Archives for August 2005

In addition to my seperate informational pages, I also put together this comparison chart with most of the critical points. For each bank name, I have linked the information page (for example: Emigrant Direct) that I made for it. The best value for each feature is bolded:

[Read more…]

Direct Link: http://www.presidential.com
Current APR: 4.75% APY
Interest Compounding: Compounded and credited on a monthly basis.
Minimum to open: $5,000
Minimum to avoid monthly service charge: $5,000
Other fees of note: None
Download formats available: .ofx/.qif/.csv files*
Number of external bank account links allowed: None
Routing Number: 255073345
Opening Bonuses: None
[Read more…]

Website: EmigrantDirect.com
Current APR: 5.05% APY
Interest Compounding: Compounded daily and credited monthly.
Minimum to open: $1
Minimum to avoid monthly service charge: None
Other fees of note: None
Download formats available: .ofx/.qfx/.csv files*
Number of external bank account links allowed: 4
Routing Number: 226070319
Opening Bonuses: $10-20
[Read more…]

Direct Link: http://www.virtualbank.com/bc_esav_virtual.asp
Current APR: 4.60% APY
Interest Compounding: Compounded daily and credited monthly.
Minimum to open: $100
Minimum to avoid monthly service charge: None.
Other fees of note: Close-out in first 90 days fee of $50.00 (No min, so just leave open for 90 days)
Download formats available: .ofx/.qif/.csv files²
Number of external bank account links allowed: 4
Routing Number: 067092200
Opening Bonuses: $20 referral bonus
[Read more…]

With all of these different online banks around, it’s hard to keep clear which banks do what when comparing with new banks or answering people’s questions. I don’t know how many times I’ve searched the bank websites for the same info that I just searched for a week ago. So I’ve decided to make an information post for each of the banks that offer a good savings rate and that I have an account with. First up, Capital One 360.

Home Page: INGDirect.com
Current APR: 1.25% APY
Interest Compounding: Compounded and credited on a monthly basis.
Minimum to open: $1
Minimum to avoid monthly service charge: None.
Other fees of note: None
Download formats available: .ofx, .qfx files*
Number of external bank account links allowed: 3
Routing Number: 031176110
Opening Bonuses: $25 referral bonus

Deposit Hold Times: (from their site) Generally, you can’t withdraw a deposit for 5 business days. However, when you first open your account, you won’t be able to withdraw any money for the first 10 business days. As with all non-cash deposits, interest will begin to accrue no later than 2 business days after the banking day on which the funds were deposited. (Here’s an example – if you make a deposit on a Sunday, we will process it on Monday, and interest will begin to accrue no later than Wednesday.)

Safety of Deposits: Capital One 360 Bank, fsb is FDIC insured up to $100,000. Still, this does not mean all banks are the same. BankRate.com’s Safe & Sound Rating assesses banks’ relative financial conditions. Capital One 360 has a rating of 3 out of 5 stars.

How to add external link:
– Send them a personal check (for at least $1.00) made out to yourself, and drawn against the account you want linked.
– Include the word “Link”, followed by your Capital One 360 Customer Number in the memo field of the check, make sure you sign it, and send it to the address below.

Contact Information:
Email: sales@ingdirect.com
Mail:
Capital One 360
P.O. Box 60
St. Cloud, MN 56302-0060

Phone:
– For new customers, call 1-800-
– For existing customers, call 1-888-
– To access your account through our Interactive Phone Service call 1-888-

Customer Service Opinion: I actually don’t remember ever having to call or e-mail them, which is interesting since this is the account I have had the longest. I guess it could also be considered a testament to how user-friendly their website is, how their bonuses and interest post promptly, and how simple their structure is. Anecdotally, I’ve heard positive things about their customer service.

User interface Opinion:I think it’s sparse and utilitarian. It works, and I’m happy with it. Here is a screenshot of what you’d see if you had an account:

Other things to note: One cool thing with them is that you can open multiple sub-accounts and label them “Vacation Fund” or “Car Maintenance Fund” and have nice little organized baskets of money. You can also set up automatic transfers to these sub-accounts. To open one, just click on “Open an Account” after you’ve logged in.

* .ofx is Microsoft Money’s current format, .qfx is Quicken 2005+ format, .qif is Quicken 2004 and older and also older MS Money format, .csv is Comma Separated Values which is a more generic spreadsheet format.

[Rates updated as of 1/13/10]

Capital One 360 now pays 3.30% APY, up from 3.15%.

MyBankingDirect.com is another ‘ICanBeLikeING’ Direct bank that is offering a 3.75% APY rate. Nice, but they require $5,000 minimum to open. If you keep the $5,000 in there for 3 monhts, you also get a $25 bonus. Minimum balance and fee information information available here (tiers, etc.).

UFB Direct is currently paying 3.67% on their Jumbo Money Market Account ($50,000 min), and 3.60% APY on their no-minimum balance High Yield Money Market Savings. Open with $200 and get a $25 bonus. I am not opening an account at either of these last two banks, but it’s good to keep an eye out.