Online Savings Account

brij2006 · October 2016

Anyone have a recommendation on a good online savings account to use that has a decent interest rate?

We're looking for a place to toss our Efund and another lump sum of money that makes more than the .10% in our savings account.

Any tips on what to look for when choosing an online account?

julieanne912 · October 2016

I don't use it anymore as I've switched a credit union but I have one with CapitalOne 360, formerly ING. When I opened it their savings rates were like 6%.... ahhh the good ol days

Anyway, what I would look for is what their ATM access is like, in case you need that money ASAP. I would also look to see what their transfer from other accounts process is like... ie do they have a fee for that, and what the wait time is, etc.

LillibetteV · October 2016

I use Ally and really like it. 1% daily compounding interest. It does take a couple of days to transfer funds out though.

brij2006 · October 2016

@LillibetteV Are there any limits on the amount of transactions you can perform in a month? Do you have an ATM card with this account?

jtmh2012 · October 2016

I have 4 accounts at Barclays's. Currently paying 1% interest. I don't have an ATM card. Never asked. Wasn't worried about it. I've never had any circumstance where I couldn't put something on a credit card and then pull the money by the time the bill came. Not having direct access to "cash" doesn't bother me.

brij2006 · October 2016

@jtmh2012 How long does it take to transfer the funds from them to your checking account?

We don't need immediate access to the money, so a 3 day transfer isn't a deal breaker, but just want to make sure it's easy to do.

jtmh2012 · October 2016

brij2006 said:

@jtmh2012 How long does it take to transfer the funds from them to your checking account?

We don't need immediate access to the money, so a 3 day transfer isn't a deal breaker, but just want to make sure it's easy to do.

Officially, their FAQ says 2-3 days. May depend on your bank though.

cbee817 · October 2016

We use a local credit union for our vacation fund- it's 1% as well. I like it because there is a physical location.. I sound like my grandma!

brij2006 · October 2016

@cbee817 All of our accounts are with a local CU, and they only offer .10% on all of their accounts. :-( It's disappointing.

LillibetteV · October 2016

The limit is 6 transactions, but deposits don't count. I have the savings account and the money market might be a little different. I do not have an ATM card, but again I didn't want one so I'm not sure if it's an option. We use this account just for our savings so we hardly ever touch it so the restrictions have never been a problem for us.

short+sassy · October 2016

LillibetteV said:

The limit is 6 transactions, but deposits don't count. I have the savings account and the money market might be a little different. I do not have an ATM card, but again I didn't want one so I'm not sure if it's an option. We use this account just for our savings so we hardly ever touch it so the restrictions have never been a problem for us.

I could be wrong, but I think there are actually Federal guidelines that force banks to limit how many free withdrawals a person can take from their savings account within a specified period of time.

Also, if the amount you will be depositing and keeping in there is more than $2500, look into a Money Market account instead of a savings account. They generally pay a bit more interest and you also have limited check writing abilities.

LillibetteV · October 2016

short+sassy said:

LillibetteV said:

The limit is 6 transactions, but deposits don't count. I have the savings account and the money market might be a little different. I do not have an ATM card, but again I didn't want one so I'm not sure if it's an option. We use this account just for our savings so we hardly ever touch it so the restrictions have never been a problem for us.

I could be wrong, but I think there are actually Federal guidelines that force banks to limit how many free withdrawals a person can take from their savings account within a specified period of time.
Also, if the amount you will be depositing and keeping in there is more than $2500, look into a Money Market account instead of a savings account. They generally pay a bit more interest and you also have limited check writing abilities.

I think that's correct about the guidelines. Although Ally is a weird one, the savings account is 1% but the money market is only 0.85%. Since I don't need unlimited ATM withdrawals (or even an ATM card) I'll take the little extra interest.

brij2006 · October 2016

LillibetteV said:

short+sassy said:

LillibetteV said:

The limit is 6 transactions, but deposits don't count. I have the savings account and the money market might be a little different. I do not have an ATM card, but again I didn't want one so I'm not sure if it's an option. We use this account just for our savings so we hardly ever touch it so the restrictions have never been a problem for us.

I could be wrong, but I think there are actually Federal guidelines that force banks to limit how many free withdrawals a person can take from their savings account within a specified period of time.
Also, if the amount you will be depositing and keeping in there is more than $2500, look into a Money Market account instead of a savings account. They generally pay a bit more interest and you also have limited check writing abilities.

I think that's correct about the guidelines. Although Ally is a weird one, the savings account is 1% but the money market is only 0.85%. Since I don't need unlimited ATM withdrawals (or even an ATM card) I'll take the little extra interest.

That's how a money market is at our bank. It's only 1/2 a percent. I'm still better off tossing it into an online savings account.

Xstatic3333 · October 2016

We use Capital One 360. The ease of use on it is great. One thing I really like is that we can set up multiple savings accounts for different goals, extremely easily. I do see better interest rates other places, but they are all so low that it doesn't seem to matter too much to me.

bmo88 · October 2016

@brij2006: We use Sallie Mae. It fluctuates throughout the year, but the High Yield Savings account is around .8% and the Money Market is .9%. Sometimes it goes as high as 1 or 1.2%.

I like it because there are no minimum balances or contributions. It's easy to access and move funds around in as well.

We put the majority of our funds in the money market because of the higher interest rate, but also we can write checks directly from that account if we need to. We did that when put a down payment on our recent car purchase.

It takes about 2-3 business days to transfer funds, but if you order the book of checks ($5 for about 20), you can write a check to access the funds right away.

formerlyjessica490 · October 2016

Xstatic3333 said:

We use Capital One 360. The ease of use on it is great. One thing I really like is that we can set up multiple savings accounts for different goals, extremely easily. I do see better interest rates other places, but they are all so low that it doesn't seem to matter too much to me.

This is us as well. We really like them.

brij2006 · October 2016

formerlyjessica490 said:

Xstatic3333 said:

We use Capital One 360. The ease of use on it is great. One thing I really like is that we can set up multiple savings accounts for different goals, extremely easily. I do see better interest rates other places, but they are all so low that it doesn't seem to matter too much to me.

This is us as well. We really like them.

That's who our financial planner recommended and said he uses, but their at .85% right now to where places like Synchrony is at 1.05% and Ally is 1%

LillibetteV · October 2016

brij2006 said:

formerlyjessica490 said:

Xstatic3333 said:

We use Capital One 360. The ease of use on it is great. One thing I really like is that we can set up multiple savings accounts for different goals, extremely easily. I do see better interest rates other places, but they are all so low that it doesn't seem to matter too much to me.

This is us as well. We really like them.

That's who our financial planner recommended and said he uses, but their at .85% right now to where places like Synchrony is at 1.05% and Ally is 1%

I used to use ING before it was bought by Capital One 360 - I made the switch because I despise CapOne and didn't want to give them my business. Having used both I can honestly say that in terms of ease of access and use they are the same as Ally (although I like Ally's customer service better).

jtmh2012 · October 2016

We used to have a Capitol One online account before they added the 360 name. Had a bad experience with them when I tried to add my wife to the accounts and they froze the accounts. Ended up closing the accounts and moving to Barclay's.

Online Savings Account

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