Tagged With "FDIC"

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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Former Member ·
From what I've read, online only banks are safe as long as they are FDIC insured. It's just like how you use the app or website for your regular bank - just without that brick-and-mortar overhead. One thing to remember though: *personal* online security is still up to you. (aka maybe don't use your banking apps when you're on the free coffee shop WiFi.) The bank will take security measures on its end so you can use the app or website safely, but you still need to practice good online habits.
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

mintjulep ·
Thank you Lisa! I know some of the on-line banks, like Ally, have been around a while, I'm wondering if there is a way to check out their performance. I assume if they advertise FDIC insured that's a first step.
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Theodora ·
@mintjulep For what it's worth, I've heard such great things about Ally from lots of credible sources. I just opened an account with them and the experience has been excellent so far. They offer paper checks as an account feature -- which I couldn't find at any of the other online banks. (I have had to work with a lot of contractors, handymen and landscapers in the past year that still only take checks.)
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

mintjulep ·
Thank you for your input about Ally, Theodora. I really want to make this move!!
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Moore Income ·
I just opened an account with Empower and will be putting some money in there shortly. FDIC insured is something you can usually count on. I personally enjoy trying out new things and am usually one of the first to test these new things. There is a always some measure of risk involved but as long as the company is reputable and isn't promoting anything that I would deem to be sketchy, I will usually at least give them a shot. As mentioned above, it really just depends on you and weather you...
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

mintjulep ·
I definitely think it is worth it. I don't put all my eggs in one basket anyway, even when it comes to just a checking account, so why not get as much interest as is available. I'd love your input on the various online banks as you try them @Moore Income! You've listed some others that I've not been aware of. Thank you!
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Former Member ·
@Moore Income how do you strategize what money goes into what account, and how do you stay organized? I recently consolidated some of my cash and closed some extraneous accounts, mostly for simplicity's sake. How do you maximize your 6 checking accounts?
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Moore Income ·
@Former Member Good question. I personally am just testing most of them to see howh they work and such and I usually just start with a set amount. I have moved money between a couple due to a better interest rate but I haven't really added much to the accounts besides the initial deposits. I am starting to add more to My Haven account since they have a 2% interest rate (up to 4% if you refer people) they also allow me to connect all my other accounts to manage my money in one place. So...
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Re: Worried about mobile apps for savings and banking; put my mind at ease, please

Moore Income ·
@mintjulep message me and I can share more details about each one and what the pros and cons are.
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Worried about mobile apps for savings and banking; put my mind at ease, please

mintjulep ·
I'm nervous about the solidity of some online-only banks, but there is the carrot of fabulous interest rates. I noticed the app discussed recently at Penny Hoarder, the Empower app, is FDIC insured up to $250,000. I'm interested in getting as much interest as possible on reserve cash, as anyone, but am I being overcautious here? How much confidence should we have in these online-only banks?
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