How's Your Online Savings Account?

M

Mike_Tyson

500+ Posts
I have emigrantdirect. After looking at others I am happy with it. I've made quite a bit of cash with it. The interest was yielding 5.05% but now it is at 4.75%. I looked into AmTrust that yields 5.36% in the first 90 days but reduces after that and applies a fee if you withdraw any money within the first 180 days. I might be getting out the of the online game and back into my physical bank. BoA is yielding 4.95% interest on a CD-savings without withdraw restrictions, fees, and time commitments. I will have to look over the fine print before jumping onto that one though.

I was wondering how people felt about their online banking and if the reduced interest rates across the board will cause you to pull out and go back to a regular bank.
 
"Online" vs. "Physical" shouldn't be your deciding factor when selecting a bank.

My local bank is Chase because they have banches near my home and many free ATM's nearby. I have savings accounts at Countrywide Bank and IndyMac Bank. Both earn MUCH higher rates on interest than Chase offers, with minimal restrictions on withdrawl. With Countrywide, I can click a mouse and have my money transferred to Chase in 24 hours. With IndyMac I can write a check and get my money anytime I want.

Bernard
 
I am getting 4.59% through one credit union and about 4.95% through USAA. Both are regular savings accounts.
 
Online: I've used INGdirect, Emigrantdirect, and Etrade maxrate (which gives me rebates on all ATM fees)

Physical: I use B of A since I have my mortgage through them and they have ****-tons of ATMs

If I can't find a B of A ATM, I use my Etrade account. It's awesome. Even in Vegas with $5 surcharge to get money, Etrade will pay all the fees.
 
I used ING for a while, until eTrade started offering a similiar plan and rates. The beauty of the eTrade Savings account is that it is much easier to move money in and out of my brokerage accounts. Using ING or any other outside institution, it would take several days to get the money moved.
 
I've got Eloan, I think it's yielding 4.75% right now. No fees and I believe you get like 5 withdrawls a month without being charged. My only complaint is that is takes about a week for a deposit to actually clear.
 
i put mine in HSBC last year when it was up at 5.05, but they just dropped to 4.5 about a month or so ago. that was annoying. i've now got our savings split between HSBC and USAA.

we moved out day-to-day banking to USAA, and have USAA credit cards. we've been really pleased. i'm sure there are others that do this, but with USAA, you can deposit checks from home by scanning and uploading them online. pretty convenient.
 
I've got an ING Direct Account and like it. I will look into the E Trade thing, that sounds promising and a need to set up a brokerage account.
 
My ING Direct account is OK right now at 4.2%. I keep one month of expenses in my 'regular bank' checking, 2-3 months in the ING savings, and if i have anything over that for a while I put it in the ING CDs for a bit more return (currently 4.8% for 6, 9, 12 months). I like it most because everything is no minimum and I don't have much money laying around due to my youth in the workforce. I've never seen a regular bank offer rates anywhere near what I can get with ING without large minimum balances, so I'm not getting out anytime soon.
 
FYI - As of Nov 1, ING savings rates went up from 4.121% to 4.20% APY.

Other online banks do better, but lately it seems ING is the only one moving in the right direction.
 
what is currently the best deal? i'm looking to have access to the money within 5 business days of notification, no fees, and no minimum time commitment.

thoughts?
 
I have ING for savings. I have a local credit union for brick & mortar checking (online bill pay, tons of free stuff, great credit card...).

I wish ING had better CD rates though. ~4.7% for 6mo-12mo. Not great.
 
i'm sticking with b of a for checking and regular savings. what i want is somewhere to store a chunk of money for anywhere from one month to indefinitely, but likely less than 6-8. some of this money will eventually be used as a down payment on a house after i sell my condo and find something i want, but i want to earn something on it in the meantime.

basically, i'm looking for the fewest restrictions and the highest rate (like everyone else). i just seem to recall ing or someone advertising one of these in the last year and 5+%.
 
I was looking into this and noticed ING is down to like 3.6% but they have the best reputation online from what I've seen.

Has anyone else looked into online saving recently?
 
I just got an email from HSBC today saying my rate dropped to 3.8%. I believe it was at 4.5% before the decrease, but not completely sure. Other than that I've been real happy with the savings account.
 
Everyone's rates are dropping in response to the Fed's monetary policy. I would expect interest rates on savings accounts to stay low for the next 9-18 months...
 
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