What online bank do you use?

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obafgkm
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Re: What online bank do you use?

Post by obafgkm » Sat Apr 08, 2017 6:01 am

jesscj wrote:Use Barclays Bank for online savings accounts, otherwise local credit union for checking/savings.
Same here.

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SeeMoe
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Re: What online bank do you use?

Post by SeeMoe » Sat Apr 08, 2017 7:21 pm

Past 44 years I/we have used just ONE source for our banking needs and that is PSECU= Pennsylvania State Employees Credit Union. No minimums and they Pay me to bank there in checking and the money market accounts. Use their VISA service with 30 day zero interest which I pay off the End of the month. Bought several cars and a house with their reasonable services. All pensions are deposited with PSECU and those accounts are linked with our Vanguard accounts for easy access. End of the year PSECU distributes " thank you" bonuses to its customers to the tune of about $26 million dollars last year! They gladly accept non state employee member too,....FYI, WINK, WINK..

SeeMoe.. :dollar
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marlowefamily
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Re: What online bank do you use?

Post by marlowefamily » Sat Apr 08, 2017 8:59 pm

Alliant CU for general checking/savings (1.05% interest)
TD for Emergency Savings (they have a nice interface for buying CD's and Muni Bonds)

ClaycordJCA
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Re: What online bank do you use?

Post by ClaycordJCA » Sat Apr 08, 2017 9:46 pm

Ally. May not be the absolute highest rate, but it is much higher than my local brick and mortar bank and credit union. It is also is super easy to transfer funds into and out of and plays nice with Quicken.

Pasaxoi
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Re: What online bank do you use?

Post by Pasaxoi » Sun Apr 09, 2017 3:35 am

Wells Fargo, Discover

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heartwood
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Re: What online bank do you use?

Post by heartwood » Sun Apr 09, 2017 9:02 am

Any experiences with https://www.gsbank.com/savings-products ... l?prod=SAV

Goldman Sachs: 1.05% APY, no minimum to open, $1 minimum balance.

Iruntons
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Re: What online bank do you use?

Post by Iruntons » Sun Apr 09, 2017 9:27 am

heartwood wrote:Any experiences with https://www.gsbank.com/savings-products ... l?prod=SAV

Goldman Sachs: 1.05% APY, no minimum to open, $1 minimum balance.
I transferred my EF to GS last month. A couple of test deposits and then the transfer. I have called their customer service twice and both times there was no hold time. So far, so good.

Gray
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Re: What online bank do you use?

Post by Gray » Mon Apr 10, 2017 6:27 pm

BTW, I had a 30 year fixed jumbo mortgage loan lock with Navy Federal at 3.75 and 2 points. NF's rates dropped last Friday to 3.625 with 2 points (origination and discount), but I'm locked at 3.75 and 2 points so I can't take advantage of it. My NF loan officer said if I got a lower lock from someone else, she would go to her pricing desk and see if they would match. If they can't match, they will pay me $1,000.

I looked around and near COB Friday, I called Ally. This morning I locked with Ally at 3.5% with 1.635 points and $500 cash toward closing.

My 30 year fixed jumbo options with Ally were:

3.875 with lender credit of .162% toward closing cost (and $500 credit for any applications submitted in April--includes the below)
3.75 with discount point of .416%
3.625 with discount point of 1.01%
3.5 with discount point 1.635% (which I took)

If you do any comparative review of mortgage rates, I think you'll agree they're both good. That's why I established relationships with them. I just never thought Ally would be so competitive. (There are no prepayment penalties with Ally and you can direct prepayment to principal)

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gasdoc
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Re: What online bank do you use?

Post by gasdoc » Mon Apr 10, 2017 7:18 pm

Capital One 360 for many years as my primary bank. No complaints.

gasdoc

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Dendritic Tree
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Re: What online bank do you use?

Post by Dendritic Tree » Mon Apr 10, 2017 8:28 pm

Ally Savings for emergency fund.

USAA for everything else - it's my online digital financial hub, with all other investment and loan accounts linked to my USAA web page.

gpburdell
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Re: What online bank do you use?

Post by gpburdell » Tue Apr 11, 2017 2:08 am

I use Fidelity for my primary checking, billpay, and I have their 2% cash back credit card. Also, I have a SunTrust account as well.

Gray
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Re: What online bank do you use?

Post by Gray » Tue Apr 11, 2017 4:00 am

It's amazing (and strangely validating) that so many people are using the same financial services. Saving with Ally (as of 2012), and using USAA (starting in 1997) as my financial hub. I read about USAA's bank in the back of a "USAA Magazine" in the mid-1990s and at the time I was increasingly fed up with my brick and mortar bank and agency credit union options. I started banking in 1990 (graduated college and joined the workforce in 1994).

First National Bank of Maryland became Allfirst and later M&T. First Union became Wachovia and later Wells Fargo. I tried BOA but the services were lackluster. I started using USAA (which had my auto insurance and a credit card). I loved their desktop software client/server program for managing my bank accounts and emailing customer service (pre-internet). They just kept getting better and better, continuously innovating. I wanted to keep a local B&M financial institution, so we dropped Wachovia for Navy Federal--and it's been getting better over time as well. Navy Federal is (now) like USAA was about 5-10 years ago in terms of its features and online capabilities.

The only things I wouldn't do (now) with USAA are save significant amounts of money, use its brokerage/mutual funds (which I have done), or get a home loan. For life insurance, auto insurance, home owners insurance, car loans, credit cards, and core banking, USAA totally rocks. On the negative side, USAA's culture is a little less customer service friendly than it used to be.

For savings, Everbank was ok, but Ally turned out to be much better, and is innovating like USAA.

uchuu
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Re: What online bank do you use?

Post by uchuu » Tue Apr 11, 2017 6:36 am

Discover and Schwab. Discover for free checks and 1% interest savings, and Schwab for their no fee atm, including international withdrawals.

Discover's amazing customer service with my credit card was the decising factor in choosing to bank with them.

zuman00
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Re: What online bank do you use?

Post by zuman00 » Tue Apr 11, 2017 7:43 am

USAA main checking account my two childrenalso
local credit union checking because my wife works there
USAA is owned by the members

BoglePablo
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Re: What online bank do you use?

Post by BoglePablo » Sun Apr 23, 2017 9:26 pm

xjz wrote:
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.
I just opened an Aspiration Summit checking account. So far I have been getting 1 email every few days about investing in their mutual funds (Redwood fund has 0.5% net, 1.81% gross ER). They will send you 25 free checks (I asked what they charge for checks and they offered this; I haven't found this on the website), and suggested I go with a lower-cost check printer for more , which I thought was a thoughtful comment (they charge $20 for each 25-check pad).

So we'll see how long their business model lasts; it appears that their mutual fund management is funded on using a 1% interest rate checking account to bring in potential investors, plus the "tip jar" concept.

I plan to use this account for my primary checking "current working directory" (ie bulk of cash for transactions), but retain my old Chase for DW's convenience (Aspiration doesn't yet support joint accounts). The unlimited free ATM usage is a nice bonus but I don't plan to use this.

MikeG62
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Re: What online bank do you use?

Post by MikeG62 » Mon Apr 24, 2017 7:14 am

I have used three online banks for the last 5-10+ years: Ally; Discover; and Barclays. Been in the process of consolidating down to one as cash is deployed to investments. The one is Ally.
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Brost2355
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Re: What online bank do you use?

Post by Brost2355 » Mon Apr 24, 2017 9:12 pm

Local credit Union for free checking, free billpay, free atm.

Barclays, Amex and CapitalOne 360 for online savings. All 3 have been great. Not a single complaint and their sign up process was painless compared to Ally. Amex transfers the quickest but slightly lower apr.

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Dendritic Tree
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Re: What online bank do you use?

Post by Dendritic Tree » Mon Apr 24, 2017 9:16 pm

Duplicate post
Last edited by Dendritic Tree on Mon Apr 24, 2017 9:38 pm, edited 1 time in total.

jimbeam22
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Re: What online bank do you use?

Post by jimbeam22 » Mon Apr 24, 2017 9:33 pm

I second consumers CU. I use the 3.09% rewards checking and just keep $10,000 in there for the 3.09% rate. Have to do 12 debits a month, but I just randomly buy $5 worth of gas or get a redbox movie every once in a while.

time4life
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Re: What online bank do you use?

Post by time4life » Sat Jan 13, 2018 10:49 pm

xjz wrote:
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.
Not sure if this was changed recently, but the foreign transaction fee part is a misleading compared to what the site says. From the website:
-In regards to foreign transaction fees, specifically currency conversion. ATM withdrawal fees are always free:
"Anytime a transaction is initiated in non-US currency, there is a Currency Conversion Assessment of 0.2%. If the transaction is done in another country, there is also a Cross-Border Transaction Fee of 0.9%. Thus, most of your foreign travel charges are going to have a rate of 1.1% - but remember, any ATM fees incurred will be reimbursed to you!

Note: We recommend keeping receipts for foreign ATM usage, in case of any potential discrepancy between your reimbursement and the amount you believe you were charged.

-In regards to debit card usage:
"Yes, you can! And you will be reimbursed for ATM fees, no matter where in the world you are.

Please do reach out to us with any travel plans, in advance, so that we may notate the dates and destinations on your account. You can do so directly from our mobile app!

*This is an important step, since your card could be flagged and locked for security purposes otherwise!

If you are outside of the US and your card is locked, you should receive a fraud alert call or text message. If your card is not working but you have not received a fraud alert, please contact us at support@aspiration.com and we will do our best to resolve the issue for you.

Please note that if you lose your card while abroad, we will be unable to send a replacement card outside of the US, or to any address that is not listed on your account. Additionally, we recommend keeping receipts for foreign ATM usage, in case of any potential discrepancy between your reimbursement and the amount you believe you were charged."

I have been stationed overseas and been looking for a checking account with a atm/debit card to withdraw cash specifically. USAA is great and reimburses all atm fees and has a similar currency conversion fee of 1% according to my research but i always want a back up card for withdrawing cash in the event that the account gets compromised or the card stops working. Chase was my "you can compromise this account" debit card, but i've realized they must have changed their policy and do not reimburse atm fees for military members anymore. So i have signed up for aspiration more for the reason that they are one of the banks that don't do a hard pull on you if you open a banking account. Capital one 360 and Charles Schwab was also on my list.

BoglePablo
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Re: What online bank do you use?

Post by BoglePablo » Wed Apr 18, 2018 4:59 pm

BoglePablo wrote:
Sun Apr 23, 2017 9:26 pm
xjz wrote:
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.
I just opened an Aspiration Summit checking account. So far I have been getting 1 email every few days about investing in their mutual funds (Redwood fund has 0.5% net, 1.81% gross ER). They will send you 25 free checks (I asked what they charge for checks and they offered this; I haven't found this on the website), and suggested I go with a lower-cost check printer for more , which I thought was a thoughtful comment (they charge $20 for each 25-check pad).

So we'll see how long their business model lasts; it appears that their mutual fund management is funded on using a 1% interest rate checking account to bring in potential investors, plus the "tip jar" concept.

I plan to use this account for my primary checking "current working directory" (ie bulk of cash for transactions), but retain my old Chase for DW's convenience (Aspiration doesn't yet support joint accounts). The unlimited free ATM usage is a nice bonus but I don't plan to use this.
FYI, in December 2017, Aspiration / Summit checking changed their interest rate policy, it's now a blended rate:
0.25% on balances up to $2500
1% on the amount over $2500
Prior to this, it was 1% on the total balance, if the total balance exceeded $2500

A minor point, but: the website does not explicitly describe this pro-rated approach; the small print on one page specifically still says

* Annual Percentage Yield (APY) is accurate as of 4/18/18. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.25% APY applies to all balances from $0.00 to $2,499.99, and 1.00% APY applies to balances of $2,500.00 and over. "

dustinst22
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Re: What online bank do you use?

Post by dustinst22 » Wed Apr 18, 2018 5:05 pm

jimbeam22 wrote:
Mon Apr 24, 2017 9:33 pm
I second consumers CU. I use the 3.09% rewards checking and just keep $10,000 in there for the 3.09% rate. Have to do 12 debits a month, but I just randomly buy $5 worth of gas or get a redbox movie every once in a while.

Just fill up your Amazon gift balance acc 12 times in 50 cent increments, that fulfills the requirement. Takes about 60 seconds.

Consumers CU is awesome. I've been using their 4.6% on 20 K balance for some time now.

spammagnet
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Re: What online bank do you use?

Post by spammagnet » Fri Apr 20, 2018 7:08 am

dustinst22 wrote:
Wed Apr 18, 2018 5:05 pm
Consumers CU is awesome. I've been using their 4.6% on 20 K balance for some time now.
Link? I can't find anything near that on the web site I found. (Google search lead me to www.consumerscu.org, aka Michigan Credit Union.)

lostdog
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Re: What online bank do you use?

Post by lostdog » Fri Apr 20, 2018 8:45 am

Local credit union with free checking and no minimum balance. For cash/emergency I use Vanguard Prime Money Market. A quick ACH transfer between the credit union and Vanguard.

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sperry8
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Re: What online bank do you use?

Post by sperry8 » Fri Apr 20, 2018 8:49 am

As of today Popular Direct which offers 2% APY and Vanguard Municipal Money Market, which is an effective yield of 1.99% for those in the 22% bracket (better if higher).

I use Ally Bank as my main online hub bank (to push/pull monies around) and hold an online checking account there as well. I only hold sig monies in Ally when they are competitive, which happens less and less frequently these days, although back in the beginning of the year their 11 mo no penalty CD of 1.75% APY was the top rate avail. I already broke one and in a few weeks if things stay as they are... I will break the other one.
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lt1948
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Re: What online bank do you use?

Post by lt1948 » Fri Apr 20, 2018 8:57 am

American Express Bank online is superb

dustinst22
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Re: What online bank do you use?

Post by dustinst22 » Fri Apr 20, 2018 11:23 am

spammagnet wrote:
Fri Apr 20, 2018 7:08 am
dustinst22 wrote:
Wed Apr 18, 2018 5:05 pm
Consumers CU is awesome. I've been using their 4.6% on 20 K balance for some time now.
Link? I can't find anything near that on the web site I found. (Google search lead me to www.consumerscu.org, aka Michigan Credit Union.)

It's the Illinois one:

https://www.myconsumers.org/

spammagnet
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Re: What online bank do you use?

Post by spammagnet » Fri Apr 20, 2018 11:34 am

Do you have to know the secret handshake? The highest rate I see is 2.35%.

inbox788
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Re: What online bank do you use?

Post by inbox788 » Fri Apr 20, 2018 1:46 pm

spammagnet wrote:
Fri Apr 20, 2018 11:34 am
Do you have to know the secret handshake? The highest rate I see is 2.35%.
A quick google search found this reference:
https://www.doctorofcredit.com/consumer ... -checking/

There is a like to https://www.myconsumers.org/personal/checking

You probably have to jump through a few loops each month.
What happens if I don't meet the monthly activity requirement?
You will still enjoy free checking with free Online Banking and free Online Bill Payment. You won't earn ATM refunds, but CCU will pay 0.01% APY* in dividends (interest) on balances.

youngpleb
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Re: What online bank do you use?

Post by youngpleb » Fri Apr 20, 2018 2:37 pm

I've had an account with Live Oak Bank the past 6 months. 1.7% APY, $1 minimum to open account. It's awesome.
27. Always learning.

puck2005
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Re: What online bank do you use?

Post by puck2005 » Fri Apr 20, 2018 3:36 pm

+1
perl wrote:
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.

dustinst22
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Re: What online bank do you use?

Post by dustinst22 » Fri Apr 20, 2018 7:55 pm

spammagnet wrote:
Fri Apr 20, 2018 11:34 am
Do you have to know the secret handshake? The highest rate I see is 2.35%.
Should be right there on the site? Not sure how you keep missing it, not hard to find. few hoops depending on which tier.

https://www.myconsumers.org/personal/checking
Last edited by dustinst22 on Fri Apr 20, 2018 8:02 pm, edited 1 time in total.

9liner
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Re: What online bank do you use?

Post by 9liner » Fri Apr 20, 2018 7:58 pm

flamesabers wrote:
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.
USAA here as well. DW still has an account with a local credit union in case we need brick and mortar transactions. This comes in handy if/when we need to take out a large amount of cash against our debit card. ATM's typically have a $500-$1000 limit whereas I can up my debit card limit with USAA to $5000/day.

spammagnet
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Re: What online bank do you use?

Post by spammagnet » Mon Apr 23, 2018 7:58 am

dustinst22 wrote:
Fri Apr 20, 2018 7:55 pm
spammagnet wrote:
Fri Apr 20, 2018 11:34 am
Do you have to know the secret handshake? The highest rate I see is 2.35%.
Should be right there on the site? Not sure how you keep missing it, not hard to find. few hoops depending on which tier.

https://www.myconsumers.org/personal/checking
Until the link to checking accounts was posted, I assumed those rates were for saving or money market accounts. That was a wrong assumption but I don't think it was unreasonable.

MnD
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Re: What online bank do you use?

Post by MnD » Mon Apr 23, 2018 8:24 am

Schwab checking and Schwab linked brokerage for savings, both set up to function as bank replacement (investments in other accounts).
In the interest of financial simplification we're done using brick and mortar and stand-alone on-line banks and in the process of closing those.

livetaswim06
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Re: What online bank do you use?

Post by livetaswim06 » Tue Apr 24, 2018 12:33 am

I use Chase bank. I know they are not an online bank, but I have never been charged a fee in 2 years of banking with them. I keep a modest 1k balance, the rest is in Barclays Online Savings earning 1.5% APY. Love both and both are really easy to use. I especially love Chase app for depositing checks, it's free and so easy a caveman could do it.

arf30
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Re: What online bank do you use?

Post by arf30 » Sun May 13, 2018 3:41 pm

Have been experimenting with both Schwab and Fidelity as full replacement for my brick and mortar bank checking based on the recommendations in this thread. Very hard to decide between the two, they've both been excellent so far. (Emergency fund will stay in a MM fund at Vanguard)

MnD
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Re: What online bank do you use?

Post by MnD » Mon May 14, 2018 3:40 pm

perl wrote:
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.
Schwab for checking per above plus the linked Schwab brokerage for savings.
On the brokerage side, Schwab Prime Money Market is currently 1.71% and Schwab Muni (tax exempt) Money Market is 1.24%. T-bill ladders are also an option if one is so inclined along with brokered CD's. I just dumped my stand-alone online savings bank and my brick and mortar checking and savings. My goal is simplification and to be done with account chasing! :beer

I was extremely impressed how quick it was to set up the Schwab accounts and get access to transferred in funds.
Now its just direct deposits into both checking and brokerage savings (both have routing numbers) and those funds are available instantly.
And one day earlier than my brick and mortar bank provided.

mptfan
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Re: What online bank do you use?

Post by mptfan » Mon May 14, 2018 3:52 pm

arf30 wrote:
Sun May 13, 2018 3:41 pm
Have been experimenting with both Schwab and Fidelity as full replacement for my brick and mortar bank checking based on the recommendations in this thread. Very hard to decide between the two, they've both been excellent so far. (Emergency fund will stay in a MM fund at Vanguard)
I would point out that Schwab Bank is a real bank and offers a real bank account (Schwab has a bank and a brokerage, they are separate entities) that is linked to the Schwab brokerage account, whereas the Fidelity account is not a bank account, it is a brokerage account that Fidelity refers to as a "cash management account" operated by Fidelity brokerage.

tesuzuki2002
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Re: What online bank do you use?

Post by tesuzuki2002 » Mon May 14, 2018 4:17 pm

spammagnet wrote:
Fri Apr 20, 2018 7:08 am
dustinst22 wrote:
Wed Apr 18, 2018 5:05 pm
Consumers CU is awesome. I've been using their 4.6% on 20 K balance for some time now.
Link? I can't find anything near that on the web site I found. (Google search lead me to www.consumerscu.org, aka Michigan Credit Union.)
Don't Let the secret out!!!

chasingadvice
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Re: What online bank do you use?

Post by chasingadvice » Mon May 14, 2018 4:33 pm

Marcus by Goldman Sachs -- Been using it for last 5 years.Competitive interest rates and good web interface. Haven't had any issues so far in depositing / withdrawing money.

arf30
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Re: What online bank do you use?

Post by arf30 » Mon May 14, 2018 6:25 pm

mptfan wrote:
Mon May 14, 2018 3:52 pm
I would point out that Schwab Bank is a real bank and offers a real bank account (Schwab has a bank and a brokerage, they are separate entities) that is linked to the Schwab brokerage account, whereas the Fidelity account is not a bank account, it is a brokerage account that Fidelity refers to as a "cash management account" operated by Fidelity brokerage.
This is true, but I haven't found a good reason yet why the distinction matters. Schwab has a less powerful billpay system that doesn't seem to be able to handle my mortgage, doesn't have the 2% Visa, and are a bit more intrusive with sales calls about their managed products. I'm a little nervous they might decide to close my account for not using the brokerage someday.

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dollar_elbow
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Re: What online bank do you use?

Post by dollar_elbow » Mon May 14, 2018 6:44 pm

arf30 wrote:
Mon May 14, 2018 6:25 pm
mptfan wrote:
Mon May 14, 2018 3:52 pm
I would point out that Schwab Bank is a real bank and offers a real bank account (Schwab has a bank and a brokerage, they are separate entities) that is linked to the Schwab brokerage account, whereas the Fidelity account is not a bank account, it is a brokerage account that Fidelity refers to as a "cash management account" operated by Fidelity brokerage.
This is true, but I haven't found a good reason yet why the distinction matters. Schwab has a less powerful billpay system that doesn't seem to be able to handle my mortgage, doesn't have the 2% Visa, and are a bit more intrusive with sales calls about their managed products. I'm a little nervous they might decide to close my account for not using the brokerage someday.

I've used both Schwab and Fidelity and found that the banking portion of their websites and apps for both is rather primitive and annoying to use:
  • Transfer times to/from external accounts seem slower than Capital One 360 etc.
  • There are no forms of real time transaction alerts; you have to manually monitor your account to see if money is going out on it.
  • There is no two factor authentication without using the Symantec VIP app which makes logging in cumbersome.
  • Dated user interfaces (especially Fidelity's Visa website), suggesting a lack of investment or thought into website design for many years, which is disappointing given the products have something of a premium status (at least on this board).

arf30
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Re: What online bank do you use?

Post by arf30 » Mon May 14, 2018 7:09 pm

dollar_elbow wrote:
Mon May 14, 2018 6:44 pm
I've used both Schwab and Fidelity and found that the banking portion of their websites and apps for both is rather primitive and annoying to use:
  • Transfer times to/from external accounts seem slower than Capital One 360 etc.
  • There are no forms of real time transaction alerts; you have to manually monitor your account to see if money is going out on it.
  • There is no two factor authentication without using the Symantec VIP app which makes logging in cumbersome.
  • Dated user interfaces (especially Fidelity's Visa website), suggesting a lack of investment or thought into website design for many years, which is disappointing given the products have something of a premium status (at least on this board).
Ally or Capital One are definitely superior banks but they don't offer international ATM refunds unfortunately.

chw
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Re: What online bank do you use?

Post by chw » Mon May 14, 2018 7:13 pm

mdba73 wrote:
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.
Have used Ally for about 10 years. Generally happy with their on-line platform, customer service, and checking/saving products. Have thought briefly at time to switching to Schwab brokerage for checking and savings account, but haven't pulled the trigger.

bowtie
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Re: What online bank do you use?

Post by bowtie » Mon May 14, 2018 7:37 pm

I went on to Schwab site but couldn't find where it had information on their money market account(s). (Poster above said 1.71 - is that the actual interest rate now?).
Do people use that sort of account in place of a regular savings account? Or is the fact that it's not FDIC insured like a regular online savings account make it a better choice for shorter term savings?
I'll be looking at overall interest rate comparisons, so I'll look earlier in the thread (only read the last page so far). Thanks

3funder
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Re: What online bank do you use?

Post by 3funder » Mon May 14, 2018 8:12 pm

Capital One/Capital One 360.

arf30
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Joined: Sat Dec 28, 2013 11:55 am

Re: What online bank do you use?

Post by arf30 » Mon May 14, 2018 8:37 pm

bowtie wrote:
Mon May 14, 2018 7:37 pm
I went on to Schwab site but couldn't find where it had information on their money market account(s). (Poster above said 1.71 - is that the actual interest rate now?).
Do people use that sort of account in place of a regular savings account? Or is the fact that it's not FDIC insured like a regular online savings account make it a better choice for shorter term savings?
I'll be looking at overall interest rate comparisons, so I'll look earlier in the thread (only read the last page so far). Thanks
SWVXX (1.71%) is the fund, people hold it in the brokerage account linked to checking as an emergency fund because Schwab's savings account isn't very good. It's not FDIC but not risky enough to worry about. Fidelity has a similar setup and optionally lets the money market act as an overdraft protection.

bowtie
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Re: What online bank do you use?

Post by bowtie » Mon May 14, 2018 8:47 pm

Thx, never would've found that!
Ok, I'll look up that fund.
Do people use that for a regular savings account then or just a short term fund?
Wondering about the FDIC issue for longer term.

boglerdude
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Re: What online bank do you use?

Post by boglerdude » Tue May 15, 2018 1:11 am

For Consumers Credit Union:

"12 Debit/Check Card point-of-sale purchases of any amount (transactions must be made without using your personal identification number (PIN) to count toward the minimum of 12 and must post and clear your account as a credit transaction"

How does this work, most places recognize my card as debit and ask for a PIN.
edit1
https://money.stackexchange.com/questio ... -make-sure

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