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Old 07-11-2007, 02:23 PM   #1
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online banks

I have ING DIRECT but noticed a better rate at EmigrantDirect and even better at Eloan. I want a 20K holding that I can transfer to my checking if needed. Debating about switching for the extra 1/2 % or more.
Any suggestions ?
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Old 07-11-2007, 03:09 PM   #2
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GMAC Bank
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Old 07-11-2007, 03:36 PM   #3
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I second them...they give you checks to use on the account and are pretty competitive....fnbo direct has a special 6% offer until the end of Sept...
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Old 07-11-2007, 03:45 PM   #4
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Originally Posted by bobbee25 View Post
I have ING DIRECT but noticed a better rate at EmigrantDirect and even better at Eloan. I want a 20K holding that I can transfer to my checking if needed. Debating about switching for the extra 1/2 % or more.
Any suggestions ?
We have an Eloan account - the interest is decent, but there are little gotchas. Like, I think you can only do electronic transfers in and out, no checks or such like. Also AIR, you can only ACH out to the checking account you funded it from. That was irritating when we wanted to move a chunk to FNBO and had to move it in several steps, each taking days. They are a bit sketchy in their data entry: deposits disappear, then reappear, or are shown as debits...:confused: All has worked out in the end though, without our getting all exercised or screaming at them or really doing anything. On the West coast the transfers are pretty quick - same Federal clearing bank?
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Old 07-11-2007, 04:00 PM   #5
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I have one at HSBC it works fine. 5.05% easy rules no gotcha's that have got me yet. It does take 3 business days for my "free" transfers to post so there is the cost of float.
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Old 07-11-2007, 07:17 PM   #6
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Make sure you have a land line and not just a cell or you will have to fax "proof" to GMAC to get set up. I didn't feel it was worth the hassle, but I've heard good things about them.

I have ING, Emigrant, HSBC, and Apple. I like Emigrant the most.
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Old 07-11-2007, 08:04 PM   #7
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Check your brokerage. Vanguard pays me better than most of the online banks by leaving my money with them, in the Prime Money Market. Further, they offered me banking services where the "checking account" is just a shim on the front of the money market acct.

Every penny is earning me every bit of interest, all the time.

By the way, I had the most wonderful time with ING and Emigrant when I closed my accounts mid-year and then tax time rolled around. They both sent me emails reminding me that I could download my 1099's, except since I had closed my accounts, I couldnt log in.

Suffice it to say, the usual complete lack of customer service and reasonable outcome ensued.
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Old 07-11-2007, 08:31 PM   #8
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I want a 20K holding that I can transfer to my checking if needed. Debating about switching for the extra 1/2 % or more.
Any suggestions ?
Does it have to be an online bank?

I've been quite happy with Pentagon Federal Credit Union and I've never set foot inside their door-- or even spoken to them on the phone. AFAICT they're totally online...
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Old 07-11-2007, 08:45 PM   #9
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Does it have to be an online bank?

I've been quite happy with Pentagon Federal Credit Union and I've never set foot inside their door-- or even spoken to them on the phone. AFAICT they're totally online...
Do yourself a treat and call them sometime. 24 hour/day access and the best bank service I've ever run into. 1-800-247-5626 for customer service. Really!
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Old 07-11-2007, 09:22 PM   #10
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Agreed...I called them up once and the nice lady encouraged me to call late at night on weekdays, because I'd get serviced quicker due to non-existent call volumes.

As opposed to the "unusually high call volumes" that every other company I ever call seems to be experiencing...all the time, every time, any time.

I'm pretty sure the problem is "we're experiencing a persistent and fairly continuous underhiring of support specialists".
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Old 07-11-2007, 11:33 PM   #11
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I second the bunny with Vanguard Prime money market account. Nice interest rate, and you can ask for a checkbook so that you can write checks directly against the balance in your money market fund (minimum $250 per check). Electronic transfers between your MMF and your checking account are also available off course. I used to have my EF with ING, but I switched to VG. The only downside compared to ING and others: you need $3000 to open the account, though after that the balance can dip below that initial amount.
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Old 07-12-2007, 09:41 AM   #12
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You can go that route, or get the vanguard advantage checking, which has no check writing limits and works more like a real checking acct.
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Old 07-12-2007, 09:52 AM   #13
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Does anyone use PayPal? Their money market rate is currently 5.05%. I don't use it but a friend of mine swears by them. Just curious if anyone here is using it.
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Old 07-12-2007, 09:58 AM   #14
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Ha ha.

I'll never use paypal for anything ever again. They're fine if nothing goes wrong.

You have noticed that they regularly lose gigantic chunks of user information to hackers and are often used by scammers?

Their warranties/guarantees are all but useless.

When I became displeased with the amount of customer data they were losing, I asked them to cancel my account and remove my banking and credit card information. They refused, saying the user terms and conditions allow them to retain this information "forever". When I advised that I would change all the bank and credit card numbers, at great difficulty, and render all this information they're holding invalid and worthless, they replied that this was okay with them...they would prefer to retain the information, put me through the trouble, and have essentially no value gain...in order to maintain their rights under the terms of service.

So after a couple of weeks of horsing around, I had all new acct numbers, and paypal has a whole account full of invalid information. A real win/win for everyone.
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Old 07-12-2007, 10:18 AM   #15
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I have had my paypal account with "limited account access" for months now...after submitting a bunch of info. that they requested for verification...during this, you cant access the money...I always moved money ASAP for my online auctions, but imagine actually needing the money...as bunny said, skip it...besides, there a bunch of online banks with similar or better rates and actually regulated....
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Old 07-12-2007, 10:20 AM   #16
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PayPalSucks.com is where you will learn about the PayPal Class Action Lawsuit, Abuse, Fraud & evil behind the PayPal system!
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Old 07-12-2007, 10:27 AM   #17
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How solvent are online banks ?

I had a VISA from the internet bank, NextBank.
It became insolvent and the FDIC took over.

I recieved a letter from the FDIC advising my VISA
was cancelled two weeks before. What a mess.


FDIC: Failed Bank Information - Bank Closing Information for NextBank, N.A. Phoenix, AZ

Feds Close First Internet Bank - Update - NextBank NA Newsbytes News Network - Find Articles
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