Best online bank for one stop shopping?

[2HOTinPHX]

We currently use local branch of one the traditional big banks for checking and savings and payroll deposits. Its been kinda of a security blanket for me knowing they are there and if any issues come up we can walk in there and talk to someone face to face. As you know the interest rates the grace us with are pitiful, like we should be grateful they let us keep our money with them rather than a tin can in the backyard....

We have done some online banking as far as some mortgages refi's, car loans and CD's back in the day and no bad experiences I can think of. Just worried about the whole Online banking thing in these days of cyber security risk. Not really comfortable with using phones apps for some reason for banking. Prefer to be able to sit down at home on the computer when banking needs arise. Is one safer than the other? We do use our computers for online access to our current bank for banking stuff and have had no real issues.

So thinking if we should embrace the online bank experience of higher rates. Looking at Online banks websites and Ally seems to offer a one stop shop for our cash reserve bucket. I am thinking of a checking account that pays a little interest .10%, savings account that pays 1.0% and maybe a Short term CD latter in the 1% to 2% range which is all better than the big banks is paying us now. They are not offering the highest rates and have read they have been a little slow to updates but their website seems to be well laid out and plenty of options to chose from for one stop shop.

Please share your thoughts on above and experience with Online banking.
Are you all in on Online banking? Do have multiple accounts at multiple banks and others? Other options?

 

[Montecfo]

I have a tradition brick and mortar bank which I use for checking and HELOC. My mortgage is with a midwest S&L. Savings and MM accounts with several other online banks and credit unions and my brokerage.

In short, Banks really do not seem to make it economical to do one stop shopping.

 

[Sunset]

I have a brick and mortar bank for my checking and paying bills online. I also have an Ally savings account to stash extra cash to earn interest.

I like the Ally bank website. I've used some other banks online, while I had Ally, just to try them out and earn a bonus, but didn't like them in the end and closed them.

Right now I'm moving $$$ out of Ally, and buying short Treasuries with my extra cash as it earns more than Ally, but I'm keeping Ally as someday it will catch up.

 

[wrigley]

I have used Ally for years for online savings accounts and CDs with no issues at all. My primary banking is done through NFCU.

Mike

 

[racy]

We have both, a local bank and Ally. I prefer Ally and have had a great experience with them for years. They even reversed an overdraft charge when I pleaded 'dumbness'. However, my DW prefers the local bank. We have a mixed marriage, I guess.

 

[VanWinkle]

I do all banking online but I have a local bank for checking and Bask Bank for high yield Savings.

 

[Al18]

I’ve had good service from Discover over the years. Their CD and Savings interest rates has always been very good and competitive with Ally, though they do not offer a no penalty CD.

 

[target2019]

We use PNC, Discover, and Schwab. Previously, and today, we use the convenience of local PNC offices occasionally, but transfer out regularly for more interest at Discover.

So we have a bank associated with each bucket.

 

[Aerides]

I have TIAA as my "main". They are an online bank, with the online savings and rates to prove it, but they also have a few local B&M's. Best of both. Still, never needed the B&M side. I have checking/savings/business with them. I use Ally for CD's so far, but not married to them.

As far as thinking you've avoided cyber risk? Nah, banks are under constant attack from hackers all the time. Your date is there no matter if you went in the front door or the internet door.

Apps for deposits of the occasional check are very nice.

 

[Surewhitey]

Have a few, but the workhorse is E*trade (now part of Morgan Stanley). I call it the hub for everything. Bank & brokerage in one... Other online banks for cash holding for emergency funds and 1-2% on the cash (less friendly otherwise.

 

[FlaMariner]

That's a great question.....

We have no need for a local bank/branch.

We use BofA/Merrill Lynch and it is a good "one stop shop" for everything...here is what we do w/them online:

checking
BilPay
Credit Card (great cash rewards w/ML relationship)
Investments
Credit Line
Check Deposits (love that)
Budget tool
Documents Vault
Foreign Currency (ordered Euros online and they arrived at the front door)

Our only exception is we stash our liquid/savings money in Dominion Energy Reliability Investment 'cause it pays 1.25%.

 

[wolf]

Have several banks/credit unions/financial institutions. One major plus for ALLY, they have generous, (large $ amounts), when doing ACH transfers. I use ALLY to "push/pull" dollar transfers. Hope that makes sense.

 

[Dtail]

Ally for online, but still use BOA for brick and mortar and checking account.

 

[euro]

I have had Ally and Synchrony accounts for many years with no issues. I have never had any problems getting a (competent) operator on the phone with very short wait time, in the rare events I needed to. Very happy with both (savings interest rates are usually toward the top of the heep for both).

 

[xlf11]

Marcus is pretty much similar to Ally for online saving and CDs and an advantage is Marcus can have the same day ACH transfer (if you initiate the xfer in the morning it shows up at the end of day for your target account), while Ally's best is next day. In addition, I also have CIT 1.2%, CIBC 1.27% and Wealthfront 1.4% all with very good ACH transfer experience.

 

[Dash man]

USAA for regular checking account for day to day use. Ally and Synchrony for savings and still keep small amounts in NFCU and PFCU for when they have good CD rates.
No brick & mortar banks anymore. Don’t see a need.
Only security issues have been with credit cards and I was always reimbursed.
USAA reimburses ATM fees.

 

[madatrub]

We just moved everything to Fidelity, which meets anything we could need. We still keep a local bank for those one off things, but Fidelity does most of all.

 

[Helen]

I would like to use Fidelity for ATM withdrawals but my Fido rep confirmed they have an international transaction fee. I know their Visa card does as well so I only use that card for utility bills.

 

[OldShooter]

I would like to use Fidelity for ATM withdrawals but my Fido rep confirmed they have an international transaction fee. I know their Visa card does as well so I only use that card for utility bills.

That's kind of surprising given the intensely competitive nature of their business. Schwab reimburses all ATM fees including outside the US and has no FTF. The cards and all accounts are 100% indemnified against fraud, too. "Schwab will cover losses in any of your Schwab accounts due to unauthorized activity."

 

[walkinwood]

As far as mitigating security risks, use long passwords, sign up for two-factor authentication and alert for any interaction on your account. Use password type entries in the security question fields. You should do all of the above with your email account too.

And use a password manager to generate and keep track of passwords.

Also, add some kind of password/pin on your cell phone number. Each carrier is different, but they all provide a way to make sure someone can't take over your number easily.

There were good threads on this in the past.

 

[Katsmeow]

I have thought of an online bank since they have higher interest rates. But, I usually avoid having much cash so that doesn't really mean much.

So, I just keep my Chase account. The advantage is a couple of things. One we have several credit cards with Chase. Two of them we use a lot. The Amazon Prime card and my Chase Freedom card. It is nice that my Chase login allows me also easily see and pay those cards.

I don't go to the location often but occasionally I need to get cash or need to deposit cash. Examples: Proceeds from a garage sale and change for the garage sale.

Also, I have my safety deposit box at Chase. Now, Chase is no longer renting out boxes apparently if you don't already have one. I do have one. But, we plan to move to another state and I won't be able to get a Chase safety deposit box. Lots of the big banks so longer do safety deposit boxes. So, when we move there is a good chance we move our checking account elsewhere so that I can get a safety deposit box. If that happens then I might open an online account and just keep the credit cards at Chase. Maybe I will keep an account there, not sure.

Oh - I don't think online bank are any less safe than something like Chase. I use the app mostly to deposit checks. If I access it I only do it on WiFi (at home only) or on Cellular if traveling. Of course, I never access it using WiFi when I travel.

 

[nassa]

I would like to use Fidelity for ATM withdrawals but my Fido rep confirmed they have an international transaction fee. I know their Visa card does as well so I only use that card for utility bills.

This isn’t my understanding. Fidelity reimburses all ATM fees the day they are charged to the account for customers with a cash management account and others like those in their private client group. They DO have a foreign transaction fee only if you use the debit card to make a purchase, rather than at an ATM. This does not bother me as I’d never use a debit card for a purchase here or while traveling as I have credit cards that do not charge a foreign transaction fee.

See here for FAQs: https://www.fidelity.com/cash-management/faqs-atm-debit-card

 

[Bamaman]

Ally Bank is very good at what they do.

 

[Chuckanut]

Ally Bank is very good at what they do.

I like Ally also. But, they significantly lag behind the leaders when it comes to interest rates and other goodies for savers.

 

[Dtail]

I like Ally also. But, they do lag behind the leaders when it comes to interest rates and other goodies for savers.

+1 but still have some funds there.