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Best online bank?


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I travel alot on my job so a checking account with access to withdrawals without a ton of fees is important. Asking for loans or credit is not an issue here. Privacy is a major concern. Everything done online, no mail to the home front. Really, just a place I can park my per diem pay until I need it and if not, let it sit and grow.

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HI ALL!

I use INGDIRECT. They offer 3.5% no fees no min savings acct plus direct deposit. No paper trail or credit check! If you pm me your email I can REFER you and you will get a $25 signing bonus..NO JOKE. I would get $10 for myself. I've used ING for almost a year and had No problems!

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HSBC offers 4% and an ATM card, which ING does not. You can deposit and withdraw money thru HSBC ATMs. Unlike ING, which is either transfers from another account or by mail. What a pain that was. I don't miss it at all. Depositing and withdrawing were both a hassle.

And I was offered a $35 signing bonus.

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It appears my rate on my ING is now 3.75%, which is pretty darn good. with that said, I saw my first commercial for HSBC online last night. They are giving 4.0%, plus maybe a bonus for signing up. That is probably your best bet, but you can't go wrong with either.

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I guess which bank you choose depends on whether you want or need access to your money at your convenience. If you only transfer money from another account (like if you never deposit checks) and you don't ever see yourself needing immediate withdrawal facilities, ING is fine.

As a self-employed person, I often have checks to deposit. ING requires me to either mail them or deposit them in my checking account, then transfer them to ING... a process that takes at least a week. With my HSBC ATM card, I can deposit directly into my HSBC account.

I had an ING account a few years ago, so I'm not just criticizing something I don't know about. But all things being equal, HSBC and ING are similar, except HSBC has a higher interest rate and an ATM card. The main difference between the two is convenience/access. Some people (like jq26) don't want convenience/access because they have discipline issues and they'd rather their savings account be fairly off-limits. If that's you, stick with ING.

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Based on the criteria listed:

- ease of access to money to deposit or withdraw at ATM's

- lower fees

- nothing mailed out to the home

The only variable I see is where you travel to.

I see only 2 main viable possibilities: Bank of America or a Credit Union.

BofA has the largest single bank ATM network (13,000+ nationwide). I get my statements online and they have a fantastic ebill service built-in to the online banking service.

The other alternative would be a Credit Union that uses the Co-Op network of ATM's.

http://www.co-opnetwork.org/public/Consumers/find_atm/index.cfm

Also, I would be looking for a credit union that is part of the Credit Union Service Center organization network - where you can go into other credit unions to do transactions in the accounts that you need to. It's pretty cool.

http://www.cuservicecenters.org/

In this link, you will find many different recommendations for credit unions. Find one that will work the best for you.

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=14799

Based on what you've said earlier, I would recommend DCU (Digital Credit Union). They are part of the CU Service Center Network, you can get all your statements online, and WITH direct deposit, they will REFUND you up to $5 of ATM surcharges! They also have easier credit guidelines if you need credit services.

The only problem that I see with HSBC bank is that I don't see their ATM's very often. Do they network with other institutions for ATM deposit access? I'm not sure. I know that they are a GIGANTIC banking entity (they are Household bank), but I don't know where their banking locations are.

Good luck in your search!

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As for myself, I love credit unions and I enjoy the way that they have given traditional banks the sort of competition that is really needed in the free market.

And many of them have services and features that are just as good or better than the big commercial banks.

Check out this web site:

http://creditunionaccess.com/

It has all the credit union information in your area. Check out the credit union links to see what they have.

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I use ING, but I've heard good things about http://www.emigrantdirect.com. Also, if you qualify, USAA has an online bank.

That being said, any bank with online access and low fees should work. I wouldn't even need to change my credit union if I moved across the country because I never go to a branch location anyway. Remote access and technology has improved so much that location is unimportant. Frankly, I love the freedom. Good luck!

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Emigrant only offers access via ACH transfer. You can't even deposit checks by any means. You can only transfer money in from another account, and you can only access your money by transferring it into your checking account.

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I've only bought one item and it was big ticket. it's sockdrawered until I pay off the laptop. They take about 1 week from "drop in the blue mailbox" to account posting. Their online isn't the best, I can't make online payments unless I have a checking account with State Farm which I do not. The time between statement receipt and payment due is very short. At least I can look at my statement online and know my min payment and interest charge so I can plug that into Quicken. They report to CRAs when the statement is mailed out.

Overall, it's a good card.

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Now, here's one for the record books.

I signed up for my HSBC Online Savings Account on 10/29. It took a few days to get set up/funded etc., and was open for business on 11/2. I was promised a $35 signing bonus after 45 days of the account being open.

The $35 bonus was credited to my account 11/21, 19 days after my account was opened.

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I believe so. It has its drawbacks, though. It's represented as interest on your account, which of course you have to pay income tax on.

Yes, but I wouldn't exactly call that a drawback. Better to have it and pay tax on it!

I am thinking about opening an account. Made some nice gains in the market this year, but I liquidated the entire account to reduce exposure at the moment. If I can get 4.0% + a little bonus, then HSBC may have earned my business.

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I yanked all funds last week. Sort of thought the market was overbought as NASDAQ and DOW are bouncing off upper resistance, and energy prices will start to creep back up in the face of the recent cold weather.

With half the funds, I am opening a secured loan for 10K with my credit union tomorrow afternoon! They shot me down for a credit card (unsecured), but told me they'll give me any secured loan product that I want. They are charging me 3.75% for the loan. I receive 0.75% interest on the deposited money. BUT- I am taking the money that they issue me and throwing it into my PayPal account at 3.95%. So I'm yielding 0.95% interest on the situation in its entirety, and that will increase as I crush the loan principal over the next 12 months. In reality, that yield sucks in the face of inflation and opportunity cost, but I'll take just a small gain if it helps my FICO improve.

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Wow, that's half what I'm paying on my secured loan.

Why don't you put the 10K loan proceeds into a CD instead of PayPal? It would definitely fit your model of "forced saving" and it would be so much safer than with PayPal, who can apparently seize it for 6 months on a whim. Better interest rate, too.

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