Which OnLine Bank is best for our Emergency Savings.

[Arifriekinel]

I'm a big fan of BBVA Compass' SmartyPig. Right now they're offering 1% APY on all accounts, and there are a few perks I really like, like setting up specific 'goal' accounts for large purchases, which you can get a %boost on if you redeem it in the form of a gift card to one of their affiliates like Pottery Barn or Best Buy.

Although current rates are 1% APY on anything above or below $50k because rates are low, once things get back up, they usually have a higher interest rate for accounts below $50k than above, because they want to encourage the little guy to save. It also can take 2 or 3 days to get the money back into my account at another bank, but because it is intended to be used as savings, and I use it as such, that's never really been an issue.

I only have ~$10k spread between my accounts [one to buy a refrigerator, one for a washer and dryer, and one for a large payment I am making at the end of each year], but I know a few people who have >$150k and they seem equally pleased.

 

[CoolChange]

Been with Ally for a couple years now for both savings and actually moved checking. Can't beat it for traveling since they have $0 fees for using any ATM and refund all other bank fees (even if you're using a foreign ATM). They're paying more on checking than most brick and mortar banks pay on savings with no minimum.

Never have had a problem and they're open 24/7 on the phone if you have a question.

I am now considering Capitol One 360 Checking for part of my emergency fund. Rates seem comparable to Ally and some of the others; and, they explicitly say they reimburse for foreign ATM withdrawals without any additional conversion fees.

While Ally may currently be reimbursing foreign ATM fees in practice, their FAQ's specifically exclude foreign ATM fees from their reimbursement policy.

I am wondering if anyone has specific experiences (positive or negative) with this 360 Checking account or Capitol One in general. I do have their CC for traveling since it has no foreign transaction fees; and, that never seems to get as good of an exchange rate as my Chase card which does not levy any fees for foreign transactions either. Other than the exchange rate, my experience has been fine, if somewhat limited, using their CC.

 

[foxfirev5]

Currently we have accts at Ally, Capital One, and Capital One 360 (old ING). I use one for our car/transportation fund, one for our personal HOA , and one for our recreation/travel fund. All work fine but if I had to pick one it would be Ally for their consistently competitive rates.

 

[Khufu]

I used to use Ibonds for our emergency fund. Using the treasurydirect.gov website they can be redeemed overnight. Also, interest compounds tax-deferred until you redeem. Current rate is 1.18%