Online bank recommendations

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Topic Author
Lyra
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Joined: Mon Jan 22, 2018 9:56 pm

Online bank recommendations

Post by Lyra »

I need a good online bank with decent interest rates, excellent bill pay features, and great customer service, for a landlord account. I have Capital One 360 for personal banking and would like something exactly like this. (The bill pay history can be sorted by payee, or kept by date order, and this makes tax time a lot simpler. )
What would you all recommend?
kerplunk
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Re: Online bank recommendations

Post by kerplunk »

Discover is who I use.
mediahound
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Re: Online bank recommendations

Post by mediahound »

Lyra wrote: Mon Feb 10, 2020 6:44 pm I need a good online bank with decent interest rates, excellent bill pay features, and great customer service, for a landlord account. I have Capital One 360 for personal banking and would like something exactly like this. (The bill pay history can be sorted by payee, or kept by date order, and this makes tax time a lot simpler. )
What would you all recommend?
I like Ally Bank myself.
UpperNwGuy
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Re: Online bank recommendations

Post by UpperNwGuy »

If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
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JoMoney
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Re: Online bank recommendations

Post by JoMoney »

Why not open a second Capital One 360 account ? It sounds like they have what you're looking for.
Their "performance savings" account is offering one of the top yields available on cash right now.
https://www.capitalone.com/bank/savings ... s-account/
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
CardioMD
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Re: Online bank recommendations

Post by CardioMD »

We use USAA, Schwab, and Discover. Not a complaint among the three of them.
“The stock market is a giant distraction from the business of investing.” -Jack Bogle
obgraham
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Re: Online bank recommendations

Post by obgraham »

UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
Hmmmm. I fit the bill there for 3 out of 4.
I'll look into that Merrill Edge idea!
Triple digit golfer
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Re: Online bank recommendations

Post by Triple digit golfer »

UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
I see a lot of Toyota and Honda talk. What's the appeal with Subaru? I'm neutral on them. I've driven two Hondas for 16 years.
BuddyJet
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Re: Online bank recommendations

Post by BuddyJet »

I’m happy with mymemorybank.com

Good MM rates.
People say nothing is impossible. I do nothing all day.
Topic Author
Lyra
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Re: Online bank recommendations

Post by Lyra »

UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
That's great! We already drive one Subaru (our second one) but my ego drives a Higlander (12 yrs old though-my ego is not fussy)
And I just opened Ally. So far they have been great.
Topic Author
Lyra
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Joined: Mon Jan 22, 2018 9:56 pm

Re: Online bank recommendations

Post by Lyra »

JoMoney wrote: Mon Feb 10, 2020 8:17 pm Why not open a second Capital One 360 account ? It sounds like they have what you're looking for.
Their "performance savings" account is offering one of the top yields available on cash right now.
https://www.capitalone.com/bank/savings ... s-account/
I wanted to reply to this and say what I found. I did try that, but sadly the bill pay for both checking accounts (personal and landlord) is reported in one bill pay history list. I would be looking at my personal and landlord expenses at the end of the year and would need to pull out the landlord ones for taxes. That seemed like it wouldn't help me to clarify expenses. I wish it had worked, because Cap 1 is so far the best bank I've had.
Topic Author
Lyra
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Re: Online bank recommendations

Post by Lyra »

CardioMD wrote: Mon Feb 10, 2020 8:20 pm We use USAA, Schwab, and Discover. Not a complaint among the three of them.
I didn't know Discover had a bank! WIll look into this as well.
elvisimprsntr
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Re: Online bank recommendations

Post by elvisimprsntr »

Fidelity
LMBFlorida
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Re: Online bank recommendations

Post by LMBFlorida »

We have been using Ally for a couple years and have been very satisfied.
SpaethCo
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Location: Minneapolis

Re: Online bank recommendations

Post by SpaethCo »

A good resource for online banks is https://www.depositaccounts.com

The big thing to watch out for is transfer limits and funds availability. There have been a number of financial institutions that used high interest rates to attract deposits and then limited ACH withdrawals to low limits like $2500 or $5000 per day.
radiowave
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Re: Online bank recommendations

Post by radiowave »

Another vote for Ally.
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
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anon_investor
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Re: Online bank recommendations

Post by anon_investor »

I also vote for Ally Bank.
KT785
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Re: Online bank recommendations

Post by KT785 »

USAA for checking and Ally for savings.

KT785
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jakehefty17
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Location: New York

Re: Online bank recommendations

Post by jakehefty17 »

UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
+1

It's funny how true this is.

I drive a Subaru.

I started out with Vanguard but switched to Fidelity for my Roth IRA. I like the Fidelity CMA and 2% back credit card and found the site less clunky.

Unfortunately, I don't have the necessary taxable funds for the Merrill Edge/BoA combo yet... but I'm working on it. BoA is where my first checking account and credit card are held. It's on my agenda.

I started out with Ally but I switched to Schwab for checking account and taxable ETFs. There was nothing really wrong with Ally, had great customer service. I was just unimpressed overall and had issues with the debit card being accepted at multiple ATMs. If you travel internationally I'd suggest Schwab Checking account for free ATM reimbursements anywhere (also a decent APY). No problems with that debit card being accepted anywhere, and have been reimbursed even the insane casino ATM fees.

I started out with the "suggested format" around here and ended up tweaking into things that I slightly preferred or were slightly more convenient. I like being able to hold multiple accounts with the same places. If I ever end up needing a savings account I was thinking Cap360 as there are credit cards I could link there.

I don't think you can really go wrong with anything suggested so far, but keep an open mind and don't be afraid to try a few different places.
"The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence." -Charles Bukowski
inbox788
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Re: Online bank recommendations

Post by inbox788 »

Lyra wrote: Sun Feb 23, 2020 12:27 pm
JoMoney wrote: Mon Feb 10, 2020 8:17 pm Why not open a second Capital One 360 account ? It sounds like they have what you're looking for.
Their "performance savings" account is offering one of the top yields available on cash right now.
https://www.capitalone.com/bank/savings ... s-account/
I wanted to reply to this and say what I found. I did try that, but sadly the bill pay for both checking accounts (personal and landlord) is reported in one bill pay history list. I would be looking at my personal and landlord expenses at the end of the year and would need to pull out the landlord ones for taxes. That seemed like it wouldn't help me to clarify expenses. I wish it had worked, because Cap 1 is so far the best bank I've had.
How many properties? Does it make sense to do an LLC for a separate tax id, and would that allow a separate accounts?

Do you have a spouse or partner that can help separate the accounting between business and personal?

Sometimes it's bank policy that tries to separate personal accounts from business accounts so they can charge more. Other times it's legal issues, but mostly it's their IT systems and processes that can't handle anything that complicates their sales scripts.

FWIW, I thought Fiserv CheckFree was the company that provided most of the backend services for eBill or bill pay services. I wouldn't be surprised if they're still the ones handling Capital One or many of the alternatives you might be seeking. Don't know if there's others larger similar services or if banks have struck out on their own.
mediahound
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Re: Online bank recommendations

Post by mediahound »

I use Ally for a savings account and also CDs, and have a regional local bank for my checking account since I like them and and sometimes need access to getting larger amounts of cash than can I can out of an ATM with my Ally account.

I also keep a legacy Wells Fargo account open, which I like because they're fairly national so have access to some funds in an emergency while traveling. I like that their ATM card can be put in to the Apple Pay wallet so you don't even need to carry the card.
Blue456
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Re: Online bank recommendations

Post by Blue456 »

UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
Why Subaru?
Blue456
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Re: Online bank recommendations

Post by Blue456 »

mediahound wrote: Mon Feb 24, 2020 1:32 pm I use Ally for a savings account and also CDs, and have a regional local bank for my checking account since I like them and and sometimes need access to getting larger amounts of cash than can I can out of an ATM with my Ally account.

I also keep a legacy Wells Fargo account open, which I like because they're fairly national so have access to some funds in an emergency while traveling. I like that their ATM card can be put in to the Apple Pay wallet so you don't even need to carry the card.
+1 to what we do. One large national bank for good branch access across the country. Ally bank for savings.
Topic Author
Lyra
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Re: Online bank recommendations

Post by Lyra »

I want to thank everyone for all these answers. I went with Ally and I'm really, really happy with them. The customer service is outstanding.
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patrick013
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Re: Online bank recommendations

Post by patrick013 »

Presidential Bank - checkless checking

The above is an easy account that pays 2.25%.
age in bonds, buy-and-hold, 10 year business cycle
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tennisplyr
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Re: Online bank recommendations

Post by tennisplyr »

Lyra wrote: Wed May 27, 2020 4:19 pm I want to thank everyone for all these answers. I went with Ally and I'm really, really happy with them. The customer service is outstanding.
Have been with Ally for a few years now and are satisfied as well.
Those who move forward with a happy spirit will find that things always work out.
Colorado13
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Re: Online bank recommendations

Post by Colorado13 »

obgraham wrote: Mon Feb 10, 2020 8:22 pm
UpperNwGuy wrote: Mon Feb 10, 2020 8:14 pm If you want to be a true Boglehead, you should drive a Subaru, invest at Vanguard (except for the $100,000 you keep at Merrill Edge so you can enjoy high Bank of America credit card rewards), and use Ally as your online bank.
Hmmmm. I fit the bill there for 3 out of 4.
I'll look into that Merrill Edge idea!
I am 3 out of 4 too. Is there a prize? :happy

I've had very good experiences with Ally - no complaints at all.
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Gray
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Re: Online bank recommendations

Post by Gray »

USAA, Ally, and for local branch services, Navy Federal.
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FrankTheViking
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Re: Online bank recommendations

Post by FrankTheViking »

+1 for discover. Free online checking account with a 1% cashback debit card.
No EF. 80% Total U.S. / 20% Total International. 100% equity. Is there a gun to your head? Is there a tiger in the room? No? What's the problem?
tj
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Re: Online bank recommendations

Post by tj »

Unfortunately, I don't have the necessary taxable funds for the Merrill Edge/BoA combo yet... but I'm working on it. BoA is where my first checking account and credit card are held. It's on my agenda.
You can use IRA's for that.

I don't use Ally for primary savingsb ecause they've twice now had promos for adding funds, so I just keep a token amount and am ready to move more when they have incentives to add funds.
dallasjava
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Re: Online bank recommendations

Post by dallasjava »

I used Alliant. They have good. They pay .25% on checking. They also have 2.5% cash back visa. The visa has a $99 annual fee.
tj
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Re: Online bank recommendations

Post by tj »

dallasjava wrote: Sun May 31, 2020 8:30 pm I used Alliant. They have good. They pay .25% on checking. They also have 2.5% cash back visa. The visa has a $99 annual fee.
Alliant is my primary as well.
TJHOFF
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Re: Online bank recommendations

Post by TJHOFF »

+ 1 for Discover. I just did a $5K Pull from Discover to Fidelity, it took 20 minutes for funds to be available for trade after initiating pull from Fidelity.
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