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New 5.30% No-Min Online Savings Account - iGObanking


Update 3/09/2010: The rate has fallen to 1.21% APY. Refer to the bottom of the post for the rate history.

The new internet bank iGObanking.com launched today with a no-minimum 5.30% APY online savings account. It looks very similar to the typical no-minimum savings account that's offered by EmigrantDirect, HSBC Direct and ING Direct. With an APY of 5.30%, it's now the highest rate for a savings account that has neither a minimum for opening or a minimum balance.

Here's the press release about the launch. iGobanking.com is a division of Flushing Savings Bank, FSB so deposits are FDIC insured (The FDIC page only has Flushing Savings' web address.) It has a safe and sound rating of 4 out of 5 stars (sound) at Bankrate.com.

Their FAQ is not the best. There's no mention about hard credit inquiries, how many external links you are allowed, if savings accounts in addition to checking accounts can be linked to, or if there are limits to the amounts that can be transfered. However, from the look of the application, it appears to be a CashEdge-based system. So it's likely the ACH transfer system is flexible.

The customer service is only available from 9:00am to 5:00pm EST, so I wasn't able to get more details. I found a few important details in their Online Banking Agreement:

  • "You may authorize a third party to initiate electronic funds transfers between your Account(s) and the third party's account." - So you shouldn't be limited to their transfer system for deposits or withdrawals
  • "Except as indicated elsewhere, we do not charge for these electronic funds transfers." - ACH in and outgoing transfers should be free
  • The nontypical fees are listed at the bottom. Some of the important ones include: $30 fee for insufficient funds and a $10 fee for early close out of savings account (within 180 days)

They also offer certificates of deposit with terms that range from 6 months to 60 months. The minimum deposit for these CDs is $500. The rates are nothing to get excited about. The maximum CD rate equals the savings account rate of 5.30% APY for 6, 12 and 18-month terms. The APY for longer terms is just 5%.

There's no mention on the website about sign-up or refer-a-friend bonuses. Without a bonus, it's hard to justify adding this account if you already have an E-LOAN, AmTrustDirect or GMAC Bank account. However, if you're looking for a no-minimum savings account, this does offer a higher rate than EmigrantDirect, ING Direct or HSBC Direct. Of course, it's impossible to tell how long they'll remain on top. Also, there's the worry about problems with a new online bank. Problems at E-LOAN (see post) and at OneUnited (see post) are examples of issues that can arise with new online banks.

11/28 Update: I was able to speak with a CSR about this savings account this morning. Here are some additional details:

  • As I expected, it's a typical online savings account with no check writing and no ATM cards.
  • The external linked account can be either a checking account or a savings account.
  • Up to 20 links to external accounts can be done
  • No fees for ACH transfers or for account inactivity
  • They do a Chexsystem verification and a soft credit inquiry, but no hard credit inquiry.
  • No sign-up bonus

[Edit 11/29: Updated number of external links that are allowed.

Rate History:
03/09/10: 1.21% APY
12/19/09: 1.31% APY
10/20/09: 1.41% APY
09/30/09: 1.56% APY
07/31/09: 1.67% APY
07/22/09: 1.81% APY
06/20/09: 1.91% APY
05/28/09: 2.02% APY
04/10/09: 2.12% APY.
03/04/09: 1.85% APY.
02/28/09: 2.00% APY.
02/07/09: 2.81% APY
12/23/08: 3.08% APY.
04/17/08: 3.28% APY.
03/21/08: 3.52% APY.
03/06/08: 3.86% APY.
11/27/07: 4.90% APY.
09/28/07: 5.17% APY.
11/27/06: 5.30% APY.

Related Pages: iGObanking, New York, savings account

Related Posts

shrazzy (anonymous)   |     |   Comment #1
so many new online savings! just fyi grand yield direct has a $25.00 sign up bonus code 789
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks shrazzy for the bonus info! I posted on this here.
Anonymous   |     |   Comment #3
I had e-mailed Flushing Savings Bank, and received a reply back from the Vice President of the IGO division, that in fact you can link up MULTIPLE ACCOUNTS to IGO Savings (he said 20 links, in fact...lol).

When I phoned to confirm, the woman told me only 1...i mentioned about the e-mail i received, and she spoke to her supervisor...she said...that it is true that you can link it up to 20 external accounts!

Just wanted to clarify this here...this just started a few days ago, so the CSRs probably don't have all the proper information yet...to be expected with a new operation...Flushing is a good, well respected, long time NY bank....so should be a good account in the long run.
Bassam (anonymous)   |     |   Comment #4
Great site.
Forgive my ignorance... what's the difference between a soft credit check and a hard credit check?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
The important difference is that a hard credit check can hurt your FICO score, but a soft pull will not. See this FW thread for more info.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
Thanks anonymous about investigating the number of external links. I've updated the post with this info. That's a big plus.
Anonymous   |     |   Comment #7
your quite welcome, Banking Guy! Glad to be of help...since it was just launched, not all the csrs are "up to speed" yet....lol

I just opened it myself today...should be really nice...
Anonymous   |     |   Comment #8
Hey, I just opened Savings & CD on igobanking. It was pretty easy and straightfoward.
Anonymous   |     |   Comment #9
Signed up for igobanking.com last wednesday. Still haven't received my PIN. Not to mention, it originally said to use social security number as username and last four digits of social security # for password, then changed their mind and came up with the PIN thing. Not happy. I think the name should be "icantgobanking.com".
Anonymous   |     |   Comment #10
Yes, they do seem to be a bit slow about getting you going on this...took a week after i initially opened to get my account opened and begin the linked funding process...
I'm still waiting for the pin password to arrive in the mail...which will hopefully come next week...so figure about 2 weeks to get on there after you apply for the account...they really should figure out a faster way to get you going....
Anonymous   |     |   Comment #11
Just a bit of additional info about opening this "on-line" account with Igo/Flushing SB.
While completing the application today, I was informed during the "on-line" process that I would be required to snail-mail to them for address confirmation either a copy of an electric, gas or telephone bill, or a copy of a bank statement. I bought this house 16 yrs ago, have lived here for 16 yrs, have had the same phone number for 16 yrs, and thought I was taking advantage of an "on-line" bank account application. WTF ???
Something is lacking here in their info/data confirmation system.
Has anyone else been asked to jump through this hoop just to open a freekin' savings account?? Never had to do this with First Fed, HSBC, Emigrant, Apple, Zions, ING, or any other.
It seems that at the least the Chex system, or the NYS DMV check, or even their own mailer (password) would confirm the address, without this additional step.
Sounds to me like they have one foot in the 21st century, and one foot still in the the 19th century.
I didn't see this info here at the site, so thought prospective applicants for this account might appreciate this info.
Bill R.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
Thanks for the info. I haven't opened this account so I can't say if this snail-mail requirement is done for all. As you mentioned, you would think they could confirm your address by other ways.
Anonymous   |     |   Comment #13
I have a feeling that this "snail mail your address confirmation" just discussed is their standard procedure...same thing happened to me and a friend of mine who also applied online for it....

My account was actually opened last Friday, it was funded this Monday...i even received a welcome letter on Wednesday with my new account #....but still no password yet...which, based on my phone call to them, should have arrived by the end of this week (and has not)...

I will give it to next Monday (Dec 18) mail and if it hasn't come, i will call and ask if there is any other way they can get me into my account already....

In the long run, this may work out ok...but the way the have it now, setting up and getting it going seems to go at a "turtle" speed....
Hope i will be able to report back a more favorable impression once i can actually start "using" the account....
Anonymous   |     |   Comment #14
Well, did receive my password pin # today (Dec 16) with that there was no problem getting into your account (you change your user name and password during your first session)...

After you receive the welcome letter with your account #...figure about 3 days after that for the pin...Total time from initial internet application to getting on: 2 weeks...

The interface is very nice and i believe transfers are through cashedge...you will need to establish external links...i found that the instant verifications don't work, so you will be using the optional "trial deposits" method instead....once you verify the trial deposits, that bank will be added to your list...According to the VP at IGO he told me up to 20 links is allowed, and can be checking or savings accounts...

Not bad...once you get on....in fact you can even use the transfer system to e-mail money to friends as well...very versatile system...web interface is pretty nice...In the long run, this could be a nice account to have...just need a little patience for the initial set-up...
Banking Guy
Banking Guy (anonymous)   |     |   Comment #15
Thanks for the detailed info. I think many may find this tidbit useful:

"Total time from initial internet application to getting on: 2 weeks"

Glad you were finally able to log in. I wonder how useful the instant verifications are now that so many banks have added another step to their logins. I think I would prefer to stick with the trial deposit method.
Anonymous   |     |   Comment #16
I'm still waiting for the pin password to arrive in the mail
after 8 days from application date....
No sign of it....
Frustration sets in....
More waiting.....

Bob Davis
Anonymous   |     |   Comment #17
I have to mail two utilities bills to verify an address of
8 years in same house.....
Anonymous   |     |   Comment #18
take heart...i know..i was getting frustrated too...but i am on now..and it looks pretty good to me....since they are new...i guess you would have to expect a few rough edges....

And yes, Banking guy...the instant verifications didn't work for me when i got into the account today...had to do trial deposit links...i think it's because of the "extra security" most banks have now...they just won't let these transfer systems log in through them to verify your info....

In the future, Flushing (IGO) is expecting to offer atm cards and checking accounts for IGO also...so these accounts may get rather interesting in the near future...especially if they link the IGO atm card to the Allpoint Network, which would provide lots of free atm access! (Flushing Savings Bank is on it...check their regular website)....

Also, Flushing is an old an reliable NY Bank...just new to the online game....
Anonymous   |     |   Comment #19
ABSURD! Here my new friends, is a task for you new (like me) iGO holders: Try to withdraw OR deposit into your new account! Now you will be asked to open yet another "Transfer Funds Account" before you can access it! The original verification done earlier, was to OPEN ONLY! So,again another "small couple of deposit" verifications, another application with SOC & OLN, etc and another "soft" credit check. So, we have $$ in iGO, they will not give it to us unless we "file" annother application for it OR must wait 180 days from date of application to have them CLOSE the account OR pay a $10 early closing fee! Your thoughts?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #20
Looks like iGo is a long way off from having a smooth online banking system. HSBC's Online Savings Account has the same issue in that you have to redo the link, but this process isn't as bad as what you described with iGo.

For those who haven't opened this account yet, I would recommend a small initial deposit so you don't lock up your money for too long during this long process.
Anonymous   |     |   Comment #21
Banking guy..i think the poster prior to your last post was being a little overly "melodramatic"...it is true, that once you do get in, you have to set up links again to the banks you want to access, but it was a very quick procedure...

Sunday evening, i typed in the banks i wanted to link..Monday morning, the verification deposits arrived at those banks...went back to Igo to verify them, and was then able to make my first transfers...

Although restrictions are placed on the amounts for that first "real" transfer you do, according to a CSR at IGO i e-mailed, once the first transfer goes through, the amounts permitted are pretty huge (that you can transfer in and out)...

I will paste-in that e-mail response next, so everyone can see what they said....
Anonymous   |     |   Comment #22
Here's the e-mail response from IGO regarding transfer amounts (the most restrictive, you will notice, is the "next day transfers" but even for those it's $6000 a day!...."three day transfers" allow really huge amounts....here it is:


We received your email inquiring about iGObanking transfers. Customers can choose next day transfers. The maximum amount for next day transfers is $6000.00.

Customers can transfer up to $100,000.00 per day and up to $1,000,000.00 monthly. First transfers must be within $1,000 to $2,000.00 to validate the account.

Despite some initial rough edges, which may tend to "steam" some people here that like everything to get set up fast, i think in the long run, this could turn out to be a pretty good high yield savings account...It's "cashedge" transfer system gives a great deal of flexibility...
Anonymous   |     |   Comment #23
PS: I agree, Banking Guy, that one should only make a very small deposit for that intial one (i only put in $25)....

wait until you have full access to your account before moving in large amounts....

And those just applying online..understand it will take approx 2 weeks for you to actually access the account....Flushing, i can see, tends to be very "security concious" and that tends to slow things down a bit....
Banking Guy
Banking Guy (anonymous)   |     |   Comment #24
Thanks everyone for the info.

For the three-day-transfers, it'll be interesting to know if there's any time in which the money is neither in the external bank or at iGO (not earning interest). At HSBC you can lose 2 to 4 days of interest.
Anonymous   |     |   Comment #25
Banking Guy, seems the "complaints" have quieted down...lol I think that is because once you get into the account, it is pretty smooth sailing....

Just 2 updates for you....The maximum per day on a 3 day transfer is $100,000 (1 million per month max)...

The maximum on Next Day Transfers is actually: $2,000 per day ($5,000 per month max).....

On 3 days transfers: the bad news is that you do lose the interest, since the money is pulled on the first day from your other account and doesn't start getting interest until it arrives 3 days later...

But the good news is: when it arrives 3 days later, it's already AVAILABLE (they don't place and additional 3 day hold on it like many internet savings accounts do)....

The one day transfer is neat, but of course, has more limited use because of the smaller amounts permitted for it....
Banking Guy
Banking Guy (anonymous)   |     |   Comment #26
Thanks for the info. Are the one-day transfers free?
Anonymous   |     |   Comment #27
yes, the one day transfers are free!

And a supervisor i spoke to there said they will definately be offering checking accounts with debit/atm cards eventually....

Hopefully, when they do, they will put the card on the Allpoint Network (which their parent company, Flushing Savings Bank is already on) That would give access to lots of free atms as well...

PS: The account works very smoothly, once you get in.....
Anonymous   |     |   Comment #28
Are Direct Deposits or Allocations allowed? I see no mention of it on their website or in this thread.
Brian (anonymous)   |     |   Comment #29
I just filled out the online application at igobanking.com. I received an E-mail about being approved for a savings account. I now have to verify 2 small deposits that will be made in the next 3 days. I know many other banks that do this small deposit verification and think it is a good thing.

So far, I have not been told I have to mail in any bills for address verification. Maybe that is a random check.

I'll post more later.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #30
Brian, Thanks for the info. Please keep us updated about how it goes.
Brian (anonymous)   |     |   Comment #31
I have verified the small deposits in my funding account and my iGObanking account is open. I then get the message about my pin being sent in the mail and needing to have it before logging in to my account. I called customer service (thinking there must be a way to reset the pin incase I lost it) and asked them to reset my pin. They gave me a new pin, I logged in, and all is good. No need to wait on the post office to deliever my pin.

After logging in, I see that I don't have my initial funding deposit. However, I received an E-mail that said the transaction was processed today. So, I expect my funding account to be debited and my iGObanking account to be credited tonight.

As others have mentioned, I do have to redo the verification of my funding account before I can do transfers between the two accounts. The online verification did not work, so again, small deposits are going to be in my other account within 3 days. Once I verify the small amounts, I should be able to start transferring money back and forth. I guess a funding account is not considered a transferring account. They should automatically setup the funding account as a transferring account. I will send a note to customer service about this.

I'll post more later.
al_r (anonymous)   |     |   Comment #32
Online application experience with iGObanking a little irritating, but not a deal killer.

Before applying to iGO, and after reading some comments here, I called CSR at iGO & asked specifically if mail-in documentation was required - and was told NO!

I had the same reaction, as others here, when I was then informed, during the online application process, I would need to provide paper documentation (utility bill, phone bill etc) to 'Verify my Address'.

[I've lived 30 yrs in same home, 35 yrs with same phone #, I'm listed in phone book etc. He11, you can put my phone number in Google & up pops my name, address, and a map to my door!]

I called and what I found out was this:

iGO does not require the paper documentation per se. Address verification is done by my response to info pulled from credit bureau data. In my case the questions I was asked were to confirm certain Mortgage info, car loan info, and recent revolving debt info.

I have paid off my mortgage, and car loan and have had no new credit card debt in years. My responses then in each case were 'None of the above', 'None of the above', 'None of the above', etc. 6 times I answered 'None of the above', since all of the choices listed were bogus. The CSR said that since my address could not be verified from the responses, I would need to do the 'paper' verification.

I ended up asking if this could be sent by FAX and was told it could.

I scanned my utility bill on my cheap Lexmark and faxed using the built-in MS Fax application. This was late yesterday, and early today I got the account approval - all ended up well.

Like I say, this was a bit irritating, but I didn't want to let it kill the deal since the account has much of what I am looking for. We'll see how it goes.

Side note - I also have just opened an account with Apple's Grand Yield Savings. The application was identical (Cashedge), including address verification questions. Again my responses to each and all questions were 'None of the above' as once more, all questions were bogus and did not apply to me.

Surprisingly however, the Grand Yield account was approved immediately WITHOUT additional documentation! I cannot explain this. Maybe each institution retains the ability to tighten or loosen the approval criteria. banking guy probably has a better explanation.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #33
Thanks al_r for the detailed description of your account opening process. I have not opened this account or the Grand Yield Account, but I have opened several other online bank accounts and have not been asked to fax or mail in address verification documentation. So it does seem to depend on the bank.

BTW, for clarity I removed your previous comment which seemed to be an earlier version of your last comment.
al_r (anonymous)   |     |   Comment #34
banking guy -

The comment ended up being so long - good thing you spared everyone from two of them!

I didn't even notice the other comment, but I'm not surprised it went through. I do recall now that at the time, the 'preview' kept timing out. I must have inadvertently posted it, then edited another version and sent that one too.

No problem with the removal - feel free to not post this one as well, since it really doesn't add anything to the subject.

Thanks again for providing such a great resource. I have been working my way through the high yield savings account possibilities, using your blog as the centerpiece of information. Every day, I feel fortunate that I found your site to help guide me.

If ING could have raised their rate about ¾ of a point, they could have saved me the trouble. I really like everything about ING, except for the savings rate - unfortunately that trumps many of the positives.

al r
Brian (anonymous)   |     |   Comment #35
Well, my funding account was debited but my iGObanking account was not credited. I will assume it is going to take 3 days for my initial deposit to hit my iGObanking account. I have verified my 2 transferring accounts already, but can't do next day transfers. There is a rule that your iGObanking account must have $750 in it before you can do next day transfers. I will just wait the 3 days for my $750 transfer and I should be able to do next day from then on.

I have not recieved a response to my question about the funding account automatically being approved for transfers. I did send it late last night, so maybe I will get a response later today.

All in all, not a bad process. I have an online account with Ascencia, and if I remember right, it is about the same type of process to open it. Ascencia has been a great online bank for me, I just want to be able to keep some money at iGObanking as they have better rates.
Anonymous   |     |   Comment #36
I am in the process of getting approved for this account. I also have had no loans for over 15 years. They wanted a utility bill for both myself and my wife (married 30 years). I sent the power for me and water for her in the same envelope (almost everything is in my name). They sent me an email saying I was approved 2 days ago. Nothing about my wife. She is not approved yet. No email saying the water bill was not adequate. They still have not taken my initial deposit. I guess they wait for this approval process to complete. I will call them today and see if they need a copy of the marriage certificate.
It really should not be this HARD !!!
Anonymous   |     |   Comment #37
Update - I called and for some reason they did not see the second address verification sheet in the envelope. Said they would correct it today. They seem like a really small outfit, the CSR recognized my last name, said she had processed my mailed in address verification.
Anonymous   |     |   Comment #38
LOL, what is a "Utility Bill anyway? I've owned the same house for 14 years and I don't get utility bills in the mail.

This would be really silly if, in order to apply for an ONLINE account, I need to wait for a request in the mail, then go online to two different utility companies and request mailed bills, wait for them, mail them to IGO to then open the account.

There must be a better way to identify people.
Anonymous   |     |   Comment #39
Updates on igobanking transfers:
next day transfers are as previously posted of max $2000/day (max $5000/month)

for 3 days transfers: the max of up to $100,000/day($1,000,000/month) only apply if you have $100,000+ on deposit with them for premium banking level, otherwise transfer are limited to $15,000/day (max $25,000/month) for accounts with less then $100,000 --making ACH access of money beyond the allowed max amount of $25000 in accounts with deposits less than $100,000 not available for that month. I am surprised and disappointed with this restriction, and have not encounter this in my other accounts. Banking guy, this is a common practice for a online savings accounts? If anyone finds out differently, please post.
Anonymous   |     |   Comment #40

I just got my pin code and was able to access online. Set up the ACH transfer system. The limits are quite a bit less than prevoiusly posted. $2K per day ($5K per month) going in and $15K per day ($25K per month) coming out. So to fund with $100K (which can be done in 1 transfer elsewhere) takes 20 months!!!! This is ABSURD !!!
Anonymous   |     |   Comment #41
When I talked to a CSR a couple of days ago, he told me that they recently changed their transfer policy. He told me that after the initial 30 day period that an account is opened, the incoming and outgoing daily transfer limit will be $100,000 "across the board" for both standard and premium transfers and $500,000 "across the board" for the rolling 30 day period. He had no explanation as to why the incoming premium transfer service button is greyed out for me(I cannot select it). He was going to find out why but I have not called back yet. Has anyone else heard about this "change in policy"?
Anonymous   |     |   Comment #42
I opend an iGO Savings account about 2 weeks ago. I didn't have to verify my address. It went pretty smooth. I was able to completely finish the whole process including 2 times of 2 small deposit verifications in 10 days starting at the time I completed the application. I waited one day to verify the first 2 small deposits. The 10 days also included two weekends. I think if you act fast after you receive the small deposits and PIN number from them, it should not take too long before you finish the whole process. At least to me their response times were pretty quick. They deposited the small deposits the next business day or 2 each time I finished a step. I even received the PIN in the mail in only 2-3 days after i verified the first 2 small deposits. The second 2 small deposit verification went pretty quick too.

But it took 5 days for my initial funding amount to appear in the iGo Savings account from the day it was completely debited (not showing "pending") from my funding account. I am glad I funded only a small amount.

I emailed them and asked why it was taking so long. I also asked how long it would usually take to do a normal transfer to and from this iGO Savings account. It has been a week. No answer yet. Don't know why. But i found the answer myself later on the "transfer fund" page when i did a transfer.
Anonymous   |     |   Comment #43
anonymous: it doesn't take 20 months to fund with $100k. the limits allow you to fund $100k/day or $500k/rolling day day period under the "standard" transfer, which means that it will take 3 business days to settle. 3 business days is much better than my ING account which takes like a week to settle. For "premium" transfer (i.e. next day) the limits are lower. The difference between the two seems that you will lose 3 days of interest on the "standard" as well as no being able to access those funds for that period, versus the 1 day for "premium".

Since there are lag times in many of these high yield accounts, you should plan accordingly.

Another note, you must have $750 remaining in the account after the amount of transfer in order to qualify for "premium" transfers (i.e. you want to transfer $1000, you need to have $1750 at least in the account to do a premium transfer).

When I did my initial account funding, I did not have to verify my funding account. I do not know why. I opened with $500 and was funded immediately (considering that I've had the account opened for one month now and see that interst has been applied). I did however have to verify the two deposits to link two of the accounts, but I did not have to verify deposits in two other linked accounts.

You can FAX your address verification. iGOBanking isn't the only company requesting these verifications. Since I moved within the past 6 months, I've had to provide address verification for over half of the credit cards, bank accounts, CLUE reports etc, that I have applied for.
Anonymous   |     |   Comment #44
I cannot open IGobanking.com today. I am just wondering if anybody experiencing the same thing?

Thank you.
Anonymous   |     |   Comment #45
I am having trouble loading up the igobanking.com site too!

It sucks because I like to check all of my accounts everyday!
Anonymous   |     |   Comment #46
I tried flushingsavings.com too. It didn't work. I called CS, they said their system was down and should be back to normal later.

Now flushingsavings.com is ok, but igobanking.com still isn't.
Anonymous   |     |   Comment #47
Its APY is 5.3%, but interest rate is only 5.16%, not as 5.18% as other bank's. How come it is?
brian (anonymous)   |     |   Comment #48
I have had my iGObanking account open for a few weeks now. The biggest problem is all deposits are put on hold for 5 days, no matter what.

For example, I have an account at another online bank which allows 1 day transfers to other banks via ACH. So, I sent money from it to iGObanking and a 5 day hold was placed on the money at iGO. Why would this be, it was an ACH from another bank, it is obvious the funds exist. At least I can get around the low transfer limits placed by iGO by sending them money from other banks and not having them take money from other banks.

I saw someone else had problems with E-mailing customer support, I too have never recieved a reply to online E-mails sent to iGO. Seems you must call them if you want any customer service. Not good for an online bank espcially when you are on hold for 10 minutes waiting to talk to a customer service rep.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #49
A 5-day hold on all deposits does seem excessive. I don't remember such holds on my other online bank accounts.

Is that just regular email or do they have a secure email service that's available when you are logged in?
brian (anonymous)   |     |   Comment #50
Yes, when I talked to the CSR I said 5 days is a little excessive when it is an ACH transfer. They said our disclosures state the 5 day hold. I didn't care to find it or try and prove them wrong. I was assured that interest is earned on the current balance, not on the available balance. The current balance includes the money still on hold, so there isn't a loss of intrest. I will figure out the interest amount at the end of this month and see if this is true.

The E-mail service is an online form that can be accessed without being logged in to your account. You have to enter your E-mail address before submitting your question, so I expected an E-mail from them. However, 3 E-mails have gone unanswered.
Anonymous   |     |   Comment #51
I don't know why they don't reply email sometimes. I sent 2 before. One was not unanswered.

Talked to CS one time. Don't remember being held for long.
Anonymous   |     |   Comment #52
When I opened my account over a month ago their disclosure did not contain the 5 day hold information and their CSR's told me repeatedly that there was no hold placed on incoming ACH transfers. That was one of the major reasons that I opened this account. That is a new addition to their banking policy. So with their 3 business day transfer and 5 business day hold your money could be tied up for 14 days. Also, I was misled to believe that the incoming and outgoing transfer limits would be automatically increased to much higher limits after the account was opened for more than 30 days. Needless to say, the limits have not changed.
Anonymous   |     |   Comment #53
Have you tried calling a CSR to ask about that? They may have to change your transfer limit manually if it doesn't automatically change.

I have also talked to a CSR, and they said my limit would change after 1 month. I still need another 1-2 weeks before that time, so I can't say if it's true or not.

Can anyone else say if they've received the higher outgoing transfer limit of $100,000 per day?
David 'N Go
David 'N Go (anonymous)   |     |   Comment #54
iGObanking is SO SLOW! The main page loads after 5 minutes and once i try to log on, it just stalls and gives me an error message! This poor service is making me think the higher interest rate is not worth it. I might go back to INGDirect if they don't get their act together quickly.
Anonymous   |     |   Comment #55
Here's my experience with igobanking:

I try to open my account online.

The next day I get two separate emails. One asks me to mail in a photocopy of my drivers license. The other asks for a photocopy of a recent statement/bill at my address.

I mail both the next day on a Thursday.

The next Friday I call because I haven't heard anything from them. They say they haven't gotten my mailings over a week later. She apparently looks more around the office while I'm on hold and says "you are lucky, I found them". WHAT??? She says it will take two business days to get an approval.

I call after three business days and not hearing from them. She says she is still approving my account and she will notify me in a couple hours if I'm approved, wait, change that, make it tomorrow since she needs the approval of her manager who will be in tomorrow. GET IT STRAIGHT!

I get an email that I was approved TWO days later, FINALLY!!!

The email says nothing on what I should do next. Based on their FAQ and the postings on this site I assume I wait for 2-3 days for a mailed PIN, but the 2-3 days will surely mean another week if not more. Then I will fund my account and it their will be a lengthy hold on the funds.

When it is all said and done it will take me over a month to get money into this account. I suggest others learn from my experiences and save themselves the hassle and take their business elsewhere.
Anonymous   |     |   Comment #56
Beware. Even though you can transfer in $500,000 in one month, you can only transfer out $25,000 per month. At that rate it would take 20 months to get your money back out!!! I called about this and was told that after my account was open for a month the limit would go up. The month passed last week - NO CHANGE.
Brian (anonymous)   |     |   Comment #57
I can take as much money from iGO as I wish as my other online account does not have limits. At least not a limit that I have ever reached. This avoids the limits at iGO. Check with your other bank to see if you can setup ACH transfers to take money from iGO.
Tim (anonymous)   |     |   Comment #58
5 day holds aren't that uncommon. ING has like a 7-10 day hold. Citi has 5 day hold.

when i first opened the account, i got immediate email replies. for some reason, i am no longer receiving immediate email replies. i do not need the funds urgently, but i'm getting a bit concerned. i also have sufficient funds for the premium same business day, but the option is greyed out so i cannot use the feature. i've already emailed igo about it. i guess i will stop depositing money into the account and let everything clear. if i cannot get a reply, i will unload the account.
Tim (anonymous)   |     |   Comment #59
my max transfers are a rolling $500k, it shows a countdown from that amount.

i'm astonished by how many people are worried about the $100k-$500k transfer limits. Do people really have that much and need it that quickly?
Anonymous   |     |   Comment #60
I'm having the same problem with transfer amounts. I have a new account and I tried to transfer in $10,000 and was denied. There is a limit set at $2000. How are you transferring in $100,000?
Anonymous   |     |   Comment #61
In regards to the post above, your first transfer is restricted to $2000 or less, after the first transfer your limits are upped to the regular limits.
Anonymous   |     |   Comment #62
When I found iGo on bankrate.com, it said that interest is compounded daily at iGo (vs. monthly at ING). Does anyone know whether this is accurate (both about iGo and ING)? I don't see anything about compounding on the iGo site. Thanks!
Brian (anonymous)   |     |   Comment #63
iGObanking does daily compounding based on my calculations.
Anonymous   |     |   Comment #64
Has anyone been able to pull money from iGo using another bank to initiate the transfer? Have you been able to transfer out more than $25,000? They had told me that once my balance reached $100,000 they would raise their online outbound limit above $25,000 per month. Well now that the balance is there, they are holding fast to the $25,000 limit. FOUR months to get the money out is unacceptable !!! I have initiated a link from GMAC, but have yet to see the test deposits.
Another bait & switch like UmbrellaBank with their 5.5% thru the end of the year.
brian (anonymous)   |     |   Comment #65
I have not pulled over 25,000 at one time. I pulled 10,000 on day 1, pulled 2,000 on day 2, and pulled 13,900 on day 4. So within 4 days I pulled over 25,000 and had no problems. Surely you would have no problems pulling over 25,000 on 1 day, but can't say for sure.

I also tried the pay people feature just to check it out. Limit is 1000/month. It took 4 days for my friend to receive the money in his account. Worked well and is a nice feature.
Anonymous   |     |   Comment #66
Brian -
Did you use the test deposit method to link your accounts? I have been waiting almost a week now and the test deposits have not shown up. Can I ask what other bank you used? Thanks.
Brian (anonymous)   |     |   Comment #67
Yes, I used the test deposit to link my accounts. I had the deposits in 2 or 3 days for each account. I have had no problems with iGO other than limits that i get around using my other online account.

I have had a checking and savings account at Ascencia Bank (www.ascenciabank.com) for over 2 years now and really like their service.
Anonymous   |     |   Comment #68
Hi Brian! I'd like to be your friend ;)

Overall, would you recommend iGO vs another online bank such as Emigrant, ING or HSBC? Are their issues just because they're still relatively new to the game, paralyzed by their own policies, or just inept? I don't think it's unreasonable to sacrifice a little inconvenience for the sake of better security and higher interest rates but there is a limit to how much I'm willing to tolerate. Since I'm new to online banking--I graciously seek the advice of those more knowledgeable on such matters. I don't have saving anywhere near the $ limits some are speaking of but that's why the higher rates are so attractive. But I wonder, is it really worth the hassle?

Brian (anonymous)   |     |   Comment #69
Sorry, I no nothing about the other banks you mention. I would certianly recommend Ascencia Bank as an online account. You have ATM access to your account worldwide for free with certain ATM networks such as Cirus.

iGO does not have ATM accounts. Thus, I simply stash money there to get the great rate and move it to Ascencia when I need access to it.
Anonymous   |     |   Comment #70
Creating an account with IGOBanking has been a bad experience so far. I tried to create a simple joint savings account. Trouble began with a computer glitch, and now it seems as if customer service doesn't understand english. They send me emails that are supposed to go to the secondary account holder (I am the primary). They address me by other people's names. Their emails contain mailmerge errors, and you see stuff like AH_LASTNAME instead of a real last name. There have been so many of these miscommunications since I tried to open this account a week ago, that my faith in them being able to keep my money safe has been shaken.

I am proceeding tentatively for now.
Anonymous   |     |   Comment #71
I can only put $5,000 in and take $25,000 out during a 30 day period. I see others have much higher limits. I guess they don't like me as much. :(
Harsh (anonymous)   |     |   Comment #72
Flushing Savings Bank (the parent bank of iGoBanking) is offering following deal at their B&M locations.

4% checking account
5.15% Money market account (Guaranteed for 6 months)

You will need to keep the accounts for at least 6 months to not be charged penalty. There's a 6 withdrawal per month limit.
Anonymous   |     |   Comment #73
Does anyone know what IGoBanking.com's ACH number is? I'd like to link my account to another bank, and see if I can pull out more than the $15,000 limit. Incidentally, I don't know where people are getting their numbers from, but the website now clearly states that the limit is $500,000 in, but only $25,000 per month out! And, $15,000 per day. If I cannot use another bank to pull out the money in bigger sums than that, I will never put more than $25,000 or so into this account.
Anonymous   |     |   Comment #74
The iGO Savings Account APY was lowered to 5.17% with an equivalent Rate of 5.04% today.
Anonymous   |     |   Comment #75
IGO lowered again today! They are now at 5.00% APY. Arghhhhhhhh!!!!!!!!!!!!
Matt (anonymous)   |     |   Comment #76
They lowered the rates again... not sure when the change was made, but today they show: 4.78% Monthy with 4.9% APY... What a bummer! I may have to think about switching out to another bank soon... what a pain! pixe spot light
Anonymous   |     |   Comment #77
iGObanking.com just dropped to 4.05% (down from 4.20%).
Matt (anonymous)   |     |   Comment #78
Downward fall indeed... Probably has direct correlation to the fed dropping the interest rate. Hopefully wont go lower than this. I noticed E*Trade has a savings account for 4.10% APR.


Anonymous   |     |   Comment #79
New rate: 3.52%
Matt (anonymous)   |     |   Comment #80
Man oh man... quite a bit different than 5.3%...

Anyone recommend another place? or are all of them lower now?
seg (anonymous)   |     |   Comment #81
Matt (anonymous)   |     |   Comment #82
Current Rate as of today is: 3.28% APY
Anonymous   |     |   Comment #83
Applied for an account online, and after a week they denied it.
No good reason.
Some bogus address issue (been in same place over 11 years).
They promised to review my request, but never got back to me.
If they're that careless with the application process, would rather put my money elsewhere.
Anonymous   |     |   Comment #84
Rate dropped to 2.81%
Anonymous   |     |   Comment #85
I asked a customer rep about ACH limits. She said you are limited to 6 per month, $15,000 per, with a limit of $50K per month. She said that you are not allowed to initiate a withdraw from an external account. You must use IGObanking to initiate transfers. You can request by email, transfer up to 100K with a 500K per month maximum. That scares me since they don't seem to answer emails.

Like others, I have had problems setting up an account. I am unable to link my account to an outside account. I have sent emails and have not receive responses.I called them directly. After being on hold for 15 minutes, I spoke to a customer rep who was unable to help me but said they would call back with an answer. They never did.

Personally, this bank is not worth the hassle. Customer service is lacking and the ACH limits are too low.
Anonymous   |     |   Comment #86
From Customer Service:

"Federal regulations state that no more than six (6) outgoing transfers per statement cycle may be made to an account at another bank or financial institution, including your linked external account. Unlimited deposits may be made to your iGO savings account.

The dollar limits for transfers out of your iGObanking account are $15,000.00 daily with a rolling thirty (30) day limit of $50,000.00. To request a "One Time Transfer" in excess of the daily/monthly limits, please send an email from the email address we have on file for your account. Your request will be submitted to management for review.
Management will temporarily raise your limit so you may schedule the transfer online. We will contact you by phone and email to inform you of your ability to schedule the transaction.

The dollar limits for transfers in to your iGObanking account are $100,000.00 daily/$500,000.00 rolling thirty (30) days."

Notre th words: "Your request will be submitted to management for review.". To me this means that they do not gaurantee that you can make the transfer. Do you want to take the change that they will drop the rate and then i can take months to move YOUR money? I don't.
Anonymous   |     |   Comment #87
Rate dropped to 2.50%
Anonymous   |     |   Comment #88
ACH transfers subject to review by management? HA HA HA. In that case only people living in the Queens Flushing neighborhood, like my aunt, should be the only people who open accounts with them. I would like to send my aunt to the bank and let them have an earful.
Anonymous   |     |   Comment #89
Latest Rate : 1.85% on 03/03/2009
Anonymous   |     |   Comment #90
Surprise. Surprise. Rate is increased to 2.12% as of 04/11/2009
Anonymous   |     |   Comment #91
Rate dropped to 1.56% as of September 30, 2009.
Anonymous   |     |   Comment #92
Rate dropped to 1.31% as of December 19, 2009.