Online only banking? Ally? Nationwide?

[harleyquinn]

I know I'm late to the game, but I'm investigating online banks, because their rates seem so much higher.

So who are you with and do you like them?
It looks like Ally has the best rates for the products I want (a money market savings and interest checking.)

Any info would be great. I did some searching for bank reviews and got a very mixed bag, so I'm interested in what the dis experts have to say.

 

[vicki_c]

I know nothing about those 2, but have been very happy with ING for years. I am probably going to add a checking account to my account there - at the moment I have only multiple savings accounts.

 

[harleyquinn]

Ally and ING are very similiar, but Ally has better rates and fewer fees from what I've been looking at.

Those that do this, do you still have b&m checking accounts? I was thinking of going all online, but I think it would be more convenient to have a b&m to transfer things to. The only real obstical I see is depositing paper checks. You mail them in with Ally and most others. I think that would be a pain, but I get so few...

 

[Gr8t Fan]

I love Southern Bank and have been with them for about 3 years without any problems. (www.bankwithsouthern.com) Their Kasasa Cash Checking account pays 5.01% on balances up to $15,000 with no minimum and they refund ATM fees at the end of the month so you can withdraw cash from any ATM.

Directly from their website:
To get 5.01% APY* do the following each month:
•Have at least 12 check card purchases post and clear per qualification cycle
•Receive your monthly statement through online banking
•Have at least 1 direct deposit or 1 auto debit (ACH) post and clear per qualification cycle

If you miss a month, don't worry!

You will still enjoy free checking and there's no penalty for not qualifying in a given month. Plus you get a base 0.10% APY* and you get right back to making 5.01% APY* and enjoying ATM refunds the next month you qualify.

I still have B&M accounts with Chase which is where my paychecks are direct deposited and most of my bill pay are done, but put every extra $ into Southern Bank where I earn real interest.

 

[HeyIt'sMe]

Ally and ING are very similiar, but Ally has better rates and fewer fees from what I've been looking at.

Those that do this, do you still have b&m checking accounts? I was thinking of going all online, but I think it would be more convenient to have a b&m to transfer things to. The only real obstical I see is depositing paper checks. You mail them in with Ally and most others. I think that would be a pain, but I get so few...

We have a savings account at ING but still maintain our checking account (and 2 savings accounts) at a b&m bank (Chase).

The ING savings is our emergency fund (to be used in an extreme case such as job loss). These funds are not immediately accessible which is fine. It takes a few days from the time a transfer request would be made until the time the funds would hit our b&m checking account. We also have a money market account at TDAmeritrade that supplements this emergency fund.

The savings accounts at our b&m bank are for our general fund (covers things like car repairs, house repairs, need a new computer, etc) and our vacation fund. I like that the funds are immediately accessible by either transferring funds to the checking account, going in the branch and withdrawing funds, or doing an ATM withdrawal.

Yes, the rates at Ally and ING are pretty much the same - as of 09/08/11 the Ally rate is 0.99% and the ING rate is 0.995%. We've never paid fees on our ING savings account.

 

[siouxsieQ]

I use Ally and have been very happy with them. I have been with them since they were GMAC. I have had no problems with them. I have a money market checking account. I chose this over other online savings accounts because I got checks and a debit card with this account. I have acess to my money without having to wait 2-3 days for it to transfer to my regular checking account. I have also never had any fees for anything.

 

[MicahMoo]

I have Ally for over a year now and have not had one issue. Their rates are very good. We have a savings account, a CD, and a checking account with them.

 

[Swimalie]

Ally and ING are very similiar, but Ally has better rates and fewer fees from what I've been looking at.

Those that do this, do you still have b&m checking accounts? I was thinking of going all online, but I think it would be more convenient to have a b&m to transfer things to. The only real obstical I see is depositing paper checks. You mail them in with Ally and most others. I think that would be a pain, but I get so few...

I have had ING for about 14 years now. I don't know about the rates but I don't have any fees with them so I'm not sure how Ally's fees can be better than none.

I use ING for main savings. We use a local branch for every day stuff and twice a month money is transferred to ING. It's a nice way of saving without seeing the money.

 

[nunzia]

I know nothing about those 2, but have been very happy with ING for years. I am probably going to add a checking account to my account there - at the moment I have only multiple savings accounts.

I also have several accounts at ING and have had no issues with them. I have a checking acct., but don't use it for checking..I put in $ twice a month to cover APs and MF.

 

[harleyquinn]

Thanks everyone! I appreciate the responses!

As far as ING fees, I have no idea where I read that yesterday. I do know I read a bunch of articles about one of the other big banks buying them out.

 

[lost*in*cyberspace]

USAA - note that they restrict membership, but they seem to open up to more groups all the time.

 

[HeyIt'sMe]

Thanks everyone! I appreciate the responses!

As far as ING fees, I have no idea where I read that yesterday. I do know I read a bunch of articles about one of the other big banks buying them out.

Capital One bought ING Direct USA for $9 billion.
The transaction is expected to be completed in late 2011 or early 2012.

 

[pbrim]

Check out www.bankrate.com It has tools to compare rates and fees among banks, including on-line only, for checking, savings, CDs, mortgage, etc. I have found that sometimes the banks that advertise the most have the worst rates. (Ad money has to come from somewhere, I suppose.) I have an on-line savings account with auto deposit and I check there regularly to make sure I'm getting the best rates, and move it as needed.

(Be careful about site: www.bankrateS.com takes you to HSH, a mortgage only website.)

 

[miralys]

I use Emigrant Direct. I think it may have a B&M somewhere up north, but nothing in Florida.

When I signed up years back it had a really nice interest rate. It's gone down some but I use it because it's convenient. It's my invisible savings account. Money goes from my main bank account (I have a B&M account with the credit union) to the ED bank and I forget about it. I have to jump through hoops to get the money out, so I only do so in dire emergencies. I've been able to accumulate a nice sum that way.

 

[harleyquinn]

Check out www.bankrate.com It has tools to compare rates and fees among banks, including on-line only, for checking, savings, CDs, mortgage, etc. I have found that sometimes the banks that advertise the most have the worst rates. (Ad money has to come from somewhere, I suppose.) I have an on-line savings account with auto deposit and I check there regularly to make sure I'm getting the best rates, and move it as needed.

(Be careful about site: www.bankrateS.com takes you to HSH, a mortgage only website.)

Thanks! I've been using that site a lot!

 

[AllesonWonderland]

I love Southern Bank and have been with them for about 3 years without any problems. (www.bankwithsouthern.com) Their Kasasa Cash Checking account pays 5.01% on balances up to $15,000 with no minimum and they refund ATM fees at the end of the month so you can withdraw cash from any ATM.

Directly from their website:
To get 5.01% APY* do the following each month:
•Have at least 12 check card purchases post and clear per qualification cycle
•Receive your monthly statement through online banking
•Have at least 1 direct deposit or 1 auto debit (ACH) post and clear per qualification cycle

If you miss a month, don't worry!

You will still enjoy free checking and there's no penalty for not qualifying in a given month. Plus you get a base 0.10% APY* and you get right back to making 5.01% APY* and enjoying ATM refunds the next month you qualify.

I still have B&M accounts with Chase which is where my paychecks are direct deposited and most of my bill pay are done, but put every extra $ into Southern Bank where I earn real interest.

Doh! I just opened a Kasasa checking and savings account at a different bank. It started out at 3.75% on checking and 2 something (maybe?) on the savings, but it dropped to 3% and 1.25% a month later.

I don't dare open another account, I'm having a hard enough time keeping track of all of them as it is! LOL We have our local checking, checking and savings through Wells Fargo which we had to set up when we got our home loan, an Emigrant account, a Dollar Savings account (added when Emigrant started dropping their rate), and now this other checking/savings account across the state.

I just wish interest rates were higher. I remember 'back in the day' when my interest earnings could pay for something bigger than lunch at a fast food restaurant!