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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.
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Ally Bank
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Capital One
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Dollar Savings Direct
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FNBO Direct
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HSBC Direct / HSBC Advance
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ING Direct
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WTDIRECT
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RATES/BALANCES
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|
|
|
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|
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APY (as of 1/25/10)
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1.49%
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1.55%
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1.50%
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1.40%
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1.35%
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1.25%
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1.41%
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Maximum balance allowed
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UNLIMITED
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1MM
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2MM
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1MM
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2MM
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1MM
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UNLIMITED
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Minimum Balance for Highest Rate
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$0
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$2,500
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$1,000
|
$1
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$1
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$1
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$10,000
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SERVICE
|
|
|
|
|
|
|
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Live Person Answering Phone
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YES
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NO
|
NO
|
NO
|
NO
|
NO
|
YES
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Click to Call
|
NO
|
NO
|
NO
|
NO
|
NO
|
NO
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YES
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Mobile Banking Availability
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NO
|
NO
|
NO
|
NO
|
NO
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YES
|
YES
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ACCOUNT TYPES/FUNDS TRANSFER
|
|
|
|
|
|
|
|
Totten Trust Accounts offered
|
YES
|
YES
|
YES
|
YES
|
YES
|
NO
|
YES
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Number of External Bank Links
Permitted
|
UNLIMITED
|
UNLIMITED
|
3
|
3
|
UNLIMITED
|
3
|
UNLIMITED
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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
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Wire Funds Ability
|
YES
|
YES
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EMERGENCY ONLY
|
YES
|
INCOMING ONLY
|
NO
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YES
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*
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.
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