Does Anyone Have Any Online Savings Accounts - KCSR

impaul4 · 2014-04-29, 10:19 AM

First, by online I mean a non-brick and mortar. I am curious to see if anyone has any online savings accounts. I currently have a BoA that yields 0.08% and I have been looking online at some that yield an insane 0.85-0.95%. How is this possible that it's 10x what BoA or other brick and mortar stores offer?

I am looking at Discover, Ally Bank, American Express and GE Capital Bank. Anyone have experience with any of these? I'm wondering if there is a gimmick or string attached to any of them?

Lazarus · 2014-04-29, 02:57 PM

I used to have an HSBC direct account (online only) that yielded 6%, then it dropped to 5%, then cliff dived once the economy tanked. I closed it a few years ago, but never had an issue with it for the several years I had it.

turbotuner20v · 2014-04-29, 03:03 PM

I have a Charles Schwab account. It has ATM rebates for any ATM... and I mean literally any ATM. I think my highest was 10% of $500 at a strip club ($50) and they refunded the whole amount on my next statement.

Given the crappy returns on non-restricted or conditional checking accounts, I just take that as my perk along with the fact it's linked to my investment account.

jasman18 · 2014-04-29, 05:22 PM

I have been using Emigrant Direct and Dollar Savings Direct since 2006. They had the highest yield of all banks back then. Like 7% or something.
https://www.dollarsavingsdirect.com/

I have never had a problem depositing money, withdrawing money, getting interest and compound interest nor getting my tax forms from them.

I would use assume if they are FDIC insured you can choose any online bank you like.

69Mach351 · 2014-04-30, 07:55 AM

Look around. There is a credit union in Topeka that offers 2% interest on a checking account with up to a $15k balance and 1/2% after that. It is one of the better ones I have found. Their stipulations are not that bad either (paperless statements, use your debit card 10 times per mo, and at least one direct deposit or automatic withdrawel).

https://www.educationalcu.org/Accounts/Checking.aspx

Hibidi-Shibidi · 2014-04-30, 02:50 PM

Most of our bulk savings is in a Discover account. Super easy to put money in and take out, it just takes a little bit for it to come through.

impaul4 · 2014-04-30, 02:52 PM

Quote:

Originally Posted by Hibidi-Shibidi

Most of our bulk savings is in a Discover account. Super easy to put money in and take out, it just takes a little bit for it to come through.

Is there a max you can take out at one time?

Ricerking13 · 2014-04-30, 04:55 PM

Quote:

Originally Posted by impaul4

First, by online I mean a non-brick and mortar. I am curious to see if anyone has any online savings accounts. I currently have a BoA that yields 0.08% and I have been looking online at some that yield an insane 0.85-0.95%. How is this possible that it's 10x what BoA or other brick and mortar stores offer?

I am looking at Discover, Ally Bank, American Express and GE Capital Bank. Anyone have experience with any of these? I'm wondering if there is a gimmick or string attached to any of them?

Nope those rates are all accurate.

Big banks don't pay squat, hardly ever have... the smaller/online you get, the better the rate.

Personally, it's not even worth leaving money in at less than a percent to me. I'd rather have quick access to it.

Eventually rates will get better... but at 1% with Ally or Discover, I'd rather have quick immediate access to my $10k savings, than earn $100 if I'm fortunate enough to not touch it for a whole year.

Lazarus · 2014-05-01, 07:46 AM

Quote:

Originally Posted by impaul4

Is there a max you can take out at one time?

With the HSBC account when I'd transfer, it would allow up to $4,000,000 a month transfer in or out. I came close to the limit a few times

Hegro · 2014-05-04, 02:38 PM

Sorry to piggyback off this thread but lets say I have between 25k-50k sitting in my checking account and I would like to be earning a little more interest on it before I purchase a house in the coming 2-4 years. What is the best option? Just an online savings account like Ally/Discover at 1%?

jasman18 · 2014-05-05, 03:27 PM

Quote:

Originally Posted by Hegro

Sorry to piggyback off this thread but lets say I have between 25k-50k sitting in my checking account and I would like to be earning a little more interest on it before I purchase a house in the coming 2-4 years. What is the best option? Just an online savings account like Ally/Discover at 1%?

Check CD's. Just select your time horizon. They are sitting well above online savings accounts right now.:
http://www.bankrate.com/cd.aspx

Ricerking13 · 2014-05-05, 04:57 PM

Quote:

Originally Posted by Hegro

Sorry to piggyback off this thread but lets say I have between 25k-50k sitting in my checking account and I would like to be earning a little more interest on it before I purchase a house in the coming 2-4 years. What is the best option? Just an online savings account like Ally/Discover at 1%?

I can find you an agent in KS or MO to do a 2yr account with one of my insurance companies.

Rate on a 2yr right now is 2%.

But because you are under 59.5, you'll pay a 10% tax penalty when you pull it out in 2 years.

So you are only going to net like 1.8% each year... but still probably double a CD.

Let me know if you are interested... I'll have to make a couple calls.

Dave B · 2014-05-11, 11:12 AM

Quote:

Originally Posted by Ricerking13

......I'd rather have quick immediate access to my $10k savings, than earn $100 if I'm fortunate enough to not touch it for a whole year.

This. I've got a significant amount in my rainy day account with MS and it's not worth transferring for a few hundred to thousand bucks annually if I moved it elsewhere.

jasman18 · 2014-05-11, 11:36 AM

Quote:

Originally Posted by Dave B

This. I've got a significant amount in my rainy day account with MS and it's not worth transferring for a few hundred to thousand bucks annually if I moved it elsewhere.

There seems to be a significant divide in the personal finance community on whether to keep a lot of cash on hand or to put in into investments.
I can see both sides of the coin, but the opportunity cost seems to be pretty big by keeping it in cash.

Will you be deploying that cash on the next major market downtown?

Ricerking13 · 2014-05-11, 12:16 PM

Quote:

Originally Posted by jasman18

There seems to be a significant divide in the personal finance community on whether to keep a lot of cash on hand or to put in into investments.
I can see both sides of the coin, but the opportunity cost seems to be pretty big by keeping it in cash.

All depends on what "type" of money it is... or what your goals for that set of money is.

Of course you need a decently large rainy day fund... typical rule is 6months to 1 years worth of bills or salary.

But once you have that socked away, the rest of your funds should be in investments... anyone who tells you otherwise is wrong.

guesswho? · 2016-07-31, 10:48 PM

Figured, i'd revive this thread rather than starting a new one.

I'm thinking about opening a savings account (never had one before) and did some research and it appears that the best interests are for online banks...

I was looking into Ally Bank (1.0%), Synchrony Bank (1.05%), and American Express (0.90%).

Whom is your savings account with? I am debating on whom to open an account with. Thanks in advance.

jdne5b · 2016-08-01, 11:19 AM

I have checking with Ally. Savings with Capital One 360 (formerly ING Direct) and DCU, which is great for loans and such if you like finding your own financing.

Sent from my SM-N920V using Tapatalk

guesswho? · 2016-08-01, 11:51 AM

^ Thank you. I might take a look into Ally and Capital One 360.

impaul4 · 2016-08-01, 11:54 AM

I use Discover and Ally for savings. DCU and CACU for loans.

jdne5b · 2016-08-01, 12:56 PM

Also have checking with DCU and Cap One and UMB for some local needs. Have shit spread all over. Harder for the wife to keep up that way.

DCU has some really nice online features that I havent fully used. I cant seem to hook paypal to Ally, not sure whose fault that is. Capital one is capital one.. kind of sucky in the Customer Service dept, but functionally good.

guesswho? · 2016-08-01, 10:01 PM

Might be a silly question, but how do you deposit money into your savings?

In example,

Say I was with Citi Bank (checking) and wanted to deposit/transfer to an Ally Bank savings account..

I am asking because some banks charge a fee to do external transfers. Do you just take the fee they hit you with and transfer the money each time you try to put money into your savings?

jdne5b · 2016-08-01, 10:08 PM

No fees between any of my accounts. At Ally, DCU and Cap one, you can set up outside linked accounts. Some banks allow you to deposit using a photo of a check as well.

Capital One 360 puts (or used to) a longer hold on the incoming funds, otherwise its about a 2-3 day turnaround. About the same as withdrawing paypal money.

I'll be interested to see how fast banks adopt same day ach which begins in Sept, and actually provide that option to retail consumers.

guesswho? · 2016-08-01, 10:16 PM

Ah, I see. I think my current banks ( US Bank & BoA) charge an external transfer fee.

Thanks for the info guys!

2014-04-29, 02:57 PM	#2
Lazarus Join Date: May 2004 Posts: 1,811 Post Thanks / Like Thanks (Given): 9 Thanks (Received): 5 Likes (Given): 37 Likes (Received): 26 Dislikes (Given): 1 Dislikes (Received): 0	I used to have an HSBC direct account (online only) that yielded 6%, then it dropped to 5%, then cliff dived once the economy tanked. I closed it a few years ago, but never had an issue with it for the several years I had it. Last edited by Lazarus; 2014-04-29 at 03:00 PM..

2014-05-04, 02:38 PM	#10
Hegro Join Date: Feb 2009 Location: Around.. Posts: 2,360 Post Thanks / Like Thanks (Given): 37 Thanks (Received): 32 Likes (Given): 117 Likes (Received): 193 Dislikes (Given): 7 Dislikes (Received): 7	Sorry to piggyback off this thread but lets say I have between 25k-50k sitting in my checking account and I would like to be earning a little more interest on it before I purchase a house in the coming 2-4 years. What is the best option? Just an online savings account like Ally/Discover at 1%? __________________

2016-07-31, 10:48 PM	#16
guesswho? Join Date: May 2009 Location: Neptune Posts: 1,608 Post Thanks / Like Thanks (Given): 45 Thanks (Received): 34 Likes (Given): 441 Likes (Received): 186 Dislikes (Given): 4 Dislikes (Received): 6	Figured, i'd revive this thread rather than starting a new one. I'm thinking about opening a savings account (never had one before) and did some research and it appears that the best interests are for online banks... I was looking into Ally Bank (1.0%), Synchrony Bank (1.05%), and American Express (0.90%). Whom is your savings account with? I am debating on whom to open an account with. Thanks in advance. __________________ Brand Manager at www.wheatcitymag.com Promoter/Representative for www.rareaddiction.com Bookings: edwardnguyen@wheatcitymag.com ----------- 1997 Accord CD5 [DD] 2012 Acura TL [GQ] 2007 Lexus IS250 AWD [gone] 2001 Chevrolet Corvette C5 [gone] 2003 Infiniti G35 Couple [sold]

2016-08-01, 11:51 AM	#18
guesswho? Join Date: May 2009 Location: Neptune Posts: 1,608 Post Thanks / Like Thanks (Given): 45 Thanks (Received): 34 Likes (Given): 441 Likes (Received): 186 Dislikes (Given): 4 Dislikes (Received): 6	^ Thank you. I might take a look into Ally and Capital One 360. __________________ Brand Manager at www.wheatcitymag.com Promoter/Representative for www.rareaddiction.com Bookings: edwardnguyen@wheatcitymag.com ----------- 1997 Accord CD5 [DD] 2012 Acura TL [GQ] 2007 Lexus IS250 AWD [gone] 2001 Chevrolet Corvette C5 [gone] 2003 Infiniti G35 Couple [sold]

2016-08-01, 10:01 PM	#21
guesswho? Join Date: May 2009 Location: Neptune Posts: 1,608 Post Thanks / Like Thanks (Given): 45 Thanks (Received): 34 Likes (Given): 441 Likes (Received): 186 Dislikes (Given): 4 Dislikes (Received): 6	Might be a silly question, but how do you deposit money into your savings? In example, Say I was with Citi Bank (checking) and wanted to deposit/transfer to an Ally Bank savings account.. I am asking because some banks charge a fee to do external transfers. Do you just take the fee they hit you with and transfer the money each time you try to put money into your savings? __________________ Brand Manager at www.wheatcitymag.com Promoter/Representative for www.rareaddiction.com Bookings: edwardnguyen@wheatcitymag.com ----------- 1997 Accord CD5 [DD] 2012 Acura TL [GQ] 2007 Lexus IS250 AWD [gone] 2001 Chevrolet Corvette C5 [gone] 2003 Infiniti G35 Couple [sold]

2014-04-29, 03:03 PM	#3
turbotuner20v Join Date: Nov 2005 Posts: 15,665 Post Thanks / Like Thanks (Given): 22 Thanks (Received): 87 Likes (Given): 50 Likes (Received): 1044 Dislikes (Given): 4 Dislikes (Received): 11	I have a Charles Schwab account. It has ATM rebates for any ATM... and I mean literally any ATM. I think my highest was 10% of $500 at a strip club ($50) and they refunded the whole amount on my next statement. Given the crappy returns on non-restricted or conditional checking accounts, I just take that as my perk along with the fact it's linked to my investment account.

2014-04-29, 05:22 PM	#4
jasman18 Join Date: Jul 2007 Posts: 2,673 Post Thanks / Like Thanks (Given): 7 Thanks (Received): 39 Likes (Given): 19 Likes (Received): 247 Dislikes (Given): 2 Dislikes (Received): 18	I have been using Emigrant Direct and Dollar Savings Direct since 2006. They had the highest yield of all banks back then. Like 7% or something. https://www.dollarsavingsdirect.com/ I have never had a problem depositing money, withdrawing money, getting interest and compound interest nor getting my tax forms from them. I would use assume if they are FDIC insured you can choose any online bank you like.

2014-04-30, 07:55 AM	#5
69Mach351 Join Date: Apr 2007 Location: NE KS Posts: 8,478 Post Thanks / Like Thanks (Given): 262 Thanks (Received): 234 Likes (Given): 1797 Likes (Received): 1701 Dislikes (Given): 37 Dislikes (Received): 44	Look around. There is a credit union in Topeka that offers 2% interest on a checking account with up to a $15k balance and 1/2% after that. It is one of the better ones I have found. Their stipulations are not that bad either (paperless statements, use your debit card 10 times per mo, and at least one direct deposit or automatic withdrawel). https://www.educationalcu.org/Accounts/Checking.aspx

2014-04-30, 02:50 PM	#6
Hibidi-Shibidi Delivers Join Date: Aug 2004 Posts: 24,451 Post Thanks / Like Thanks (Given): 18 Thanks (Received): 140 Likes (Given): 33 Likes (Received): 932 Dislikes (Given): 0 Dislikes (Received): 18	Most of our bulk savings is in a Discover account. Super easy to put money in and take out, it just takes a little bit for it to come through.

2016-08-01, 11:19 AM	#17
jdne5b Join Date: Apr 2013 Location: Lee's Summit Posts: 560 Post Thanks / Like Thanks (Given): 10 Thanks (Received): 20 Likes (Given): 25 Likes (Received): 64 Dislikes (Given): 0 Dislikes (Received): 0	I have checking with Ally. Savings with Capital One 360 (formerly ING Direct) and DCU, which is great for loans and such if you like finding your own financing. Sent from my SM-N920V using Tapatalk

2016-08-01, 10:16 PM	#23
guesswho? Join Date: May 2009 Location: Neptune Posts: 1,608 Post Thanks / Like Thanks (Given): 45 Thanks (Received): 34 Likes (Given): 441 Likes (Received): 186 Dislikes (Given): 4 Dislikes (Received): 6	Ah, I see. I think my current banks ( US Bank & BoA) charge an external transfer fee. Thanks for the info guys! __________________ Brand Manager at www.wheatcitymag.com Promoter/Representative for www.rareaddiction.com Bookings: edwardnguyen@wheatcitymag.com ----------- 1997 Accord CD5 [DD] 2012 Acura TL [GQ] 2007 Lexus IS250 AWD [gone] 2001 Chevrolet Corvette C5 [gone] 2003 Infiniti G35 Couple [sold]