I'm currently with a credit union and am looking to switch to a new bank...perhaps one that has more branches or national, and definitely one that has a good online interface (my current online access is terrible and I can't even easily copy my statements into excel to import into a Quicken-like program). I've been looking at various big ones...BoA, Citi, BankUnited, Mellon, Chase...but then there are internet-only "banks" (Schwab, E-Trade, ING Direct, etc.). A few questions for those who are knowledgeable about them: -What "hidden" or other fees might they have? -They offer better interest rates than my current and other national banks (plus they claim reimbursement on ATM transfers). One would assume this is to help draw in customers. Why would I not want to jump on the internet bank band waggon if rates are better AND if I could have a small portfolio on the same page (like Schwab)? -BoA has arguably the best online interface (and a great one for the iPhone)...what other banks have good online access? Overall, what are the pros and cons of an internet-only bank?
E*trade is great. It is very easy to use, and they also have a brokerage to trade stocks and bonds. Very easy to transfer money between brokerage and checking accounts. Fortune did a review of internet banks and they rated E*trade very highly. The cons are there aren't many physical branches to go to. Can't really think of any other cons
Just be careful... these days if you have a lot of money you're better off not putting it in one bank, and if you're going Internet you better be bloody sure your account is FDIC insured. We've got people speculating that we could see bank failures ranging into the hundreds.
i've got my money being stored in igobanking.com you suggesting i pull out of websites like that, including HSBC, INGdirect, etc?
Technically if your account is FDIC insured, you're safe up to $100,000; anything above that and you're potentially SOL. There are a lot of wealthy IndyMac customers who are in serious trouble today because of this.
i bank with chase and online bank with hsbc. no fees with either one and hsbc offers 3.5 % interest. i've never actually had to use my hsbc account though. i can't remember what atm fees are, if any.
A university-affiliated credit union. Regarding the FDIC-insured banks...interesting point. Apparently it can get a little confusing: According to that site APY rates for Schwab have gone from 4% down to 2% just since October. Interesting.
Pros - Higher interest rate for both checking and savings accounts. The checking accounts (which pay interest) are great for using to pay bills online. Con - It takes a couple of days for funds to be available to withdraw. I use ING and HSBC. If you are interested in an ING account, let me know cuz I can refer you and you get $25 and I get $10.
I'll probably make a final decision in the next 10 days...I'm in the process of finding a new place to live by August 1, so bank is the next thing to tackle. Honestly I'm down between ING Direct and Schwab. I may still get an extra checking account with a BoA or HSBC just in case...is it silly that I would think HSBC would be "safer" since it's not an American bank? Either way, I'll probably go ahead and spend money on a Quicken-like program (or might settle with the free Buddi) to better track everything.
