Online banking--any issues?

[Luvdogs]

I have some CDs in online banks but I'm thinking about changing my emergency fund over there. (not CD)

Any issues with them?

Haven't touched it in at least five, maybe ten years and it's sitting in Chase at 0.03%. I realize it is there just for emergencies--but we could cover most outside of the emergency fund also.

CIT is at 1.55%, GS at 1.50. Any problems getting the funds if you need them--say within a couple of days?

I look at Bankrate to compare but are there others out there with a little better rate?

Thanks.

 

[audreyh1]

I have been able to transfer funds within a couple of days.

 

[cranberryjoe]

I've been using Barclays Online Savings for about 5 years. Transfers to my checking account at a local bank generally take about 2 business days.

 

[Sunset]

No problems at all, other than I have to transfer to a real bank to spend it as that is my habit.

Note: Ally bank will let you withdraw money from an ATM, so that is closer to a "real" bank and would be useful if the Internet was down.

Now if they would allow me to download and print the money I'd be all set

 

[Gotadimple]

Transfers between banks take 2 to 3 days. Generally in 2 days funds are available. The process to do this are easy as long as you link both accounts which may take a few days to accomplish.

- Rita

 

[RetiredGypsy]

I've used ING Direct (now Capital One 360), Amazon Payments, and Discover Bank, without any issues. ING Direct took the full 7 days to transfer, and I noticed Capital One 360 takes just about the same. Their savings rates have plummeted since the switch, so I've stopped using them. Discover Bank transfers in just a couple days, both ways, and they have great customer service.

 

[gayl]

I've been with USAA for 13+ yrs. No problem with an 'online' account --- no branch within Northern California. Bill pay is automatic, ATMs all over & they reimburse 1st 10 charges a month for using another banks' ATM, same day credit for transfers to my Schwab bank account which is also online only. You won't 'see' a difference with debit or credit accounts!

 

[Aerides]

I've been with Everbank for 13+ years, no issue, many transfers, and they actually have a few branches in some areas.

 

[GalaxyBoy]

I'm happy with Ally. Transfers to Schwab Bank take one business day, and I can write checks from Schwab.

OTOH, in a real emergency I could write a check and have it covered by a margin load in the Schwab One account. I would never do that, but I guess it's an option if I were in dire straits.

 

[gayl]

If I request that Schwab initiate the transfer of funds then I have immediate access to those funds. Not sure if it has to do with my total amount at Schwab or if it's simply that they can see the link between the two Banks.

 

[jebmke]

We use USAA for checking and AMEX for savings. Transfers either way are normally completed in 24 hours or less.

 

[mickeyd]

No issues between USAA and Ally. A couple of business days at most.

 

[CRLLS]

I have no online bank. I am thinking of going to Fidelity. Has anyone got any experience with them?

 

[gwraigty]

I have no online bank. I am thinking of going to Fidelity. Has anyone got any experience with them?

We have checking accounts with both Schwab (High Yield Investor Checking) and Fidelity (Cash Management). We've written checks and used online billpay with both with no issues. Both reimburse ATM fees.

When transferring from the Schwab checking to Schwab brokerage, or vice versa, balances are updated instantly. With Fidelity, the balances are updated the next business day.

If you're just interested in a checking account, the Fidelity Cash Management account is an eligible account for automatically depositing Fidelity Visa cash back rewards into. You don't have to open a brokerage account to get this account.

 

[pb4uski]

DiscoverBank here. Never s problem... transfers typically take a couple days.

 

[UnrealizedPotential]

I've never had any issues. I just make sure I get a new password every few months. But as was said earlier it takes a few days for money to settle between accounts, but other than that no issues.

 

[Scrapr]

Vanguard Prime MM is at 1.45% yield now

Maybe easier than setting up a brand new account?