Need a new online bank for checking (Capital One 360, Ally?)

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
caklim00
Posts: 2420
Joined: Mon May 26, 2008 10:09 am

Need a new online bank for checking (Capital One 360, Ally?)

Post by caklim00 »

I've been using Fidelity as my main checking account for the past 10 years or so, but unfortunately our relationship has come to an end, and I will not be able to continue using them as my main checking.

I have some B&M banks, but I've gotten used to the ease of Fidelity. Free checks, ATM rebates, quick money transfers, etc.

Does anyone have any recommendations on who I should consider as my primary replacement? I've had an Ally Savings account for a while now, but hardly used it. The 2 that I'm seriously considering right now are
1) Ally Checking
2) Capital One 360 Checking

I definitely want a bank that has the following:
1) Quick money transfers without fees (to other banks)
2) Free Checks - probably write around 12 per year
3) Either ATM rebates or large ATM network

Anyone have any thoughts or any other recommendations? I'm going to have to change all my recurring payments etc. so I'd prefer not to hop around.
chonp3
Posts: 81
Joined: Wed Oct 14, 2015 7:11 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by chonp3 »

Countless previous threads on this. I would vote for Ally esp. since you already have an Ally savings. Transfers between the two accounts are instant, and you will have free overdraft transfer. Customer service is never more than a minute or two wait. I have had Ally checking/savings for the past 5 years and have enjoyed banking with them.
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Jags4186 »

I vote Ally unless you make frequent ATM withdrawals. Ally only reimburses $10/mo max. If you make a lot of ATM visits I vote Schwab High Yield [/s] Checking as they have unlimited ATM reimbursements.
rav2fi
Posts: 39
Joined: Fri Jan 02, 2015 10:15 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by rav2fi »

If you do infrequent ATM withdrawals, both Ally and CapOne are great I think.

I also like Charles Schwab checking account, especially because of no foreign transaction fees and they reimburse all ATM fees (domestic and international).
User avatar
Toons
Posts: 14459
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Toons »

Ally ,rate might be a little better.
Either Or.
I have been using CapOne since 2004. :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Topic Author
caklim00
Posts: 2420
Joined: Mon May 26, 2008 10:09 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by caklim00 »

Thanks everyone. I just saw that CapitalOne 360 can only have 3 externally linked banks. That stinks :(

Anyone use or look into First Internet Bank of Indiana? Schwab looks like a decent option, but they do a hard pull which is unfortunate.
Last edited by caklim00 on Sun Apr 03, 2016 2:22 pm, edited 1 time in total.
SurfCityBill
Posts: 547
Joined: Tue May 01, 2012 10:15 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by SurfCityBill »

I use Chas Schwab. ATM's are free. Refunded monthly when outsiders ATM used. Checks free. The insist on having you open a Schwab One brokerage account as well but interestingly enough don't require you to fund it.
User avatar
Toons
Posts: 14459
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Toons »

caklim00 wrote:Thanks everyone. I just saw that CapitalOne 360 can only have 3 externally linked banks. That stinks :(

Anyone use or look into First Internet Bank of Indiana? Schwab looks like a decent option, but they do a hard pull which is unfortunate.

Do you need more? :mrgreen:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
livesoft
Posts: 85971
Joined: Thu Mar 01, 2007 7:00 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by livesoft »

caklim00 wrote: I definitely want a bank that has the following:
1) Quick money transfers without fees (to other banks)
2) Free Checks - probably write around 12 per year
3) Either ATM rebates or large ATM network

Anyone have any thoughts or any other recommendations? I'm going to have to change all my recurring payments etc. so I'd prefer not to hop around.
Every bank I have ever used has those features. Can you narrow it down a little bit?

And folks know that I like WellsFargo and recommend them for everything.
Wiki This signature message sponsored by sscritic: Learn to fish.
john94549
Posts: 4638
Joined: Tue Jul 26, 2011 8:50 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by john94549 »

Check out Alliant Credit Union. I've been with them for quite some time. Interest on savings is competitive (1% or thereabouts), your first order of checks is free, no minimum balance, no "per check" charges, no gimmicks, as it were. Easy to join. And they actually offer monthly statements (does cost a buck a month; you can avoid the fee by going "paperless"). The website is quite user-friendly, and you can transfer funds from savings to checking immediately. Alliant also has reasonably-competitive CDs.

They also answer the phone on the first ring and have pleasant customer service representatives. As a cranky retiree, I really hate "press one for an actual person, press two if you prefer a robot, press three if you are confused, stay on the line to hear all these options again".

PS: I do not work for Alliant. I am just a (very happy) member thereof.
Last edited by john94549 on Sun Apr 03, 2016 3:25 pm, edited 1 time in total.
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by JoMoney »

I opened a Captial One 360 because no foreign transaction fee ( I spend a lot of time outside U.S.), and I already have a relationship through a Capital One credit card. Having a checking account with them will reduce the number of online accounts/passwords I need as they'll link the accounts together.
These 360 accounts have been around for along time as ING accounts prior to Capital One, I like having the longer history... I also have a bit of a grudge against GMAC which became Ally bank.

I too have been looking at getting away from using my Fidelity Cash Management account for banking. It also offers no foreign transaction fees, no fee for using another banks ATM, and rebates any fees that another ATM might charge (something Capital One 360 doesn't do).
May I ask your reasons for why you have decided to stop using the Fidelity account?
I haven't stopped using mine yet, and not sure I will, but I wanted another account ready to go in case I do. I'm not doing any other business with Fidelity, and don't use this as a brokerage account, and the ATM rebates seem a little bit too good to be true. Despite not having a problem for years, I'm a little worried they'll cut this off at some point especially since I don't even maintain a large balance there.. but so far, so good.. and I'm wondering if I'm being a little irrational (or overly rational) in thinking that they will cut off the account at some point.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
radiowave
Posts: 3342
Joined: Thu Apr 30, 2015 5:01 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by radiowave »

Check out Discover rewards checking - they pay you rather than the other way around.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
ved
Posts: 783
Joined: Sat Jan 18, 2014 5:56 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by ved »

Toons wrote:
caklim00 wrote:Thanks everyone. I just saw that CapitalOne 360 can only have 3 externally linked banks. That stinks :(

Anyone use or look into First Internet Bank of Indiana? Schwab looks like a decent option, but they do a hard pull which is unfortunate.

Do you need more? :mrgreen:
I had CapitalOne 360 for years (from the days of ING Bank), as they have my mortgage. But, I opened Ally just for that limitation of only 3 externally linked banks. And I needed more than 3 external links for setting up accounts at MangMoney,NetSpend, etc. for their 5-6% interest on $5k each.

So, now I have both CapitalOne and Ally :D
User avatar
Kosmo
Posts: 1303
Joined: Wed Sep 05, 2012 11:54 am
Location: Philadelphia

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Kosmo »

john94549 wrote:Check out Alliant Credit Union.

...

PS: I do not work for Alliant. I am just a (very happy) member thereof.
I was going to put in a plug for them also. I've been very happy. The checking account also pays ~1% interest. I can't recall about free checks, but I ordered a near-lifetime supply from Costco a few years back for about $15.
signewton
Posts: 42
Joined: Sat Jun 13, 2015 4:50 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by signewton »

I have ally and capital one 360. Love both of them.
john94549
Posts: 4638
Joined: Tue Jul 26, 2011 8:50 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by john94549 »

Kosmo wrote: I was going to put in a plug for them also. I've been very happy.
Nice to hear others are happy as well.

Should one live in California, an absolutely, positively, great bank is First Republic. Insofar as brick and mortar banks go, it's hard to beat First Republic.
Topic Author
caklim00
Posts: 2420
Joined: Mon May 26, 2008 10:09 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by caklim00 »

Toons wrote:
caklim00 wrote:Thanks everyone. I just saw that CapitalOne 360 can only have 3 externally linked banks. That stinks :(

Anyone use or look into First Internet Bank of Indiana? Schwab looks like a decent option, but they do a hard pull which is unfortunate.

Do you need more? :mrgreen:
Yes :) I have a Discover account, but I've found that they are super slow with transfers (both in and out). Between my wife and me we probably have around 15 or so accounts.
JoMoney wrote:I opened a Captial One 360 because no foreign transaction fee ( I spend a lot of time outside U.S.), and I already have a relationship through a Capital One credit card. Having a checking account with them will reduce the number of online accounts/passwords I need as they'll link the accounts together.
These 360 accounts have been around for along time as ING accounts prior to Capital One, I like having the longer history... I also have a bit of a grudge against GMAC which became Ally bank.

I too have been looking at getting away from using my Fidelity Cash Management account for banking. It also offers no foreign transaction fees, no fee for using another banks ATM, and rebates any fees that another ATM might charge (something Capital One 360 doesn't do).
May I ask your reasons for why you have decided to stop using the Fidelity account?
I haven't stopped using mine yet, and not sure I will, but I wanted another account ready to go in case I do. I'm not doing any other business with Fidelity, and don't use this as a brokerage account, and the ATM rebates seem a little bit too good to be true. Despite not having a problem for years, I'm a little worried they'll cut this off at some point especially since I don't even maintain a large balance there.. but so far, so good.. and I'm wondering if I'm being a little irrational (or overly rational) in thinking that they will cut off the account at some point.
Fido appears to have not been too happy with transferring large sums in and out and limited my ability to deposit to the account. As I was with them for such a long time I was quite surprised.
sarahjane
Posts: 233
Joined: Tue Jan 21, 2014 4:18 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by sarahjane »

I have online savings and cds w/ Ally, Barclays and CIT, but have used Schwab checking for many years for the reasons cited by others.
Naismith
Posts: 530
Joined: Sun Sep 14, 2014 2:58 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Naismith »

SurfCityBill wrote:I use Chas Schwab. ATM's are free. Refunded monthly when outsiders ATM used.
This is particularly important if you travel internationally. ATMs free worldwide. Good exchange rates.

We use Ally checking as well, and concur with the good things being said. But when we travel overseas or even stateside in a situation where we don't have much choice in ATMs (long-distance bike rides), it is great to have the flexibility of the no-fee Schwab account.
jmagi76461
Posts: 19
Joined: Mon Aug 31, 2015 6:33 am
Location: NJ

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by jmagi76461 »

I have been very happy with State Farm checking...has everything you are looking for and customer service has been very good. You can do better for savings, but mortgage rates were competitive enough to get me into a 15 yr refi.
mostlycloudy
Posts: 14
Joined: Sat Mar 10, 2012 10:40 pm

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by mostlycloudy »

I require banking services specifically tailored to meet my ever changing flexible needs: Hub = Ally Bank. Charles Schwab Bank = International Banking. Chase Bank = Walk-in Services. Vanguard = Budget Investment Products & Services. I try to keep my financial team simple, but I can also change players VERY FAST!

THANKS to all the forum contributors for making 'Bogleheads' what it is.
User avatar
Fieldsy1024
Posts: 711
Joined: Sun Feb 24, 2013 7:23 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by Fieldsy1024 »

I loved when cap360 was ING, but ALLY ftw
sesq
Posts: 587
Joined: Wed Jan 30, 2013 8:24 am

Re: Need a new online bank for checking (Capital One 360, Ally?)

Post by sesq »

caklim00 wrote: Anyone use or look into First Internet Bank of Indiana? Schwab looks like a decent option, but they do a hard pull which is unfortunate.
I have had FIBI for over ten years. They were one of the first to do ATM rebates - although it was limited to $6/mo. I think that changed. I pull cash so rarely now and live in an area with fee-free ATMs that I don't even think about it any more. I did two mortgage refi's with FIBI that went well, although in each case they sold the servicing. The website is decent and the bill pay works fine. I never set up ACH transfers since I have a few accounts that pull from it.

My "transfer hub" is USAA. It does $5k/day push and pull for ACH as the default. I usually do a lot of transfers around now when my bonus is paid, then not much for the rest of the year. I was an ING person who got flipped into a Cap One 360 user. It has my emergency fund right now, but pays 0.75%. I am debating opening an ALLY account to get 1%. Though in truth it may not be worth it after taxes. I think I did the math and it was less than $100 per year. Then again, I like money, it really isn't that much effort to go get that money. I am kind of waiting because my mega corp is merging and I may need access to the money. If my employment was more clear I would dice up my e-fund into a CD ladder, maybe I-bonds, etc which could change the place I put the money.

I don't like that capital one sits on transfers for a couple days.
Post Reply