Internet Only Banks

akaivyleaf · #1 (**permalink**) 02-02-2005, 12:05 PM

Aside from Ing, with their terrifically high interest rates, are there others like them? Has to be internet only and offer a higher than normal interest rate.

SeeAPenny · #2 (**permalink**) 02-02-2005, 12:31 PM

I'd be interested in hearing more about this as well. I've only recently heard of the whole ING thing myself, and am thinking about opening an account (with the $25-to-start as my primary incentive). But are there any risks involved? Is there any reason why I shouldn't?

terry1156 · #3 (**permalink**) 02-02-2005, 12:45 PM

Yes there are a number of Internet only banks, but ING has kind of taken the lead in that department. I don't think there are any more risks to them than regular banking accounts. You need to take precautions just as you should with normal identitiy theft.

That means keeping your anti virus up to date and it's best to use a browser other than Internet Explorer.

Your money is insured just as it would be in a regular bank from fraud, so there isn't any concern there. The banks take a lot of precautions because if there are problems and it gets out, there goes their entire business. I don't know why people don't take advantage of it.

MrsChambers · #4 (**permalink**) 02-02-2005, 02:59 PM

http://www.dcu.org/

this is a good one. and also

www.patelco.org

they are both credit unions, so you have to join.. but I have only heard good good and great about both of them...
PATELCO is GREAT for starting or rebuilding the credit, so is DCU but they are a *little* stricter.

ejdwagner · #5 (**permalink**) 02-04-2005, 02:29 PM

<A HREF="http://www.emigrant-direct.com">EmigrantDirect.com</A> is advertising 3%, but there may be a minimum or it could be a teaser.

terry1156 · #6 (**permalink**) 02-05-2005, 06:01 PM

I hope that we see more and more banks get into this. With all the fees they charge, it's about time that the competition starts to reap some rewards for the people depositing the money. After all, it is our money they are using.

asrai · #7 (**permalink**) 02-05-2005, 06:25 PM

in Canada, Real Candian Superstore & CIBC offers http:\\www.pcfinancial.com

the interest rate for savings is not quite as good as ING. They pay a small amount of interest for checking accounts (depending on how much you have in). They have kiosks to open accounts and help you out (they also do loans and mortages and insurance) in Superstores.