High Yield Savings Account
Author: PhilBy
Posted: Sun Oct 09, 2005 6:08 pm
Post subject: Capital One High Yield Savings Account Questions
Hello
I was thinking of opening a Capital One online high yield savings account that I read about somewhere on the forum. When they pull my credit report for identification purposes, will it count as a hard inquiry like when you apply for a credit card? Also, I know there is only $1.00 min. to open the account, but is there a minimum to get the current advertised interest rate? Do they send you a 10-99int statement in the mail when it's time to file income tax like the standard banks do? Does anbody have experience with one of there high yield accounts? I read about ImmigrantDirect as well, but since this is my first attempt at an online savings account I prefer to go with a company I am familiar with such as Capital One dispite the .55 interest rate difference. I am thinking I will see how it goes with CapitalOne, and in the future possibly expand to others.
Thanks and any other comments and suggestions are appreciated as well.
Author: diddlydudette
Posted: Sun Oct 09, 2005 6:45 pm
Post subject: High Yeild Savings Account
PhilBy, here is an interesting article on online savings accts.
http://money.cnn.com/2005/10/02/pf/debt/internet_banking/index.htm?section=money_topstories
I have an Emigrantdirect acct. and felt the same way you do. I was skeptical and like you, had never heard of them before. I did tons of research and learned they've been around a long time and reputable and FDIC insuredl. They pay the highest interest right now at 4%. You can check this out at Bankrate.com.
I highly recommend Emigrantdirect. I've had no problems and so far things are running smoothly with them. I'm happy with my choice.
Author: maddybeagle
Posted: Sun Oct 09, 2005 7:21 pm
Post subject: High Yeild Savings Account
I do ING and that has worked out fine. I might start an Emigrant as well. I have applied for money market accounts and it doesnt appear on my credit report as an inquiry. They may ask for a current phone bill or something to verify your address for the patriot act. Yes, they report the interest annually for taxes.
Author: CreditCardGuru
Posted: Mon Oct 10, 2005 12:17 am
Post subject: High Yeild Savings Account
I believe they do pull a soft inquiry credit report similiar to the one eBay gets for ID Verify.
Author:PhilBy
Posted: Mon Oct 10, 2005 5:44 pm
Post subject: I tried ING Direct
I went with ING Direct Orange Savings for the $50.00 promotion listed on the forum and deposited $1.00 to try it out. If all goes well, I might open an account with Emmigrant Direct also.
I appreciate advice from users of the forum and I have learned a lot and would like to learn more.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 6:58 pm
Post subject: High Yeild Savings Account
When I got my Capital One High Yield account, it was just a soft inquiry the same as an employer would pull, these are for identity verification only. Then I opened a MM account and they did not pull another soft inquiry since I already had an account with them, just opened it and transferred all my money to the MM. I would personally go with MM because you get the same interest but get access to your money via checks and
Posted: Sun Oct 09, 2005 6:08 pm
Post subject: Capital One High Yield Savings Account Questions
Hello
I was thinking of opening a Capital One online high yield savings account that I read about somewhere on the forum. When they pull my credit report for identification purposes, will it count as a hard inquiry like when you apply for a credit card? Also, I know there is only $1.00 min. to open the account, but is there a minimum to get the current advertised interest rate? Do they send you a 10-99int statement in the mail when it's time to file income tax like the standard banks do? Does anbody have experience with one of there high yield accounts? I read about ImmigrantDirect as well, but since this is my first attempt at an online savings account I prefer to go with a company I am familiar with such as Capital One dispite the .55 interest rate difference. I am thinking I will see how it goes with CapitalOne, and in the future possibly expand to others.
Thanks and any other comments and suggestions are appreciated as well.
Author: diddlydudette
Posted: Sun Oct 09, 2005 6:45 pm
Post subject: High Yeild Savings Account
PhilBy, here is an interesting article on online savings accts.
http://money.cnn.com/2005/10/02/pf/debt/internet_banking/index.htm?section=money_topstories
I have an Emigrantdirect acct. and felt the same way you do. I was skeptical and like you, had never heard of them before. I did tons of research and learned they've been around a long time and reputable and FDIC insuredl. They pay the highest interest right now at 4%. You can check this out at Bankrate.com.
I highly recommend Emigrantdirect. I've had no problems and so far things are running smoothly with them. I'm happy with my choice.
Author: maddybeagle
Posted: Sun Oct 09, 2005 7:21 pm
Post subject: High Yeild Savings Account
I do ING and that has worked out fine. I might start an Emigrant as well. I have applied for money market accounts and it doesnt appear on my credit report as an inquiry. They may ask for a current phone bill or something to verify your address for the patriot act. Yes, they report the interest annually for taxes.
Author: CreditCardGuru
Posted: Mon Oct 10, 2005 12:17 am
Post subject: High Yeild Savings Account
I believe they do pull a soft inquiry credit report similiar to the one eBay gets for ID Verify.
Author:PhilBy
Posted: Mon Oct 10, 2005 5:44 pm
Post subject: I tried ING Direct
I went with ING Direct Orange Savings for the $50.00 promotion listed on the forum and deposited $1.00 to try it out. If all goes well, I might open an account with Emmigrant Direct also.
I appreciate advice from users of the forum and I have learned a lot and would like to learn more.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 6:58 pm
Post subject: High Yeild Savings Account
When I got my Capital One High Yield account, it was just a soft inquiry the same as an employer would pull, these are for identity verification only. Then I opened a MM account and they did not pull another soft inquiry since I already had an account with them, just opened it and transferred all my money to the MM. I would personally go with MM because you get the same interest but get access to your money via checks and
posted by CardRatings.com at 10:45 AM
1 Comments:
I tried to open a savings account with ING. They rejected my application but proceeded to take money out of my account anyway. When I called regarding their error they told I wouldn't get my money back for 60 days. I do not recommend or trust this company. This has cost me hundreds of dollars in overdraft fees. I advise anyone looking for high yield savings to STAY AWAY FROM ING DIRECT
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