Looking for new checking account

[arizonahd]

I am ready to ditch WF, they truly are a scummie institution.

Question

Can anyone recommend a good Credit Union or bank that can operate online exclusively? We live in a small town, there is only two credit unions and I am not a huge fan over either one. Thanks!

[mongstradamus]

are you looking for interest on your checking account, i have heard good stuff about ally and cap one 360 they are both primarily online. Also they have pretty good rates for savings accounts if thats something you are interested in 

[Anonymous]

If you are interested in picking up a fun hobby that will pay you a couple thousand dollars a year, you might want to consider opening up bank accounts online that are offering big signup bonuses.  Happy to point you toward some resources if you are interested.

At the other end of the spectrum if you insist on having exactly one bank, you couldn't do better than Discover.  Free transfers, free paper checks, no minimum balances, 1% interest on their savings account. 

[creditfan]

schwab bank is an online bank

they reimbursed ATM fees worldwide, if you happen to travel anywhere / oversea. This is the bank I recommend to all my friends and family

[arizonahd]

Thanks guys, I am going to look at all them.

How do you go about depositing cash to these online banks? I rarely have to, but it's a nice thing to be able to do. 

[arizonahd]

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@Anonymous wrote:

If you are interested in picking up a fun hobby that will pay you a couple thousand dollars a year, you might want to consider opening up bank accounts online that are offering big signup bonuses.  Happy to point you toward some resources if you are interested.

At the other end of the spectrum if you insist on having exactly one bank, you couldn't do better than Discover.  Free transfers, free paper checks, no minimum balances, 1% interest on their savings account. 

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Oh hell yeah! But in this case, I am looking for a bank that I will probably use for everything and need a good one. 

I like the discover features, and I have heard a lot of good things about them. I am definetly leaning in that direction. 

[Anonymous]

Depositing cash (i.e. paper bills, like 10s and 20s) is a challenge with a pure online approach.  Getting cash out is a lot easier.  The online bank will give you a debit card and you can use it to get cash back at ATMs or grocery stores.

If you have a genuine income stream where customers or employers are giving you substantial amounts of cash, than you will need to couple your online bank with some kind of other local brick-and-mortar bank.  You'll deposit the money in the local bank and then transfer it occasionally to your online bank.  I have a local credit union that I have always kept on even after I started using a lot of online banks, though I never have cash coming in (can't remember when anyone has last given me cash) and don't have cash going out very often either.

[Anonymous]

NFCU hands down. They will overnight you a cashiers check for free and you can deposit cash in nearly every credit unions ATM. They also refund you any fees that the ATM may charge you if you have direct deposit. Mobile check deposit works great, and their lineup of products is great.

[Anonymous]

Thanks TyDawg.  I forgot about NFCU.  That's become an immensely popular choice here in the Forum.  I don't use them because they don't offer big signup bonuses, but our OP may want to follow that up.

What interest rate do they offer on their savings account?

[Anonymous]

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@Anonymous wrote:

Thanks TyDawg.  I forgot about NFCU.  That's become an immensely popular choice here in the Forum.  I don't use them because they don't offer big signup bonuses, but our OP may want to follow that up.

What interest rate do they offer on their savings account?

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It is .25% but at the end of the day savings rates are abysmal at every institution so I would not let that be a deciding factor at all.