What’s Your Favorite Online Bank?

Time for another quick, informal poll…

Last time I asked about your favorite credit cards. This time I’d like to find out about your favorite online banks. So…

What’s your favorite online bank, and why?

Please leave a comment, below…

73 Responses to “What’s Your Favorite Online Bank?”

  1. Anonymous

    I’ve used 1st Internet Bank of Indiana for 4 years they are wonderful and offer a really great interest far better than most other banks.
    When Netbank got shut down ING bank refused to give us an account they really were rude and awful.

  2. Anonymous

    I love love love ING!! Its nice to know so many others do too! They are currently in the process of making some changes. They now have it to where you can set up your bill pay with more options instead of having only monthly options, you can be more specific to where you can do bi-weekly, annually, weekly, monthly, etc. I was actually surprised they didn’t have that at first.

    Cust. Ser is great!

    The best part is no fees and the website is so nice. I like how all my transactions are immediately posted as well. I tried switching but went right back as i felt spoiled with their interface. =)

    My ONLY complaint is that you can’t make 3rd party checks. If they don’t offer them, I think they should at least allow 3rd party checks. I’d also like to use a [email protected] feature in the future. Since they are fairly new, I’m looking forward to seeing other changes in the coming years.

  3. Anonymous

    I like First Internet Bank of Indiana!!!

    I LOVE USAA — but I don’t use them for Internet Banking, just EVERYTHING else — one of my two mortgages, life insurance, house insurance, car insurance, one IRA, and a home equity loan. Their service — as others have said — is absolutely outstanding.

  4. Nickel

    Craig: The reason more people don’t talk about it nowadays is that their rates have really fallen. Who wants 2.75% when you can get 3.5%? Online bankers are a relatively fickle crowd, and many will move their money to whoever is offering the highest rate.

  5. Anonymous

    Emigrant Direct – First heard about it watching Suzie Orman. Suprised more people haven’t commented on it, but it’s easy to use and the interest rates were higher than ING before the decline in all interest rates. Also, next day transfers between Emigrant and my Bank of America.

  6. Anonymous

    I use Schwab for checking as well. I agree with the others, it’s a simple (minimal fine print with lots of perks) account with a reasonable interest rate.

  7. Anonymous

    USAA if you can get membership. They have the best customer sevice and with free ATM’s, I don’t have to find my bank to avoid fees. Deposit at home with a scanner is very nice and Bill Pay is good too.

  8. Anonymous

    For checking, I like Presidential Bank – the website is dated, but the checking account gets 2.10% APY, and the online bill-pay program is great. (www.presidential.com)

    I like ING’s website, and sub-accounts.

    I HATED my experience at HSBC – took me probably 5 months and numerous phone calls to finally close the accounts (and get all the fees they tried to charge me waived).

    Most of my emergency funds though go straight to Vanguard’s Prime Money Market fund.

  9. Anonymous

    USAA hands down. Love the deposit @ Home. Love the bill pay. Mobile access, insurance, car loan, checking, savings, credit reporting, credit card – you name it! Oh yeah – and free checks for life – and rebating ATM fees all over the world.
    I have been able to add creditors to their bill pay system that weren’t listed @ Citi. Citi mailed them a check. My USAA gets it to them in a day or two – all while keeping my money in my account and earning interest on it.

    Wish they had better mutual funds though…. I still stick w/ Vanguard for those.

  10. Anonymous

    I use ING for checking but hate the interface ledger. Positive and Negative pending transactions are grouped together. Another way to confuse clients and charge for NSF.

    US Bank has a great checking interface ledger but no interest.

    ING savings had the best rate 2 years ago.

    Switched to Emigrant and locked in great CD rates but savings dropped.

    Jumped again to eTrade and now has one of the highest rates @ 3.45% vs fees.

    Buckle in and Hang on… more turbulence ahead. Fed expected to drop rates 0.5% again in 2 weeks. Do not listen to the wealthy talking heads on Fox, CNBC, CNN, etc. They only want to deceive you while they move their money against their own advice to the public.

  11. Anonymous

    I use hsbc because they had been paying 6% but now that’s 3.52%. I am now opening a ME account at Southern Community Bank they still pay 6% as of 3/5/2008. You can only go up to $25000.00 and you must use there debit card 10 or more times in a month,nation wide ATM fee reimbursement,e-statements only .
    Check out there max earning account or ME http://smallenoughtocare.com/personal/checking.aspx

  12. Anonymous

    ING Direct. I have banked with them for 8 years- easy to transfer money, great rate, and they just bought ShareBuilder. We’re also in the process of refi-ing our mortgage with them.

  13. Anonymous

    Schwab Investor Checking is the best. No fees, free checks, no foreign transaction fees (!), good customer service, and of course – UNLIMITED ATM REBATES.

    While it seems from the literature that you have to get a brokerage account at the same time, this is not true. To get just the checking account, you need to call the number on this site (http://www.schwabbank.com/) and apply for an “Interest Checking Plus.” That is the name of the best account with the high interest rate.

  14. Anonymous

    While I am not crazy about Wamu, I think it is the best because it’s one bank and you have everything there.

    You want a brick and mortar bank? You got it. You want an online savings of 4.75%? You got it. You want to go into a bank and take out money from a online savings account immediately without any hassles? You can do it. Your online savings is just like a regular bank account–and that is something a lot of online banks can’t offer.

  15. Anonymous

    I just recently signed on to Charles Schwab’s High-Interest Checking and I’m really surprised and very happy with them.

    It’s definitely the most flexible account I’ve ever had (no minimum balance, no fees of any kind, 4% APR, ATM fee reimbursement anywhere and an awesome web interface), and on top of that they do have excellent customer service when I’ve called (and they’ve called me.)

    I was originally planning on keeping my real-world bank account as well, but they downright pale in comparison to Schwab in almost every way so I’m switching over exclusively.

    Gah I sound like a commercial. Still, I’m quite happy with them, and I’m frankly a little surprised they’re not spoken about as much in the blogworld as some of the others (ING, HSBC, and E-trade).

  16. Anonymous

    USAA… For all of the reasons above, especially the depos[email protected] and also you CAN’T beat their insurance rates too!

    They are also regularly rated in the top 3 for customer sevice.

    I was able to sneek into membership because my wife’s ex-husband is military. When she divorced she kept her accounts and when we married I was astonished at how much money I saved on my car insurance (over half!). From there we’ve discovered their online banking and [email protected] and have never looked back. We always pay our insurance every month because we’ll never be able to get back in if we’re cancelled.

  17. Anonymous

    I’ve been with EmigrantDirect for over 3 years now. Their savings rate always seems to be higher than the other online banks. You can access your CD’s and savings account on the same menu page so its easy to transfer and you get 1.4% cash back if you use their credit card on any purchase which is transfered right into your savings acount. Their security system seems pretty reliable too.

  18. Anonymous

    I use Everbank which has a rate pledge and is pretty easy to use. I can view all of my other banking and brokerage accounts through the website. I get detailed reports on online payment activity, paper deposit slips, ATM fee refunds, etc.

    This is the bank that Netbank was in negotiations with before ING came into the picture. I like it!

  19. Anonymous

    FNBO – had 6% interest for part of 2007. Now at 5.05%. I also had ING then HSBC, but switched due to their lowered rates.

    Why is everyone is raving about customer service for a checking/savings account? I wanted an online bank so I can log on, check my balance, and that’s it. If I was worried about customer service, I would put my money into the bank down the street.

  20. Anonymous

    USAA. I was lucky to marry a man who had an account (it’s military and their family only) and it is awesome. you can deposit checks AT HOME if you have a scanner (ingenious) and if you don’t, they’ll send you free deposit envelopes. you can go to any atm and they’ll give you back up to $15 in atm fees. they give you cash back for using your mc debit card, the online bill paying is awesome, and the customer service CANNOT be beat. We always get a dividend check back at the end of the year on our car insurance. Our credit card NEVER has a minimum payment, and thus there is NEVER late fees (maybe this is just us?)

    We switched over to BoA for a while because I was doing some freelance and wanted to make deposits faster (this was before [email protected]) and we ended up switching back after 3 months. Love us some USAA!

  21. Anonymous

    ING Direct is by far the easiest and simplest to set up and use. HSBC Direct is a pain in the butt to register – they make you jump through all kinds of hoops.

  22. Anonymous

    My banking is probably unnecessarily complex but I have used ING Direct and they are great but the rates are too low for me. If the Fed cuts the rate again as expected then I’m sure ING will change their rates the day after the announcement. I just started using State Bank of Toledo so I can’t say anything yet but I’m already frustrated by lack of ACH access online.

    I use One United for savings and they offer a lot of flexibility.

  23. Anonymous

    ING Direct. I’ve used them for maybe eight years, and I’ll admit user loyalty, but I love the simplicity of their website, their decent savings rates, and their no-minimum, interest-earning checking account.

  24. Anonymous

    The service and website at ING are very good. I also have an account at HSBC. They had good rates until recently; their customer support is very poor, though. Usually you wind up talking to someone in India who can’t help you–they need to transfer you to another branch, which seems to keep 9-5 hours.

  25. Anonymous

    I use a combination of Bank of America’s all-in-one My Portfolio to keep an eye on everything and E*Trade for my high-yield savings. Their quick transfers are second to none! I still have accounts with HSBC and FNBO with a few bucks in them in case they raise their rates to be more attractive, but the transfer speeds with E*Trade have me hooked. 🙂

  26. Anonymous

    I love Emigrant Direct. I am surprised not to see it listed more. The rates are better and the interface, while nothing fancy is very simple to use. I have used their phone customer service a few times once for a general question when opening my account and maybe 2-3 times for locking myself out. I have to say I have been really happy. I am pretty sure I was calling out the the US, but the reps spoke good English and where very helpful and friendly. Better service that my B&M banks!

  27. Anonymous

    I have most of my money in AmTrustDirect because of their higher interest rate but I left Ing Direct open (with a couple CDs sitting there) because I prefer their interface, too. I have a little money in HSBC but I’m thinking of closing it. Poor interest and I don’t like their interface.

  28. Anonymous

    AMTrust Direct and Third Federal Savings. AMTrust is an easy as ING with better interest, and Third Federal Savings similarly has good rates and is in the anti-Countrywide in terms of being a good corporate citizen with its home loans.

  29. Anonymous

    Like many of the folks who have posted above, I was a previous NetBank customer, I decided to try both ING and Charles Schwab Bank ….. Guys Charles Schwab won, incredible customer service….. they offer paper checks (ING was considering it because of all the NetBank customer accounts) and the additional services through the associated brokerage account is impressive.

  30. Anonymous

    ING Direct – the user interface, and the customer service (that I have recvd at least) is outstanding – obviously the rates aren’t the best, but I think they are the best overall value

  31. Anonymous

    My favorite is whichever bank has the highest interest rate. Currently I’m using FNBO, though I realize I could eke out a slightly higher rate elsewhere, it’s not worth the hassle of moving money in this era of falling rates.

  32. Anonymous

    My favorite used to be HSBC until they kept dropping their rates. I’ve moved all of my money over to WT Direct and am very happy so far. In addition to a 4.90% interest rate (instead of 4.25% at HSBC), their website doesn’t have any of the irritating problems that HSBC’s website does. Also, hopefully they answer their customers’ e-mails. HSBC does not, in my experience.

  33. Anonymous

    For ease of use – ING, hands down. But ease of use doesn’t translate into higher interest, so my money is with FNBO Direct for savings and Presidential Bank for checking.

  34. Anonymous

    While I don’t like their website interface I have had no issues with The Apple Bank, through grandyeilddirect.com

    They had good run at 5.27% then 5.14% and now I am sitting pretty at 4.81%.

    Their customer service is great. All I did was send an email requesting sub-accounts and a few days later they showed up.

  35. Anonymous

    What about online checking accts? I hear Charles Schwab Investor Checking is great (4% interest, free checks and Visa Checkcard, et al). I was thinking of opening an acct soon. Anybody had any experience with them, or any other online checking acct?

  36. Anonymous

    1) ING Direct Electric Orange for day to day banking, bill pay etc.
    2) WAMU for bulk of savings and brick and mortar access and the occasional check.

    I also have a FNBO account but the B and M convenience of WAMU is worth the slightly lower rate (and I don’t feel like bouncing back and forth chasing rates).

  37. Anonymous

    I don’t have a favorite.

    I have an ING account right now. I don’t like having a lot of different accounts, but I added this one because I could earn even more money than in my credit union’s CDs, but of course it’s a lot more flexible. I never had any problems except that should electronic transfer be same-day or next day?

    Apparently other online accounts are no quicker, and some are even slower.

    I didn’t mind having a slightly lower rate than other accounts for a while once all the new accounts opened up, but the difference is getting bigger and it seems like it’s going to last forever, so I’m looking for a new home for my cash. It bothers me that even though their customers are people who jumped ship for a higher interest rate, they are feeling cocky that their customers won’t do it again because of their great interface and customer service.

    I don’t need sub-accounts or customer service or anything fancy. I just want a place to move money that I don’t need right now into where I can earn high returns.

  38. Anonymous

    ING Direct. Their site is easy to navigate, opening a new account is a breeze, and they pay a very competitive rate. I work at a competing bank, but I bank at ING Direct.

    For CDs I’ll rate shop at BankRate.com

  39. Anonymous

    USAA – For the reasons listed above, but mostly for the customer service and the ease in which ANY transaction is done, even when I have to call them.

  40. Anonymous

    Countrywide Bank

    They have one of the highest interest rates around (for balances over 10,000, that is), interest is compounded daily, the interface is great, and transfers are quick and easy

    I’ve heard so much about ING… and I’ve always wanted to try… just to compare… but countrywide offers a much better rate with a very easy and informative interface. So there will be no switching for me.

  41. Anonymous

    I love ING Direct. Yes, their interest is a tad low right now, but you cannot beat them for customer service, transfer between other bank’s accounts, and ease of use. I just wish more poeple would get on the bandwagon so I can give out some more of the $25 bonus links that I have!

  42. Anonymous

    USAA because of [email protected] where I can scan checks in and deposits right away, free deposit envelops, $15/month reimbursement for ATM fees, low interest rates, easy interface, excellent customer service, etc. etc. etc.

    Bank of America for the ability to list all your accounts from other banks, frequent flyer miles, etc; however, BofA has pissed me off, so I’m moving all my assets away from them. Terrible customer service.

    I dislike ING. yes, the interface is easy to use (so are others), but come on, the rates suck, the CEO doesn’t care that the rates suck because people still sign up.

    I also have/had HSBC, chase, citi, Igobanking, wachovia, and a host of others. Personally, the interfaces are all easy and if that is the driving issue, between remaining at a lower interest bearing account, then I don’t get it.

  43. Anonymous

    I have three different online savings accounts and ING Direct is far superior to the others. The web site is easy to use, I can open subaccounts without difficulty and the transfer between institutions is smooth. The interface is a big factor in my vote. One of my online accounts makes its customers go through one hoop to get an account, another to set up transfers and a third to get eStatements. I want something effortless and ING Direct is exactly that. Plus the subaccounts fit my saving methodology.

  44. Anonymous

    My husband and I love ING Direct. While their interest rates are not the highest, they have wonderful customer service. We have nothing to complain about.

  45. Anonymous


    I have dealt with HSBC, but recently closed my savings account with them, as their rate fell below that of WAMU.

    I have also dealt with Principal Bank on-line, and like them, also; but I quit dealing with them (until very recently when I opened a 14-month CD at 5.25 APY) when they sold their mortgage business, and their branded credit card went to another bank (I.E., a different website to deal with).

    My mortgage is with Wells Fargo … their website is only mediaocre [sp].

    I like Bank of America’s website, too, but I hate the fact that I can’t download my credit card transactions throughout the month; but only once my statement closes for the month. BofA … please fix this!!

  46. Anonymous

    Like many others, I really like the ING interface so I have some money there, but I have my money in a few higher-yield banks.

    My paychecks are deposited into my credit union, and dispersed from there to ING (short-term savinvgs, like car insurance that’s due every six months) and FNBO Direct and e*trade savings account for long-term savings goals (higher rates, and I like that my money is more difficult to access).

    I need my money seperated by categories for the inspiration of watching each grow.

  47. Anonymous

    ING Direct for their excellent service, friendly user interface, clear communication, and NO fees whatsoever, *including* the insipid foreign transaction fees. I’ve used my ING Direct checking and savings debit cards in numerous travels abroad for a few years and (at the envy of my other travel friends) have never been charged a single cent in fees.

    Like rocketc, I too moved the bulk of my savings to another account with a higher yield, but I still use the account and will move everything back once all the other rates fall. 🙂

  48. Anonymous

    I love ING, and use it, but all my big money is at FNBO at the moment. . . If ING even went up .75 of a %, i would have everything back there in a second.

  49. Anonymous

    Right now, I’d say HSBC is my favorite online bank, but I’m not a huge fan. I have stopped keeping my money in online banks, since I was getting 5.25% interest in my brick and mortar savings account (which has an “ok” website) through the end of last year, and I am still getting 4.25% now that my guaranteed rate has expired. I’ll keep the money there until the rate drops so much that I feel the need to go back online.

  50. Anonymous


    Not the best interest rate, but solid as a rock on customer service.

    I also use Wamu because I have a local bank as well, but I have found myself on Wamu’s hold at least six times. Ugh.

  51. Anonymous

    Hands down, ING Direct.

    I have online access to my credit union accounts, and I have online-only accounts at ING Direct and FNBO Direct. ING’s web site is superior in every way, and their product offerings are first rate. They don’t have the highest interest rates out there, but with my experience at FNBO Direct, you give up a lot by chasing the dollar.

    At FNBO, I have only a savings account, but at ING Direct I have both a checking and a savings (well, 3 savings). My Direct Deposit goes to ING, and I have automatic transfers to my credit union, automatic payments (for my mortgage and my wife’s college loan, for example; these are auto payments, not auto drafts). An ING checking account comes with a debit card, so you have instant access to up to $1,000 a day of your money. I never send them a check; I take those to my CU, and transfer the money to ING after that.

    As for FNBO vs ING customer service, ING wins that, with no contest. The only reason I am still an FNBO customer is because they pay higher rates.

  52. Anonymous

    FNBO Direct – online savings only. They offer a debit card to access the savings account – which is great for emergencies. Their interested rate at 5% is very good. When I call them, I get an actual human in the US!

  53. Anonymous


    – Tons of locations and ATMs so I can avoid fees.

    – 4.75% yield on online savings after a good run at 5.0%.

    – Direct link between checking, savings, and WaMu MasterCard account so I can check balances on one page.

    I guess WaMu isn’t an “online bank” in the strictest sense of a bank that only exists online. But it gets the job done: high-yield savings with the perks of brick-and-mortar institutions.

  54. Anonymous

    E*trade Bank is my favorite. Not only do they have one of the highest savings account rates but they offer easy one click transfers and I have a brokerage account with them.

  55. Anonymous

    Bank of America: It’s easy to link all of my accounts (held at various other institutions, including rewards accounts). It has reporting (e.g. net worth, spending, budgeting, etc) that rivals stand alone tools like Quicken and MS Money (which I used to use).

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