Online only bank

[gcformeornot]

__

[desi3933]

Originally Posted by gcformeornot

I am interested in opening online only bank account. Please share your experiences.

Google and research -- Everbank, FNBO Direct, HSBC

[rvr_jcop]

Originally Posted by gcformeornot

I am interested in opening online only bank account. Please share your experiences.

ING Direct is pretty good. It gets all the marks w.r.to the user interface. Another plus is they recently bought sharebuilder if you are into stocks and they support buying fractional shares.

One downside to ING, they are the first to reduce the interest rates in down market and last to raise them in an up market. But still, its user interface and customer service are its huge plus points and very popular too.

But in reading various blogs, FNBO Direct (base in Omaha?) is #1 choice for a majority and they pay better interest too.

Hope this helps.

[nashim]

Can some one share their experience about capitalone and americanetbank? thanks

[transpass]

Originally Posted by gcformeornot

I am interested in opening online only bank account. Please share your experiences.

It depends what you are looking for....i.e., you want a check writing capability or just opening a savings account for higher interest rate...

I have experience with Emigrantdirect and etrade...Both are good and give you some of the best rates...On the otherhand, banks like HSBC and ING have higher interest rates for the first 6 mths and there after considerably lower (atleast at the time I was looking for)... Also, some require higher amount to qualify for better rates...Oh BTW, some have tier systems for interest rates, which I hate personally. Emigrantdirect and etrade give the same interest rate how much ever balance you have in your account...JUST READ THE FINEPRINT...

Mine was primarily savings...I do not bank with my local bank for savings....For check writing, I use my local bank...Just link your local bank checking acct to your online savings bank acct and you can transfer back and forth whenever required...

Current rates...

ING - 1.85 APY
EmigrantDirect - 2.05 APY
Etrade - 2.15 APY
HSBC Direct - 2.25 APY

[gcwonder]

This is one of the best site to compare rates of all CD rates
www.bankrate.com

[sri1309]

Please BURY this thread with no updates..If you find any thread's 1st post making nonsense, just dont look for more comments.

Have time??.. do something useful,

[hebron]

GMAC bank provides good rates. you may want to check that out.

[vrbest]

You can check Provident Direct bank also. if you can do little work to earn more interest, you can also do reward checking a/c - something like charter bank for 5.01%

Originally Posted by gcformeornot

I am interested in opening online only bank account. I already have a regular bank account. Not looking to replace it with online only.
I am looking for best CD rates offered or best rates on saving accounts.
Please share your experiences.

[transpass]

Originally Posted by sri1309

Please BURY this thread with no updates..If you find any thread's 1st post making nonsense, just dont look for more comments.

Have time??.. do something useful,

If you have don't have time, why the heck are u looking at this thread?

Don't behave like a jackass...Just take a chill pill...The post was posted in financial matters section...What's ur problem if someone needs info? If you don't want to help someone, ur are not obliged to do so...

BTW, I am doing something useful, by helping a fellow immigrant...

[puddonhead]

Reward checking accounts offer the best interest rates for amounts below 25k. A good one is redneck back (yes - despite their hilarious name - they are a bonafide bank with FDIC and all). You have to make at least 10-12 debit transactions to get the 5% + rates - but that is easy, just pay $1 10-12 times for your comcast/cablevision/verizon/AT&T bills every month.

If you have more than 25k - you can open one account in your name, one in your wife's. Also there are a lot of other banks out there with good reward checking options. Open as many as you want as long as you can manage the debit transactions requirement every month.

[ilikekilo]

Originally Posted by gcformeornot

I am interested in opening online only bank account. I already have a regular bank account. Not looking to replace it with online only.
I am looking for best CD rates offered or best rates on saving accounts.
Please share your experiences.

be careful dont get carried away by the high rates..just look at STanfrod financial SCAM...

[sanju]

I want to start an online bank. This bank will only accept deposits and will not have a way for withdrawal. On the bright side, since this bank provides half the service, so will offer double the interest rate. Anyone interested in opening their account? We are giving out free toasters for every new account with minimum $100.

.

[puddonhead]

Originally Posted by ilikekilo

be careful dont get carried away by the high rates..just look at STanfrod financial SCAM...

Yupp... always check for the FDIC insurance status of the bank if you are not sure - http://www2.fdic.gov/idasp/main_bankfind.asp. Sometimes - some banks are insured as a part of another bigger bank - which itself is FDIC insured. Those smaller subsidiaries may not always come up in this search tool. But that information (that this smaller bank is a subsidiary of the bigger bank) should be prominently displayed in the bank website. I would personally also call up the FDIC to confirm before putting my money anywhere unknown.

[PresidentO]

Originally Posted by puddonhead

Reward checking accounts offer the best interest rates for amounts below 25k. A good one is redneck back (yes - despite their hilarious name - they are a bonafide bank with FDIC and all). You have to make at least 10-12 debit transactions to get the 5% + rates - but that is easy, just pay $1 10-12 times for your comcast/cablevision/verizon/AT&T bills every month.

If you have more than 25k - you can open one account in your name, one in your wife's. Also there are a lot of other banks out there with good reward checking options. Open as many as you want as long as you can manage the debit transactions requirement every month.

Hmm. 5.25% on 25K is 1500 per year. With other banks such as ING and every one close to the 2% APY, I am just wondering how can these guys afford to give 5% APY. I remember reading some where that FDIC is actually going after the banks that are actually giving high APY's.