweet. Haven’t had any website troubles so far so it’s been nice! They have only been around 10 years or so I believe so I’d like to think their system is pretty up to date and that they do a good job maintaining it since they are still relatively new!

FiveSigmas
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Re: Goodbye Capital One 360!!

Post by FiveSigmas » Wed Jan 03, 2018 10:26 pm

dbc47 wrote:
Wed Jan 03, 2018 8:33 pm
The only thing I see at the moment that kinda stinks is that Capital One's MM account is at 1.3% whereas Ally is at .90%.
FWIW: While Ally's Money Market rate is .9%, its Savings Account rate is 1.25%:

https://www.ally.com/bank/view-rates/?I ... NAV2_RATES

ERISA Stone
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Re: Goodbye Capital One 360!!

Post by ERISA Stone » Wed Jan 03, 2018 10:43 pm

Did you at least try another browser to see if that was the issue?

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dbc47
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Re: Goodbye Capital One 360!!

Post by dbc47 » Wed Jan 03, 2018 10:44 pm

ge1 wrote:
Wed Jan 03, 2018 9:57 pm
I'm curious, why would you have any money with Capital One or Ally when Vanguards Money Market Fund pays 1.22%?

I believe Prime MM has just gotten up to these competitive rates. They have been close for awhile and I already use it a great deal. The Capital One account has just below FDIC max in it and I liked the FDIC security.

I won't be opening an Ally account after all is said and done, except if I decide to go for some CDs there. Some brokered CDs at Vanguard are also possible.

Houe
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Re: Goodbye Capital One 360!!

Post by Houe » Wed Jan 03, 2018 10:49 pm

DaftInvestor wrote:
Wed Jan 03, 2018 10:01 pm
I dumped them years ago - they are always behind others on rates.
Marcus by GS pays 1.4% in their online savings and consistently has better rates and ACH transfers take only a day - check bankrate.com for other options.
I also use Marcus by Goldman Sachs. So far its been good to me.

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dbc47
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Re: Goodbye Capital One 360!!

Post by dbc47 » Wed Jan 03, 2018 10:53 pm

ERISA Stone wrote:
Wed Jan 03, 2018 10:43 pm
Did you at least try another browser to see if that was the issue?
Yep. Tried Chrome, Firefox and Edge

ThePrince
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Re: Goodbye Capital One 360!!

Post by ThePrince » Wed Jan 03, 2018 10:53 pm

dbc47 wrote:
Wed Jan 03, 2018 8:33 pm
I've been with these folks since it was ING Direct (16 years) and I reached the limit of my patience today. I couldn't log in to the site to view our bucks nor could I reach anyone by phone. I shouldn't have to work this hard to do business with anyone! I know this has been discussed many times here and always stuck it out with them, but no more. Will be starting the process of opening a new Trust account at Ally shortly. The only thing I see at the moment that kinda stinks is that Capital One's MM account is at 1.3% whereas Ally is at .90%. It appears at quick glance that just putting the money in Ally's no penalty CD seems the best way to go as I just will be using them as an online savings account anyway.

Any words of wisdom? Ally seems to get pretty good reviews here unless I'm missing something. At least their web site seems to work.........
Why wouldn't you deposit the funds into Ally's Savings Account, instead of their Money Market Account? The Savings Account is yielding much more, relatively speaking.

mariezzz
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Re: Goodbye Capital One 360!!

Post by mariezzz » Thu Jan 04, 2018 1:12 am

dbc47 wrote:
Wed Jan 03, 2018 8:41 pm
I can log in just fine, but after I do I'm taken to a screen wanting me to confirm or update my personal information. It is at that point that I get stuck as I can't get past that screen. I hit "confirm", nothing happens. I hit "remind me later" and nothing happens. I just can't get beyond that point.
I understand the frustration.
This whole business with Capital One asking people to confirm income, etc. irritated me quite a bit. For the first half 2017, I was able to circumvent the confirmation screen, and then late spring, they wouldn't let you log into your account if you didn't report your income.

I used their credit card more than any other - it was the preferred card unless I was trying to meet a spending requirement on another card to get a bonus. I like the fact you can use your reward money regardless of what amount it is. But the whole confirmation thing really changed the way I view Capital One. I tried calling them, asking them to remove it, and they refused. I also started hearing of others having customer service issues, so I now trust them a lot less. Finally, I don't like the new interface at all. I'm keeping the card because that actually harms them more than if I cancelled it.

I hardly ever use their card now. They took someone who was very positive about the company and changed that to someone who wouldn't recommend them at all. Great way to run a business!

retired recently
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Re: Goodbye Capital One 360!!

Post by retired recently » Thu Jan 04, 2018 5:19 am

Strange. I have both Cap One and Ally and never really experience problems with either. We log in to both websites regularly.

Johm221122
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Re: Goodbye Capital One 360!!

Post by Johm221122 » Thu Jan 04, 2018 6:06 am

Been with capital one 10 years,nothing but good service from Capital One

SrGrumpy
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Re: Goodbye Capital One 360!!

Post by SrGrumpy » Thu Jan 04, 2018 6:10 am

student wrote:
Wed Jan 03, 2018 8:43 pm
So do give Ally a try as they have 24/7 service.
Phone hold times of up to an hour, 2-3 days to return an email. Ally customer service went south very, very quickly.

My limited interactions with CapOne or CapOne360 or whatever they call themselves have been fine.

Banks are sometimes down on Saturday night, maybe that's when the OP was trying to access.

Someone mentioned Marcus. Silly me, I thought the name change from GS Bank would mean the end of overseas blocking. Still the same stupidity.

student
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Re: Goodbye Capital One 360!!

Post by student » Thu Jan 04, 2018 8:05 am

SrGrumpy wrote:
Thu Jan 04, 2018 6:10 am
student wrote:
Wed Jan 03, 2018 8:43 pm
So do give Ally a try as they have 24/7 service.
Phone hold times of up to an hour, 2-3 days to return an email. Ally customer service went south very, very quickly.

My limited interactions with CapOne or CapOne360 or whatever they call themselves have been fine.

Banks are sometimes down on Saturday night, maybe that's when the OP was trying to access.

Someone mentioned Marcus. Silly me, I thought the name change from GS Bank would mean the end of overseas blocking. Still the same stupidity.
Thanks for the info.

TRC
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Re: Goodbye Capital One 360!!

Post by TRC » Thu Jan 04, 2018 8:28 am

I've also been using Capital One since the ING Direct Days back in the early 2000's. I use it for my Emergency fund and literally log in once or twice a year. No issues here.

Da5id
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Re: Goodbye Capital One 360!!

Post by Da5id » Thu Jan 04, 2018 8:35 am

I have Ally and Capital One 360 accounts, both seem fine to me and quite accessible. Maybe you are unluckier than me OP?

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Watty
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Re: Goodbye Capital One 360!!

Post by Watty » Thu Jan 04, 2018 8:40 am

FYI,

Capital One had a big problem yesterday where they double charged everyone with any debit card transactions which might explain why you could not get through to them.

https://www.washingtonpost.com/news/get ... dfbd945559

Billionaire
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Re: Goodbye Capital One 360!!

Post by Billionaire » Fri Jan 05, 2018 8:53 am

It's not out of the question that it's user error. I saw it a lot in my line of work.

mak1277
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Re: Goodbye Capital One 360!!

Post by mak1277 » Fri Jan 05, 2018 9:01 am

mariezzz wrote:
Thu Jan 04, 2018 1:12 am

This whole business with Capital One asking people to confirm income, etc. irritated me quite a bit. For the first half 2017, I was able to circumvent the confirmation screen, and then late spring, they wouldn't let you log into your account if you didn't report your income.
I've never had to do this...been on Capital One for more than a decade.

docbrown
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Re: Goodbye Capital One 360!!

Post by docbrown » Fri Jan 05, 2018 9:53 am

I will stay with Capital One 360 for the following reasons, unless it starts to suck badly, or another bank can offer these three incredibly important features:

1. You can freeze or unfreeze the debit card at will. I generally only unfreeze it when on a trip because I don't want to expose my primary checking account to hackers.
2. If I ever needed cash, I can go to any Target and it's free (I have never, ever paid an ATM fee in my life).
3. The debit card is flat, not bumpy. Those stupid embossed numbers have been très démodé for at least two decades.
Roth was a Senator, not an acronym. Please, stop writing it in all caps.

BeneIRA
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Re: Goodbye Capital One 360!!

Post by BeneIRA » Fri Jan 05, 2018 9:57 am

Admittedly, I have had good experiences with Capital One 360, but I absolutely love Ally. Their customer service is great, I have used their chat features and called them several times over the years and I have been very happy. They are usually slightly below the top in terms of interest, but it is nominal to me. I would recommend them. I have a checking account which I keep a few dollars in and then a savings account. The checking is used when I need to take money from an ATM since they reimburse all ATM fees in the U.S. up to $10 a month.

workingovertime
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Re: Goodbye Capital One 360!!

Post by workingovertime » Fri Jan 05, 2018 10:08 am

SrGrumpy wrote:
Thu Jan 04, 2018 6:10 am
student wrote:
Wed Jan 03, 2018 8:43 pm
So do give Ally a try as they have 24/7 service.
Phone hold times of up to an hour, 2-3 days to return an email. Ally customer service went south very, very quickly.

I agree with this. Ally phone wait time used to be very good but it seems lately that it is getting up to half an hour each time. You're also correct about returning emails taking several days. Their process doesn't seem so streamlined and I've had to inquire multiple times before just to add a joint owner to my Ally account. It was very inconvenient, inefficient, and frustrating.

With all that said, I still do use Ally as my primary bank but I have notied the decline in their customer service. I'm not at the point to switch my primary bank yet, but I will be keeping an eye out if their downward trend continues.

inbox788
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Re: Goodbye Capital One 360!!

Post by inbox788 » Fri Jan 05, 2018 12:30 pm

dbc47 wrote:
Wed Jan 03, 2018 8:33 pm
I've been with these folks since it was ING Direct (16 years) and I reached the limit of my patience today. I couldn't log in to the site to view our bucks nor could I reach anyone by phone. I shouldn't have to work this hard to do business with anyone! I know this has been discussed many times here and always stuck it out with them, but no more.
I also just gave up on CapitalOne closing down my old ING accounts and a CapOne credit card. Many banking websites have gone from bad to worse, and CapitalOne is among the worst. They recently went from a PC/browser centered interface that was hard to use to a phone/tablet/app based system that is even harder to navigate. Plus the site has been very slow and often can't access or get errors. They're not alone. Other banks are going thru the same kind of changes trying to save money by automating services, but instead, the problems with their website cause people to have to call in for help and support, which keeps the calls center busy with long wait times.

BTW, capital one savings is at 1%, MM 1.3%. Ally savings is at 1.25%, and if you're chasing yield, you might look into Synchrony (used to be GE capital) and Marcus (Goldman Sachs), or CIT, which are all higher rate saving accounts. Also, Bank7 (never heard of them myself) has higher MM.

https://www.nerdwallet.com/blog/banking ... -accounts/
https://www.nerdwallet.com/rates/money-market-rates

mariezzz
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Re: Goodbye Capital One 360!!

Post by mariezzz » Fri Jan 05, 2018 1:26 pm

mak1277 wrote:
Fri Jan 05, 2018 9:01 am
mariezzz wrote:
Thu Jan 04, 2018 1:12 am

This whole business with Capital One asking people to confirm income, etc. irritated me quite a bit. For the first half 2017, I was able to circumvent the confirmation screen, and then late spring, they wouldn't let you log into your account if you didn't report your income.
I've never had to do this...been on Capital One for more than a decade.
It's possible you agreed to them doing credit checks at some point - possibly not realizing you had done that if it wasn't stated really explicitly in something you clicked on. Initially, when they started asking for the information, they said it was because they wanted to review the account to increase my credit limit. I don't need my credit limit increased so I never agreed, and at first was able to circumvent that screen. Eventually, they wouldn't allow me to access my account online without agreeing - there was no way to circumvent the screen. Blocking online access to someone's account for that ridiculous reason wasn't acceptable to me. I lost a lot of trust in them.

mak1277
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Re: Goodbye Capital One 360!!

Post by mak1277 » Fri Jan 05, 2018 1:34 pm

mariezzz wrote:
Fri Jan 05, 2018 1:26 pm
mak1277 wrote:
Fri Jan 05, 2018 9:01 am
mariezzz wrote:
Thu Jan 04, 2018 1:12 am

This whole business with Capital One asking people to confirm income, etc. irritated me quite a bit. For the first half 2017, I was able to circumvent the confirmation screen, and then late spring, they wouldn't let you log into your account if you didn't report your income.
I've never had to do this...been on Capital One for more than a decade.
It's possible you agreed to them doing credit checks at some point - possibly not realizing you had done that if it wasn't stated really explicitly in something you clicked on. Initially, when they started asking for the information, they said it was because they wanted to review the account to increase my credit limit. I don't need my credit limit increased so I never agreed, and at first was able to circumvent that screen. Eventually, they wouldn't allow me to access my account online without agreeing - there was no way to circumvent the screen. Blocking online access to someone's account for that ridiculous reason wasn't acceptable to me. I lost a lot of trust in them.
Are you just talking about credit cards or online banking? I don't have any credit cards with Cap One.

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Abe
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Re: Goodbye Capital One 360!!

Post by Abe » Fri Jan 05, 2018 1:45 pm

Vanguard Municipal Money Market Fund VMSXX is at 1.39%

Vanguard Prime Money Market Fund VMMXX is at 1.38%
Slow and steady wins the race.

veggivet
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Re: Goodbye Capital One 360!!

Post by veggivet » Fri Jan 05, 2018 2:11 pm

I am a very happy, satisfied, long-term (also back from the ING days) Capital One 360 customer who will likely be with them for decades to come. Superb customer service, and an easy website to access and navigate. Good luck wherever you end up, OP.

Exafchick
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Re: Goodbye Capital One 360!!

Post by Exafchick » Fri Jan 05, 2018 2:22 pm

Depending on what the account will be used for, have you considered Barclay's? I switched from CapitalOne 360 to them and not only are their rates competitive (1.30% APY) but they also give you a "bonus" for every 6 months you don't take a withdrawal.

Soon2BXProgrammer
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Re: Goodbye Capital One 360!!

Post by Soon2BXProgrammer » Fri Jan 05, 2018 2:32 pm

** deleted, going to create dedicated thread ***

golfer292
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Re: Goodbye Capital One 360!!

Post by golfer292 » Fri Jan 05, 2018 3:24 pm

Me Too. I closed my money market 360 account today. My main reason is they still will not allow beneficiary to be added to the account. I talked to a rep today and he said they get a lot of complaints about this issue and pass them along to management. I have never had an issue getting on line or getting a phone call through. Other than the beneficiary thing I like Capone. I still have a credit card with them.

mariezzz
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Re: Goodbye Capital One 360!!

Post by mariezzz » Mon Jan 08, 2018 2:48 am

Someone alerted me to this article about why Capital One has hounded some customers about updating their income ... and if it wasn't provided, you couldn't log into your online account:

https://consumerist.com/2017/10/19/why- ... o-website/

(A black box with white text may pop up over the article; just close it by clicking the X in upper right corner.)

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StevieG72
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Re: Goodbye Capital One 360!!

Post by StevieG72 » Mon Jan 08, 2018 11:36 pm

I too remember the ING days.

Nowadays I invest all money in stocks or bonds. No high yield savings accounts anymore. They use the term "high Yield" loosely anyways.

If I had $10,000 that I needed to park for awhile, even a short while, I would invest in Vangaurds High Yield Tax Exempt bond fund. The return is much more attractive and it is tax exempt! Win/ Win. The volatility was off of my radar as well.

I was pleased with the returns while I was invested, I have since cashed out for more stocks.
Fools think their own way is right, but the wise listen to others.

WanderingDoc
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Re: Goodbye Capital One 360!!

Post by WanderingDoc » Tue Jan 09, 2018 12:18 am

StevieG72 wrote:
Mon Jan 08, 2018 11:36 pm
I too remember the ING days.

Nowadays I invest all money in stocks or bonds. No high yield savings accounts anymore. They use the term "high Yield" loosely anyways.

If I had $10,000 that I needed to park for awhile, even a short while, I would invest in Vangaurds High Yield Tax Exempt bond fund. The return is much more attractive and it is tax exempt! Win/ Win. The volatility was off of my radar as well.

I was pleased with the returns while I was invested, I have since cashed out for more stocks.
I just looked into that Vanguard Tax Exempt bond fund. It seems too good to be true. Looks like almost 5% returns per year on average. Is there a penalty if I want to take out my funds early? I always keep $100-150K in a USAA savings account yielding about 0.2%, to fund real estate deals as they come along. If I may need these funds on one week's notice, any reason now to use this as a de facto savings acct? :)
I'm not looking to get rich quick (crypto), I'm not looking to get rich slow (index funds).. I'm looking to get rich, for sure (real estate).

onourway
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Re: Goodbye Capital One 360!!

Post by onourway » Tue Jan 09, 2018 6:16 am

WanderingDoc wrote:
Tue Jan 09, 2018 12:18 am

I just looked into that Vanguard Tax Exempt bond fund. It seems too good to be true. Looks like almost 5% returns per year on average. Is there a penalty if I want to take out my funds early? I always keep $100-150K in a USAA savings account yielding about 0.2%, to fund real estate deals as they come along. If I may need these funds on one week's notice, any reason now to use this as a de facto savings acct? :)
The risk is that this fund is quite volatile for a bond fund. In '08 it lost about 15% at a time when more moderate bond funds were flat. So if you can tolerate some volatility in your principle in the short term it might be ok. The counter argument is you might be better off taking your risk in equities.

AlwaysBeClimbing
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Re: Goodbye Capital One 360!!

Post by AlwaysBeClimbing » Tue Jan 09, 2018 11:50 am

mariezzz wrote:
Mon Jan 08, 2018 2:48 am
Someone alerted me to this article about why Capital One has hounded some customers about updating their income ... and if it wasn't provided, you couldn't log into your online account:

https://consumerist.com/2017/10/19/why- ... o-website/

(A black box with white text may pop up over the article; just close it by clicking the X in upper right corner.)


So just enter "123" in the "income" field and you can legitimately bypass the query. Good to know, thanks.

WanderingDoc
Posts: 468
Joined: Sat Aug 05, 2017 8:21 pm

Re: Goodbye Capital One 360!!

Post by WanderingDoc » Wed Jan 10, 2018 10:38 pm

onourway wrote:
Tue Jan 09, 2018 6:16 am
WanderingDoc wrote:
Tue Jan 09, 2018 12:18 am

I just looked into that Vanguard Tax Exempt bond fund. It seems too good to be true. Looks like almost 5% returns per year on average. Is there a penalty if I want to take out my funds early? I always keep $100-150K in a USAA savings account yielding about 0.2%, to fund real estate deals as they come along. If I may need these funds on one week's notice, any reason now to use this as a de facto savings acct? :)
The risk is that this fund is quite volatile for a bond fund. In '08 it lost about 15% at a time when more moderate bond funds were flat. So if you can tolerate some volatility in your principle in the short term it might be ok. The counter argument is you might be better off taking your risk in equities.
Good to know! But in order to use it like a savings account, if I want to withdraw a big amount on a moments notice, I would have to pay taxes on equities. This seems like a free lunch. Park money in there during an up market, if I need the money just take it out with no taxes due. Forget Ally! I was going to do a CD ladder with them, probably will just keep the one CD and invest the rest in this high yielding no tax fund! :D
I'm not looking to get rich quick (crypto), I'm not looking to get rich slow (index funds).. I'm looking to get rich, for sure (real estate).

protagonist
Posts: 5003
Joined: Sun Dec 26, 2010 12:47 pm

Re: Goodbye Capital One 360!!

Post by protagonist » Thu Jan 11, 2018 1:13 am

dbc47 wrote:
Wed Jan 03, 2018 8:33 pm
The only thing I see at the moment that kinda stinks is that Capital One's MM account is at 1.3% whereas Ally is at .90%. It appears at quick glance that just putting the money in Ally's no penalty CD seems the best way to go as I just will be using them as an online savings account anyway.

Any words of wisdom? Ally seems to get pretty good reviews here unless I'm missing something. At least their web site seems to work.........
I have used SFGI direct high yield savings account online for at least 5-7 years. They have been consistently near the top of the list re: returns and I have never had trouble transferring money between SFGI and Fidelity within one business day. I use my Fidelity MM account as my main checking account and transfer money in and out between the two as needed. Currently SFGI offers 1.36%.

Just another alternative. Ally is a very convenient and reliable bank to work with as well.

Another consideration- For every $10K invested, each .01% interest amounts to only a dollar/year. Each .1% interest amounts to only $10/year. So unless you are keeping large amounts of cash in the bank, it's not worth your trouble to chase the highest yield.

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