Best Bank/CU To Open Accounts Online?

UtahManAmI | May 20, 2022 | 15 posts since 2020

Does anyone have a bank or credit union that actually has a good online account opening? Every bank I open with either promises me the world as far as the how easy the process is and its not...or they have an easy opening process but its a pain to fund a new CD with a lot of money because of their restrictions.

I want a bank or CU that can do both or am I asking too much?

Post an answer

Answers

enduser | May 20, 2022 | 711 posts since 2015

If you want a FI that is easy to open, fund, close, & transfer funds then look no further then Ally. I’m sure there are others but this is the first one that comes to mind. Opening a CD or any account online is easy and you can even close a No Penalty CD's yourself after 6-days without ever having to call a CS rep. Someone is always available to answer the phone 24hrs a day, 7 days a week even on holidays, and you get to talk to someone in the USA instead of an overseas call center.

Ally allows up to 20 external account links. When you delete one or more it gets deducted from your lifetime 20 limit. To reset the external lifetime account limit back to 20 effective Jan 2022 you now have to call CS and they will add them for you.

What you want is a bank you can use as a hub. A hub bank does not need to pay the highest rate it just needs to be convenient to your needs and function as a command and control center. This bank should allow you to establish and delete external accounts links at will, without imposing a low external account link limit, most allow up to 4 max, some 20, 30, and even unlimited.

You will also need high transaction transfer limits of $100k - $250k or unlimited, fast transfer speeds of 3 business days or less, and no hold times when the funds are PULLED back into the hub account. Some banks place a 3 to 10 day hold on those funds preventing you from using them until the hold is released, not cool.

I'm a member of 6 credit unions, only the local one to me is my main CU where I make my local deposits, pay bills, etc, but after 5pm, weekends, or holidays, no one at those CU's answers the phone if I have a problem. Two credit unions have special accounts that pay 5%, and 6.17% on a maximum deposit of $1k. On another I have a 7 year IRA CD paying 3%, the next one I have a 3.25% 3 year add-on CD, and the last one offered $100 bonus with $100 deposits for 12-months, I can’t think of a further reason to stay with the last one.

With a hub bank you can link to any bank offering a special, transfer PUSH funds there; when that special runs out, PULL those funds back to the hub without any hold periods, find the next deal, and keep the cycle going. If nothing is going on, PUSH the funds to your high interest liquid account until the next deal comes along. With this banking technique your money is always working for you and seldom idle.

Other users on this forum will recommend other institutions to use as a hub from personal experiences. The doc site has a list they maintain. Not all potential hubs are perfect or ideal you just need to find the one that meets your needs.

https://www.doctorofcredit.com/hub-accounts-ach-transfers-capabilities-fees-limits-across-financial-...

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.