What online bank do you use?

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radnor
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What online bank do you use?

Post by radnor » Fri Mar 24, 2017 9:37 am

That's it. My local bank just charged me a $20 fee for having a checking account balance that is too low, and I have decided to dump them ASAP.
I'm planning to transfer my cash to an online bank, and have seen some reasonably good options so far (Ally, Capital One, etc.).
If you use an online bank, which one, and how do you like it?

Jack FFR1846
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Re: What online bank do you use?

Post by Jack FFR1846 » Fri Mar 24, 2017 9:41 am

How about a credit union? I use Digital Credit Union (DCU) as my main financial hub and only checking account.

I have online Ally and Redneck, but not for checking. If you want to jump through minor hoops, Redneck pays 1.5% on their checking account if you make 10 debit card transactions a month. If not, it's close to zero interest but no fees.
Have used Capital One 360 and Discover bank but if I had checking, I never used them.
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onourway
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Re: What online bank do you use?

Post by onourway » Fri Mar 24, 2017 9:45 am

Have had Capital One 360 accounts since the early days when they were ING. They are fine but not outstanding. I would consider opening a money market account to put your savings in if you have more than $10k to collect the $200 bonus they are offering now.

I have a great local credit union I've used for years, but I am in the process of largely switching to Schwab for checking. No fees, free checks, no ATM charges anywhere in the world, and the customer service is very good. I would have no problem suggesting them so far if you can ignore their constant sales pitches. People here really love the (substantially similar) Fidelity Cash Management account as well.
Last edited by onourway on Fri Mar 24, 2017 9:46 am, edited 1 time in total.

bloom2708
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Re: What online bank do you use?

Post by bloom2708 » Fri Mar 24, 2017 9:45 am

I have a Capitol One 360 checking account and a savings account. I was ported over from ING Direct when Capital One purchased them.

I don't use it as our primary bank, but I think you could. You can use the phone app (iPhone/Android) to deposit checks. Getting cash from an ATM might cost you the fee depending on the ATM you go to.

One of the primary reasons I keep our local brick and morter bank is because they reimburse all ATM fees with no limit. We don't use cash as much as we used to but it is a nice little perk.

Ally is quite popular. The tend to beat Capitol One 360 on rates by a little most of the time. I think both are good choices.
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heerekj1
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Re: What online bank do you use?

Post by heerekj1 » Fri Mar 24, 2017 9:51 am

I have used Ally Bank for about 3 years and am satisfied. They don't have many ATMs but you are refunded for about 4 withdrawals per billing period which works for me. You are limited to the number of free transfers from your savings accounts to 6 (I think). Only ran into that when I was setting up the accounts and transferring money from Chase. I use my Iphone to deposit checks.

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Re: What online bank do you use?

Post by radiowave » Fri Mar 24, 2017 9:53 am

+1 on Ally. Other possibilities are American Express and Discover.
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Re: What online bank do you use?

Post by backslash2718 » Fri Mar 24, 2017 10:00 am

Ally for checking. Free checks, free cashier checks, $10 per period ATM reimbursement assuming you don't just use the Allpoint ATMS. Interest rate is meh (.1% for under 15k), but I don't really keep any money in my checking account anyway to make a difference.

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Re: What online bank do you use?

Post by oldcomputerguy » Fri Mar 24, 2017 10:08 am

Fidelity Cash Management includes checking and ATM cards, plus online bill pay. I've personally not used their checking or ATM, but I do have bill pay set up as a fallback in case something goes wonky with my normal B&M bank.
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Re: What online bank do you use?

Post by livesoft » Fri Mar 24, 2017 10:08 am

I use Wells Fargo. No fees for anything (OK, there are overdraft fees).

Banks have different kinds of checking accounts. You gotta get one with no minimum balance and no fees.
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flamesabers
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Re: What online bank do you use?

Post by flamesabers » Fri Mar 24, 2017 10:20 am

I use USAA for my online bank. The interest rates are non-existent, but that isn't an issue for me since I don't keep much money in my checking account. I get free checks, there is no required minimum balance, and no monthly fees I need to worry about. I don't live in TX, but should I need to use an ATM, USAA has 60,000 in-network ATMs that doesn't charge me a fee for the first 10 monthly withdrawals.

I still have a checking account with a brick & mortar bank, but that's because I don't have to pay any monthly fees, I got plenty of checks to use up for the account and there are several branches in my city. If the bank starts to apply monthly fees or requires a minimum balance, I'll close my account in a heartbeat.

Rainmaker41
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Re: What online bank do you use?

Post by Rainmaker41 » Fri Mar 24, 2017 10:29 am

Hub: Ally Checking (payroll, bills, linked to Vanguard)

Cash Reserves: Ally Savings, 1% APY + Brick and mortar credit union with $1,000 'just in case'

Credit Card: Capital One Quicksilver, 1.5% cashback, no FX fees

CD: Capital One 360 5 Year CD, 2.3% APY

No issues with any of these, apart from very occasional website maintenance.
Last edited by Rainmaker41 on Fri Mar 24, 2017 10:35 am, edited 1 time in total.
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Ged
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Re: What online bank do you use?

Post by Ged » Fri Mar 24, 2017 10:30 am

Fidelity Cash Management - I use their bill pay, checking, debit card and 2% Visa. I particularly like their debit card and Visa when I'm travelling.

xjz
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Re: What online bank do you use?

Post by xjz » Fri Mar 24, 2017 10:33 am

I've used:
  • USAA checking and savings. Good service, and their fraud team was excellent the one time my card info was stolen. Terrible interest rates.
  • Barclays savings. Good interest rate, and good customer service the one time I needed it (for pulling old statements no longer available online). Never managed to get their home check deposit system to work, so avoid if you're expecting to deal with paper checks often.
  • Schwab checking. Worldwide ATM fee reimbursement, no foreign transaction fee, and very good currency exchange rates (~0.25% above parity, in my experience) make this my favorite for doing actual transactions. Terrible interest rate. Opening an account requires a brokerage account (although you're free to leave it empty), and opening a brokerage account requires a hard credit pull (even if you opt out of the margin features of the brokerage), so keep it in mind if you're antsy over your credit.
  • Alliant Credit Union savings. I'm pretty new to this one, but no complaints yet. Good interest. Adding a joint account owner required mailing in a paper form, but it was processed quickly at least. I've heard they can be hard to work with if you're trying to add your accounts to a living trust, but I don't know anything about that first-hand.
Of the four, none ever charged me any unexpected fees. No minimum balances, no debit card fees. I suspect that other options (like Ally, CapitalOne, etc.) will provide similarly good experiences. Any of them will probably beat what you're stuck with now from the sound of it, so I'd just pick something and move on ASAP.

Triple digit golfer
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Re: What online bank do you use?

Post by Triple digit golfer » Fri Mar 24, 2017 10:33 am

I've been using solely Ally for seven years now and I am satisfied and would wholly recommend them.

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jesscj
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Re: What online bank do you use?

Post by jesscj » Fri Mar 24, 2017 10:37 am

Use Barclay Bank for online savings accounts, otherwise local credit union for checking/savings.
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me2164
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Re: What online bank do you use?

Post by me2164 » Fri Mar 24, 2017 11:36 am

Recently switched from Ally to Discover. Interest rate is marginally lower, like 0.05% on savings. But the app is way better and convenient for check deposit, bill pay, balance tracking and filled with more options. Customer service has been better too.
Ally customer service has been pretty weak over the past two years.

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Sandtrap
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Re: What online bank do you use?

Post by Sandtrap » Fri Mar 24, 2017 11:36 am

Schwab, WF, Chase, BOA, USAA

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FelixTheCat
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Re: What online bank do you use?

Post by FelixTheCat » Fri Mar 24, 2017 11:53 am

Fidelity Cash Management.
  • Get $$$ from any ATM. No fees.
    Billpay.
    Free checking.
    Visa with 2% cash rewards. I send my 2% to my mutual funds.
    Great customer support.

Ally bank for savings.
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Pajamas
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Re: What online bank do you use?

Post by Pajamas » Fri Mar 24, 2017 12:01 pm

Everbank for checking. Excellent customer service. Before I choose a bank or credit card, I call the customer service number at different times to see how long it takes them to answer.

https://www.everbank.com/banking/checking

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whodidntante
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Re: What online bank do you use?

Post by whodidntante » Fri Mar 24, 2017 12:17 pm

All of them, at leaat the ones that have offered me a nice bonus.

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T-Wrench
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Re: What online bank do you use?

Post by T-Wrench » Fri Mar 24, 2017 12:19 pm

bloom2708 wrote:I have a Capitol One 360 checking account and a savings account. I was ported over from ING Direct when Capital One purchased them.
Same here. I use a brick and mortar CU for checking, and have used Capital One 360 and Ally.

Ally has a better savings account rate than Capital One (1% vs. 0.75%), Capital One 360 has better CD and MM rates (except the Capital One MM doesn't allow check writing or ATM use) than Ally. I checked out Synchrony; they have a marginally better savings account rate (1.05%), but that wasn't enough for me to switch. I use these accounts as electronic envelopes, basically (move my pay-every-6-months bills into those accounts so that I don't touch the money), and haven't had any issues with customer service or access to the money. I recommend Ally for the savings rates and Capital One for any CDs that you might want to pursue.

Redneck Bank has better savings account rates but does have a limit on how much you can keep in there at that rate (1.25%, up to 35k).

guitarguy
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Re: What online bank do you use?

Post by guitarguy » Fri Mar 24, 2017 12:20 pm

Ally for all of our savings "buckets" (Tier 1 of E-Fund, next vehicle fund, misc cash, "escrow" savings)

Chase for primary checking and business checking.

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radnor
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Re: What online bank do you use?

Post by radnor » Fri Mar 24, 2017 2:16 pm

Thanks for all the suggestions, everyone! I happened to stumble upon The Aspiration Summit checking account, which offers an 1.00% APY on balances above $2,500.00. Is this too good to be true?

Chuck
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Re: What online bank do you use?

Post by Chuck » Fri Mar 24, 2017 2:24 pm

heerekj1 wrote:I have used Ally Bank for about 3 years and am satisfied. [...] You are limited to the number of free transfers from your savings accounts to 6
Don't blame Ally for this.

https://en.wikipedia.org/wiki/Regulation_D_(FRB)

xjz
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Re: What online bank do you use?

Post by xjz » Fri Mar 24, 2017 2:32 pm

radnor wrote:Thanks for all the suggestions, everyone! I happened to stumble upon The Aspiration Summit checking account, which offers an 1.00% APY on balances above $2,500.00. Is this too good to be true?
It has foreign transaction fees, so if you're doing much international travel, that puts it firmly below Schwab checking in my mind. You'd lose out on the high interest, but that's fine if you also keep a savings account for that purpose.

Their "choose the account fee you think we deserve" is kind of a put-off in my opinion. There are high-interest, no-fee bank accounts out there. It might be mildly more convenient to some people to have an all-in-one high-interest checking account like this (although for my part, I actually prefer keeping my checking and savings separate - the last thing I want is to even temporarily lose my emergency fund because my debit card was compromised), but I still feel like the correct price to pay for such a service in a competitive marketplace is $0, which is at odds with their "Can I really pay you zero? Yes. We really hope you won't. And our business is built on trusting that you won't" blurb.

Color me skeptical.

blueman457
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Re: What online bank do you use?

Post by blueman457 » Fri Mar 24, 2017 2:34 pm

USAA for banking.
Ally for Savings.
Schwab account for international travel.

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inittowinit
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Re: What online bank do you use?

Post by inittowinit » Fri Mar 24, 2017 2:38 pm

Triple digit golfer wrote:I've been using solely Ally for seven years now and I am satisfied and would wholly recommend them.
+1

Liberty1100
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Re: What online bank do you use?

Post by Liberty1100 » Fri Mar 24, 2017 2:40 pm

I'm an Ally guy as well. I haven't had any problems, but I warn that they are online which makes cash deposits painful.

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Re: What online bank do you use?

Post by BogleMelon » Fri Mar 24, 2017 2:42 pm

I use for
Saving account: Ally
Checking account: Charles Schwab
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flamesabers
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Re: What online bank do you use?

Post by flamesabers » Fri Mar 24, 2017 2:49 pm

Liberty1100 wrote:I'm an Ally guy as well. I haven't had any problems, but I warn that they are online which makes cash deposits painful.
This is why I prefer to have a brick & mortar bank account available when possible. For those who don't, I would suggest spending the cash on items you would normally pay for with a credit card.

gator1
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Re: What online bank do you use?

Post by gator1 » Fri Mar 24, 2017 3:30 pm

Ally.

I keep a local CU checking account because it can be linked to my Ally account for easy transferring. I keep between anywhere from $300-$1,000 in this as it's easy accessible. 99.9% of my "cash" is at Ally which I joined thanks to Bogleheads. Do the same! :happy

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tractorguy
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Re: What online bank do you use?

Post by tractorguy » Fri Mar 24, 2017 4:33 pm

I have helped my MIL set up savings accounts and CD's at both Ally and Synchrony bank to get good interest and I have savings and CD accounts at Ally. Of the two, I much prefer working with Ally. I probably wouldn't go to Synchrony again. Their website is clunky and their back office systems appear to be worse than Vanguard's. My current complaint with them is that their two factor verification insists on using the phone from the house my MIL sold 7 months ago as the destination to send the verification code. We've asked them to use the cell phone on record with the account. Their response is that they are using a phone number from an external database?????? and they can't change this.

Also, Ally plays nice with Quicken and Mint. Synchrony won't let Mint connect but works OK with Quicken.

I only have savings accounts with them. I can't comment on their checking accounts.
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Calygos
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Re: What online bank do you use?

Post by Calygos » Fri Mar 24, 2017 4:38 pm

I had my savings at Ally for a couple of years but I just moved to PurePoint for the 1.25% interest. I'm also in the process of moving from Wells Fargo as my main bank to Fidelity for checking (Cash Management account), bill pay (not that I need it since I use automatic debits or credit cards for everything now), and their Rewards Visa for 2% cash back autodeposited to the Cash Management account.

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Toons
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Re: What online bank do you use?

Post by Toons » Fri Mar 24, 2017 7:42 pm

Capital One 360.
For many years(used to be ING direct)
:happy
(not affiliated)
https://www.capitalone.com/checking-acc ... g-account/
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cheese_breath
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Re: What online bank do you use?

Post by cheese_breath » Fri Mar 24, 2017 7:53 pm

Credit union for checking. Ally for savings. Been with it since it was GMAC Bank.
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random_walker_77
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Re: What online bank do you use?

Post by random_walker_77 » Fri Mar 24, 2017 10:29 pm

Pajamas wrote:Everbank for checking. Excellent customer service. Before I choose a bank or credit card, I call the customer service number at different times to see how long it takes them to answer.

https://www.everbank.com/banking/checking
+1 on everbank. I've been an online customer for over 16 years, and their customer service is top notch. Good bill pay, and pretty good rates for a checking account. They'll send you prepaid envelopes if you need to mail in deposits, and their mobile check deposit works very well. The one time I found myself with a 6 figure check, Vanguard was unable to help me electronically deposit it (to their credit, they did offer to send me a prepaid fedex envelope), but everbank came through and was able to temporarily raise their mobile deposit limits for a prearranged window of time.

I also have accounts w/ alliant, penfed, and a cd at ally. All seem alright, but I haven't used any of them too actively.

radiowave
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Re: What online bank do you use?

Post by radiowave » Fri Mar 24, 2017 10:43 pm

me2164 wrote:Recently switched from Ally to Discover. Interest rate is marginally lower, like 0.05% on savings. But the app is way better and convenient for check deposit, bill pay, balance tracking and filled with more options. Customer service has been better too.
Ally customer service has been pretty weak over the past two years.
I also like the Discover web/iphone interface. It is clean and easy to read. I also like the ease of using rewards on the Discover cc side = best of any I have used. Unfortunately you need to log in separately for the bank or credit card at Discover.

Ally has a slight edge in managing CDs so you don't have to wait until the window is open to decide what you want to do with your maturing CD.
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spammagnet
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Re: What online bank do you use?

Post by spammagnet » Sat Mar 25, 2017 9:12 am

FelixTheCat wrote:Fidelity Cash Management.
  • Get $$$ from any ATM. No fees.
    Billpay.
    Free checking.
    Visa with 2% cash rewards. I send my 2% to my mutual funds. I treat my 2% like any other cash and save it or spend it, as my financial goals indicate.
    Great customer support.
    Good web site.
    Good phone app with essentially unlimited deposit amounts.
Ally bank for savings. It's easy to transfer in and out.
This, as edited. My investments are held at Fidelity. That influences my choice.

I have a small amount in a local credit union for access to cheap loans and tellers services such as cash deposits (should the need arise), medallion signatures and cashier's checks. They also have a very good web site (recently upgraded) with free online bill pay, but don't reimburse ATM fees and their customer support hours are limited.

Accounts at all banks are linked to each other for transfer as needed to/from whatever site I'm logged into.
Last edited by spammagnet on Sat Mar 25, 2017 9:19 am, edited 1 time in total.

radiowave
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Re: What online bank do you use?

Post by radiowave » Sat Mar 25, 2017 9:17 am

My only complaint about the Fidelity Visa Rewards Card is it is not linked to Full View so I can't see my expenses with my other cards/checking activity. I keep getting a note from Fidelity that they are "working on it". For now I leave the card in a locked safe. I'll take the 1.5% on my other cared for now.
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sixtyforty
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Re: What online bank do you use?

Post by sixtyforty » Sat Mar 25, 2017 9:37 am

Ally. Very pleased so far.
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Malinois000
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Re: What online bank do you use?

Post by Malinois000 » Sat Mar 25, 2017 10:08 am

I use State Farm Bank and I am very pleased.

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munemaker
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Re: What online bank do you use?

Post by munemaker » Sat Mar 25, 2017 10:11 am

Capital One 360 - I opened the account to get the sign up bonus. I liked the interface so much that I moved my cash there.

Highly recommend!

Prior to that, I used Discover Bank. I ditched Discover after they blocked an important, time-sensitive ACH transfer. They would not give me a reason that made sense. All I got was that their security department blocked it, and apparently they don't have to answer to anyone.

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wander
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Re: What online bank do you use?

Post by wander » Fri Apr 07, 2017 9:48 pm

If you need medallion signature for Vanguard forms, B&M bank becomes very handy. I have online bank accounts but still keep my B&M bank account for such cases.

perl
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Re: What online bank do you use?

Post by perl » Fri Apr 07, 2017 10:50 pm

Schwab for checking. In addition to having no fees, atm fee reimbursement, free checks, they have a good mobile app which you can use to deposit checks by taking a picture, and great customer service. Great bank.

Alliant for savings, currently 1.05%. I chose them over Ally because of their fast ACH transfer times and because I prefer a credit union.

Gray
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Re: What online bank do you use?

Post by Gray » Fri Apr 07, 2017 10:52 pm

USAA since 1997 for banking (I used to use their floppy disk and dial-up modem online banking, and I was a beta user for their Internet banking a year before it went live). I also have Auto, Property, and Life Insurance with USAA, as well as a $50K credit card (which I barely use and pay off). I've used USAA for a car loan as well.

Ally for savings since 2011 (changed from Everbank which I had used since 2009). Ally is terrific. Fast transfers. Simple but well designed website. Good customer service. Great rates.

I have accounts with Penfed and Navy Federal (they don't hold a candle to USAA for website and mobile app features), but I want a relationship with them in case I want to use them at some point.

KATNYC
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Re: What online bank do you use?

Post by KATNYC » Fri Apr 07, 2017 11:42 pm

Lake Michigan Credit Union Max checking 3%
We also have accounts with USAA, Navy Federal, Citibank & Chase.

mancich
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Re: What online bank do you use?

Post by mancich » Sat Apr 08, 2017 5:08 am

DW and I still use BOA for our checking account; just the bare bones account, with no fee, and no interest. it is just a place to receive paychecks and then pay bills. For online savings, we use Ally and CapitalOne. Happy with both of them and no issues ever.

mdba73
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Re: What online bank do you use?

Post by mdba73 » Sat Apr 08, 2017 5:20 am

Consumers Credit Union for REWARDS checking and their VISA credit card; 4.59% interest for upto 25000; the Visa credit card is needed to charge 1000 for the 4.59% rate or else the rate drops to 3.09% for balances upto 10K.

blevine
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Re: What online bank do you use?

Post by blevine » Sat Apr 08, 2017 5:48 am

firstib.com

One of the oldest internet only banks.
Great service.

WL2034
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Re: What online bank do you use?

Post by WL2034 » Sat Apr 08, 2017 5:51 am

I have been using Ally for the past 4 years for E-fund and keeping cash for quarterly tax payments. Totally satisfied and customer service is quickly available by phone the few times I have needed to use it. They reimburse a limited number of ATM transactions (it used to be unlimited, can't remember the limit now -- don't use the account for ATM often).

I'm going to start using BOA now that I have a Merrill Edge account and qualify for the top tier of their Preferred Rewards program. There are several nice perks including unlimited ATM fee reimbursement, increased credit card rewards, no fees on anything basically, decreased rates on loans, free safe deposit box, and some other things. Plus they have branches everywhere which is nice. But the interest rates aren't competitive with Ally, so I will keep that for any substantial cash reserves.

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