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Old 09-07-2017, 10:00 AM
 
4,783 posts, read 4,663,039 times
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I have Goldman Sachs which is also 1.20%.
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Old 09-10-2017, 09:34 AM
 
3,448 posts, read 1,491,488 times
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I use Ally and it's been great.
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Old 09-11-2017, 11:09 AM
 
505 posts, read 546,989 times
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Quote:
Originally Posted by k81689 View Post
Since all out IRAs are in Schwab, we use Schwab. No complains.
FYI, most online banks allow you to deposit checks through smart phones. Some banks allow you to withdraw cash through 3rd party atm with fee reimbursement. Read fine print to find out the limit and restrictions. The best place to withdraw cash is supermarket.

Most online banks has no cash deposit mechanism.

You need to buy money orders from walmart, post office or check cashing places.
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Old 09-11-2017, 11:13 AM
 
Location: la la land
27,151 posts, read 11,338,839 times
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Quote:
Originally Posted by k81689 View Post
FYI, most online banks allow you to deposit checks through smart phones. Some banks allow you to withdraw cash through 3rd party atm with fee reimbursement. Read fine print to find out the limit and restrictions. The best place to withdraw cash is supermarket.

Most online banks has no cash deposit mechanism.

You need to buy money orders from walmart, post office or check cashing places.
We had Schwab checking, they have 100% unlimited refund of ATM fees, we only changed to a Credit Union because their interest rate on checking was better and it is nice to have access to local branches in case you need one. Our CU also refunds all ATM fees.
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Old 09-11-2017, 09:06 PM
 
8,089 posts, read 4,446,122 times
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ally is one of the best, top banks out there
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Old 09-11-2017, 09:39 PM
 
1,018 posts, read 553,621 times
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Barclays is another - I've been very happy with them and they always have comparable rates.....currently at 1.20% Savings also. Transfers via ACH have been seamless and quick.

I have been thinking of opening an Ally acct too.....they also have that 11 month no penalty CD that pays pretty well for a short term (and a 1.50% rate for over $25K)
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Old 09-12-2017, 08:31 PM
 
608 posts, read 295,700 times
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If you look at the information provided by Capitol One, they really expect you to have another traditional-style checking account. They don't have any physical locations (okay, they've tried a few 'cafes' in limited cities).

So for example to set up the account in the first place, you will create an online account and they will transfer a test amount to another account that you specify. If you don't have a separate account, I don't think you can't complete the account setup with Capitol One.

I've had Capitol One for more than ten years, and for the most part I'm happy. But I use it primarily as a savings account, not as a money market or checking account. When I bought a condo last year, Capitol One was a bit difficult....there were points in the buying process where I had a very limited amount of time to move money. Capitol One requires 3 days to transfer funds, and if you want a cashier's check they have to mail it to you...which wasn't fast enough, so I had to use another account to accomplish that. When it came time to transfer funds to close, suddenly their website didn't recognize my computer and froze my account.... it took the better part of a very stressful day to get it straightened out.
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Old 09-26-2017, 03:18 PM
 
Location: Sacramento
32 posts, read 15,588 times
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A key consideration if you are elderly:

Some online banks (like Cap One) DO NOT allow you to name beneficiaries on the account. Therefore, upon death, the account has to go through probate unless the balance is very small.
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Old 03-26-2018, 10:17 AM
 
Location: Illinois USA
291 posts, read 147,623 times
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what about american express they are offering currently 1.75% rate ?

what is the difference between a high yield saving account vs money market account ?

is there a risk of losing your investment in the money market account ? or is it FDIC insured
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Old 03-26-2018, 12:33 PM
 
Location: Alaska
187 posts, read 80,941 times
Reputation: 686
Quote:
Originally Posted by Dad01 View Post
Can you guys recommend online banks you used and your experience

I'm interested to get the most out of the Money market accounts there having better interest rate than brick and mortar banks

are they FDIC insured ? if so how can I verify it ?

I was looking at Barclays, Ally and Capital one having some reasonable interest rates

I'm also trying to get the best interest rate on Money Market, Checking and short term CDs


Just found that through my Schwab account I can purchase CDs from other banks.
I'm seeing a 1 year CD from Wells Fargo at 2.15% , and again I can purchase that through Schwab.
Another option I've done is buy into a short term bond fund that pays 3.7%
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