Does anyone use on line banking like Synchrony Bank for like a savings account? Just curious as they seem to have a higher interest than my bank. If so how easy is it to deposit, withdraw, etc.
Posted 2016-04-26 11:50 AM Subject: RE: On Line Bank
That's White "Man" to You
Posts: 5515
Online banks are perfect as long as you dont need to talk with anybody, or do anything. If you are just looking for a little higher interest on a CD, they are fine. But when you need that money, expect up to 2 weeks to recieve it. I can sell stocks and have the money faster than these banks. What kind of return are you expecting? Several community banks are paying almost 2% on CD's right now.
Posted 2016-04-26 2:41 PM Subject: RE: On Line Bank
Rad Dork
Posts: 5218 Location: Oklahoma
I think Synchrony is who owns Care Credit? If so, they have bad reviews online regarding their lack of customer service and I read that it's hard to get reps on the phone. I've never needed a rep, so it hasn't been a problem, but I do know that they charge a $10 fee if you need to speak to a rep to process your payment... might be something to think about.
Posted 2016-04-26 2:48 PM Subject: RE: On Line Bank
Expert
Posts: 1207
Yes after I posted this I did a search for reviews on Synchrony Bank and they were not good. I wonder if Ally Bank is any better? All I want it for is savings that has a higher interest than my Federal Credit does.
Posted 2016-04-26 11:51 PM Subject: RE: On Line Bank
My Heart Be Happy
Posts: 9159 Location: Arkansas
Whiteboy - 2016-04-26 11:50 AM
Online banks are perfect as long as you dont need to talk with anybody, or do anything. If you are just looking for a little higher interest on a CD, they are fine. But when you need that money, expect up to 2 weeks to recieve it. I can sell stocks and have the money faster than these banks. What kind of return are you expecting? Several community banks are paying almost 2% on CD's right now.
Wow, 2%?? Our banks don't touch that right now---very sad. I can remember when some of my clients use to live off just their interest, and lived nicely if not overly extravagant. Now it is unbelievable how low rates are.
Posted 2016-04-27 2:12 PM Subject: RE: On Line Bank
Elite Veteran
Posts: 1119
I use CapitalOne 360 for my "longterm" savings. It does take 2 days to transfer to/from the account but I also have a checking account set up with them (with a debit card) that I could transfer money into if I absolutely needed the money quickly. I think I get like 0.85% but better than the 0% I get at my regular bank.
On Line Bank
