Online Saving Bank Account

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faltuk1
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Online Saving Bank Account

Post by faltuk1 »

Currently my account is with HSBC and want to transfer to another bank to earn higher interest rate. Any recommendations for online saving accounts? I would like a one where interest rates are little bit more stable instead of a teaser .9% and than dropping to .1% after few months. HSBC account is currently .1%.
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JamesSFO
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Re: Online Saving Bank Account

Post by JamesSFO »

I recommend visiting http://www.depositaccounts.com/
jeff1949
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Re: Online Saving Bank Account

Post by jeff1949 »

American Express Bank is where I have my online savings accounts currently at 0.85% and has been there for quite some time now:

https://personalsavings.americanexpress.com/index.html
cubedbee
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Re: Online Saving Bank Account

Post by cubedbee »

http://www.fatwallet.com/forums/finance/783099/

Smarty Pig has been at or near the top of the (universally declining) list since they launched 3 or 4 years ago. Marketing/layout is geared towards millenials. That's what I would use if/when I want to stop jumping through my hoops for rewards checking.
epictetus
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Re: Online Saving Bank Account

Post by epictetus »

GE Capital Bank and Discover Bank are two options to consider.
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ieee488
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Re: Online Saving Bank Account

Post by ieee488 »

Barclays. 0.9%
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Van-Guard23
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Re: Online Saving Bank Account

Post by Van-Guard23 »

I transferred money out of my HSBC online Savings Account to Barclays (0.90%) earlier this year...HSBC just wasn't competitive any more. I also have an Ally Online Savings Account (0.85%). I have been pleased with both of them.
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corner559
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Re: Online Saving Bank Account

Post by corner559 »

jeff1949 wrote:American Express Bank is where I have my online savings accounts currently at 0.85% and has been there for quite some time now:

https://personalsavings.americanexpress.com/index.html
I'm also with HSBC and am thinking of switching to AMEX's bank. In reading someone online reviews it seems that withdrawals are very slow and customer service not the greatest. Any negative experiences with AMEX bank that you've had?
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corner559
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Re: Online Saving Bank Account

Post by corner559 »

Van-Guard23 wrote:I transferred money out of my HSBC online Savings Account to Barclays (0.90%) earlier this year...HSBC just wasn't competitive any more. I also have an Ally Online Savings Account (0.85%). I have been pleased with both of them.
How quick are money transfers both in and our of Barclays?
toblerone
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Re: Online Saving Bank Account

Post by toblerone »

corner559 wrote:How quick are money transfers both in and our of Barclays?
According to this, typically 2-3 business days, in and out.
https://www.banking.barclaysus.com/faq. ... rnInterest
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will98683
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Re: Online Saving Bank Account

Post by will98683 »

Capital One 360 (which used to be ING) is still pretty good. Still paying .75%, no fees, no minimums, no need to switch banks. And with this referral code we both get some extra cash ($25 for savings, $50 for checking): (https://r.capitalone360.com/f27nPrRD5f)
jeff1949
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Re: Online Saving Bank Account

Post by jeff1949 »

corner559 wrote:
jeff1949 wrote:American Express Bank is where I have my online savings accounts currently at 0.85% and has been there for quite some time now:

https://personalsavings.americanexpress.com/index.html
I'm also with HSBC and am thinking of switching to AMEX's bank. In reading someone online reviews it seems that withdrawals are very slow and customer service not the greatest. Any negative experiences with AMEX bank that you've had?
I've not had any negative experiences with AmEx. Making money transfers into AmEx is overnight and getting it out to my brick and mortar bank (Key Bank) does take a couple of business days. You are allowed 6 withdrawals per month and I use my two accounts there to pay my credit car accounts plus anything else that you can initiate from outside the bank such as my CenturyLink phone bill and the like.

A couple of drawbacks for some people might be the fact that they do not supply you with an ATM or debit card and no checks either.
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corner559
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Re: Online Saving Bank Account

Post by corner559 »

This has been a great post. Thanks to feedback and some additional research I'll be dropping HSBC and moving everything over to Barclays. The extra .8% in interest will add up to quite a bit extra in interest in the long run.
sscritic
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Re: Online Saving Bank Account

Post by sscritic »

corner559 wrote: The extra .8% in interest will add up to quite a bit extra in interest in the long run.
How long is your long run? How long do you think you will be getting an extra 0.8% interest?

Three months?
Ten months?
Two years?
Ten years?

Once you decide what your long run is, how much is quite a bit extra in interest?

$2?
$20?
$200?
$2000?
$20000?
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corner559
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Re: Online Saving Bank Account

Post by corner559 »

sscritic wrote:
corner559 wrote: The extra .8% in interest will add up to quite a bit extra in interest in the long run.
How long is your long run? How long do you think you will be getting an extra 0.8% interest?

Three months?
Ten months?
Two years?
Ten years?

Once you decide what your long run is, how much is quite a bit extra in interest?

$2?
$20?
$200?
$2000?
$20000?
My time horizon is 15+ years. Currently have a little over $100K I'll be moving over, and I put an additional 500 or so in per month. I agree that rates could drop, but at least for the time being I'll be way ahead of where I was with HSBC.
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midareff
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Re: Online Saving Bank Account

Post by midareff »

Ally Bank .... .85% on money market and .40% on checking. Free checks, they reimburse ATM fees, great service, great web site which is super friendly to use. I recommend them highly.
lrak
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Re: Online Saving Bank Account

Post by lrak »

How and how often do you move money around?

If I initiate a request with Emigrant/Dollar Savings in the morning, I have the money the next day. You can also have pulls/pushes setup with Emigrant/Dollar. I have mine linked from my Fidelity accounts and direct deposit with my employer. My emergency/spending smoothing fund is with Emigrant.

Ally pays me higher rates but it takes a minimum of two days and often three to get the money in my local account. I can only initiate transfers using Ally, not a third party. My car/major house expense fund is with Ally.

I used to like ING. Great customer service, good website, and 2 day transfers. I closed the account before the merger with Capital One. Cap One once denied me credit, entered false information (alias (left hand shifted right one key on keyboard), spouse (one letter name), and P.O. Box (same as street number)) on my credit report, and when I called them to ask what happened the CSR couldn't help. The supervisor took an aggressive stance from the start and accused me of lying on my application and then hung up on me when I asked if they could dig up a copy of the original paper application. I called Experian who everyone loves to hate. I told the CSR I thought the data entry person at Cap One was high when they entered my paper application. The Experian person told me Cap One had also repeated one digit on my income three times making me a college student with a stated income of over $500k/yr as well. She agreed something went wrong with their data entry and removed the credit record entirely without any proof required on my part. Although I know its been nearly two decades and I logically know I'm being irrational, I'll still give Experian the benefit of the doubt and won't do business with Capital One.
tedgeorge
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Re: Online Saving Bank Account

Post by tedgeorge »

One other thing to consider is the limits for online accounts. Most online accounts limit you to six transactions per month before you start getting charged. That may or may not be a big deal for you until you find out your account also has a daily maximum transfer as well. In my experience with TIAA-DIRECT they capped at $5000 per day so check with whatever bank you choose before you move. Could be a deal breaker if you're moving lots of cash around.
ieee488
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Re: Online Saving Bank Account

Post by ieee488 »

corner559 wrote:
Van-Guard23 wrote:I transferred money out of my HSBC online Savings Account to Barclays (0.90%) earlier this year...HSBC just wasn't competitive any more. I also have an Ally Online Savings Account (0.85%). I have been pleased with both of them.
How quick are money transfers both in and our of Barclays?
In - about 2-3 business days; there is a hold of 5 business days not counting the day the money is received
Out - don't know yet.
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Dandy
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Re: Online Saving Bank Account

Post by Dandy »

Try Barclays, Ally or Discover.
nordlead
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Re: Online Saving Bank Account

Post by nordlead »

tedgeorge wrote:One other thing to consider is the limits for online accounts. Most online accounts limit you to six transactions per month before you start getting charged. That may or may not be a big deal for you until you find out your account also has a daily maximum transfer as well. In my experience with TIAA-DIRECT they capped at $5000 per day so check with whatever bank you choose before you move. Could be a deal breaker if you're moving lots of cash around.
All savings accounts have a limit of 6 withdrawals. http://en.m.wikipedia.org/wiki/Regulation_D_(FRB)

With Ally you should be able to call and request a check and it shouldn't count against the 6. I've never done it to confirm though.
kaneohe
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Re: Online Saving Bank Account

Post by kaneohe »

[quote="lrak"] I can only initiate transfers using Ally, not a third party.

/quote]

not sure whether you were just stating your personal situation or this is meant to be a general statement...........
I control the funds from an external institution since Ally doesn't allow IVR (automated telephone) access to trust accounts.
kaneohe
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Re: Online Saving Bank Account

Post by kaneohe »

tedgeorge wrote:One other thing to consider is the limits for online accounts. Most online accounts limit you to six transactions per month before you start getting charged. That may or may not be a big deal for you until you find out your account also has a daily maximum transfer as well. In my experience with TIAA-DIRECT they capped at $5000 per day so check with whatever bank you choose before you move. Could be a deal breaker if you're moving lots of cash around.
The TIAA cap applies if you control funds from there. If you control from external institution, the TIAA cap does not apply. You can also get
around the cap w/ a check.
sscritic
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Re: Online Saving Bank Account

Post by sscritic »

nordlead wrote: All savings accounts have a limit of 6 withdrawals. http://en.m.wikipedia.org/wiki/Regulation_D_(FRB)

With Ally you should be able to call and request a check and it shouldn't count against the 6. I've never done it to confirm though.
This is a chicken and egg problem. There is no such regulation on a savings account; a savings account is defined as an account that meets that condition (and others). In fact, the exceptions are stated as such to keep one definition of a "savings deposit" distinct from the definition of a "transaction account" (the other definition comes first and has no such restriction).
(2) The term "savings deposit" also means:
...
otherwise meets the requirements of § 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make no more than six transfers and withdrawals,
...
Such an account is not a transaction account by virtue of an arrangement that permits transfers for the purpose of repaying loans and associated expenses at the same depository institution (as originator or servicer) or that permits transfers of funds from this account to another account of the same depositor at the same institution or permits withdrawals (payments directly to the depositor) from the account when such transfers or withdrawals are made by mail, messenger, automated teller machine, or in person or when such withdrawals are made by telephone (via check mailed to the depositor) regardless of the number of such transfers or withdrawals.
Note it doesn't say a savings account can't; it says a savings deposit is an account that meets certain terms. This is a definition of savings deposit.
BanditKing
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Re: Online Saving Bank Account

Post by BanditKing »

Smartypig.com is paying 1%. They have a somewhat gimicky approach, but the returns are real enough backed up by an FDIC-insured bank.
Topic Author
faltuk1
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Re: Online Saving Bank Account

Post by faltuk1 »

Anybody using Smartypig.com? Any feedback? They seem to be paying the most (1 %). It looks you can also get gift crads for retailers like (lowes, macy's) with 3 to 11% extra.
crowd79
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Re: Online Saving Bank Account

Post by crowd79 »

We're talking about bank accounts with less than a 1% difference in interest. Hardly much money being gained or lost one way or another.
niceguy7376
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Re: Online Saving Bank Account

Post by niceguy7376 »

I would vote for smartypig because it makes it a bit more interesting and fun in achieving our savings goals.
Also, they have options of turning your cash into gift cards with bonus (depending on merchants). It is a FDIC insured.
aw82
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Re: Online Saving Bank Account

Post by aw82 »

I have also had a very good experience with Ally. I am also an HSBC online customer and Ally's website is significantly easier to use, in my opinion.

My biggest initial concern was depositing checks, which has turned out to be fairly easy with Ally, assuming you have easy access to a decent scanner.
BanditKing
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Re: Online Saving Bank Account

Post by BanditKing »

faltuk1 wrote:Anybody using Smartypig.com? Any feedback? They seem to be paying the most (1 %). It looks you can also get gift crads for retailers like (lowes, macy's) with 3 to 11% extra.
I've been using them for several years. I keep a portion of my emergency fund with them as my first access point if needed, as well as an account I make a monthly deposit into for my property taxes, and then withdraw when it comes time to write the county a check every year. I consider the safest of my places to keep money in my portfolio. ACH transfers seem to take about 2 days to move between Smartypig and my bank (USAA). Interest is calculated daily, and paid out when you withdraw or quarterly, whichever comes first.
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corner559
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Re: Online Saving Bank Account

Post by corner559 »

crowd79 wrote:We're talking about bank accounts with less than a 1% difference in interest. Hardly much money being gained or lost one way or another.
Sorry but .8% to me is significant. On just $100K in assets that will mean I'll be paid $800 more in 2014 than this year assuming HSBC's rates and Barclay's rate difference stays the same. $800 might not be a lot to you, but I can think of a lot of things to do with that.
ASUGrad
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Re: Online Saving Bank Account

Post by ASUGrad »

Got to say capitalOne 360.

.75% savings, and if you invest enough you can get .85%. Everything is free and very easy to use, and knowing they don't have locations they make it very easy to do everything electronic. Their peer to peer money system is very easy. You can send money to anyone else with a bank just using their email/cell phone number as opposed to needing to know their bank account. And that is free. After they accept the transfer they get the money in a couple days.

The mobile app and the check download system is also pretty easy to use. The ONLY thing I don't like is that capital one credit cards and your bank account require two separate log ins, but still use the same mobile app.
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Re: Online Saving Bank Account

Post by Pacific »

midareff wrote:Ally Bank .... .85% on money market and .40% on checking. Free checks, they reimburse ATM fees, great service, great web site which is super friendly to use. I recommend them highly.
+1
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sperry8
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Re: Online Saving Bank Account

Post by sperry8 »

ieee488 wrote:Barclays. 0.9%
did you have to do anything offline to open the account - or was it 100% online (to open)?
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joe8d
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Re: Online Saving Bank Account

Post by joe8d »

sperry8 wrote:
ieee488 wrote:Barclays. 0.9%
did you have to do anything offline to open the account - or was it 100% online (to open)?
All done Online.
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555
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Re: Online Saving Bank Account

Post by 555 »

crowd79 wrote:We're talking about bank accounts with less than a 1% difference in interest. Hardly much money being gained or lost one way or another.
Yeah, it's like a 1% expense ratio. Who would care about a little thing like that? :oops:
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Re: Online Saving Bank Account

Post by abuss368 »

Years ago eTrade had a competitive yield. I am unsure if this is still the case.
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G-Force
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Re: Online Saving Bank Account

Post by G-Force »

jeff1949 wrote:
corner559 wrote:
jeff1949 wrote:American Express Bank is where I have my online savings accounts currently at 0.85% and has been there for quite some time now:

https://personalsavings.americanexpress.com/index.html
I'm also with HSBC and am thinking of switching to AMEX's bank. In reading someone online reviews it seems that withdrawals are very slow and customer service not the greatest. Any negative experiences with AMEX bank that you've had?
I've not had any negative experiences with AmEx. Making money transfers into AmEx is overnight and getting it out to my brick and mortar bank (Key Bank) does take a couple of business days. You are allowed 6 withdrawals per month and I use my two accounts there to pay my credit car accounts plus anything else that you can initiate from outside the bank such as my CenturyLink phone bill and the like.

A couple of drawbacks for some people might be the fact that they do not supply you with an ATM or debit card and no checks either.
Does the AmEx personal savings account work with Quicken direct connect? I've seen reports that it used to but does not anymore.
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