I know there are threads here but my search is not yielding anything recent considering the changing economy. I must say I have some reservations based on lack of familiarity transferring money to online banks. I put most of my surplus in investment accounts which I don't do online and work with a broker so no experience transferring significant money online to online banks that I'm not personally familiar with.
Advice? Suggestions?
@Trudy wrote:I know there are threads here but my search is not yielding anything recent considering the changing economy. I must say I have some reservations based on lack of familiarity transferring money to online banks. I put most of my surplus in investment accounts which I don't do online and work with a broker so no experience transferring significant money online to online banks that I'm not personally familiar with.
Advice? Suggestions?
DCU still holding strong at 6.17% APY up to $1,000.
CU's to join for Savings Rate now and possible Credit Products later!
Thanks AZ! I don't qualify for DCU but have a few CU's, one being Boeing that I am a member of. I will look through the link for others I may qualify for but I see rates with online savings that's even higher and looking for rates to benefit a higher balance than $500 (BECU) or 1K but able to access in case of an emergency. I've been letting it sit in my brick and mortar accounts for emergencies since I'm not familiar with online bank accounts, but looking to move it to get better rates.
@Trudy wrote:Thanks AZ! I don't qualify for DCU but have a few CU's, one being Boeing that I am a member of. I will look through the link for others I may qualify for but I see rates with online savings that's even higher and looking for rates to benefit a higher balance than $500 (BECU) or 1K but able to access in case of an emergency. I've been letting it sit in my brick and mortar accounts for emergencies since I'm not familiar with online bank accounts, but looking to move it to get better rates.
You don't quality for DCU? Practically everyone qualifies for DCU. 
Barring ChexSystems denial, I would think you just need to make a donation to an association?
Unfortunately, BECU lowered their APYs. 1% checking and 1% savings APY. 
To be honest, I never applied but looked at the qualifications a long while back and thought I wouldn't qualify for some reason, don't recall. In addition, wasn't looking for another CU with good savings rates with a limited max and with no particularly desire for credit products didn't put a lot of energy into it. But I will look into it again. I'm reading the thread now. Do you know the rate after 1K and if there's a max as of 2021? If not, no worries, I'm in the market and researching again.
Edit: @AllZero , never mind, found the answer in post 34 of your link 
@Trudy wrote:To be honest, I never applied but looked at the qualifications a long while back and thought I wouldn't qualify for some reason, don't recall. In addition, wasn't looking for another CU with good savings rates with a limited max and with no particularly desire for credit products didn't put a lot of energy into it. But I will look into it again. I'm reading the thread now. Do you know the rate after 1K and if there's a max as of 2021? If not, no worries, I'm in the market and researching again.
@Trudy With DCU, I think it's blended rate after first $1,000. You are still getting the 6.17% up to $1,000.
There may be some other CUs that are weird that don't give the full APY after the cap. I don't recall exactly, maybe Blue Credit Union? Best to do your due diligence.
@AllZero wrote:@Trudy With DCU, I think it's blended rate after first $1,000. You are still getting the 6.17% up to $1,000.
There may be some other CUs that are weird that don't give the full APY after the cap. I don't recall exactly, maybe Blue Credit Union? Best to do your due diligence.
Thanks! Most definitely will do DD. Just looking for info from the community, put it all in a bowl with research and hopefully make a delicious dish
Thanks again. @AllZero !
@Kforce wrote:I have 4 now and have had about 4 others over the years.
All have strong and weak points just like credit cards and other banking products.
Some are easy to open, use, transfer from and too, but have mediocre rates.
Others have tiered interest giving extra for small limits and others tiered with higher interest with larger deposits.
Most allow large transfers via wire transfer but have limits per day, week, or month via ACH transfers.
I have one account with good-excellent rates but poor transfer limits.
Another with a little lower rate but transfer fast and limits more than I will ever need
Some place have additional benefits for having money there, and the benefits might be worth a lot to you.
My questions would be
How much do you want to park. Testing online banking. Maybe 5K to open?
How often and approx amount would you be shifting around. Will vary if no limits. Limit $500 month, prefer no limit as it's also emergency funds, don't know what might happen.?.
Is speed, ease, and features more or less important than rate. Less. More focused on rates in this moment with options to access/move whenever I need to in a reasonable amount of time. Want to get my toe into online banking if what I'm reading is true has better rates now. Once I cross that hurdle (concern) I may have a more focused or evoloving search. Understand some accounts come with certain fees. Taking ALL information so I can determine if the fees are worth it or not and what fits me in general. I'd prefer no fees but not a deal breaker if the net is positive for my circumstances somehow.
I have yet to find the holly grail but know the holes in many popular places.
Let us know a little more info and I will share my pick for you ! Thanks!
Thanks. I appreciate ALL information.
I use Ally Bank as my second online bank. I park my emergency fund and my investment with them. I like them because of the ease of use transferring money back and forth from Chase. They also have some features like bucketing money for certain categories. Their mobile app is top as well. Their average interest rates are not super high right now, but hoping their go again, once we are done with this pandemic.
I also have an eTrade account through employee stock options. No complaints there, but the interface and usability can be a little clumsy and it feels a bit more outdated than Ally Bank.
I guess it depends what is important to you? Ease of use with a proper mobile app, can you do more than just investments, customer service and so on?
