Comments on: The Pros and Cons of Online Banks http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sun, 12 Feb 2012 05:07:51 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Michael http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-45350 Michael Fri, 05 Feb 2010 18:43:10 +0000 http://www.mint.com/blog/?p=2386#comment-45350 Do both! Use the brick and mortar checking/checkcard as your throughput to the online bank savings account. There is no reason to keep your money tied up in low interest rate institutions. I.e., you can take advantage off of all the low cost or services offered by brick and mortar (checkcard, billpay, etc), yet you can set up multiple short and longterm savings accounts (taxes, escrow, kids CD's, etc) with higher interest online banks. You can easily automate the whole workflow. I currently use Wells Fargo and ING Direct, although I'm considering moving to a local branch as I rarely need cash from ATM's. Just need to plan ahead. Do both! Use the brick and mortar checking/checkcard as your throughput to the online bank savings account. There is no reason to keep your money tied up in low interest rate institutions. I.e., you can take advantage off of all the low cost or services offered by brick and mortar (checkcard, billpay, etc), yet you can set up multiple short and longterm savings accounts (taxes, escrow, kids CD’s, etc) with higher interest online banks. You can easily automate the whole workflow. I currently use Wells Fargo and ING Direct, although I’m considering moving to a local branch as I rarely need cash from ATM’s. Just need to plan ahead. ]]> By: Jim http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-44354 Jim Wed, 20 Jan 2010 13:17:46 +0000 http://www.mint.com/blog/?p=2386#comment-44354 I use USAA and I can scan my deposit check and they are credited the same day. As for ATM fees, The reimburst me for the fees I'm charged by other institutions. There is evan an IPhone app to deposit the checks. I love them. I use USAA and I can scan my deposit check and they are credited the same day. As for ATM fees, The reimburst me for the fees I’m charged by other institutions. There is evan an IPhone app to deposit the checks. I love them. ]]> By: John Doe http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-35046 John Doe Sun, 16 Aug 2009 21:17:27 +0000 http://www.mint.com/blog/?p=2386#comment-35046 I want to open account with online banks with good APY rate and narrowed down to CapOne (addl benefits for being a Costco member), EverBank and Ally. Can anyone suggest based on their past experiences & market knowledge about which one is the best to go for? I want to open account with online banks with good APY rate and narrowed down to CapOne (addl benefits for being a Costco member), EverBank and Ally. Can anyone suggest based on their past experiences & market knowledge about which one is the best to go for? ]]> By: rebbi http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-33328 rebbi Fri, 24 Jul 2009 23:34:15 +0000 http://www.mint.com/blog/?p=2386#comment-33328 Some online banks have a deposit at home feature where you can scan a check into your account, thereby knocking that con off the list. USAA is one such bank. Some online banks have a deposit at home feature where you can scan a check into your account, thereby knocking that con off the list. USAA is one such bank. ]]> By: The Gooroo @ Finance Advisory Stop http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-33304 The Gooroo @ Finance Advisory Stop Fri, 24 Jul 2009 03:31:05 +0000 http://www.mint.com/blog/?p=2386#comment-33304 Great article Ana. I tend to prefer online banking, but hey, that's just me. I have many friends who don't trust using online banking, which I think is kind of unfair of them to say. Online banks these days are very secure. Just Tweeted this as well! :) Great article Ana. I tend to prefer online banking, but hey, that’s just me. I have many friends who don’t trust using online banking, which I think is kind of unfair of them to say. Online banks these days are very secure.

Just Tweeted this as well! :)

]]> By: Leo http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-33014 Leo Sun, 19 Jul 2009 14:08:31 +0000 http://www.mint.com/blog/?p=2386#comment-33014 Very good article. In fact, not only online banking gets more popular, online personal finance service also gradually replaces the banks: http://www.wealthalchemist.com/Blog/2009/01/personal-finance-websites-replace-banks/ MINT is actually a good example! Very good article. In fact, not only online banking gets more popular, online personal finance service also gradually replaces the banks:

http://www.wealthalchemist.com/Blog/2009/01/personal-finance-websites-replace-banks/

MINT is actually a good example!

]]> By: MT JPM AMGN CLB YHOO http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-32988 MT JPM AMGN CLB YHOO Sun, 19 Jul 2009 02:07:22 +0000 http://www.mint.com/blog/?p=2386#comment-32988 A TWC customer for a year and I get surveyed and I figured I would give a survey to the members of payee services that I distibute funds too as the bankteller. THere's five questions it's a rating system and these are the questions that we may ask in the following month to the members. 1. Overall on a scale of one to five. Five being very satisifed, Four being satisified, Three is nuetral, two unsatisfied, and one very unsatisified, how satisfied were you with the last teller that you just experienced. 2. While talking with the last teller you spoke with how well was her/his knowledge or patience with your transaction did it meet your value and fair standards? 3. While talking with the very last teller that you experienced would you either prefer counting of your money or distributing the right amount is all right too? 4. Is there anything that you might add, again, with the last teller that you did your business or money transaction with? 5.If you were issued a FDR limited edition bank card and were able to use it at most ATM's (i.e. JPM) would you be willing to pay transaction fee? A TWC customer for a year and I get surveyed and I figured I would give a survey to the members of payee services that I distibute funds too as the bankteller. THere’s five questions it’s a rating system and these are the questions that we may ask in the following month to the members.
1. Overall on a scale of one to five. Five being very satisifed, Four being satisified, Three is nuetral, two unsatisfied, and one very unsatisified, how satisfied were you with the last teller that you just experienced.
2. While talking with the last teller you spoke with how well was her/his knowledge or patience with your transaction did it meet your value and fair standards?
3. While talking with the very last teller that you experienced would you either prefer counting of your money or distributing the right amount is all right too?
4. Is there anything that you might add, again, with the last teller that you did your business or money transaction with?
5.If you were issued a FDR limited edition bank card and were able to use it at most ATM’s (i.e. JPM) would you be willing to pay transaction fee? ]]> By: Jeff Lombard http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-32888 Jeff Lombard Thu, 16 Jul 2009 18:08:52 +0000 http://www.mint.com/blog/?p=2386#comment-32888 I use Wells Fargo for both personally banking and online banking. I realize that this does not necessarily fit into the categories online bank or local bank, but Wells Fargo does offer a great balance between the two. With locations all over the US I am rarely without the services of a local branch and with online banking (and now mobile banking - a key new feature now being provided on almost all smart-phone carriers) I have 24/7 access to all of my accounts (credit, savings, checking, brokerage and loans.) There is no way I would use a bank that did not have both functions. I use Wells Fargo for both personally banking and online banking. I realize that this does not necessarily fit into the categories online bank or local bank, but Wells Fargo does offer a great balance between the two. With locations all over the US I am rarely without the services of a local branch and with online banking (and now mobile banking – a key new feature now being provided on almost all smart-phone carriers) I have 24/7 access to all of my accounts (credit, savings, checking, brokerage and loans.) There is no way I would use a bank that did not have both functions. ]]> By: Ana Gonzalez Ribeiro http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-32878 Ana Gonzalez Ribeiro Thu, 16 Jul 2009 01:28:29 +0000 http://www.mint.com/blog/?p=2386#comment-32878 Just to keep everyone updated on the current rates, HSBC has an online savings account rate of 1.55% and Bank of Internet has a high yield savings rate of 2.06%. The current online interest checking APY is still 1.30% Just to keep everyone updated on the current rates, HSBC has an online savings account rate of 1.55% and Bank of Internet has a high yield savings rate of 2.06%. The current online interest checking APY is still 1.30% ]]> By: Dave http://www.mint.com/blog/saving/the-pros-and-cons-of-online-banks/comment-page-1/#comment-32875 Dave Wed, 15 Jul 2009 20:25:07 +0000 http://www.mint.com/blog/?p=2386#comment-32875 Now that I look into it, the Schwab savings account would seem to be a good competitor with CapOne on those terms (since it reimburses ATM fees while CapOne doesn't). It's only 0.05% APY less, too. Chinese ATMs don't seem to charge fees, so perhaps I'm fine for now. Now that I look into it, the Schwab savings account would seem to be a good competitor with CapOne on those terms (since it reimburses ATM fees while CapOne doesn’t). It’s only 0.05% APY less, too. Chinese ATMs don’t seem to charge fees, so perhaps I’m fine for now. ]]>