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Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: thinking about switching to an online bank.

[ Edited ]

PetRaccoon wrote:

For checking I really don't see much of an advantage if any at all.  If you're using direct deposit then I'd say theres not much difference unless you have to deposit other types of money

 

I guess it also depends on where you live.  Here in NY, its easy to find a Chase almost everywhere which is convenient for me, although the minimum balance requirement kind of stinks.  Which can be another advantage of online banking.

 

However for savings, online banks like Ally or AMEX give much better rates than your traditional bank usually.


Well, even for checking the advantages can be great.  At Everbank, I am getting 1.25% interest, which is a 6 month introductory, after it drops to about 0.75%, compared to BoA offering 0.01%!   So that is really money.  I went from getting $5 interest per year in BoA to about $800.

 

Other advantages, you can use any ATM, and get all fees refunded.  This may matter a little less in your bank's ATMs are all over the place, but it's just another really useful feature.   And ACH transfers are free, many big B&M impose fees on transactions initiated from them.

 

In fact, I don't see any reason to stick with B&M banks for most people.  I don't really think that "building" a relationship counts for all that much with large corps, and anyway, I prefer to shop around, getting CCs from some issuers, banking at other places, getting a mortgage from internet brokers.  

At some stage in your credit life, and with the right bank, a relationship might help, but I remain to be convinced!

New Contributor
PetRaccoon
Posts: 359
Registered: ‎11-29-2011
0

Re: thinking about switching to an online bank.

[ Edited ]

That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

 

Guess I need to look at it some myself.

 

Edit:

 

Ahh...

Monthly fee in any month when average daily balance is below $5,000$8.95

 

Well bugger, thats a turn off for me..

TU08:: 754 (4/14) EQ: 745 (6/14) 753 (1/13) Ex: 766 (12/11)
Goal: 800! Then Keep it there and keep growing!~
Card(s): HSBC Premier WMC: 5,000 (7/09), Chase Freedom 6,000 (11/11) BCE 3,200 (12/11) Chase Saph: 5,000 (5/12)
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: thinking about switching to an online bank.


PetRaccoon wrote:

That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

 

Guess I need to look at it some myself.

 

Edit:

 

Ahh...

Monthly fee in any month when average daily balance is below $5,000$8.95

 

Well bugger, thats a turn off for me..


That's Everbank.   Ally has no fee, Everbank is good for balances above $5K (which isn't such a high limit compared to many B&M banks!)

New Contributor
PetRaccoon
Posts: 359
Registered: ‎11-29-2011
0

Re: thinking about switching to an online bank.


bs6054 wrote:

PetRaccoon wrote:

That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

 

Guess I need to look at it some myself.

 

Edit:

 

Ahh...

Monthly fee in any month when average daily balance is below $5,000$8.95

 

Well bugger, thats a turn off for me..


That's Everbank.   Ally has no fee, Everbank is good for balances above $5K (which isn't such a high limit compared to many B&M banks!)


I know, just you quoted that one specifically and that sounded really nice..  Chase at the moment is $1.5K, which I can live with, although I have my HSBC which is sitting at 0 thanks to a joint with my mom.  BUT I hate HSBC's online banking, and paying the Premier card has such a huge delay when doing transfers..

TU08:: 754 (4/14) EQ: 745 (6/14) 753 (1/13) Ex: 766 (12/11)
Goal: 800! Then Keep it there and keep growing!~
Card(s): HSBC Premier WMC: 5,000 (7/09), Chase Freedom 6,000 (11/11) BCE 3,200 (12/11) Chase Saph: 5,000 (5/12)
Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011
0

ARe: thinking about switching to an online bank.

[ Edited ]

Alliant Credit Union is simply the best deposit account

 

Next day ACH push and pull!

Mobile Deposit!

No Fees.

Great rates.

Decent credit products.

 

EDIT: hard pull for membership.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Established Contributor
FutureBillionaire
Posts: 641
Registered: ‎12-12-2012
0

Re: thinking about switching to an online bank.


idonthaveaname wrote:

I'd prefer not to mail in a check . any ideas?Is there any that offers remote deposits or smart phone deposits


ING direct is a good option for checking and savings.  So is Ally bank.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: ARe: thinking about switching to an online bank.


flowfaster wrote:

Alliant Credit Union is simply the best deposit account

 

Next day ACH push and pull!

Mobile Deposit!

No Fees.

Great rates.

Decent credit products.

 

EDIT: hard pull for membership.


Not sure about that.  Checking rates are pretty good (need monthly deposit), savings rate isn't good, and it looks like they don't refund owner ATM fees.

Established Contributor
Smug
Posts: 961
Registered: ‎12-21-2010
0

Re: thinking about switching to an online bank.

Ally, BOFA,amex,discover, I have a few
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Regular Contributor
dobirdsmommy
Posts: 219
Registered: ‎02-29-2012
0

Re: ARe: thinking about switching to an online bank.

I have Chase in NY and I do not have to keep a min amount..  We deposit my husbands check via the Ipad and I have my check DD every other week. I do not pay any fees at all

 

2011 starting score 383 pull for Santander, EX 639, EQ 669, TU 651 (lending club pull)
Wallet:ME: 750 Cap One, 5k Quicksilver/rewards, 750 Capital one 2000 FH, Santander Car 9.8k/15k, Chase Auto Loan 12/16k, VS 1150, BH 1020, Express 1000, Avenue 750, JCrew 800, HSN 1070, Torrid 700,Roamans 800, Jessica London 940, kings direct 800, Buckle 800, OSP 1050, WW 1050, Solutions 800, Blair 750.. baddies: 2 FP CO 08, EXP 2 state tax liens 1 fed, EQ 1 fed tax lien, TU 1 state 1 fed tax lien.
DH: 750 Cap One 750 Cap One 750 capital one fh 2000, AU - VS, BH, HSN, QS 5k
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: ARe: thinking about switching to an online bank.

[ Edited ]

dobirdsmommy wrote:

I have Chase in NY and I do not have to keep a min amount..  We deposit my husbands check via the Ipad and I have my check DD every other week. I do not pay any fees at all

 


And what rate do you get?  The object is to get a good rate with no fee, and most banks listed do that (Everbank is the exception.  They are not a standard internet bank, as they have core businedealing with niche areas such as metal speculation and foreign currency deposit accounts, but if you meet the 5K, very good rates



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