GE Capital Bank

[Moneygrubber]

Thinking of opening a savings acct for higher yield, any bad experiences or other advice regarding these online banks?


Sent from my iPad using Early Retirement Forum

 

[mystang52]

I have accounts with both Capital One 360 (formerly ING Direct) and Ally (probably 10 years or more). I have nothing but positive things to say about both.

 

[Bamaman]

I would think GE Capital Bank may have a pending name change as General Electric is/has been selling their interests in their finance companies. Often such companies are issuing promissory notes with the funds to be used in general wholesale, retail and/or leasing items sold by their affiliated manufacturing companies. I've got no problem with that.

 

[Cobra9777]

I've been at Ally for many years. Most of the 5% cash allocation is held there earning 1.0% currently. It's about as exciting as watching paint dry. But hey, YTD it's a bright spot in the portfolio. No bad experiences. Only advice is: don't rate shop every month. The differences are immaterial and constantly moving around. Pick one of the big players and stick with them.

 

[BTravlin]

I've been banking with GE for a little over a year now and everything has worked well. Their bill pay/transfer options are somewhat limited but I don't really use this account for that anyway so all is good. You are limited to I think 5 transfer per month so you do have to watch that though.

 

[Totoro]

Thinking of opening a savings acct for higher yield, any bad experiences or other advice regarding these online banks

Just check if they are government insured, and by which government.

An on-line bank garantueed by the full power of the government of Malta isn't what it used to be

(GE is probably FDIC insured)

 

[Another Reader]

GE Capital Bank is owned by GE Capital, which is shedding assets. This bank has been sold to Goldman Sachs, and the deal will close in a few months. This bank pays a competitive rate and has been easy to deal with.

The other GE Capital Bank is Synchrony, formerly GE Capital Retail Bank. This is the bank that runs all the credit cards. It's being offloaded as well, but in a more complicated set of transactions. Rates are similar, but the transaction platform and rules are not as friendly.

Goldman Sachs is unlikely to do anything that will benefit the customer, so I intend to close this account as the sale date nears. To find the best current rates, www.depositaccounts.com is helpful.

 

[RE2Boys]

GE Capital Bank is owned by GE Capital, which is shedding assets. This bank has been sold to Goldman Sachs, and the deal will close in a few months. This bank pays a competitive rate and has been easy to deal with.

The other GE Capital Bank is Synchrony, formerly GE Capital Retail Bank. This is the bank that runs all the credit cards. It's being offloaded as well, but in a more complicated set of transactions. Rates are similar, but the transaction platform and rules are not as friendly

Goldman Sachs is unlikely to do anything that will benefit the customer, so I intend to close this account as the sale date nears. To find the best current rates, www.depositaccounts.com is helpful.

With the announcement that GE Capital Bank is being sold off to Goldman Sachs, I closed my account as I feel the same, GS would not have the benefit of smaller customers as a priority. Moved the funds to Synchrony. Both are FDIC. The GE Capital Bank interface was simple and worked well but the services were barebones. A good experience but just don't trust GS. Also use Discover Bank and Capital One 360, though the latter will be closed once they pay out the promotional bonus (roughly 1% if opened a new account). Don't know if bonus still available as I opened the account around July 1.

Edit to add: Capital One bonus promotion ends Sept 30. See https://home.capitalone360.com/lp-s...e-36&utm_term=EXP9&utm_content=MTS::LM4GNSE8Z

 

[rjohnla]

Hi, for years now I have been banking only with Weiss rated ($10 report) A rated banks. It has caused me to open and close accounts and least 4 times in 15 years, not bad, but a pain. The smaller A-rated were consistently bought out by bigger C-rated banks, every time. There are approx. 3-4 A rated banks per state. It's not the return on your funds, but the return of your funds. When I wrote last back in 4/13, before injury, I was discussing: no growth economy, deflation and impending depression with sovereign defaults this time (2014-2020) around - was not well received. I know people want a return, based on historical reading, as stated, in these times with 0% IR (no inflation, no demand), it's return of funds that counted, not closed weak banks. So a lot in cash in cash equivalents. Contrarian, yes, but, I went out and bought a Hummer (H3) for $20k during "peak oil" and prices were headed to $6. Main point, safe banks are worth it, and you you can find them.

 

[braumeister]

I've had my main savings account at Discover Bank for about four years and have been very satisfied. Currently pays 1% interest and has always been good about transferring money in/out.

 

[aja8888]

We use Ally for uninvested funds (cash). We use JP Morgan Chase for bill pay/checking/debit card. PenFed for 3% CDs, CC account. I have an AMEX Blue for travel/cash back. All good names.

 

[jazz4cash]

I have been using GE Capitol Bank for approx one yr. I am just now starting to use the funds xfer feature which works well for my needs. I will be setting up 2x per month auto xfer. They do not offer IRA which is a shortcoming for me. The MM and CD rates are good. I too am very concerned with the acquisition by GS but will wait and see how things play out.


Sent from my iPhone using Early Retirement Forum

 

[rjohnla]

Have been reading posts, and yes, mine was little narrow. Most funds in a rated bank. I use Chase for local ATM, etc, they gave me about $200 in cash for opening a checking and savings account everything is free (vet offer), minimal return, but just working balances. Also, I opened a Discover checking and got debit card. They gave $50 bonus (this was recent) and 10 cents and every debit transaction. So under $10 use Discover debit. RedBox, $1.60 = $1.50, well pennies at a time. Over $10 Discover CC is better. Also, 2 financial advisers I know are big on Everbank, they have some of the highest rates. Just checked rated B- by Weiss. Chase = C, GE Capital Bank = A-! Discover = C

 

[erkevin]

I use BofA for my every day needs and keep 7-8k there for emergencies. I funnel all other excess to GE savings at 1% and have some 5 year CDs there at 2.25%. This totals about 50k to be used for a car in a few years or other unexpected expenses