Capital One Online Savings

Anyone know what the 'hold time' on deposited funds and transfer time on ACH is for the Capital One online savings account?

Thanks

It's five bus days on their HYMMS

do you have a link to this?

I've used ING, HSBC, and currently have most of my savings in a Fidelity MM. The MM rate is about 1% lower than Capital One right now so I was considering moving the money to get the extra 1%.

Fidelity MM are giving a lower rate (about 1%) but I really like their 1 business day transfer of funds. I've never really needed money within 1 day but seems like anyone that takes more than a day (or 2) is just holding my money for their own profit.

Oh well.. just curious.

I wish Countrywide worked with Quicken. From what I've read here it has pretty good rates and 1 business day transfer.

link please. we use capital one for checking and savings, and have 4k sitting at 0.27% lol. need to get a better rate with access we use this money to pay for my wifes braces which are at 0% for 7k total. yes i told her a boob job is cheaper.

thanks, when you use their direct banking you don't get these deals. They don't show up if you have logged into the banking site. It's just another scam.

jimmyzshack said: thank you we now have their "online savings" which you don't see a link to if you use there online banking.
Interesting, I usually take the long way and log in via capitalone.com.

You are aware that the Online Savings Account is a tiered account right? The top rate of 3.75% APY starts at 10K.

Which browser are you using? What do you see with this capitalone.com.

jimmyzshack said: http://www.capitalone.com/bank/index.php ie 7
And the Online Savings Account isn't advertise on that page? How about from the 'local user' link you provided above, if you click on capitalone.com 'Home' at the lower left of the page, can you see the Online Savings advertised?

jimmyzshack said: nope goes back to http://www.capitalone.com/bank/index.php it's a redirect scam for their local customers.
I give up Jimmy. I guess you're right - they WERE trying to hide the account from you! Make sure you tell your neighbors about the existence of the account.

I opened the online savings last Wednesday. Was easy because I still had my costco open with a $100 in it so application got pre-filled out and can use existing links. My transfer I did on Wednesday showed up this morning (Mon). So is their normal 3 business days for transfers. Was surprised that whole amount shows as available, so no hold

RisingSun96815 said: My initial deposit to my on-line savings account that I made on Friday is now available for withdraw today (Tuesday).
Then you better take out quick if you want to, Seems it shows as available the day they get but will change next day to hold. Mine showed all available first day but now it's not anymore. I don't care as long as it's making interest

How many days of interest will I lose if I transfer my money from HSBC Direct to Capital One? I don't care about hold times but I do care about days of interest lost in the transfer.

Also, do I need any more informaton about my HSBC account to set up the transfer other than the Account number?

scott1961 said: Transfers from both HSBC and Capitol One are slow, Either will take 3 business days which you will lose interest during. Make sure you do before Wednesday or you will also lose during weekend. I just found something odd with Capitol one, I mailed a check for $100k (from a 3.50% checking account) on 5/12. Was still not seeing it there on 5/20 so called, They told me they had it but large checks have to go through a different process before getting posted. I see that it finally showed up on 5/21 but shows deposit date as of 5/14. Money was withdrawn from my checking account on 5/21. So now wondering if i got 8 days of overlapping interest?You probably did get overlapping interest.

Regarding when interest is credited, ANY bank must start paying you interest starting the business day they receive your deposit. So if you mail a deposit that arrived today, 5/22, but they have a long processing time for large checks, and this weekend is a three day weekend, and they don't get your check processed until next Thursday, they must still begin paying interest beginning today because that's when the deposit was received. That's what the federal regs say.

They do not have to release the funds for something like 10 business days, but they do have to pay you interest.

Syphon said: Even if there are 4 days of lost interest, I would still come out ahead a month later by moving my interest from HSBC to Capital one.I don't think you would lose any interest if you just wrote a check from HSBC to COF and mailed it in. If you do an ACH instead, you may lose interest if HSBC deducts the funds from your account before posting the transfer.

scott1961 said: But does he have an HSBC checking account? Beats me, but I see your point that without a checking account, it might be difficult to write a personal check against the account.

APY is down on 10K+ balances(5/29/2008) Was: 3.75% > 3.50%

mh83 said: Could you clarify how writing/mailing a HSBC check to COF avoids all loss of interest?Because you'll be earning interest at COF starting from when the deposit was received, and COF obviously can't present your check to HSBC before they receive your deposit.
wouldn’t the bulk of the interest earned while the check is in transit be eaten up by postage and the cost of the envelope, depending on the amount of the deposit? If this is a concern for you, I would recommend using COF's postage-paid deposit envelopes.
Or did you mean to guesstimate the arrival date of the check at COF and wait until then to transfer the funds from the HSBC savings account to the HSBC checking account?Will HSBC not automatically transfer funds from your savings account to your checking account to cover the withdrawal? Christ, even B of A will do that.

lorcha said: Because you'll be earning interest at COF starting from when the deposit was received, and COF obviously can't present your check to HSBC before they receive your deposit...If this is a concern for you, I would recommend using COF's postage-paid deposit envelopes...Will HSBC not automatically transfer funds from your savings account to your checking account to cover the withdrawal? Christ, even B of A will do that.
Since it takes about three days for an HSBC to COF ACH transfer to post, and probably about three days for an HSBC check to arrive and post at COF, the only benefit of the latter would be continuation of interest accrual, if any, while the check is in transit.

Typically, people write checks from HY accounts to mitigate loss of interest while moving money around. But you were advocating such a move using an account that earns none to negligible interest which made me wonder why.

No, you can’t overdraft to the HSBC savings account. A separate Overdraft Line of Credit has to be applied for to cover check overdrafts. Regarding BOA, if I remember correctly, there's a $10 transfer fee for the average BOA customer when overdrafting to the savings account, so that's not necessarily a good option either.

It is amazing what they feel is a high-yielding rate. Just a few years ago, I remember seeing 9% - 12% CDs. How I long for those days. Now CDs stand for certificates of depression at these rates. Pitiful.

Looks like GMAC is now down to 2.5.