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OT: Online high % savings opinions

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Dave from MN

06-20-2007 18:11:34

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Any one have any pro's or con's to share in their experience with online banks such as ING, HSBCdirect, and ome of the others. I dont know if I like the idea of NOT being able to walk in talk to a tellar and touch my money if needed, but that 5%+ on regular savings is pretty tempting. I also have been told there is alot of scams and fake sights out there. Any advice or opinions either way. If I dont buy this darned ( too expensive) land, I want to make sure I am getting a good return on the cash I do have.

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dave guest

06-22-2007 21:30:16

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

I took some competitors online ad to local bank and asked if they would like to make me an offer. They did and it was higher. Ya never know!!!!! ! I really like to stay local. If you have a problem ya go in and sit on their desk and tell them you are staying till they fix it. Had to do that a few times. Banks, utilities, insurance companies, car dealers. They do listen when you refuse to leave.

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dave guest

06-22-2007 21:30:06

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

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island a

06-21-2007 20:26:33

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

I use ING direct for my primary savings, have had no problems whatsoever and make several hundred dollars in interest evey year. Definitely beats my local bank.
Dave

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David in Wales

06-21-2007 10:03:50

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

Hi Dave;
I have used First Direct a division of HSBC for 14 years. Its a telephone only bank account, I have had absolutely NO problems with them. But I wont use their or anyone elses internet banking - dont trust hackers.
Whilst we are renting and now buying this house, I have had a bundle of money invested. Problem in England is that to get better interest rates, the only ones are telephone or internet. Worst is they only offer the extra % for first 6 months, so have had to switch banks or my interest goes way down. I am getting 5.5% before tax on a telephone instant access account. I prefer to stay with established and well known banks/investment companies - just feels safer.
Good luck with your search David

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Bob Farrell

06-21-2007 06:03:08

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

GMAC Bank (one of the General Motors companies) has a money market savings account paying 5.30 %APY, with a $5,000 minimum deposit, FDIC insured up to $100,00.00. 12 month CD"s @ 5.40% APY

Have no connection. Drive a Dodge PU and a Lincoln car.

If you can"t trust GM with your money - who can you trust ????

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Bus Driver

06-21-2007 04:13:36

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

I had a couple of accounts with ETrade that paid attractive rates of interest. But they screwed up on a money transfer in the five figure range- they transferred on four figures worth- dropped the last zero on the amount. Lots of bounced checks and the resulting charges. They readily admitted their mistake, but did not want to do anything else. I wanted to be reimbursed for the charges incurred and for them to write form letter to all the other banks explaining what happened. In short, if THEY screw up, the problem is YOURS to correct. I pulled over $350K out of Etrade and have not been back.

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T_Bone

06-21-2007 03:23:36

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

Hi Dave,

I think Bank of America, CitiBank, ChaseBank have about the same thing, good banks so so at brokerage

E-Trade smokes on brokerage accounts as there about the best for a dial-up ISP. I don't know about there bank side.

From my experience, I find it's a good idea to hold more than one Brokerage account at different institutions.

T_Bone

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Gaylen

06-20-2007 23:12:27

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

I have been using ING for several years now and no problem. It is FDIC insured. To transfer to my checking account takes a couple days. My son also has accounts for his kids there as local banks pay less than one percent for kids small savings. ING has no minimum and pays more than some local banks pay for CDs.

Gaylen

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Gerald J.

06-20-2007 19:22:10

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

The trade off is in safety of the account. The on line accounts most likely are not FDIC insured and so can be lost if the company goes belly up or the CEO runs off with the assets.

Check with local offices of investment advisors such as Edward Jones. They offer nearly 5% on their money market account and you can walk into their office any working hour and get a check or you can arrange to write checks from that account.

Banks pay better rates the more you have in the account but even they are only insured to $100K per customer name on the account. If its a joint account then that insurance limit is increased by the number of persons on the account.

Gerald J.

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TomH in PA

06-20-2007 18:18:05

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Re: OT: Online high % savings opinions in reply to Dave from MN, 06-20-2007 18:11:34

I use an online broker. The balance can be kept in a money market account or moved into stocks as desired. Can also write checks on the account. It's not good for everyday deposits and purchases, but for seldom touched money it works fine.

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