gsnichol

After moaning about the paltry rate of interest Chase pays me for my savings account I am about to open an online savings account with a decent rate of interest.

Does anyone have any good or bad comments with these guys? Wikipedia is failing me!:

AmTrustDirect (currently 5.3% APY)
UFBDirect (currently 5.28% APY)
HSBCDirect (currently 5.05% APY)
EmigrantDirect (currently 5.05% APY).

All claim to have 'no fees'... HSBCDirect has been mentioned on here many times. They offer an ATM card, as do UFBDirect, useful for getting around the 6-withdrawls-per-month rule although they don't mention if you can fund the account directly by direct deposit from the employer. UFBDirect is looking like my choice although it's a "money market" account and I don't know the difference between a money market account and a regular savings account.

Any comments? Cheers

Jerseygirl

We use Chase for our checking account...pay no charges except for things like overseas ATM withdrawals, international wire transfers.

We use ING Direct for savings.

Dan725

With HSBC here, no probs. Takes a little while to set up, but then you are set. It will be able to be funded direct from employer - the account has a route code and account number, just like any other. I've electronically funded it from overseas transfers and paypal, using the same method your employer would.

We still maintain a Wachovia account for day to day stuff, however, as there are no HSBC ATM's anywhere around here and we don't want to pay the fees that banks charge for withdrawals.

I've just had a look at UFB, I can't see any flaws with that either, and it looks like they reimburse ATM fees too, thats novel. Money market vs regualr savings account - in this case there is no difference, UF is FDIC insured and it does not appear to have any amount or time constraints either. One thing to watch would be as to how easy it is to transfer money in and out, you might do some googling and see if you can get some reviews on it. My only reservation would be that I've never heard of them, and as such would have to do some research to satisfy myself they are a long standing bank.

Ray

Completely O/T..... Joycee just open a checking account with Bank Atlantic this morning (open 7 days a week) and for her $500 deposit ..she got a free 13in color TV and got a CD paying 5.70% for 7 months ..... both new branch opening offers I presume ....

https://www.bankatlantic.com/

sas

I've been with Emigrant Direct for a while now and have not had any problems with them. Was with ING before but moved for a better interest rate.

I noticed last week that E-loan is offering 5.5% (APY) on their Savings account, you need $5k to open the account but there does not appear to be any fees or a minimum balance requirement once the account is open.

Bob

I think that HSBC rate is a temp rate for new customers, check the small print, I think it's reduced after about 6 month...but there still pretty good though.

Ray

No..its not a temp rate ...

frrussre

Chase been with them for 20 years, savings rates stink, though they do have (or did) a 5% 6 month CD.
We have online accounts with HSBC, slow to setup pretty good rate, no problems.
Emigrant Direct (NY bank), reasonably fast setup, pretty good rates, no problems.
ING, use to be best rates (2 years ago), now not keeping up.
The one thing you have to check with these banks is, "Inactivity Fee". To avoid it, you usually have to pay-in or withdraw, every 12 months. If you live in the State, that the banks head office is, then I think it is waived. Though probably not Delaware. The banks luv DE, special rules for banks, thats why they all ran & setup there.
Some Brokerage houses, also charge inactivity fees.
Reg. Frank R.

gsnichol

Which is why I came to BE!

UFBDirect is the online arm of the Union Federal Bank of Indianapolis (I checked the FDIC website), seems like they have been around for a good 100 years or so. Since they are FDIC-covered then there's no real worry about the money going into some black hole... Banks rarely go bust, I think BCCI was the last one... Their rebate of the ATM fees (which is limited to just a few $, maybe covering 3 withdrawls per month) probably is because outside of Indiana you're unlikely to find one of their ATMs! I keep enough 'rainy hour' money in my checking account anyway, to cover for the few days it takes to shunt money from savings to checking, but it would be nice to have the ATM option.

I'm a bit of a rate tart and I usually shove my money around every 6 months or so to the highest interest accounts. I wanted to be sure that I can pay into the savings account by direct deposit since a) my employer allows me to split my wages between up to three accounts if I wish and b) Chase charge a fee to move money into a non-Chase account; direct deposit avoids this.

Thanks for all the comments and suggestions, much appreciated.

frrussre

I guess being British (The Big four or was it three) before I became a USC, I have a mental problem depositing my money with a bank I have never heard of, or if I dont like the banks name. The "Allied farmworkers & Plough Carriers Pea knuckle Arkansas", not for me. When I first came to NY, I opened a Barclay's USA account, they now closed the retail banking down. I also had a Natwest USA account, since changed hands many times.
Reg. Frank R.

Dan725

It's not a temp rate. Its only temporary in so much as it will go up and down with whatever the fed do, same as any other bank. What you are most likely talking about is a rate guarantee for new customers for x amount of months.

gsnichol

Yes I agree.. its a bit like buying brand name food in supermarkets! Having said that I have an ISA with a small Kent-based building society and everything has been fine; I picked them because their interest rate was consistently high. So the little boys can be quite good for savings rates, but I prefer one of the big ones for my current account.

BritGuyTN

I am with ING and HSBC

I have not used ING for about 18 months since the rates became uncompetitive.

I have not had any negative experiences with HSBC whatsoever

gsnichol

Well I attempted to open an account with HSBCDirect and failed miserably because 'they' couldn't verify my personal information. And when I called to ask quite what it was that couldn't be verifed, noone could tell me.

Now I think of it, I have a 90-day fraud watch on my SSN, but it should have expired by now. I think... I'll try again in December...