Online Banking

[Michael G.]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

[MrFlorida]

Yes, as long as you check their FDIC number to make sure they are legitimate

[Michael G.]

Yes, as long as you check their FDIC number to make sure they are legitimate

I have my credit frozen so I would have to call and ask what credit co. they use
for new customers.

[daniel200]

Fidelity. Good app. Safe, secure & good service when calling (you will talk to real people located in the USA). I have used them for more than 30 years. Vanguard and Schwab are also highly rated. Fidelity has money market funds that pay well. Easy to purchase treasury bonds, corporate bonds or CD’s online. Over the years my Fidelity card has been hacked a few times during travels to south america and Europe. Fidelity always quickly replaced the card and returned my money.

There are very few Fidelity walk in offices yet there is one here in The Villages. But i only work online.

[rjm1cc]

Yes
You just have to use a good password and protect it.

[Two Bills]

Been using online and cell phone banking since it was available.
Never a problem, simple to use, and very secure.
Can't understand anyone not using it.
My ten digital cents!

[Aces4]

Answer: same guy looking for nude pools

Different Michael, check the poster’s handle. We haven’t used online banking. Thinking about it for 4.75% CD but then again, we can go down the street for 4.50%. Why bother? We also don’t have to worry about our phones and computer being hacked for info. For the one to two checks a month we may have to issue, no prob being offline banking.

[Babubhat]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

Use fingerprint option.

[villagetinker]

Back to the original question, have used online banking for several years, however I ONLY use the ones that offer 2FA (2 factor authentication), I sign-in, and then get a text message on my cell phone with a code number which I have to enter on my computer on get into the site, works very well.

[retiredguy123]

This is like 2023, right? and someone is asking about on line banking?

Is this trolling? like has the OP never seen a commercial or been send any mail about eliminating paper statements?

etc?

WHAAAAAAAAAAAAT?
I think the OP is referring to using an online bank as compared with a local brick and mortar bank. In my opinion, go with the local bank for checking and online bill pay, but don't use any bank for investing. Buy brokered CDs and a money market account from Fidelity. You will get higher interest rates than any bank, online or local.

[Michael G.]

I think the OP is referring to using an online bank as compared with a local brick and mortar bank. In my opinion, go with the local bank for checking and online bill pay, but don't use any bank for investing. Buy brokered CDs and a money market account from Fidelity. You will get higher interest rates than any bank, online or local.

Thank you sir, that's what I'm asking.

[Aces4]

I think the OP is referring to using an online bank as compared with a local brick and mortar bank. In my opinion, go with the local bank for checking and online bill pay, but don't use any bank for investing. Buy brokered CDs and a money market account from Fidelity. You will get higher interest rates than any bank, online or local.


Does Fidelity do this for people out of the goodness of their heart or are there fees?

[daniel200]

Does Fidelity do this for people out of the goodness of their heart or are there fees?

It is a very competitive industry and not the “goodness of their heart”.
Since Fidelity (and Vanguard as well) have very little bricks and mortar their costs are lower than the big banks. No transaction fees to buy bonds or CD’s … they make their money on these from the bid/ask spread. No fees for checking or brokerage accounts .. Small fees for trading stocks.

Fidelity makes their money in their 401k business and managing/selling their mutual funds and ETF’s. They have $9.6 trillion under management and $24 billion revenue. They are a private company, but i believe they are very profitable

I have used Fidelity for checking & online bill pay for years without issue.

[retiredguy123]

Does Fidelity do this for people out of the goodness of their heart or are there fees?
Fidelity and Vanguard do make money on all of their products. I use both of these investment companies for products like stock mutual funds, bond mutual funds, and other interest bearing products. We are fortunate to have a Fidelity office in The Villages when you need personal service. I use Truist Bank for my credit card, checking account, and electronic bill pay, but banks cannot compete with Fidelity or Vanguard for investment products, when you want to earn interest.

[Lsepanske@aol.com]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

On line Investment banking is safe, easy and quick. CD rate's good investment today... at 4.8--5.0 %.
Find advisor to help. Have used Edward Jones for years for certain investments, i.e, CD's, Money Market etc.

[JoelJohnson]

Use a Chromebook, you can't get a virus.

[msilagy]

Go to Bankrate.com and search highest CD rates and Money Markey Savings rate. Check the Bank's rating and be sure they are insured for the amount you invest. Been doing this for many years and the returns are way higher than local banks.

[Mrmean58]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

Yes, and yes

[WingedFoot78]

I have been using online banking for fifteen years without any problems. We are RV'ers and have paperless billing. When the bills come in, I "schedule" them right away. It has worked out for us.

[Accidental1]

Have used Ally bank for years with no issues. Have no need to do a transactions in a brick and mortar branch.

[retiredguy123]

Go to Bankrate.com and search highest CD rates and Money Markey Savings rate. Check the Bank's rating and be sure they are insured for the amount you invest. Been doing this for many years and the returns are way higher than local banks.
The CD rates at bankrate.com are higher than local banks, but not higher than the brokered CDs that you can buy from Fidelity. Using the highest rates on bankrate.com means that you will be switching from one online bank to another to chase the highest rate every time a CD matures. If you have a Fidelity account, you have access to many CDs from many different banks that Fidelity will manage in one account. Also, with a brokered CD, you can liquidate the CD at any time at the current market value, which gives you more flexibility in managing your portfolio. You also get one consolidated 1099 tax form for all of your Fidelity investments. I really don't see an advantage to shopping for the highest CD rates on bankrate.com or doing business with non-local online banks at all. The only business I do with a bank is to have a credit card, a checking account, and for electronic bill pay. Any local bank can handle those transactions very well. If I want to earn interest, I use my Fidelity or Vanguard account.

[Gunny2403]

Who is offering 4% down the street

[Odale123]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great


Yes, online banking saves time and is really simple to open an account. Navy Federal has a 5% CD right now! Hope the feedback helps out!

[retiredguy123]

Who is offering 4% down the street
Fidelity. One year CD, 4.65 percent, five year CD, 4.4 percent.

[JWGifford]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great
I’ve used both personal banking (checking account, savings account) and online investment services (Fidelity, Ameriprise) for years without issue.

[dhayward@att.net]

Ally bank. Best banking service I have ever used. Not to mention 3.3% on saving acct.

[daniel200]

Who is offering 4% down the street

Lots of options above 4%. This is Fidelity’s range of interest rates for various bonds & CD’s today

[toeser]

I have my credit frozen so I would have to call and ask what credit co. they use
for new customers.

My credit has been frozen for many years and I have opened many online banking accounts. I think they care only if you are a borrower, not a depositor.

[Villages Kahuna]

I haven’t been inside a Bank of America branch in at least a decade. I get cash every couple of weeks using their drive-thru, but I have no reason to actually go inside the bank. If I need to deposit a check, I use their mobile app. If I ever have to actually speak with my BofA banker, she’s located right in my Merrill Lynch financial advisor’s office in Northbrook, Illinois. (Merrill Lynch is owned by Bank of America and they have personal bankers located in the larger ML offices.)

We’re full time here in TV, but I haven’t visited my advisor’s office more than 2-3 times in 25 years, using the ML app from my computer, iPad or iPhone. I talk to my advisor on the phone every couple of weeks, but while I call his number in Northbrook I know that very often I’m actually speaking with him from his home here in Florida. It’s seamless when his admin assistant connects us, as though she was sitting right outside his office. He tells me his setup with three computer screens, computers and a direct connection to the NYSE and Merrill analysts and traders is better than he has in his Northbrook office.

The days of actually going into a bank are over and the banks have electronic security measures in place that are better than those in their physical facilities. We do have a safe deposit box at the closest Citizens First branch and keep the minimum in the required checking account.

Electronic tools are extended to even filing tax returns. I already have TurboTax loaded on my desktop computer and my 2022 return started. On February 1, I’ll be able to have all the necessary records from both Merrill Lynch and Bank of America automatically entered into my tax return. Then, if I owe taxes, the IRS will automatically debit our checking account. If we get a refund, it’s electronically deposited to the checking account or my account at Merrill Lynch. If I file the return online on the first couple of days of February, I’ll get the refund within a couple weeks.

There’s nothing better or more secure than handling our financial affairs comfortably from my den or recliner!

[retiredguy123]

Ally bank. Best banking service I have ever used. Not to mention 3.3% on saving acct.
What does Ally do for you that any local bank cannot?

Regarding a savings rate, you can get a higher rate than 3.3 percent with a Vanguard or Fidelity money market account. Vanguard is currrently paying 4.28 percent..

[talonip]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great
Everything I do is online. I have about 5 banking institutions that I deal with. All my bills are on autopilot. I could leave for a month and come home and call up my accounts and everything is paid for. All my income accounts are auto deposited. I can go online and see all my accounts anywhere in the world. I never write a check except for the occasional gift to kids and grandkids. I use a credit card for all my groceries and other purchases and get points for travel. I pay off all my credit accounts and never carry a balance. That is on autopay too. I have been doing this for over 25 years. I appreciate the multi factor authentication but it is a nuisance. Can’t wait for 10 factor authentication.

[Aces4]

Fidelity. One year CD, 4.65 percent, five year CD, 4.4 percent.

Hometown brick and mortar bank, 4.50 for 59 months. I’m not against online banking or Fidelity it’s just that we like laddering our own CDs and it’s very convenient. And we never have to call our advisor. ;-)

[Two Bills]

Here in UK many banks have closed branch services in smaller communities, and usually have one outlet in larger towns.
My bank has stopped handling cash, you can get cash only from machine, and is now fully automated.
No tellers, just a couple of greeters who help those not familiar with the different machine points.
Nearly all banks seem to be doing their best to phase out cash, and use online and card transactions.
My opinion is cash transactions will be gone in another decade.

[Aces4]

Here in UK many banks have closed branch services in smaller communities, and usually have one outlet in larger towns.
My bank has stopped handling cash, you can get cash only from machine, and is now fully automated.
No tellers, just a couple of greeters who help those not familiar with the different machine points.
Nearly all banks seem to be doing their best to phase out cash, and use online and card transactions.
My opinion is cash transactions will be gone in another decade.

Are loan/mortgage applications and safe deposit access automated too? :$:

[Innserelli]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

We have used Synchrony Bank. Pretty highly rated on business pages. Good rates and good service.

[Aces4]

Everything I do is online. I have about 5 banking institutions that I deal with. All my bills are on autopilot. I could leave for a month and come home and call up my accounts and everything is paid for. All my income accounts are auto deposited. I can go online and see all my accounts anywhere in the world. I never write a check except for the occasional gift to kids and grandkids. I use a credit card for all my groceries and other purchases and get points for travel. I pay off all my credit accounts and never carry a balance. That is on autopay too. I have been doing this for over 25 years. I appreciate the multi factor authentication but it is a nuisance. Can’t wait for 10 factor authentication.

We autopay/ACH everything also but contractors won’t always take a check. We have never, in all our married life, carried a credit balance and do not patronize businesses utilizing a credit card usage fee.

[capecoralbill]

My credit has been frozen for many years and I have opened many online banking accounts. I think they care only if you are a borrower, not a depositor.
I have had the same experience, my credit is frozen and I can still open checking accounts, and sometimes I can find one that has a bonus of over $300, and they still don't check my credit. I have in the past unfrozen the credit reports it is pain, and even more of a pain to reinstate the credit freeze. Sometimes they ask you for a password and username, other times they just want to verify who you are by only using your Social Security number. I have been freezing my credit reports for about four years, and a have never had a identity theft problem, so I think it's worth the trouble to do that.

[retiredguy123]

We autopay/ACH everything also but contractors won’t always take a check. We have never, in all our married life, carried a credit balance and do not patronize businesses utilizing a credit card usage fee.
If a contractor will not take a check or a credit card, another option is to use Zelle to send money to an email address. I use my Truist account to make Zelle transfers. It is especially convenient for sending money to people who are out of town.

[Two Bills]

Are loan/mortgage applications and safe deposit access automated too? :$:

Safe deposit is not a big thing in UK except for those with something to hide, or jewelry they are frightened to wear!
Haven't had a mortgage/loan for years, but our kids always arrange theirs online.
Go online, research best rates, make application, send any docs as attachments, no face to face contact needed.
Simple.

[Aces4]

If a contractor will not take a check or a credit card, another option is to use Zelle to send money to an email address. I use my Truist account to make Zelle transfers. It is especially convenient for sending money to people who are out of town.

Zelle was hacked not that long ago and we’re reluctant to use it.

[Aces4]

Safe deposit is not a big thing in UK except for those with something to hide, or jewelry they are frightened to wear!
Haven't had a mortgage/loan for years, but our kids always arrange theirs online.
Go online, research best rates, make application, send any docs as attachments, no face to face contact needed.
Simple.

We haven’t had a loan/mortgage since our early fifties but there is another world out there besides old people.

Safe deposit is excellent for important documents, holding valuables when traveling, etc. You can’t hide much in a safe deposit box and who needs jewelry when traveling?

[retiredguy123]

Zelle was hacked not that long ago and we’re reluctant to use it.
I understand. As a trustee, I need to make several monthly payments to individuals who are out of state. I don't know of a more convenient way to do that. They cannot accept a credit card and sending paper checks is a hassle and takes too long, and I don't want to link our accounts. Zelle has been very convenient, and there are daily limits on the amount you can send. Also, if any money is removed from my account I get an immediate alert.

[Villages Kahuna]

My financial advisor has me keeping a small amount in a low-paying savings account. But the bulk of my fixed income holdings are in U.S. Treasuries paying between 4.5% and 4.7%.

[Aces4]

I understand. As a trustee, I need to make several monthly payments to individuals who are out of state. I don't know of a more convenient way to do that. They cannot accept a credit card and sending paper checks is a hassle and takes too long, and I don't want to link our accounts. Zelle has been very convenient, and there are daily limits on the amount you can send. Also, if any money is removed from my account I get an immediate alert.

The alerts are a great implement but is the money that might have been stolen refunded to people by Zelle? I know our kids use Zelle.

[retiredguy123]

The alerts are a great implement but is the money that might have been stolen refunded to people by Zelle? I know our kids use Zelle.
I signed up for Zelle through my Truist bank account. I don't have a Zelle account number and Zelle has none of my money on deposit. I log in to my Truist account and request a Zelle transfer to a specific email address. So, I don't understand how someone could hack Zelle and access my money without knowing my Truist log in information. I really don't know the answer to your question, but it seems like a pretty safe way to transfer money. My Zelle transfers are reported on my Truist statement, and I expect Truist to safeguard my log in information. I have no direct dealings with Zelle.

[Chi-Town]

Chase and Fidelity are my primary online accounts. Chase is extremely secure.

[OhioBuckeye]

I’m with Chase but that doesn’t make any difference. I’ve had my Credit Cards broken in to about 4 times, the last time about 1 1/2 yrs. ago & I have to admit they took care of it every time, no problems. So to answer your question, NO problems! But I’m sure some people will disagree with me. All I can say is if the bank you’re with doesn’t do anything to help you, well I would look for another bank.

[chrissy2231]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great
Discover bank is great. very helpful reps.

[Michael G.]

Thanks for all those that took the time and answered my on-line banking questions.

Is there a Vanguard office around TV?

[retiredguy123]

Thanks for all those that took the time and answered my on-line banking questions.

Is there a Vanguard office around TV?
No. Vanguard mostly does business online and by phone.

They are headquartered near in Valley Forge, Pennsylvania, and have regional offices in Charlotte, North Carolina and Scottsdale, Arizona.

[lmrk32]

Online banking is extremely unsafe. There is a thing called porting where they steal your phone number and then get into everything you have. The cops are helpless due to the volume of these types of instances

[barbara828]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

Yes. I use 2 of them [ for the rates.]

[La lamy]

I have been tempted by the higher rates of these non brick and mortar financial 'places', but I've resisted. Still prefer institutions that can be visited if there's an issue even though that's yet to be necessary!

[ajmaday]

where is Fidelity's bank?

[retiredguy123]

where is Fidelity's bank?
I don't know what you mean by "Fidelity's Bank". Fidelity Investments is an investment and brokerage company, not a bank. They have an office at 1057 Lake Sumter Landing.

[Michael G.]

I have been tempted by the higher rates of these non brick and mortar financial 'places', but I've resisted. Still prefer institutions that can be visited if there's an issue even though that's yet to be necessary!

I'm the same way.
Although I'm do a lot on my computer, but taking $5,000 - $10,000 and investing on line
just seems weird.

[Villages Kahuna]

There has been some mention here of credit card hacks. Someone ‘stealing’ your credit card number almost never occurs because the issuing bank has been hacked. It’s almost always someplace where you used the card to buy something where your card info was stolen. That would include you yourself responding to increasingly effective and official-looking e-mails asking you for personal financial information.

But it’s the issuing bank who has extensive security operations which almost always catches the fraudulent attempt to use your card, cancels the card, refunds any fraudulent charges, and issues a new card. That’s happened to me 3-4 times. It’s an irritant reassigning a new number to your AutoPay bills, but very safe financially.

I’d suggest that getting credit cards issued by the largest banks—Chase, Bank of America, etc. is the safest because they have the largest and most well-developed anti-fraud operations.

[Two Bills]

Online banking is extremely unsafe. There is a thing called porting where they steal your phone number and then get into everything you have. The cops are helpless due to the volume of these types of instances

Driving a car is also extremely unsafe. There are things called crashes, and the cops are helpless due to the volume of these types of instances.
But almost all journeys are completed without a problem!:icon_wink:

[Dusty_Star]

Online banking is extremely unsafe. There is a thing called porting where they steal your phone number and then get into everything you have. The cops are helpless due to the volume of these types of instances
Disagree that online banking is 'extremely' unsafe, If you are worried about porting contact your carrier & find out about the security around a port out request. If you are unhappy with the answers, then I would suggest looking for a new carrier that meets your needs.

[mkjelenbaas]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great
What did your stock broker say?

[Michael G.]

What did your stock broker say?

Oh Crap, not again. :a040:

[Aces4]

What did your stock broker say?

He asked why anyone would contact a stock broker for investing these days with the market sliding. You didn’t get hoodwinked by yours again, did you?

[OhioBuckeye]

I’ve done mine that way for, oh my gosh about 20 years & had no issues, knock on wood. Only problem I’ve had was at gas pumps where some stole my identity but my bank took care of it ! Don’t know how you use your credit cards or how your bank is ran but I haven’t had any problems. Good luck!

[MrFlorida]

This is 2023, everything is done online, banks and stores use the internet to transfer money every day....

[JIMQ3100]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great
I would think, you need to ensure the bank login is safe. You should have the multiple safety on login, meaning for login you have to enter a code sent to your cell phone or other app. Also if you want to go one level more secure inquire the bank if they use physical keys e.g. UBkeys. This process uses a physical small device that you have to plug in your laptop to login. Pls ensure you have more than one key for the site (so you have to buy more than one device) This works like house keys, if you don't have a backup for your house and you lose the key you can't get into your house. Do some more research so you can be familiar with this process.

[MandoMan]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

I’ve used online banking from my state employees credit union since 1986. Never a problem. Best rates. I can use most ATMs.

[Aces4]

This is 2023, everything is done online, banks and stores use the internet to transfer money every day....


I believe most sex is still in person.:a040:

[cfstoltz]

I have a savings account online with American Express Bank for over 6 years.
They are currently paying 3.3%. Not a CD and FDIC insured

[Gigi3000]

Fidelity. One year CD, 4.65 percent, five year CD, 4.4 percent.

Is there any tax advantage to doing more than a year CD?

[retiredguy123]

Is there any tax advantage to doing more than a year CD?
No. For a standard CD, even if you have a multi-year CD, you still receive a 1099 from the bank every year and you are required to pay tax on the interest earned during the year.

[Gigi3000]

No. For a standard CD, even if you have a multi-year CD, you still receive a 1099 from the bank every year and you are required to pay tax on the interest earned during the year.

I was referring to short vs long term capital gains on the interest paid? My financial advisor specially said get a 13 month CD. I figured this was the reason.

[spinner1001]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

“Are they safe?”

[retiredguy123]

I was referring to short vs long term capital gains on the interest paid? My financial advisor specially said get a 13 month CD. I figured this was the reason.
Interest is taxed as ordinary income. It is not a capital gain.

[keepsake]

Online access to banking IS BECOMING A GRIND. What worked last year on one site has been ramped up in security. Ever year there is one more hurdle to access you money. I am calling this 'senior abuse'. Why must I keep buying new phones and desktops just to maintain access to my accounts. These hi-tech companies ARE OUT OF CONTROL.

[keepsake]

Even if your CD cannot be touched for lets say two years, you are taxed on the interest income, yearly. Go figure damn IRS. You are told you have to pay a penalty for early withdrawl. So how do you get the damn money to pay the interest tax ?

[New Englander]

Fidelity. One year CD, 4.65 percent, five year CD, 4.4 percent.

Is that Fidelity CD FDIC insured?

[New Englander]

I'm the same way.
Although I'm do a lot on my computer, but taking $5,000 - $10,000 and investing on line
just seems weird.

It's not weird at all.

[retiredguy123]

Is that Fidelity CD FDIC insured?
Yes. But now you can get higher rates. The 1-year CD is 4.85 percent and the 5-year CD is 4.65 percent. You can go to Fidelity.com and view all of the available CDs.

If you don't like investing online, you can make an appointment with a Fidelity representative at their Lake Sumter office.

[daniel200]

Even if your CD cannot be touched for lets say two years, you are taxed on the interest income, yearly. Go figure damn IRS. You are told you have to pay a penalty for early withdrawl. So how do you get the damn money to pay the interest tax ?


There is an easy way to delay the taxes
Buy a US Treasury on the secondary market (Fidelity, Vanguard etc) with a very low interest rate. You can find zero interest or low interest (say 0.25% or 0.5%)

Because of the low interest you can buy these at a discount that brings the yield to maturity equal to recently issued treasury bonds. Just make sure the maturity date is longer than 12 months from the date you purchase.

The interest is taxed yearly (but your interest is minimal).
At bond maturity, you have a long term capital gain that is taxed at long term capital gain rates.

So if you buy a two year zero coupon (0% interest) … you pay no yearly tax on interest because no interest was paid. At the end of two years you are taxed on a long term gain (currently about 8% = 2 years x 4% / year).

Currently for a married couple, their first $83,000 in long term gains are taxed at zero! So no tax on the long term gain if your total long term gains is less than $83,000

[Caymus]

Even if your CD cannot be touched for lets say two years, you are taxed on the interest income, yearly. Go figure damn IRS. You are told you have to pay a penalty for early withdrawl. So how do you get the damn money to pay the interest tax ?

CD's are available that pay interest monthly or semiannual.

[retiredguy123]

CD's are available that pay interest monthly or semiannual.
With a CD, it doesn't matter how often the interest is paid. The IRS taxes you on the amount of interest that is "earned" during the tax year, regardless of whether or not you actually received the interest.

[Caymus]

With a CD, it doesn't matter how often the interest is paid. The IRS taxes you on the amount of interest that is "earned" during the tax year, regardless of whether or not you actually received the interest.

The poster was concerned about not having the money to pay the interest tax. A monthly or semiannual payment would help with that issue.

[coralway]

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great



Fidelity Investments gets my vote. Been with them since 1985. They offer everything - including crypto, if your into that. They also offer interesting and educational webinars.

[44Apple]

Money Mkt Fund, not Money Mkt Account.