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Old 03-26-2018, 12:41 PM
 
Location: la la land
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My local credit union pays 2.12% on checking accounts up to $10,000, direct deposit is required though. My husband and I each have an account with them and with Ally.
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Old 03-26-2018, 12:55 PM
 
Location: Aurora Denveralis
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Quote:
Originally Posted by 2sleepy View Post
My local credit union pays 2.12% on checking accounts up to $10,000, direct deposit is required though. My husband and I each have an account with them and with Ally.
As much as most people do most banking "remotely" even with a branch nearby, I've never been convinced that the drawbacks of a bank with no local/physical premises are worth a percent or so on CDs etc. (and not much else). If you have the usual modest amount in CD-type investments, it's unlikely to mean more than $100 or so a year in returns, and if you have more, there are better places to park $50-500k.

My credit union pays 2.2% on checking with fairly generous terms, which is well into the ballpark of the online bank MM and CD accounts. And I do find I need counter services once a month or so. And no longer care for the hassle of multiple banks (for personal, business, loans, investments etc.)
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Old 03-26-2018, 01:14 PM
 
Location: la la land
27,167 posts, read 11,349,748 times
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Quote:
Originally Posted by Quietude View Post
As much as most people do most banking "remotely" even with a branch nearby, I've never been convinced that the drawbacks of a bank with no local/physical premises are worth a percent or so on CDs etc. (and not much else). If you have the usual modest amount in CD-type investments, it's unlikely to mean more than $100 or so a year in returns, and if you have more, there are better places to park $50-500k.

My credit union pays 2.2% on checking with fairly generous terms, which is well into the ballpark of the online bank MM and CD accounts. And I do find I need counter services once a month or so. And no longer care for the hassle of multiple banks (for personal, business, loans, investments etc.)
I agree, we also get 100% refund on ATM fees
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Old 03-27-2018, 05:38 AM
 
Location: Cebu, Philippines
2,162 posts, read 795,391 times
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If the washer in your laundromat fails, and you lose $1.25 in it, and phone the 800 number, they will mail you a paper check for 1.25. Good luck cashing it if you don't have a walkin bank. Also, it's nice to have a walkin bank if you want to travedl abroad and want some fresh crisp $100 bills. Walkin banks also have free notary service for their customers.

Absolutely maintain a local account at a bank you can conveniently walk into. There may be things that an online bank can do more favorably for you, but it's just an extra option. But there will be a couple times a year you'll wish you had a walkin bank.

Just about every walkin bank has free checking for seniors. If you're not a senior, find a senior you can trust that you can be a joiner with, and keep a few bucks in the account..
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Old 03-27-2018, 08:17 AM
 
Location: la la land
27,167 posts, read 11,349,748 times
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Originally Posted by cebuan View Post
If the washer in your laundromat fails, and you lose $1.25 in it, and phone the 800 number, they will mail you a paper check for 1.25. Good luck cashing it if you don't have a walkin bank. Also, it's nice to have a walkin bank if you want to travedl abroad and want some fresh crisp $100 bills. Walkin banks also have free notary service for their customers.

Absolutely maintain a local account at a bank you can conveniently walk into. There may be things that an online bank can do more favorably for you, but it's just an extra option. But there will be a couple times a year you'll wish you had a walkin bank.

Just about every walkin bank has free checking for seniors. If you're not a senior, find a senior you can trust that you can be a joiner with, and keep a few bucks in the account..
Most banks have mobile deposits. As long as you have a smartphone it's much easier than going to the bank even if it's a few blocks away. Open the app, click on deposit, enter the amount of the check and take a picture of the front and back of the check with your phone's camera. While I can't get $100 bills from a bank without a local presence I can get as much as I want out of the ATM, if I need more than $400 I call the bank and they raise the limit for the day.
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Old 03-27-2018, 08:49 AM
 
Location: Aurora Denveralis
2,980 posts, read 1,012,279 times
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Quote:
Originally Posted by cebuan View Post
There may be things that an online bank can do more favorably for you...
Like what?

AFAICT, the sole advantage of internet banks is that they pay about 1% more on CDs and such... and that much more than mainstream banks, but very little more than CUs and smaller, competitive banks. Plus they once had slightly more advanced online features, but nearly all banks have those now.

Was there another advantage?
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Old 03-27-2018, 09:16 AM
 
131 posts, read 111,573 times
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Quote:
Originally Posted by Dad01 View Post
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

American Express offering 1.75% on savings or CD?

I only found 1.45% on their High Yield Savings a/c.
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Old 03-27-2018, 01:52 PM
 
Location: in my mind
4,615 posts, read 6,115,918 times
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Quote:
Originally Posted by Quietude View Post
As much as most people do most banking "remotely" even with a branch nearby, I've never been convinced that the drawbacks of a bank with no local/physical premises are worth a percent or so on CDs etc. (and not much else). If you have the usual modest amount in CD-type investments, it's unlikely to mean more than $100 or so a year in returns, and if you have more, there are better places to park $50-500k.

My credit union pays 2.2% on checking with fairly generous terms, which is well into the ballpark of the online bank MM and CD accounts. And I do find I need counter services once a month or so. And no longer care for the hassle of multiple banks (for personal, business, loans, investments etc.)
where are the better places? (honest question)
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Old 03-27-2018, 02:02 PM
 
Location: Aurora Denveralis
2,980 posts, read 1,012,279 times
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Quote:
Originally Posted by KittenSparkles View Post
where are the better places? (honest question)
Any local bank with appropriate services for your customer level. Credit unions tend to top the list unless you're a heavy commercial user, and even then sometimes.

If you keep significant amounts of money in a bank, most accounts and many services are free, and there are bonus percentages on savings (+) and loans (-). If you're a smaller customer or tend to run your accounts dry, CUs are again probably your best choice.

Most people who complain about a bank have chosen the wrong one - they are NOT the same and do not target the same customer base. If your bank doesn't offer enough, you've probably stayed with a "free" or low-tier one too long; if you feel like you're paying a fortune to have an ATM card, you're with one too high-tier for you.
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Old 03-27-2018, 05:57 PM
 
Location: Cebu, Philippines
2,162 posts, read 795,391 times
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Quote:
Originally Posted by 2sleepy View Post
Most banks have mobile deposits. As long as you have a smartphone it's much easier than going to the bank even if it's a few blocks away. Open the app, click on deposit, enter the amount of the check and take a picture of the front and back of the check with your phone's camera. While I can't get $100 bills from a bank without a local presence I can get as much as I want out of the ATM, if I need more than $400 I call the bank and they raise the limit for the day.
You have an ATM that gives $100 bills? When I travel, I carry about $2,000 in cash, and a hundred bills won't fit in my moneybelt. And money exchanges often refuse to accept worn bills or those with early series dates. I go to my bank and ask for crisp new hundreds, and they go through their stack and pick them out for me.

If having a smartphone is a prerequisite to having an online bank account, I'm disqualified. Even some walkin banks, I'm not eligible for online banking, because if they ever decide I have to reset my password, I have no mobile number they can text a security code to.
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