I'm trying to see to what all banks did people go or planning to go from GMAC/ALLY now that the rates have gone down badly.
Choices/Options:
1.Alliant CU 2.Discover 3.Costco/Cap1 4.AMEX 5.Others (Pls specify)
I want to know the pros and cons for each option before deciding the best one.
Parameters
1. Stability of Interest Rate 2. Ease of Opening and ACH/transfers limitations in-out 3. Credit Pull - Hard/Soft 4. Customer Service 5. Star Rating 6. Special comments
The objective is not to rate chase but find a "good" bank to park our well earned money.
Appreciate your comments and feedback.
Message edited by: quizzer25 on 2009-10-31 20:56:08 CDT
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we went to a rewards checking account -- patriot bank in Florida has a 50k max at 4 percent for now -- 10 card tx, 1 dd / ach pay, and log in / estatements.
If you want stable rates to park your money long-time, savings account is not the right investment medium, IMO. CD is a much better investment for such things. No bank is going to tell you whether they will have the rates stable over time or not. Sometimes, even history is not an indicator - EmigrantDirect, for instance, had great rates for years before they decided to let the rates stay low.
Still don't see a better alternative for ACH hub than Ally at the moment. To compete, it has to offer 1 day ACH (in & out) and it has to offer ability to link many accounts. CapOne only offers that for incoming ACH, not outgoing. Discover doesn't seem to offer that either on incoming or outgoing.
Message edited by: jburger on 2009-10-30 19:43:26 CDT
You should add a parameter of "star" rating e.g., BankRate, Bauer, BankFox, etc. As I mentioned in the HYS thread, ShoreBank looks good (except for the ACH time) until you get to the 1 star rating.
jburger said:Still don't see a better alternative for ACH hub than Ally at the moment. To compete, it has to offer 1 day ACH (in & out) and it has to offer ability to link many accounts. CapOne only offers that for incoming ACH, not outgoing. Discover doesn't seem to offer that either on incoming or outgoing. I *think* AMEX and Union FSB might offer 1 day ACH but I'm not certain. I tried asking in the AMEX Savings thread but I didn't get a straight answer. I'm primarily concerned about minimizing interest loss.
I got the impression Union FSB may from this thread, but no one has reported on this account recently.
FYI, at Alliant, there is no interest loss on incoming transfers but for reasons I don't understand, the transfer does not take place until 2 days after you've requested it (i.e. external acct is debited the same day Alliant is credited); on outgoing transfers, they are debited immediately and credited to external acct 2 days later. Also, Alliant limits ACH transfers to $10k per day, which is problematic for me, so I'm looking for a more flexible ACH hub.
FuzzyWombat said:Alliant requires employment at a certain company... chances are if you work for a small company, you don't qualify. What's the next best place?
With Alliant, you just have to be a member of the national or any local PTA, usually around 5 or 10 bucks. Even with no kids, you can join, often with a phone call and dropping off or mailing in a check......Or, you can join the national one for around 20 (online), or you can join it where your family members or relatives have kids......
Message edited by: rooms222 on 2009-10-31 02:29:31 CDT
beethovengirl said:jburger said:Still don't see a better alternative for ACH hub than Ally at the moment. To compete, it has to offer 1 day ACH (in & out) and it has to offer ability to link many accounts. CapOne only offers that for incoming ACH, not outgoing. Discover doesn't seem to offer that either on incoming or outgoing. I *think* AMEX and Union FSB might offer 1 day ACH but I'm not certain. I tried asking in the AMEX Savings thread but I didn't get a straight answer. I'm primarily concerned about minimizing interest loss.
I got the impression Union FSB may from this thread, but no one has reported on this account recently.
FYI, at Alliant, there is no interest loss on incoming transfers but for reasons I don't understand, the transfer does not take place until 2 days after you've requested it (i.e. external acct is debited the same day Alliant is credited); on outgoing transfers, they are debited immediately and credited to external acct 2 days later. Also, Alliant limits ACH transfers to $10k per day, which is problematic for me, so I'm looking for a more flexible ACH hub.
More info in this thread (which needs to be updated):
I think http://ratebrain.com/ is a great site for this question. It has seperate areas for Checkings, Savings, and CDs. You can look at interest rate history (SFGI stable since it opened - end of July) too.
It'll ping you with weekly summaries and you can get alerts for individual banks too.
Message edited by: DummyO on 2009-10-31 09:13:24 CDT
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