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Online Banking Articles: Best Cyberbanks, New Online Checking Accounts


This Kiplinger's Personal Finance article has a good overview of today's online banking. It also has its pick for the best online banks. Its choice for the overall best online savings account is HSBC Direct. I guess it didn't give a large weight to ACH transfer speed. As would be expected, ING Direct was picked as the simplest to use. ETrade Bank was labeled as the bank for best access to funds since according to the article there's no hold on deposits. Everbank was picked as the bank with the best online checking account (see my Everbank Checking Account review). The article should also have mentioned that it has no minimum balance requirements, no direct deposit requirements and no activity requirements. Many online checking accounts these days seem to require one or more of these in exchange for a high yield.

Regarding online checking accounts, this USA Today article looks into the new online checking accounts that will be introduced this year. We already were aware of ING Direct's new Electric Orange Checking Account that's available to some current customers (see my post) and E-LOAN's plans for a checking account (see my post). The article also mentions plans by HSBC Direct. Currently, HSBC offers checking accounts that can be opened online, but these are similar to the brick-and-mortar variety with paper checkbooks and paper statements. It's also similar to the brick-and-mortar checking accounts in that these checking accounts offer little to no interest. It'll be interesting to see how competitive E-LOAN and HSBC will be with their rates on these new online checking accounts.
Anonymous   |     |   Comment #1
What's your opinion of the best online savings account? I have HSBC and like everything about it ($1 minimum, ATM card, decent rate, etc) but the ACH speed is pretty slow. What do you think the best alternative to HSBC is that has a faster transfer time?
Anonymous   |     |   Comment #2
BOA. With there AAA account if you can maintain $10K you getting 5.11% which is higher than HSBC and BOA has many more ATMS, Better Coverage national than HSBC.

If you happen to keep over $50K in your account you will end up getting a rate of 5.38%.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
I've been happy with my GMAC money market account (see GMAC post). It use to have fast ACH transfers, but recently I've notice a slowdown.
Anonymous   |     |   Comment #4
I have been an ING Online savings customer for about two years. I recently opened an HSBC account because of the high rate, but have been less than impressed with the interface. Anyone run into a bank offering a higher rate than ING but better user experience than HSBC?
Anonymous   |     |   Comment #5
I've been with HSBC for a while - B&M checking and one of the on-line 5.05% accounts. I think there's about ten bucks in there now. No way did I find this a good bank. When I deposit items, e.g., checks, into my B&M checking they LOCK the money up for several days, making it impossible for me to transfer the funds on-line to my higher yielding account. This way they do not have to pay me any interest - great for them not so good for me. Instead of HSBC I am using a MM account that pays interest from day one on checks I deposit. **** HSBC. They stink!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
Not to give too much praise to GMAC Bank, but I've also been happy with their user interface.
Anonymous   |     |   Comment #7
Ho can I get BOA AAA account?
Anonymous   |     |   Comment #8
How can I get BOA AAA account?
Anonymous   |     |   Comment #9
BANK OF AMERICA TREATS THERE CUSTOMERS LIKE ****!! Dont take my word for it check Clark Howards web page.
Anonymous   |     |   Comment #10
How about citibank savings or wamu? I know both need a checking attached to it but any issues with the online part? having a b&m to go visit if you need to seems like anice option.
Anonymous   |     |   Comment #11
Superior Savings is the WORST bank I ever dealt with. Their CS reps are on the edge of being rude and sometimes I was on hold for 25 minutes before getting through. It takes forever to get anything accomplished with them. I am sure there are plenty other banks more deserving of my money. Do yourself a favor and look elsewhere also.
Anonymous   |     |   Comment #12
I agree I am really beginning to HATE BoA!!