Quick ACH transfers

[nannerb]

I am looking for an online savings account that has a good interest rate but also a quick transfer time. I want to link it up with a local credit union that has a checking account paying out 6% interest. I am planning now phasing out my Wells Fargo checking and savings accounts. I also have a HSBC online savings. I don’t like the fact it takes about 3 days to transfer funds. I think I would be able to deal with it but if anyone has good recommendations on other options I would be glad to hear them.

[maat55]

I have an account with provident and am very satisfied.




Provident-direct - Great rates on your online accounts

[MYOM]

Are you sure your credit union pays 6% interest on their checking accounts? In this low interest rate environment, that would be unprecedented. If they are paying 6% we should all have an account there.

Dan Clemons

[poundwise]

Are you sure your credit union pays 6% interest on their checking accounts? In this low interest rate environment, that would be unprecedented. If they are paying 6% we should all have an account there.

A local credit union in my area is offering a 5.01% APY checking account, so I don't doubt that someone, somewhere is offering 6%. For the account at the credit union I mentioned, there are a quite a few stipulations including the need to use your debit card a dozen times a month, etc.

[Joan.of.the.Arch]

I'm sorry I don't have any personal experience with online banks, but want to ask if you would please share where that 6% account would be.

[boosami]

Those high interest checking accounts usually come with a lot of strings attached, like balance caps, fees, limits, and other requirements to maintain that yield.

I doubt you'll find an online-only bank that can do funds transfer faster than 3 days. Every online-only account I've worked with is slow for funds transfer. I haven't seen much of a difference between any specific banks. What I did was compartmentalize my funds more... I keep my EF/short term savings in the same institution as my primary checking account so fund transfers are instantaneous. The medium and long term funds are online in high yield accounts. The only time I use those funds is for planned purchases that I can prepare for a few days or weeks ahead of time.

For me, it's worth the convenince of having instaneous transfer ability at the cost of a few interest points on some of my funds.

[kork13]

I doubt you'll find an online-only bank that can do funds transfer faster than 3 days.

I actually normally get 2-day transfers from ING Direct, both in and out.

[nannerb]

Global CU

Qualifications for this account are:
X
Sign up for eStatements and opt-out of paper statements
X
Provide us with a valid email address
X
Log in to eBranch (online banking) at least once per cycle
X
Receive an automated deposit or withdrawal to this checking account of at least $100 per cycle
X
Use your debit card for at least 12 purchases per cycle (all purchases must post to your account by the last day of the cycle)



I'm not sure that forcing myself to use my debit card a dozen times a month is a worthwhile thing though. I just want to leave Wells Fargo since they are essentially holding my money for free with the atrocious interest rate.