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Five Great Internet Banks

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MULTIZ321

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Five Great Internet Banks - by Eric Griffith/PCMag.com

Sick of paying fees to greedy banks? Check out these online-only direct banks where you can do your checking, savings, bill payment, and more--all for a lot less.


Richard
 
I have been banking with Ally Bank for a couple of years now, and I love them. They are everything they say they are and more. Besides being able to use any ATM and get reimbursed (what a concept!), they have PERKS where if you use your ATM for certain amounts at specific retailers they give you a rebate of a few dollars. And it is places that you might go to anyway.

Fern
 
I'm surprised Capital One isn't mentioned. I've had a MM savings with them for years and recently opened an interest checking account. They have wonderful customer service and provide real value with all of their products (including credit cards).
 
ING for me the past few years.

I have savings, checking, brokerage, IRA, Roth all with them. Outstanding customer service. Love instant transfers among the accounts and ease of linking to other bank accounts.

Would love to be the referrer if anyone switches to them! THere is usually some kind of perk to join, typically $50. Opening the Roth got me 1500 free trade credits.
 
MULTIZ321 said:
Five Great Internet Banks - by Eric Griffith/PCMag.com

Sick of paying fees to greedy banks? Check out these online-only direct banks where you can do your checking, savings, bill payment, and more--all for a lot less.
Click to expand...

I have checking accounts at Bank of America, Wells Fargo, Capital One, Chase and my local Credit Union. None of my balances are large but I don't pay fees to any of them. On one I have direct deposit of my Pension check; another has direct deposit of my Social Security check; another I can't have teller transactions; and yet another has no fees for anyone over age 55. My point is that if you are careful you can avoid fees and still have access to all or most of the services these banks provide.

George
 
George,
While what you say is true, I believed as I got older it would make more sense for me to simplify. So I deal with only two banks, Ally, and Nevada State, a very highly rated, consumer oriented local bank. All of my accounts are linked between both banks to make it even easier (I can transfer money back and forth between banks through interbank process without stepping out of the house),

Fern

bogey21 said:
I have checking accounts at Bank of America, Wells Fargo, Capital One, Chase and my local Credit Union. None of my balances are large but I don't pay fees to any of them. On one I have direct deposit of my Pension check; another has direct deposit of my Social Security check; another I can't have teller transactions; and yet another has no fees for anyone over age 55. My point is that if you are careful you can avoid fees and still have access to all or most of the services these banks provide.

George
Click to expand...
 
I also go for simple.

I have a bricks n mortar local CU for convenience in deposits/cash retrieval, notary services, whatever else (including up to 3 free non-US ATM withdrawals per month), the rest is internet bank. Internet bank will link to 3 outside accounts for easy transferring.

I agree that a person could spread the assets around and find the exact right scenario for them to cover all bases with multiple institutions but I think it would be a hassle, plus, I just don't have enuf money to spread out to undertake a Bank Diversification Strategy. too much reconciliation monthly.
 
geekette said:
I just don't have enuf money to spread out to undertake a Bank Diversification Strategy. too much reconciliation monthly.
Click to expand...

None of my accounts have a minimum balance requirement. I reconcile all of them daily by pulling them up on the internet. It takes maybe 10 minutes.

George
 
I don't have minimums, either, it just seems like a hassle to track cash in various places all the time. If I were bumping up against FDIC maximums, then, sure, but otherwise, it's extra effort I don't need.

I don't have enough wealth to merit the time spent and would prefer to use the time to monitor investments, which may earn me that wealth!

The different ways in which people manage their money is interesting.

When married, x did the daily stuff and I did big picture/investing. So at this point, I'm not keen on the daily stuff eating more time, I just want simple.
 
I use Quicken for all of my financial tracking and it makes it a zip!
 
I've used ING for "savings" like accounts that I dont need to access regularly but I'm interested in Ally. May be something to think about.
 
geekette said:
ING for me the past few years.

I have savings, checking, brokerage, IRA, Roth all with them. Outstanding customer service. Love instant transfers among the accounts and ease of linking to other bank accounts.

Would love to be the referrer if anyone switches to them! THere is usually some kind of perk to join, typically $50. Opening the Roth got me 1500 free trade credits.
Click to expand...

I also have an ING checking and savings account for almost 4 years. They have great service. :clap:
 
Try USAA Federal Savings Bank

I think that USAA Federal Savings Bank should be added to that list. I live just outside of Pittsburgh now, and have been banking with USAA in San Antonio since 1956. Never had a problem. Among the benefits, they pay your ATM fees...up to $10/month. Their web pages for tracking your $ and interactions are excellent. The only slightly awkward part is that when I receive checks to cash, I must mail them to USAA.
 
I've used HSBC savings for quite a few years, and cringe everytime I've seen an email from them the past several years as it's usually a notification of reduction of interest rate. Currently it's at 0.80% APY. The online transactions have been flawless.

I'm shopping around for another higher-interest rate location, though.
 
I've been using ING Direct for more than 9 years, and have been very happy with them, especially now that they issue checkbooks for the Electric Orange accounts.
When I started with them, they were paying 5% APR for accounts over $50K, and good rates down the line, but I wonder if "them days is gone forever"? Their service is great, and the referral awards are nice, as well,
I also use Chase Bank, and also Charles Schwab Bank for investments. They all transfer back and forth easily.
 
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