Here is what’s going on with some of my favorite online banks.
For the next two months, ING Direct will be offering cash back for customers of the bank’s paperless checking account, Electric Orange. Every time a customer uses the ING Direct debit card for a purchase of less than $50, 1% of the purchase price will be added to the account.
There is a new Electric Orange debit card on the way to all account holders, but the 1% cash back offer will be available to purchases with either the old card or the new card.
Earlier in September, the SmartyPig saving application — a layer that sits atop accounts at BBVA Compass Bank — lowered its interest rate. Previously at 2.15%, the rate now sits at 1.75% APY. Accounts held at SmartyPig are not as liquid as a typical savings account because partial withdrawals are limited. My SmartyPig review explains this further.
In a few days, EverBank will be launching a new website. Since my initial review which included some difficulties with the application process, I now have a more favorable opinion of the bank since I’ve been a customer. The website redesign promises to be a welcome improvement over the current interface, featuring sensible and simplified navigation. I haven’t seen a preview, but it’s hard to imagine the new look won’t be an improvement.
Updated March 22, 2011 and originally published October 1, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
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{ 7 comments… read them below or add one }
It’s my understanding (as a SmartyPig user) that you can set up new goals without the requirement for monthly contributions.
Yes, you are correct. The article has outdated information. No monthly deposits are required for SmartyPig. I happen to find it no harder to use than any regular online savings account.
Thanks! I’ve updated the article.
I have a question regarding online checking accounts. I opened a Ally online savings account a few months ago and recently attempted to open a interest-bearing checking account with Ally as well. I figured it would allow me to transfer money between my accounts quicker than my current BoA checking account. Unfortunately, I was denied the checking account due to my credit history or points infractions. I did not realize that I could be denied an interest-bearing checking account for this reason and I was puzzled because I had already opened a savings account with them. Should I call them up and request a supervisor and attempt to overturn this decision? Would it help my cause to threaten them with taking my savings funds elsewhere?
You could ask a supervisor but I doubt that you will have much success, even if you threaten to move your savings elsewhere. You could ask for a copy of your ChexSystems report or get it here, which is probably what they used to determine whether to offer an interest-bearing checking account to you, but unless there’s an error on the report I doubt they’ll change their position.
Thanks Flexo. I just requested my ChexSystems report online and will see what it holds. I know I have overdrafted a number of times in the past years but I don’t see what else they would hold against me. Unless the ChexSystem also ties into a person’s credit history which then I could understand my rejection since I have a horrible credit record which I am slowly but surely working to improve.
Had no idea about the ING promotion. I don’t use the checking side often though (mostly for their P2P payments–handy feature!)