Online Banking
 

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

Interest rates are great

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.

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.

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

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!

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.

Use fingerprint option.

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.

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.

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.

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.

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.

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

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.

Yes, and yes

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.

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

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.

Who is offering 4% down the street

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!

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

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

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

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

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 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!

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..

Online is the way to go
 

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.

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. ;-)

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? :$:

online banking
 

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

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.

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.

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.

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.

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