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Unread 2014-04-29, 10:19 AM   #1
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Default Does Anyone Have Any Online Savings Accounts

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?
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Unread 2014-04-29, 02:57 PM   #2
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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.

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Unread 2014-04-29, 03:03 PM   #3
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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.
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Unread 2014-04-29, 05:22 PM   #4
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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.
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Unread 2014-04-30, 07:55 AM   #5
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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
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Unread 2014-04-30, 02:50 PM   #6
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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.
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Unread 2014-04-30, 02:52 PM   #7
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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?
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I guess people are doing anything for a quick buck these days. If I wanna vacuum my house butt naked while listening to Darude - Sandstorm with the blinds open, I should be able to without people OUTSIDE giving a fuck.
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Unread 2014-04-30, 04:55 PM   #8
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Quote:
Originally Posted by impaul4 View Post
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.
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Unread 2014-05-01, 07:46 AM   #9
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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
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Unread 2014-05-04, 02:38 PM   #10
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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%?
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Unread 2014-05-05, 03:27 PM   #11
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Quote:
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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
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Unread 2014-05-05, 04:57 PM   #12
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Quote:
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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.
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Unread 2014-05-11, 11:12 AM   #13
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......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.

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Unread 2014-05-11, 11:36 AM   #14
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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?
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Unread 2014-05-11, 12:16 PM   #15
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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.
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Unread 2016-07-31, 10:48 PM   #16
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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.
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Unread 2016-08-01, 11:19 AM   #17
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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.

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Unread 2016-08-01, 11:51 AM   #18
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^ Thank you. I might take a look into Ally and Capital One 360.
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Unread 2016-08-01, 11:54 AM   #19
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I use Discover and Ally for savings. DCU and CACU for loans.
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Unread 2016-08-01, 12:56 PM   #20
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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.
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Unread 2016-08-01, 10:01 PM   #21
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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?
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Unread 2016-08-01, 10:08 PM   #22
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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.
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Unread 2016-08-01, 10:16 PM   #23
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Ah, I see. I think my current banks ( US Bank & BoA) charge an external transfer fee.

Thanks for the info guys!
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