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:
| Capital One 360 | VirtualBank | Emigrant Direct | Presidential Premier | |
| Interest Rate (APY) | 3.75% | 3.55%1 | 4.00% | 4.12%2 |
| Minimum to Open | $1 | $100 | $1 | $5000 |
| Minimum to Avoid Monthly Fees | none | none | none | $5000 |
| Download Formats3 | .ofx/.qfx | .ofx/.qif/.csv | .ofx/.qfx/.qif/.csv | .ofx/.qif/.csv |
| Deposit Hold Times (Days) | 5 | 3 | 5 | n/a4 |
| BankRate Safety Rating (out of 5) | 4 stars | 4 stars | 4 stars | 4 stars |
| Number of external bank account links allowed | 3 | 4 | 2 | 04 |
| Opening Bonus Available | $25 | $20 | $10 | none |
[Last Updated 12/5/05]
1 3.55% APY for balances up to $50,000, 3.45% APY for balances above that.
2 4.12% APY for balances up to $35,000, 2.82% APY for balances above that.
3 .ofx is Microsoft Money’s current format, .qfx is Quicken 2005+ format, .qif is Quicken 2004 and older, .csv is Comma Separated Values which is a more generic spreadsheet format.
4 Offers same-day availability of electronic transfers, but you can’t link any external accounts through them. You can apply for a checking account to give you more options. More details here.
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I think HSBC is the best out there with no minimum
APY – 3.50%
Minimum to open – $1
Minimum to Avoid Monthly Fees – none
Number of external bank account links allowed – unlimited & you can also link to brokerage accounts to do ACH in/out
Opening Bonus Available – none, but you can receive $50 if you open a free checking account with $1, no minimum to avoid fees, free checks, and you can link it to savings and make instant transfers between the 2 accounts, and you receive an ATM card which can also be used to withdraw/deposit from the online savings account.
What about mybankingdirect.com?
Both those banks also have good offers. I probably won’t be able to keep up with each, but please continue to post your opinions! Competition is good. I only open up a new account if it offers something significant that my current accounts don’t, so I don’t have accounts with either of those banks and can’t offer my own experience.
HSBC – I already have Emigrant @ 3.50%, and I had a bad experience with HSBC about a previous checking bonus which they did not give me.
MyBankingDirect – With a $5k min, I like my Presidential Premier @ 3.87% better.
How many referrals does ING allow you to get. You had mentioned you only had a few left earlier?
You get 25 referrals per account.
How do you link and use your accounts? Do you direct deposit into virtualbank, and then simulate direct deposit with presidential and fleet? I’m going to redo my entire banking structure, and I’m trying to figure out the best system. Thanks,
Marc
A note of caution for EmigrantDirect, they do all their verification and account changes through snail mail. It becomes a very big hassle to make any changes, however, maybe the interest rate is worth it.
those are very good and useful info.
can I link to them in my reviews of each bank? or rather view of ING and rant on emigrant. heh.
Sure Cap, link away.
ING now requires a $250 initial deposit to get the $25 bonus although there is no minimum so you can take it out if you want after receiving the bonus
This was very helpful to me. Thank you for organizing the info and sharing your hard work.
When we open up accounts, and recieve bonuses, is it a hassle for taxes?
Why isn’t HSBCDIRECT being compared?
Just tripped across your blog. Many thanks for all you’re sharing. Particularly enjoy the Online Savings Bank Comparison (ING, Emigrant, HSBC, VB) — succinctly presents the important info. Would you consider adding “Joint Minor Accounts” as a criteria? EG, ING = Yes, Emigrant = No. Found this out when we wanted to open an account for our granddaughter. Again, many thanks!