online banking

[strmywthr3]

I was thinking about opening an online savings account and was wondering if anyone had any experience with either capitalone.com or hsbcdirect.com? They both have savings account interest at about 5% - which is more than my money market account earns. They are online banks only though, which is why I am asking. Kiplinger's.com rated hsbcdirect.com pretty highly, although I liked some of the options on the capitalone.com account.

any advice anyone?

[barbszy]

I have always wondered with the online-only banking--how do you get the money in and out?

[DeBora4BobbyL]

My DH, who is fairly computer illiterate does online banking. He has an account with Fidelity and we have a checking with Wells Fargo. My paycheck and DH's paychecks are direct deposit. Any ATM card or checks written can be seen either as pending or have come through via the Internet. When he goes online with Wells Fargo, there is a lot of security. You can also have the bank take money out of your account and automatically pay bills. We don't do that because of a bad past experience. However, I know many people who do that and love it. You don't have to remember to pay and it is automatically taken out of your account when the bill is due.

As for the Fidelity account, DH's 401K and other savings are there. He LOVES that as well. He can buy stocks and even set a price to either buy or sell. So, when the stock reaches that price, even if it is 3am and he is asleep, it will automatically buy it or sell it, depending on the situation. So much can be done these days without going to the bank and standing in line. We still have to go to the ATM to get cash or to the bank for some deposits, like my Scholarship check, which isn't direct deposit.

Good luck!

[Carbokid]

I have had a saving account online for some time with Emigrant Direct. That bank was recommended by Suze Orman, along with others. Emigrant pays 5% at least. Suze Orman show is on Saturday nights at 8:00 pm Central time. She is one smart lady!

To begin a savings account online, you must register your name etc. online with a savings bank of your choice. Then you must write a check for the amount you want to deposit in the savings account off your checking account at your local bank....then send by US mail to this saving bank. They pick up your checking account number, your routing number for checks....and is recorded, and your money is deposited. You will be able to see online what has been deposited. At your home bank, this amount will be deducted from your checking acct.

If you want to withdraw money from this savings acct. you established, you go on line and see how one can withdraw money....you put in the amount you want to withdraw....and this amount will be directly deposited in your home bank checking acct. in about 3-4 working days. (at least that is how Emigrant does it)

If you want to deposit more money in your savings acct......well, it's easy.....just follow instructions. I recommend these savings banks online.

ING is another savings bank.

[RentMan]

I have always wondered with the online-only banking--how do you get the money in and out?
...
Looks like I'm a little late replaing, I have had an online with Presidential Bank for years. I also have a local account, when I need cash (pocket money) I write a check on Presidential, and cash it at my local account.

[MKS]

I have a high yield money market account with capitol one & it works great for me. We have our normal checking account with my dhs employee credit union. For years we have had his check direct deposited there & we check balances & make transfers, etc. on line. Our new acount at Cap One has better interest rate, so we are putting as much savings there as possible. It is linked to our regular (credit union) account, so we just do transfers online. Since it is a money market, we are limited inthe number of withdrawls but we do have checks we can write. Or we can just transfer back to the checking although that would take a few days to clear. It was the highest interest rate we found, but now I'll be looking at the Emigrant Direct bank at 5%? We get 4.68% I think.

[cfwaaw]

I have had 4 online savings accounts. I still have 2 of them currently open. I have INGdirect.com which I haven't had any problems with. I put in $$ automatically every month and never have the urge to touch it.
Also I have an HSBCdirect.com account and I really love that account, little better interest rate, never had problems with the site, etc.

I used to have a EmigrantDirect.com account and the website was always so messed up I was always calling in to get them to reset my password. So I decided if I couldn't get to my $$, then I didn't need to have an account with them anymore, so I closed it.
I used to have a savings account with OneUnited.com - from California run by black entreprenuers. Had a high interest rate 5.25%, but I was always having problems with it too and they only pay interest quarterly instead of monthly....
Good luck in your endeavor!

[strmywthr3]

thanks for insight cfwaaw. I decided to go with an hsbcdirect.com account and it's nice to hear a vote of confidence for them!

[mammajigglypuff]

I have a netbank account and I very happy the only drawback is that there only ATM is in Ga.
unles you don't mind fees from other ATMs
I have direct deposit so it's great for me and I can use my check card anywhere they accept visa.

[lrivetz]

I had used them both for credit cards but not as online saving or checking.