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    Online Banks

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    Online banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.

    ONLINE SAVINGS: ONE SIZE FITS ALL?

    Possibly more than any other financial product, online, high-yield savings accounts are frequently viewed as interchangeable commodities -- this despite the fact that a college graduate in his or her 20's is very likely to have different savings account needs than an affluent 50-year-old executive.

    Indeed, a young family just starting to build savings might choose a savings product solely on the basis of rates or the availability of ATM cards. In contrast, a middle-aged couple with adult children and established finances may have the need to move money rapidly for investments, require the ability to wire funds, and to link to multiple accounts.
    After rarely reaching 2.5% through much of the decade, the personal savings rate averaged nearly 4.6% in 2009*. At the same time, opening of "direct" savings accounts increased dramatically. However, this renewed focus on savings in general and on direct savings accounts has not led to examinations of differences among major account providers. With that in mind, we provide the following chart to allow comparison of key features and differentiators among some of the leading direct savings offerings. All information is as of January 25, 2010.

     

    Ally Bank

    Capital One

    Dollar Savings Direct

    FNBO Direct

    HSBC Direct / HSBC Advance

    ING Direct

    WTDIRECT

    RATES/BALANCES

    APY (as of 1/25/10)

    1.49%

    1.55%

    1.50%

    1.40%

    1.35%

    1.25%

    1.41%

    Maximum balance allowed

    UNLIMITED

    1MM

    2MM

    1MM

    2MM

    1MM

    UNLIMITED

    Minimum Balance for Highest Rate

    $0

    $2,500

    $1,000

    $1

    $1

    $1

    $10,000

    SERVICE               

    Live Person Answering Phone

    YES

    NO

    NO

    NO

    NO

    NO

    YES

    Click to Call

    NO

    NO

    NO

    NO

    NO

    NO

    YES

    Mobile Banking Availability

    NO

    NO

    NO

    NO

    NO

    YES

    YES

    ACCOUNT TYPES/FUNDS TRANSFER

    Totten Trust Accounts offered

    YES

    YES

    YES

    YES

    YES

    NO

    YES

    Number of External Bank Links Permitted

    UNLIMITED

    UNLIMITED

    3

    3

    UNLIMITED

    3

    UNLIMITED

    ATM Card

    NO

    YES

    NO

    YES

    YES

    NO

    NO

    Next Day ACH Transfer Availability

    NO

    NO

    NO

    YES

    NO

    NO

    YES

    Able to initiate transfers from another bank

    YES

    YES

    NO

    YES

    YES

    NO

    YES

    Initial Hold Period for Adding Funds (new accounts)

    5 DAYS

    10 DAYS

    5 DAYS

    10 DAYS

    NONE

    10 DAYS

    7 DAYS

    Subsequent Hold Period for Adding Funds (existing accounts)

    5 DAYS

    5 DAYS

    5 DAYS

    NONE

    NONE

    5 DAYS

    3 DAYS

    Wire Funds Ability

    YES

    YES

    EMERGENCY ONLY

    YES

    INCOMING ONLY

    NO

    YES

    * Source: U.S. Department of Commerce: Bureau of Economic Analysis

    The above Information is believed to be accurate and is based upon information accessible from the public websites of all of the above entities conducted on or about January 25, 2010.