OT - Online Savings Acct (banking)

[DaddyChoc]

is Capital One 360 the best or is there others better?
no fees, interest rate etc

 

[KnightBridgeAZ]

I have had one since it was ING. I don't have any comparisons to other on-line accounts - but certainly has been better than what my brick and mortar bank offers. I'm not actually using it to "save" money, just as a better place for easy access cash on-hand than anywhere else.

I have never had a problem with them, incidentally.

 

[DaddyChoc]

I have had one since it was ING. I don't have any comparisons to other on-line accounts - but certainly has been better than what my brick and mortar bank offers. I'm not actually using it to "save" money, just as a better place for easy access cash on-hand than anywhere else.

I have never had a problem with them, incidentally.

does it come with an ATM card?
Im want to use it as a savings acct. without easy access... the "no fees" turned me on but Im reading about people not being happy with the interest rate

 

[UcMiami]

Generally the interest rates offered are teasers and tend to drop back to average after the first year and average rates have been pretty worthless for a while (1%.) CD rates are a bit better but require a fixed time frame.
I have always just looked for the features since the rates are not going to make you rich. Reimbursement of ATM charges and for me traveling abroad, foreign exchange charges (as in none) are what I look for. As for just 'parking' money without easy access, not sure it really matters - 1/2 of 1 percent works out to just $0.50 per $100 per year.
I use fidelity for my investments and they also have a good on-line banking option but so do most investment companies.

 

[nan linds]

How about checking on www.bankrate.com and you can compare Money Market and Savings rates and fees as well as see what company ratings are.

 

[Jackalope]

Daddy Choc, you should have asked this question about a week ago. CaptialOne360 was having their 4th of July sale, and You could have got a $100 bonus for opening their checking account and a $76 bonus for putting $500 in their savings account. Sorry, but that sale is now over. However, they usually have another sale on Black Friday in November, if you are still interested.

FWIW, I have been looking into opening an account at LMCU (Lake Michigan Credit Union) even though I live in CT. Here is some information on their Max checking account:

3% Checking Account with LMCU (Free ATM and No Min. Balance) https://www.lmcu.org/banking/checking/checking_max.aspx

There are no fees, and no minimum balance requirements. You’ll earn 3% on balances up to $15,000. They'll refund up to $15/month in surcharge fees if you use a non-LMCU ATM.

Four monthly usage requirements:

• Direct deposit into your Max Checking account
• Minimum of 10 debit card purchases per month
• Minimum of 4 logins to home banking per month
• Be eligible for and sign up to receive eStatements/eNotices

They have a number of ways you can get membership in the Credit Union. The easiest one for those not living in the area is to make a donation (it looks like $5 is the minimum) to the Amyotrophic Lateral Sclerosis (ALS) Association, West Michigan Chapter. Of course, that is tax deductible.

If you keep the maximum $15,000 in the account for the whole year, it is worth $450 to you. Also, this credit union is Federally Insured.

There are a number of ways to easily meet the direct deposit requirement that don't require you to set up employer / government direct deposits. One question I am looking into is how often a direct deposit needs to be made.

The minimum of 10 debit card purchases is also easily met. The heating oil company I use allows you to easily make an online payment of $1. In situations like this, I just make 10 purchase of $1 each, or how many you need to meet the 10 requirement.

$15 refund of ATM fees is around 4 withdrawals a month.

They have four stars at Bankrate.com. Here is additional info: http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?cuid=62514

If you want to find out more details, read this thread in slickdeals.net where I found out about it:

http://slickdeals.net/f/7044436-3-checking-account-with-lmcu-free-atm-and-no-min-balance?v=1

 

[KnightBridgeAZ]

Yes, I took advantage of the $100 offer from Capital One a long time ago, I recently closed the checking account. I think the interest rate is about .75 which is why I don't use the account for savings.

My mother has a couple of jumbo CD's, not on line, and they are only paying about 1%, however, at 94 years old I'm not trying to change her habits.

 

[DaddyChoc]

Good Stuff