Online banking

[sleepery]

I am researching online banking . I am pretty muck old school and do not use a phone app for my bills etc .
I have seen some decent interest rates for CD's and savings accounts . Does anyone have any good or bad experiences with Discover savings or Capital One ?

 

[Bud]

Don't have any experience with either of the two you mentioned, but used Ally bank for several years. They used to be easy to get ahold of by phone or email, but in the last year there is anywhere from a 20 minute wait and up to talk with someone on the phone or chat. Email was taking four or five days for an answer to a question. Finally moved everything over to my Credit Union where I can actually go in and see someone.

 

[JayhawkRoy]

I have a Discover savings acct and one CD with them. No issues. Easy to use their website to move money when needed (which isn't very often). Savings acct limited to three or four withdrawals per month, so some prior planning may be needed. I also use TIAA bank and they are good at customer service when needed also.

 

[MNgopher]

Been using an american express online savings account. No complaints - has worked exactly like other online savings accounts I've used in the past.

I bank locally at a credit union, but for longer term savings the online banks work great so long as you don't mind a slight lag in accessing the money (typically 2-3 days).

 

[JavierH19]

Funny you ask i actually have both capital one and discover although i don't really use discover anymore. Personally for regular banking i like capital one more since you can deposit cash and checks in their atm's, deposit cash in cvs if you ever need to and they still have some brick and mortar locations if you ever need them but i hardly need any of that. Online banking is great, their customer service is very helpful. Actually more so than the in person support i'd get at a chase.

If you're looking for a CD go with canvas annuity. I have a CD with them but i feel like a fool as i got a 4.6% maximum earning cd with them right before they bumped up to 5.25% a month later on their 3 year.

 

[sleepery]

Thanks for the information . I am looking into the Capital One accounts as of now because they have a few branches close to me .
I have had some long on hold phone waiting periods in the past . Will probably search online for a CD . That is a pretty good rate rate with the Canvas CD !

 

[alarmguy]

I have a Discover savings acct and one CD with them. No issues. Easy to use their website to move money when needed (which isn't very often). Savings acct limited to three or four withdrawals per month, so some prior planning may be needed. I also use TIAA bank and they are good at customer service when needed also.

I currently have Alliant Credit Union which is only on line, Been very happy with them for years now. No min on checking and savings ect..
Everything works seamless, 40,000 or something ATMs at no cost and you can even go to ATMs not in the network and they will pay the fee up to $20. a most for using the out of network ATM which is rare because their are so many of them.
Both checking and savings earn interest. But for the first time in years their rates are lacking after the recent rate increases. They have been raising them but so far Savings is only 1.8% which is a little behind the best. Though their CD rates are much higher.

Anyway, always had a favorable impression of Discover, used their Credit Card for well over a decade and I get the savings offers all the time.
Anyway, Ill wait to see if their rates catch up to the best and if not maybe consider a Discover account. I never had a reason too before this point in time but Discover was one, like my current that always stood out for honesty of not having hidden fees.

Your savings transactions used to be limited by law to 6 per month and banks were forced to charge by government.
Many banks will still charge that fee even though it is no longer required. I just checked Discover and they currently are not charging if you go over the 6 per month limit that used to be law. However they have not eliminated it and used the words "not enforcing"
I can see why, like everything government Discover is not sure themselves if they will HAVE to charge the fee in the future.

https://www.depositaccounts.com/blog/2020/04/fed-amends-reg-remove-6permonth-limit-savings-accounts.html

I thought Alliant still charges for this but cant seem to find it on their website anymore. One would need to confirm, I have never needed more than 6 a month in my savings.

 

[JavierH19]

Thanks for the information . I am looking into the Capital One accounts as of now because they have a few branches close to me .
I have had some long on hold phone waiting periods in the past . Will probably search online for a CD . That is a pretty good rate rate with the Canvas CD !

Yeah but who knows if it'll go up a bit more. I don't foresee interest rates going down below pre inflation rates within a few years to be honest. The last meeting actually revealed that they have to raise rates more in November and December. And more so next year before they can even think of leveling off but i still think rates still need to go up much more since i know inflation reduction from reduced government spending isn't gonna happen. The d*mn government is spending way too much money yet they've rigged it all up to where they're blameless and it's all the federal reserve system's fault in the end. So all the work is gonna be pushed onto the fed's table which is gonna collapse its legs. It reminds me of CD rates being over 12% in the early 80's but the federal funds rate was dang near 20%. And right now it's about 3% and people are worried. They do correlate but indirectly.

 

[Schmoe]

Like you, I'm old school, and got all my stuff in a credit union brick and mortar place. Saving account percentage is buttkiss. I mainly use them for online bill paying. Got about 50K cash in that bank and have seen the ads on TV for savings accounts with 2% if you open an account with them. BUT....after reading the fine print, there's a LOT of stuff you have to do to get that. Just not worth the time and hassle to get 2% interest. Happy to stay where I'm at.

 

[alarmguy]

Like you, I'm old school, and got all my stuff in a credit union brick and mortar place. Saving account percentage is buttkiss.

If your old school its a different ball game. Im no spring chicken but I never even saw the one bank building 1000 miles away from me that I use for savings and checking.
They have no fees and I think the largest or close to largest credit union in the country. Not for old school thinking people but the convenance for my wife and I is priceless. All the banking we do, never a fee, always highest interest rates with no games and no hidden fee banking.
Recently they have not been going up as fast as some others but I dont know the specifics of those banks. We are currently at 1.80% and we get something like .25% in our checking with Alliant Credit Union. AS I posted before I like the Discover offers but dont think they offer checking as I have with Alliant now.

 

[JavierH19]

Like you, I'm old school, and got all my stuff in a credit union brick and mortar place. Saving account percentage is buttkiss. I mainly use them for online bill paying. Got about 50K cash in that bank and have seen the ads on TV for savings accounts with 2% if you open an account with them. BUT....after reading the fine print, there's a LOT of stuff you have to do to get that. Just not worth the time and hassle to get 2% interest. Happy to stay where I'm at.

I don't know which banks you're referring to. Capital one pays 2.15% and discover is 2.10. I have both of them but i mostly use capital one. All i had to do was just leave money there and do nothing. No inactivity fee, no minimum balance to avoid fees as there are none, no this or that stipulation. I had a credit union but credit unions kind of suck and the alleged benefits of them are pretty much false in the real world. The promise that they'll put forth profits to increase your savings and lower mortgages is bunk. Big banks gave me better mortgage rates than credit unions while still paying higher on savings and having equal or lesser fees on other features. Big banks aren't terrible but a lot are. But some big banks trounce just about any credit union.