Consumerism Commentary - Latest Comments in The Best Online Savings Accounts, March 2012

Re: The Best Online Savings Accounts, March 2012

Harlan Landes — Tue, 07 Sep 2010 07:48:48 -0000

The HSBC Advance account is no different from the HSBC Direct account. All that has changed is the name.

Re: The Best Online Savings Accounts, March 2012

Savingeverything — Sat, 28 Aug 2010 12:20:37 -0000

I have a question about the new HSBC Advance. If I had opened HSBC Direct savings account with HSBC Online Payment account, then I would be allowed to use an ATM card..and as long as I use the ATM card to withdrawal from my HSBC Online Payment account, HSBC would reimburse the surcharges that the non-HSBC ATM fee charges on the 1st business day after the month cycle. Now that they're offering HSBC Advance, does anyone know if the HSBC Advance account will allow use of ATM card and reimburse the surcharges from non-HSBC ATM fees?

Re: The Best Online Savings Accounts, March 2012

Savingeverything — Sat, 28 Aug 2010 12:15:49 -0000

Whoever Flux is... they got typos on the name of their company, and are probably fraud:
Flux Holdings, c/o TFD Unliimted, PO Box 1873, Fairview Heights, IL 62208 Phone:618-628-3106.
A legitimate bank does not register their websites with godaddy, and will provide various contact names and information.

Re: The Best Online Savings Accounts, March 2012

Mike — Sun, 15 Aug 2010 02:42:26 -0000

Pops,
very good informative comments. I'm looking for overnight transfer, no min, no fees. Was with E Trade that had that, and they shut down savings accounts and transferred tehm to Discover. What do you suggest?
Thanks for your time,
Mike

Re: The Best Online Savings Accounts, March 2012

CommRE — Tue, 10 Aug 2010 17:16:04 -0000

"Flux" is now down to 2.5%. Very fishy. "Give us your money. We make better investments and pay you more! Oh, and by the way, not FDIC insured...but don't worry!"

I use AmEx Personal Savings. Still paying 1.3%, easy to use.

Re: The Best Online Savings Accounts, March 2012

pops — Tue, 10 Aug 2010 07:28:03 -0000

All three of these banks are in Oklahoma and owned by the same family. Their online pages share similarities, as do their toll-free help lines (separated by one or two digits.) I called the Evantage help line once and talked to "Kylie." A few days later I called the Redneck helpline and talked to Kylie again. They pay interest on the third Wednesday of the month. Sometimes there are 28 days between third Wednesdays and other times as many as 35 days. On a maxed out savings account ($35,000,) you will earn $1.898 per day. Paid interest will range between $53.14 (28 day period) and $66.43 (35 day period.) Transfers are very slow and take at least 6 business days to execute. I usually do the math and schedule a tranfer equal to the anticipated interest from all three to my Sallie Mae account (1.4%) on the second Wednesday of the month. That way there is no interest losing lag time when I request a withdrawal from the three to keep my balances at $35,000.01 in each. I have heard that if the account is dormant (no DEPOSITS) for a period of twelve months, there is a $20 dormancy fee assessed. So every 6th month I make a deposit just before the statement period ends, then pull it (and the interest) back when the period ends. 2% won't make anyone rich, but it will keep you from going broke quite as fast.

Re: The Best Online Savings Accounts, March 2012

Goner — Tue, 10 Aug 2010 06:34:16 -0000

Just another vote for Redneck, AmericaNet and Evantage --- 2% on the first $35000. That's $105,000 you can get 2% on with safety if that's what you want (assuming Redneck starts accepting savings account apps again). Don't understand why anyone would settle for less. These are all FDIC insured.
From Goner

Re: The Best Online Savings Accounts, March 2012

johnny velez — Wed, 28 Jul 2010 22:50:43 -0000

i have this checking account with Perksstret financial i lost my debit card i report it lost but this bank never close my debit card so a week after all my money in my checking account was gone and they have no explanation for this matter and they told me that i have to sit down and write down all the transactions they were made i want to advise people not to use this banks service now i do not know what can i do if i will get my money back can any one give an advice thanks

Re: The Best Online Savings Accounts, March 2012

pops — Mon, 26 Jul 2010 00:26:49 -0000

Mike
Don't know about overnight since I never require such speed, but American Express has a good rate (compared to most) and transfers in one or two days. ING has lousy rates but very fast transfers also. I'm sure most will give overnight service for an fee.
pops

Re: The Best Online Savings Accounts, March 2012

Mike — Sun, 25 Jul 2010 21:24:58 -0000

Re: The Best Online Savings Accounts, March 2012

Mike — Sun, 25 Jul 2010 21:13:13 -0000

I'm looking for an on line savings account that a transfer to an external account only takes one business day. I had one at E Trade, but they shut down savings accounts and transferred them to Discover Bank. Not as concerned about the rate as I am about quick availability to funds.
Thanks

Re: The Best Online Savings Accounts, March 2012

Billy Boy — Sat, 17 Jul 2010 01:29:12 -0000

Long term a home is a great investment, inflation or not! Home ownership locks in your monthly housing cost on principle and interest. The additional cost of maintaince and upkeep are still much less than what you would be paying out as the rents to up each year. Rents will go up
300 to 400% wile house payment stays the same.
The other angle is leverage. Buy a 200,000 home with 20% down, $40,000.
Think if it as renting to yourself for 20 years. In 20 years your home is worth $400,000 and your rent has not gone up since you started renting to yourself. Your $40,000 is Tenfold!
Article on front page yahoo says home is a breakeven with inflation is nuts!

Re: The Best Online Savings Accounts, March 2012

Demetra — Wed, 07 Jul 2010 14:37:54 -0000

What's the word on Capital One's savings account? I saw they have a five-star rating from Bankrate.

Re: The Best Online Savings Accounts, March 2012

Paul — Wed, 07 Jul 2010 13:22:18 -0000

Agree 100%. I'd encourage everyone to stay far away from this one. I bet the person recommending Flux actually works for the company (if it even is a company).

Re: The Best Online Savings Accounts, March 2012

Bill C — Wed, 07 Jul 2010 12:34:29 -0000

Flexo, thanks for the warning about Flux Holdings. I went to the Flux Holding webstite and they are offering 5 %. But one wonders how they can offer 5 %, when the world economy is struggling. The interest US banks offer is falling below 1 %. I guess Flux Holdings comes under the category of it should too good to be true.

Re: The Best Online Savings Accounts, March 2012

Flexo — Wed, 07 Jul 2010 11:41:23 -0000

Whatever Flux Holdings is, it's not a bank. Deposits there are not FDIC insured, and that's a big warning. I suggest staying away.

Re: The Best Online Savings Accounts, March 2012

Tyler — Wed, 07 Jul 2010 11:32:56 -0000

I have had good experience with Flux Holdings. 5% APY is pretty great right now.

Re: The Best Online Savings Accounts, March 2012

Sergey — Mon, 05 Jul 2010 06:20:12 -0000

ING Direct – More than 7 years of expirience, competitive rates, excellent customer service and one of the best on-line interface. Very easy to use. Still with them.

Metlife bank – More than two years of experience, rates were competitive upon opening of the account, and then dropped to ridiculously low numbers, so-so on-line interface, average hassle when closing account.

HSBC – More than 3 years of experience, competitive rates, terrible customer service, terrible on-line interface, and major hassle upon closing account.

Hope it helped.

Re: The Best Online Savings Accounts, March 2012

pops — Sat, 03 Jul 2010 19:46:38 -0000

I have twelve online accounts and track them with an Excel spreadsheet. I only do business with banks that have no minimums and no fees. After that, it's all about the interest rates offered, ease of use of the website, availability of help (if needed,) and speed of transfers (strictly ACH.) These are my banks.

Redneck, AmericaNet, and Evantage- 2% on the first $35000, 1% on anything over that...very slow transfers.
Sallie Mae- 1.4%
American Express- 1.3%...fast transfers and good customer service.
Ally- 1.29%...reasonably fast transfers.
FNBO- 1.1%...good site, fairly fast transfers, low rate=low balance to keep acct open
ING- 1.1%...excellent site, fast tranfers, low rate=low balance to keep acct open
HSBC- 1.1%...ho-hum rate, slow transfers, low balance to keep acct open
Apple Grand Yield Direct- 1.1%...average transfer time, low rate=low balance to keep open
Shore Bank- 1.04%...horrible rate, low balance to keep open
Emigrant Direct- 1.0% ...excellent site, quick transfers, cashback mastercard, horrible rate=low balance to keep acct open.

HSBC and ING have, in the past offered very good teaser rates for three months on new money, so I stay prepared to pounce on them (or good rates from any of them) at all times.

Re: The Best Online Savings Accounts, March 2012

RJ Weiss — Tue, 02 Mar 2010 11:10:47 -0000

I use ING for personal banking, even though they don't have the highest interest rate.

I use Everbank for business banking. High interest rates and good customer service.

Re: The Best Online Savings Accounts, March 2012

Crystal — Fri, 19 Feb 2010 16:00:24 -0000

FNBO rate has dropped to 1.25%

Re: The Best Online Savings Accounts, March 2012

Melissa — Thu, 18 Feb 2010 09:26:54 -0000

ING has dropped again, effective 2/18/10 it's 1.15%

Re: The Best Online Savings Accounts, March 2012

Amy Davis — Wed, 17 Feb 2010 14:42:45 -0000

I see that your article claims to be updated as of February 15, 2010. As an FYI, I was an E*Trade customer strictly for their online savings account. Just last week, I was informed via email that they are discontinuing these accounts to focus on their original purpose of trades and other investing. They are transferring all online savings accounts to Discover Bank.

I have also been a Discover Bank customer for almost a year. They recently upgraded their website and the interface is much easier to use. Their customer service is knowledgeable and courteous. They are offering a 1.35% APR, but if you've been a customer for a while, they are offering a premium rate of 1.59%. While you may not qualify for this rate just yet, it shouldn't be long before it's offered to you. While both rates are variable, the premium rate is guaranteed to always be greater than or at least equal to the standard rate.

Re: The Best Online Savings Accounts, March 2012

Flexo — Sat, 13 Feb 2010 09:49:17 -0000

Jeff: I haven't heard about that. I have an E*Trade Bank account but have not received an email. I see a number of second-hand reports, but nothing official from the bank yet.

Re: The Best Online Savings Accounts, March 2012

Jeff T — Fri, 12 Feb 2010 13:52:46 -0000

Just FYI E-trade sent me an e-mail saying that they are getting out of the online savings account business.

They're transferring all the accounts over to Discover Bank (I'm guessing it's related to the credit card issuer).

Hope that helps so you're able to update this list.