On Line Bank Recommendation + Ben Franklin

tokenpro

I'd like to hear your experience & recommendation for an on-line bank to be used mostly for temporarily holding eBay deposits and funding the multiple small postage transactions. I need something more flexible than PayPal but I don't want to clutter my main business account with the minutiae. Ally - Chime - Alliant - Discover? Your experience?

Don't forget what friend Ben had to say when he wasn't borrowing from "Hamlet"...

Grinnell, Iowa, Harris National Bank, Accepted As 50 cents for opening a new savings account.

airplanenut

My main accounts for personal use are with CapitalOne360 and have been for years. Eventually I had enough going back and forth that they flagged as business that they threatened to close one of my checking accounts (which, to be fair, I was using for eBay business with a hefty number of transactions--they weren't in the wrong here) if I didn't stop. I opened a business account at a local credit union for that (since it was free--most banks charge for a business account), and still use CapitalOne360 for personal accounts.

In truth, other than perhaps a difference in interest rates (which may be small anyway) the online banking at most brick-and-mortar banks is no different than online-only banks. If you just want a pass-through account, you can open an additional account and then just move funds from the pass-through account to your main account. I do like having accounts with banks that have locations so when I do need something in person (getting cash in big bills for a coin show, for instance) it's easy to do.

If you don't already have an account somewhere, I'd just go find the bank offering the biggest bonus for depositing $X for a few months and having direct deposit go to the account (if you have a paycheck sent that way) and take the free money. I hated BOA and when I ran out of checks, switched banks (and collected my bonus) rather than buy a new pad for the BOA account.

jmlanzaf

@airplanenut said:
My main accounts for personal use are with CapitalOne360 and have been for years. Eventually I had enough going back and forth that they flagged as business that they threatened to close one of my checking accounts (which, to be fair, I was using for eBay business with a hefty number of transactions--they weren't in the wrong here) if I didn't stop. I opened a business account at a local credit union for that (since it was free--most banks charge for a business account), and still use CapitalOne360 for personal accounts.

In truth, other than perhaps a difference in interest rates (which may be small anyway) the online banking at most brick-and-mortar banks is no different than online-only banks. If you just want a pass-through account, you can open an additional account and then just move funds from the pass-through account to your main account. I do like having accounts with banks that have locations so when I do need something in person (getting cash in big bills for a coin show, for instance) it's easy to do.

If you don't already have an account somewhere, I'd just go find the bank offering the biggest bonus for depositing $X for a few months and having direct deposit go to the account (if you have a paycheck sent that way) and take the free money. I hated BOA and when I ran out of checks, switched banks (and collected my bonus) rather than buy a new pad for the BOA account.

I would second this. Why complicated your life with an added bank when you just need a separate account?

Smudge

My parents got a toaster.