HSBC vs Citi vs ED vs anyone else

[trainedmonkey]

I'm considering online banking for my cash savings. I'm curious to know overall opinions about how online banking is for you. I'm also confused by some of the fee structures I've seen.

If I read everything correctly transfers into an account cost me nothing but transfers out I'm still not sure. Minimum balances before fees kick in etc.

Any assistances/recommendations you can offer would be appreciated.

Thanks.

[TTUPharmer]

I use ING, the interest is a bit lower, but they are so easy to deal with, and there are no fees whatsoever. I can't really comment on user-friendlyness of the others, but ING is a piece of cake.

[magicbeans]

ING is very easy to use, but not the highest interest rates.

HSBC wants WAY TOO MUCH information to be healthy. See my rant at http://www.savingadvice.com/forums/s...ad.php?p=59993

http://www.bankrate.com posts interest rates daily, but I did a little sleuthing and came up with these more current rates and caveats:

GMAC 4.75% ($500 minimum before you don't have to pay maintenance fees)
CITI 4.75% (read the fine print...you have to open a checking account in order to maintain the high interest rate)
HSBC 4.65%
VIRTUAL BANK 4.60% ($100 minimum opening balance)
CAPITAL ONE 4.55%
EMIGRANT DIRECT 4.50%
ONEUNITED BANK 4.50% ($10 minimum opening balance)
ING DIRECT 4.15%
AMBOY DIRECT 4.10% ($100 minimum opening balance)

I'm thinking of opening a Capital One Direct account. Anyone have any positive or negative things to say about it?

[poundwise]

Yeah, the fine print is important. Minimums to open, minimums to earn x% interest, minimums to avoid fees, etc.

Amboy's drop is surprising. [Edit: I was wrong about this. The Premium Savings account is, as of this edit, still 4.75%; see postings below.] When I visited their site I saw that they were offering 4.10% plus a $50 bonus. I thought that bonus was interesting enough to read on, so I did. Turns out, you have to have an ADB of over $3000 to earn that interest, below that, 1%... less than $300, zero.


If you can live with the fairly reasonable conditions on the GMAC account, it still seems to me to be the overall present king-of-the-hill.

Originally Posted by magicbeans

I'm thinking of opening a Capital One Direct account. Anyone have any positive or negative things to say about it?

I have one. I like it very much. Transfers are easy and fast. It was simple to set up two linked accounts (which is more of a hassle elsewhere). The site is basic in appearance but functional. $1 to open. No maintenance fees or minimum balance requirement.

[RJB1180]

Amboy Premium Savings is still at 4.75%. You guys are talking about the Maximizer or eSavings. Please try to keep it straight as to not confuse everyone.

Premiuim Savings FAQ
Minimum initial deposit is $1. There are no monthly balance requirements.

Electronic deposits made to your account will begin to accrue interest 2 business days after the deposit is made and will be available for withdrawal after 5 business days. Every day is a business day, except Saturdays, Sundays and Federal Holidays.

Electronic transfers to your non Amboy checking will generally be at your bank within 2-3 business days.

http://www.amboydirect.com/premiumsavings/

[magicbeans]

Originally Posted by RJB1180

Amboy Premium Savings is still at 4.75%. You guys are talking about the Maximizer or eSavings. Please try to keep it straight as to not confuse everyone.

Amboy Direct should advertise that on their home page. That's the first page I went to, and all they have on there is a link to their eSavings account. What's the difference between their premium and their regular savings, other than the percentage?

[BTC]

Originally Posted by magicbeans

Amboy Direct should advertise that on their home page.

I can't believe they don't. Maybe they're trying to keep the premium savings account a secret.

[poundwise]

Originally Posted by RJB1180

Amboy Premium Savings is still at 4.75%. You guys are talking about the Maximizer or eSavings. Please try to keep it straight as to not confuse everyone.

Yes, I was referring to the Amboy Direct eSavings. The 'Premium Savings' is, in fact, still at 4.75%. Thanks for the correction. However, I do not feel badly about not 'keeping it straight' when Amboy, for whatever reason, doesn't offer the account, account info, or even a link to it from their own home page.

[shelbylovesmelby]

*watching & learning*

[poundwise]

If you've got $5K to deposit, BankUnited is offering 5.00% APY.

BankUnited: Sweet Deal

[poundwise]

I've got to say that I believe, presently, that the Amboy Premium Savings is the best all-around deal right now. The GMAC account requires that you maintain a balance of $500 to avoid fees and the Citi e-Savings requires a Citi checking account. Amboy offers the same high APY without these restrictions. The only concern I have about Amboy is that they offer three different MMAs and it seems incompatible for them to continue to do so, meaning they may do away with the other two, or they may merge the basic with the premium and at who knows what rate. That's a vague concern though, so I think they are the top choice overall. If maintaining $500 isn't an issue, then GMAC is at least as good though. Of course, if you can maintain a $2500 balance, after opening an account with $5000, you should go with BankUnited, which currently offers a 5.0% APY MMA.

Following behind these leaders (in terms of APY) is VirtualBank, HSBC, and Capital One Direct Banking. The next tier: Emigrant Direct, ING.

I have an account with Captial One Direct Banking and, even though I like the looks of Amboy and GMAC, I have no intention of moving my account.

Personally, I think it is great that we have all these options. Hopefully the competition will continue to push/keep rates higher and will result in more special bonus offers.

[sweeps]

What are the transfer times?

GMAC's transfers are complete in one day -- even before the source bank has even registered the transaction.

[poundwise]

Capital One Direct Banking is the same way. I can't speak re: the others.

[trainedmonkey]

I'm also wondering if there are any Quicken users out there using what online savings? Do they offer direct (direct download) or indirect (Web Connect) services?

Thanks again and thanks to everyone posting.

[Bluezy]

I utilize Money2006 with my online accounts. When I had ING and HSBC, the info was a direct dl into Money with automatic updates. Emigrant was indirect and had to be dl when the option was working.

Good luck to you and your choice of online banks! Cheers!

[magicbeans]

I have Quicken 2005, and my ING and HSBC accounts work pretty seamlessly. There's a direct download, just like in Microsoft Money.

Does anyone know if you can download info from Amboy Direct into Quicken/Money?

[poundwise]

Update: Emigrant Direct is now offering 4.65% APY

[poundwise]

Update: I checked these banks tonight and thought I'd post an updated list of rates.

MINOPEN = minimum to open
MINFEE = minimum balance to avoid fees

Note: Accounts requiring more than 500 to open and/or more than 500 to avoid fees are not included in this list:

...........................................APY.... ...........MINOPEN....MINFEE
AMBOY DIRECT PREMIUM....4.75%..........1.................0
GMAC BANK.........................4.75%..........500... .........500
CITIBANK E-SAVINGS*........4.75%...........?................0
EMIGRANT DIRECT..............4.65%...........1............. ...0
HSBC..................................4.65%....... ....1................0
VIRTUAL BANK....................4.60%...........100....... .....0
CAPITAL ONE DIRECT.........4.55%...........100............0
ONE UNITED.......................4.50%...........10... ...........0
UFB DIRECT........................4.40%...........1... .............0
ING DIRECT........................4.15%...........1... .............0


*Citibank requires you to have/open a checking account in conjunction with their e-Savings account.

Last word: This listing is ordered by APY. There are other factors to consider when opening/utilizing an account. (i.e.- some sites may have better functionality than others, some banks limit you to having one linked account while others do not, etc.)

[poundwise]

Update: I checked these banks tonight and thought I'd post an updated list of rates.

MINOPEN = minimum to open
MINFEE = minimum balance to avoid fees

Note: Accounts requiring more than 500 to open and/or more than 500 to avoid fees are not included in this list:

...........................................APY.... ...........MINOPEN....MINFEE
AMBOY DIRECT PREMIUM....4.75%..........1.................0
GMAC BANK.........................4.75%..........500... .........500
CITIBANK E-SAVINGS*........4.75%...........?................0
EMIGRANT DIRECT..............4.65%...........1............. ...0
HSBC..................................4.65%....... ....1................0
VIRTUAL BANK....................4.60%...........100....... .....0
CAPITAL ONE DIRECT.........4.55%...........100............0
ONE UNITED.......................4.50%...........10... ...........0
UFB DIRECT........................4.40%...........1... .............0
ING DIRECT........................4.15%...........1... .............0


*Citibank requires you to have/open a checking account in conjunction with their e-Savings account.

Last word: This listing is ordered by APY. There are other factors to consider when opening/utilizing an account. (i.e.- some sites may have better functionality than others, some banks limit you to having one linked account while others do not, etc.)

[BTC]

Bank United is offering an account yielding 5.0%.