Just curious...how many online banking accounts do you guys have?

[sweeps]

Doesn't opening a lot of new accounts impact your credit score? Maybe it isn't a big deal but I thought it did have an effect.

Only if the bank does a hard pull on your credit. Other than that, savings accounts have no effect on your credit.

[anonymous_saver]

I have 3.

Emigrant: Where I have kept all of my money recently, I haven't bothered to switch to HSBC because of all the recent interest changes.

HSBC: $1 in the account, just in case interest rates rise significantly.

ING: $1 in the account, just in case interest rates rise significantly.



However, I recently saw this change at my credit union and was wondering what you all think (this is just a post I posted on another site, which was much easier than typing it all again):

I have done the high interest online savings account for a few years now (mostly with EmigrantDirect, although I had my money temporarily in others). I love the usability of these websites, particularly with the subaccounts. However, my credit union now has the new offer below. Yes, it is more interest than other online banks currently, but I'm concerned about being able to keep track of how much money is in each subaccount (Emergency fund, down payment, etc.). Maybe concerned isn't the right word, but I know using the subaccounts on the online banks are much easier. Plus, read the qualifications that I would have to do to get the interest. The only one I would have to keep an eye on is the 10 purchases per month on my debit card. I usually like to use case for things, but I guess I could change. I dunno.

Amplified Checking
Tier I: Balances from $.01 to $25,000 4.30%
Tier II: Balances over $25,000 1.01%
Basic Rate (if criteria is not met) 0.10%

To receive Amplified Tier I/Tier II rate you must meet the following requirements per statement cycle: 10 check card purchase transactions, one direct deposit or automatic payment and must be enrolled in E-statements with valid e-mail address. If the minimum requirements are not met in a statement cycle then the basic rate will apply to all balances.

So, what would you choose? Right now I figured out with the following calculator, I could potentially lose about $46 in 6 months by keeping it with Emigrant. This is of course BEFORE taxes.

One added note, I think my purchases range from 4-10 each month, so I would really have to keep an eye on it.

[Slug]

I've seen these. They seem like a lot of work to me to remember everything you need to do to qualify on a month to month basis. For me they're more work than they're worth primarily because I charge everything to CC's.

[anonymous_saver]

Yeah, I only use my CC every once in awhile to keep on building credit (and i pay it off immediately).

The only requirement on this deal is the 10 debit card purchases. I do everything else required.

[Jazzmint98]

I have 3.

ING
IGO
Shore Bank

[Pitman]

Doesn't opening a lot of new accounts impact your credit score? Maybe it isn't a big deal but I thought it did have an effect.

Well I've been with paypal since 2003, but its only recently I've linked my bank account with them so it makes money transfering easier with the buyers.

[aevans1206]

I have two, Ing which I opened for the free $25 and I have Umbrella. I opened that because of the rate, but it has now dropped to 3.9%

Wow. You're getting 3.9%? Mine with HSBC was about 5% when opened, will soon be well under 3. I have three as of today: HSBC, Chase (which is linked to my checking) and I opened a TD Ameritrade account today to get that $100 for the Suze Orman thing. Free $100 is free $100, especially if it forces me to transfer money into savings

[dollarsaign]

1 - Ing.

[jc3900]

So, as most of you guys have a HUGE majority of your money in stocks, bonds, etc..., why do you watch online bank accounts so much?

[Broken Arrow]

So, as most of you guys have a HUGE majority of your money in stocks, bonds, etc..., why do you watch online bank accounts so much?

I don't really, but online saving accounts usually have high APY, low requirements, and little or no fees. It can pay better than bonds and money market funds, and at a guaranteed rates with FDIC protection. The money also isn't tied down like CDs.

I think people who are most caught up with it are typically the younger crowd, who are typically more comfortable with internet entities and may not have as much money to invest yet. As such, online savings is an easy and viable option to "chase rates" with.

Personally, I don't think it's that big of a deal, but that's me sitting pretty with a 5% checking account at my credit union so....

[LuxLiving]

jc3900,

I have two online banks that are in different locations than where I live w/savings accounts.

Locally I have a MM account w/online access.

I have them all connected so that I can switch back and forth between them depending on rates.

I try not to be a rate 'ho, chasing after returns, but do like to earn the best interest I can on our emergency funds w/the least amount of trouble. So, the majority stays in one local account, but have a portion put out to 'hard labor' earning us the best amount available there at the ones I am hooked up with.

I have a certain amount of dollars outside of our emergency fund that I use to follow special offers when they are available.

This money is not part of our retirement and goals money, but part of my wealth building capital.

Hope that makes sense.

[ThriftoRama]

Two online savings accts: ING and Emigrant. Opened the ING just for the $25 bonus.
Also, have 5 Schwab accounts-- brokerage and various flavors of retirement accounts (Roth, IRA, SEP-IRA, etc.)
It can be a lot to keep track of.

[fruitbowlk]

I have one with IGO

[cooliemae]

6 accounts right now, just closed two, but am going to be opening up 2 probably within the next 2 weeks.
My wife has 3 and she'll be opening up two new ones in two weeks.

So far I will have "invested" about $700 and will a profit of around $800!

[bjl584]

3

Igo
Hsbc
Ing