Which Interest Checking - Eletric Orange/ Everbank / UnivestDirect

[halfgeek]

Hi!

Please help me in choosing for an interest checkings

Eletric Orange
Everbank
UnivestDirect
Presidential Bank's Checking PLUS

My scenario.. I have a student BofA checking account into which my salary is direct deposited. Have a Ing Direct Savings account .

I want to open an interest bearing checking account which i want to use as primary account.

Everbank and Univest offer Checks. Everbank requires 1500 balance, which i can maintain. Univest looks very nice.

Presential Bank looks good too. Has good Apy, checks, needs min and max balance for 4.5APY. Which isn't bank i think isn't bad.

Bit inclined to Electric Orange coz i have my savings account there. Guess would be hard without checks.

Please advice me....

[poundwise]

Between the three, UnivestDirect offers the most overall, including a good rate, no fees, and both online banking and the use of physical checks. Because of this, I'd rank them ahead of Everbank and ING.

However, with your savings already at ING, that may would change my choice due to the ability to transfer money back and forth easily and quickly. In that case, I guess it would depend on which was more important: quick transfers or paper checks.


Here's a quick comparison that I put together --

UnivestDirect Anytime Online link
Rate: 4.00% APY
Min: $1
Fees: None
Paper checks: Yes

ING Electric Orange link
Rate: 4.00% APY
Min: n/a
Fees: None
Paper checks: No

Everbank Freenet Checking link
Rate: 6.01% APY (promo), 3.35% APY (regular)
Min: $100
Fees: None ($4.95/mo for online bill pay unless ABD = $1500+)
Paper checks: Yes

[sweeps]

Here's a quick comparison that I put together --

Do I see another sticky thread in our future?

[halfgeek]

thanks a lot for that poundwise. according to what i feel...

The interface of the univest site and looks like the domain is registered just last year and no reviews on the web at all for univest makes me kinda doubt about it.
the site does not have much info about atms refund fees.

everbank was listed in forbes.com, he refunds the atm charges.

Still in dilemma which one to go for.

[poundwise]

thanks a lot for that poundwise. according to what i feel...

The interface of the univest site and looks like the domain is registered just last year and no reviews on the web at all for univest makes me kinda doubt about it.
the site does not have much info about atms refund fees.

everbank was listed in forbes.com, he refunds the atm charges.

Still in dilemma which one to go for.

Univest link just celebrated its 130th year. UnivestDirect is the online offering from Univest. Of course, besides being well-established, UnivestDirect is FDIC insured (as are all three in my listing above.)

I do not believe UnivestDirect reimburses ATM fees.

[halfgeek]

thanks a lot, poundwise...
had a doubt if univest really owned univestdirect. ( ignore my stupidity)
univest.net site loooks nice..
guess i'll open it frm here.. after going thru Univest Anytime Online Checking Account

[frugalcollegestudent]

ING Electric Orange link
Rate: 4.00% APY
Min: n/a
Fees: None
Paper checks: No

ING's Electric Orange checking account does offer paper checks, just not in the sense you would expect. You fill out the information, they mail the checks for you. While they are not your average check books, you may save on postage using ING's Electric Orange checking account since they mail your checks for free.

I think that clarification needs to be made.

[catlinye_maker]

Everbank Freenet Checking link
Rate: 6.01% APY (promo), 3.35% APY (regular)
Min: $100
Fees: $7.95/mo if ADB below $800 (other minimums required to avoid fees for certain services)
Paper checks: Yes

Could you point me at the $7.95/month fee and $100 minimum balance info? I am in the process of opening an account with them and one reason was the bold statement on their website that this account was fee free, except for a $4.95/mo fee to use their online bill pay if your ADB was below $1500. (Which I don't expect to use.)

[poundwise]

Could you point me at the $7.95/month fee and $100 minimum balance info? I am in the process of opening an account with them and one reason was the bold statement on their website that this account was fee free, except for a $4.95/mo fee to use their online bill pay if your ADB was below $1500. (Which I don't expect to use.)

You are correct.

The FreeNet Checking has no fee. There is a fee for the online bill pay if you do not meet the $1500 minimum balance and use that feature, but otherwise, no fee.

The $7.95 fee comes from the EverBank Account Fee Schedule page but is for the Basic Checking account, not the FreeNet Checking. I've updated the post above to reflect the corrected information.

[poundwise]

ING's Electric Orange checking account does offer paper checks ... I think that clarification needs to be made.

Not exactly. That is, though I see your point, I believe it is your clarification that may need clarifying.

While it could be said that this is just semantics, the fact is that use of the term "paper checks" by the online banking industry refers to checks that you hold (i.e. - a checkbook) and write yourself.


Note the following from the ING web site --

"Electric Orange is a checking account without the paper ... You won't receive a checkbook..."

"Taking paper out of the equation increases security..."

"After I open Electric Orange, will I receive paper checks to write? No. This is a completely paperless checking account ... don't order paper checks from a third party provider - we won't accept them."

As you can see, ING makes it very clear that you don't get and can't use "paper checks" with this account.


By contrast, and to further illustrate the use of the term "paper checks", EverBank states --

"Just like with traditional banks, you’ll receive paper checks to use with your FreeNet Checking Account..."


And, likewise, UnivestDirect points out the feature of their account with this wording --

"Paper Checks Allowed With Account - YES"


And so it is, that while it is true that you can issue both electronic payments or (as ING terms them) "electric checks" and printed checks via the online system at ING, it is still quite true that the account does not provide nor allow "paper checks" in the sense of the usage of the term by the online banking industry. You cannot 'write a check' with ING's offering.

Again, I do understand your meaning, however, the fact remains, "paper checks" as a feature, and a term, stands apart from the ability to issue payments through the online payments feature of an account.

[catlinye_maker]

The FreeNet Checking has no fee. There is a fee for the online bill pay if you do not meet the $1500 minimum balance and use that feature, but otherwise, no fee.

The $7.95 fee comes from the EverBank Account Fee Schedule page but is for the Basic Checking account, not the FreeNet Checking. I've updated the post above to reflect the corrected information.

Whew! I thought I'd missed something in the fine print, and was going to be very testy. Gotta say, I don't care for the practice (by more than one bank) of listing all fees for all accounts on one long page that has to be scrutinized super-carefully to determine which ones apply to the account that you're interested in.

[poundwise]

Though not a new player by any definition, Charles Schwab has a new offering that should be considered by those interested in an online-based, interest -bearing, checking account --

CNN Money: Schwab Offers 4.25% Checking

Charles Schwab