What experiences good or bad have dopers had with different internet only banks?
As I’m trying to find a good online bank for myself, please include the name of the bank when you relate your experience.
If you qualify… https://www.usaa.com
Hmmm…let me amend that post. Anyone can use their banking services, but you have to have military affiliation for insurance.
A good thread about the details is at Fat Wallet
Well, now’s as good a time as any to stop lurking.
I don’t know if the savings rate is a concern for you, but my Emigrant-Direct account has worked out well. The application was long and tedious and the web interface could use some work. But there are no maintenance fees, no transfer fees, and it only takes 1-2 days to get money to and from a real-world bank.
Of course, the main reason is the savings rate (4.65%) which is better than most CDs. Makes the end of the month worth looking forward to!
ING works for me (though it isn’t my primary bank account). The web interface is simple and secure, and when I forgot my passwd last week :smack: getting help on the phone didn’t take forever. They were kinda stingy with me on mortgage and lines of credit (going with TD on those for now), but applying for them was really easy.
I only opened it 'cause they were offering 3% introductory rates (as opposed to .0001% or something from TDCanadaTrust), from which perspective Sefton’s bank is better though.
I like ING too … I have the mortgage, HELOC, and savings account there.
Transfers back to regular checking/savings are fast. And we had an easy time with the mortgage/HELOC (the realtor and lawyers even commented on how easy it was). They do require a fair amount of cash up front for the house, though … they don’t do 95+ percent financing (at least not when we got the loan).
To clarify, I’m looking for a good bank to stuff some extra money from time to time that gets a better interest rate than a brick-and-mortar, but that isn’t some fly-by-night that’ll run off to Vegas with my stash and spend it all on whiskey, hookers and blackjack.
The Emigrant bank certainly looks promising so far.
My roommate convinced me to put my savings in ING last month, and I’ve already made more in interest than I have in the last year with my savings in Bank of America. I highly recommend them. They are safe and secure with a nice website interface, and not some fly-by-night.
OTOH, ING seems to be well-liked…
I just opened a savings account with GMAC which currently has better rates than Ing, Emmigrant, and HSBC and has gotten some pretty good online reviews. I haven’t had the account long but the customer service so far has been excellent.
Check out this Fat Wallet thread which has an updated master list of online banks, current interest rates, and balances needed. (BTW, Fat WAllet is a really neat site in general. Check out the Hot Deals section for some great leads on good prices.)
Seconded in agreement. GMAC is the best. However, with respect to online banks, I’m a rate-chaser looking for a place to park my savings. I use USAA as my main financial organization and I have a small local credit union do do face-to-face business, dump coins, buy bonds, cash checks, etc.
Other good things about GMAC:
- GMAC is currently competing to win on interest rates; it seems that ING, Emigrant, and HSBC aren’t.
- GMAC has lightning-fast ACH transfers. I found ING to be slow on the outbound.
- As I understand, Emigrant limits you to one external bank account.
- GMAC is simple to use and the phone support is highly responsive.
As soon as I’ve socked away $500, I might open an account at GMAC. Otherwise, though, it’s an expensive proposition.