Best overall Internet Bank?

[calmloki]

That's just to prepare it for hand off to the accountant.
900 lines of credit card transactions, 3-4 checking accounts, misc bill pay records etc have to be reviewed. Then I need to allocate the purchases to rentals, business expenses, and personal.

It ain't easy being a boy named sue!

It ain't easy making money. The gal goes through all the applicable card, cash, and checking accounts to be sure I haven't mis-categorized any transactions. Probably 18 active cards, many that I just run up bonus trigger amounts on. Then the individual loan accounts and various bank savings and CD accounts and the stock and bond stuff...
We have been very granular in Quicken on categories but those categories don't match IRS categories. After all looks accurate we fold our categories into the IRS ones, then divide by two because we file as singles. Ship it all off to the tax person, who sends us a draft to review. We pretty much always find errors, either in what we submitted or in her entries, so send the corrected or questioned parts back and wait for our hard copy (ours is due in the mail tomorrow). Then it's just a matter of paying her and sending checks to two states and the Feds for both of us.

 

[Luck_Club]

It ain't easy making money. The gal goes through all the applicable card, cash, and checking accounts to be sure I haven't mis-categorized any transactions. Probably 18 active cards, many that I just run up bonus trigger amounts on. Then the individual loan accounts and various bank savings and CD accounts and the stock and bond stuff...
We have been very granular in Quicken on categories but those categories don't match IRS categories. After all looks accurate we fold our categories into the IRS ones, then divide by two because we file as singles. Ship it all off to the tax person, who sends us a draft to review. We pretty much always find errors, either in what we submitted or in her entries, so send the corrected or questioned parts back and wait for our hard copy (ours is due in the mail tomorrow). Then it's just a matter of paying her and sending checks to two states and the Feds for both of us.

That's what caused me to think about the chasing pennies with dollars. 1% vs 2% cashback, bonus triggers for switching etc. Given how complicated tax time is already.

Still a good problem to have.

 

[jazz4cash]

Surprised to see comments that ATMs only dispense 20s. Haven't seen any of those ATMs in a LONG while. I pretty much only use BOA ATMs and some do offer choice of denomination but most just choose for you and prefer 50s. BIL works for the bank managing the ATM service network and says it's a huge ongoing internal debate to use only 50s but they have too many $30 transactions. It cost them a lot to refill machines that run dry over the weekend.
Besides BOA I use GS Bank and Ally to store cash.

 

[stephenson]

Not sure the concept of “bank” fits today’s world.

When Fidelity can do everything your former bank does, plus offer every service your former broker offered, and provide slick online service - plus incredibly helpful phone support - plus online models - plus real-time shared-computer meetings, etc ....why use a bank ...except for safety deposit box and notary services

 

[audreyh1]

Not sure the concept of “bank” fits today’s world.

When Fidelity can do everything your former bank does, plus offer every service your former broker offered, and provide slick online service - plus incredibly helpful phone support - plus online models - plus real-time shared-computer meetings, etc ....why use a bank ...except for safety deposit box and notary services

Um - they still don't give you the interest you can get in a FDIC insured high yield savings account. Which is why I still have several.

 

[audreyh1]

The Fidelity Gold Visa check card does charge 1% FTF for debit purchases, but NO FTF for ATM withdrawals. They also refund any ATM fees. This has been my personal experience for years and it was recently confirmed again on FlyerTalk. https://www.flyertalk.com/forum/cre...real-world-experience-10-printerfriendly.html
They need to clear this up in the terms and market this better.

Fidelity Visa Signature charges 1% FTF but gives 2% cashback. I’m in the process of switching to the Alliant card I mentioned above that has no FTF and 3% (later 2.5%) cashback. I have a message in to Alliant to see if their debit card charges a FTF at the ATM.

Right - that has been my experience. No FTF fees for ATM withdrawals, but 1% for POS use. Last year I didn't use my Fidelity Check card in Europe because my First Tech credit chip and PIN card took care of automated POS machines with PIN.

This year I'll probably be using my Costco Citi VISA card quite a bit for hotels and dining overseas with their generous 3% travel rewards and new no FTF.

 

[audreyh1]

This was my initial thoughts on the fidelity account, only to find out after reading the disclosures that it had a foreign currency fee.

Does Schwab really convert to foreign currency no fee and at market exchange rates?

GOOD PROBLEM TO HAVE. Money spread out in a bunch of different places.

There is no FTF for ATM withdrawals.

There is a 1% fee if you use it at a point of sale terminal at a merchant or automated machine. It's better to use a no FTF credit card anyway for those transactions if you have a credit card that works well in Europe (chip, ideally with embedded PIN for automated machines).

 

[badatmath]

Surprised to see comments that ATMs only dispense 20s. Haven't seen any of those ATMs in a LONG while. I pretty much only use BOA ATMs and some do offer choice of denomination but most just choose for you and prefer 50s. BIL works for the bank managing the ATM service network and says it's a huge ongoing internal debate to use only 50s but they have too many $30 transactions. It cost them a lot to refill machines that run dry over the weekend.
Besides BOA I use GS Bank and Ally to store cash.

I bank with BOA and only get 20s (No option given). I would change banks if they only gave out 50s as most places here won't take them and its not worth the hassle. If my purchase is $50 or more I would use credit anyway.

 

[Carol1862]

I use EverBank to park CD money. Fidelity for almost everything else. Love the cash back card. Use my card for almost all my transactions

 

[calmloki]

Hi Luck Club, I also have started using Fidelity brokerage cash management since I retired last summer as my main banking. You can change your core account from the standard low rate that is setup to a new core account with higher rate. Under the Positions section click on the symbol and when it expands you have the option to "Change Core Position". I am using FZFXX FIDELITY TREASURY MONEY MARKET FUND at 1.24% current yield and it works just like the core account.


I also have the 2% Fidelity credit card that Braumeister mentions and it adds to this core account automatically everytime it hits 5000 pts.

I chase nickles and went to implement this plan. Got this:


Note: There Are No Other Core Options for This Account
There are no other core options available for your account. Additional options might be available by calling a Fidelity representative at 800-544-6666.

Perhaps this is because all we have is a couple Fidelity cards and the account for the card points to pour cash into.

 

[Luck_Club]

I chase nickles and went to implement this plan. Got this:


Note: There Are No Other Core Options for This Account
There are no other core options available for your account. Additional options might be available by calling a Fidelity representative at 800-544-6666.

Perhaps this is because all we have is a couple Fidelity cards and the account for the card points to pour cash into.

That's what I got too. I have to manually move money out of core, which I think yields .75% into something higher. From what I was told I did it backwards, should have opened a brokerage account, then added cash management too it which is what I thought I did. OH well more accounts with small balances to manage. PITA!

 

[Chuckanut]

I just fired my local Credit Union where I have been a member for decades. They now act more like in impersonal mega-bank than a CU. Seeking a better rate on my 1 year CD's I checked them out and compared them my mega-bank and and online bank:

Mega Bank - .45%
Local CU - .55%
Internet Bank - 2%

I never use their local office and have no plans to take out a loan for a new boat, house or car. There is always a wait to talk to somebody from what I have seen. Worse they do annoying thing like advertise 6.2% on member savings, and in tiny print add "up to the first $500", click on the terms and conditions and you find out the rate for $501+ is 0.10%. I really don't like that type of come-on advertising.

 

[wenglish]

I have mostly ditched my credit union (BECU), as they can't compete on interest rates with Ally (and they don't have an ATM, not even a partner credit union ATM, within walking distance of home, but there are at least 5 banks).

Every ATM I have used in the EU has only given out 50s, which annoys me - it's really hard to spend enough (cash, that is) to justify making a small business give me all their change when I buy something with a 50.

I have never met a BofA ATM that gave anything other than $20 bills, maybe this is a geographic thing.

I personally hope BofA doesn't switch their ATMs to $50s only.

 

[Dtail]

I have mostly ditched my credit union (BECU), as they can't compete on interest rates with Ally (and they don't have an ATM, not even a partner credit union ATM, within walking distance of home, but there are at least 5 banks).

Every ATM I have used in the EU has only given out 50s, which annoys me - it's really hard to spend enough (cash, that is) to justify making a small business give me all their change when I buy something with a 50.

I have never met a BofA ATM that gave anything other than $20 bills, maybe this is a geographic thing.

I personally hope BofA doesn't switch their ATMs to $50s only.

Might be a geographic thing, as BOA machines in Florida give a choice of 10's or 20's.

 

[kaudrey]

I use Capital One. I like their website; decent rate on the money market account, even a little bit of interest on the checking account. I also have a Venture card, and I can see all 3 in the same place, which I like. They have great customer service. The one good thing is that even though I opened the accounts online, there are actual branches here in DC and VA (where i work and live), and Capital One ATMs in the metro stations, so it's very convenient for me to get money if needed.


But, my brokerage account and IRAs are at Schwab...I need to look into Schwab banking!

 

[stephenson]

Another pitch for Fidelity - Schwab probably the same - On single Fido Full View page you can see credit care accounts from any cc company, bank and financial accounts from any other companies, credit unions. etc and dive down into each from that page.

 

[Montecfo]

I use Capital One. I like their website; decent rate on the money market account, even a little bit of interest on the checking account. I also have a Venture card, and I can see all 3 in the same place, which I like. They have great customer service. The one good thing is that even though I opened the accounts online, there are actual branches here in DC and VA (where i work and live), and Capital One ATMs in the metro stations, so it's very convenient for me to get money if needed.


But, my brokerage account and IRAs are at Schwab...I need to look into Schwab banking!

Use Capital One also. Usually near highest on rates, though that could be improved. Not sure it is worth the time.

I do not really use the checking account. I have thought about doing that, and kind of replacing the brick and mortar bank. Though as you point out, Capital One has some bricks.

The venture card which i do not use is also pretty interesting.

 

[Cobra9777]

Our basic process is this:

Day-to-day banking: Fidelity Cash Mangement Account; balance is big enough to handle normal timing fluctuations without regular transfers in/out. Based on this thread, I just changed the core position from FCASH (0.12%) to FZFXX (Fidelity Treasury Money Market Fund @ 1.29% currently).

Cash Reserves: Ally online savings account (1.45% currently). Been very happy with service and rates over the years. Keep the remainder of our cash allocation here.

Brick & Mortar: Wells Fargo checking. We keep $1.5K parked here to avoid fees. Mostly used to transfer money to/from kids and for occasional needs like notary or depositing/withdrawing large amounts of cash.

ATM: Use the debit card with the Fidelity CMA. All ATM fees are refunded.

 

[pb4uski]

.... We have been very granular in Quicken on categories but those categories don't match IRS categories. After all looks accurate we fold our categories into the IRS ones, then divide by two because we file as singles. Ship it all off to the tax person, who sends us a draft to review. We pretty much always find errors, either in what we submitted or in her entries, so send the corrected or questioned parts back and wait for our hard copy (ours is due in the mail tomorrow). Then it's just a matter of paying her and sending checks to two states and the Feds for both of us.

Do you use the feature of Quicken to map your Categories to IRS tax return lines?

 

[MuirWannabe]

I don’t have an online bank yet. I use a brick and mortar local CU. ATM’s are all free. I don’t keep large balances in my checking or savings, so I’m not terribly concerned about their low interest rates.

The main reason I’m thinking about an online bank is for access to great CD rates as interest rates slowly rise. I’ve never owned CD’s, but can see this changing in the near future. As to what online bank would be best to join for future great CD rate access I’m not sure. So here I sit....

 

[audreyh1]

Every ATM I have used in the EU has only given out 50s, which annoys me - it's really hard to spend enough (cash, that is) to justify making a small business give me all their change when I buy something with a 50.

I personally hope BofA doesn't switch their ATMs to $50s only.

I would say two out of three ATMs in Europe give me the option of choosing the size of bills I wanted, including several mixes. Only a few were €50s only.

 

[calmloki]

Do you use the feature of Quicken to map your Categories to IRS tax return lines?

No. We have way to many categories and property/loan classes past and present. If we map them our reports during the year end up with a bunch of splits and subtotals that make the reports hard to read. So I'm told by she who grinds out most of the reports.

 

[mountainsoft]

I recently started looking at online savings accounts for my mom after they charged us $700 on an early withdrawal on her 18 month CD (out of money, needed to pay for assisted living). Her CD only paid .15% so I figured there had to be a more flexible option with better rates.

So, I recently moved our savings accounts to Discover Online Savings. We've had US Bank for decades and never really thought much about it. But at .0098% interest our savings wasn't much better than a checking account. We only had a few thousand in our personal savings, and earned a whopping 14 cents the first three months of this year. I moved the same balance to Discover a couple weeks ago and already earned over two dollars interest! I'm not going to retire on the interest or anything, but every little bit helps.

I would ditch US Bank for our checking too, as they have fees for everything if you're not careful to avoid them. But, we have a safe deposit box at the local bank and it's nice to have a local branch for day to day operations.

 

[Sunset]

I recently started looking at online savings accounts for my mom after they charged us $700 on an early withdrawal on her 18 month CD (out of money, needed to pay for assisted living). Her CD only paid .15% so I figured there had to be a more flexible option with better rates.

.....

Please tell me that CD was very BIG, as we have some super low interest CD's (banks auto renew them at low rates like 0.3% if you don't pay attention ).

So we'd like to cash them out early.

 

[mountainsoft]

Please tell me that CD was very BIG, as we have some super low interest CD's (banks auto renew them at low rates like 0.3% if you don't pay attention ). So we'd like to cash them out early.

She had about 75K in the CD. I took out 30K to pay for her assisted living until the CD matures in September. The penalty was a flat $25 fee plus a percentage based on the amount withdrawn. I don't remember the exact penalty now but it was around $700 for the 30K withdrawn.

Mom use to earn really good interest on her CD's back in the 80's, but they're just not earning much anymore. She also may need that money at a moments notice with her current health conditions. The penalties far outweigh any interest she may have earned. It has taken a lot of time to convince her a Savings account with 1.5% interest is a better option than her CD with only .15% interest and penalties. I still don't know that she believes me.