Anyone here use Capital One Online Savings?

[harlenm]

Thinking of opening a Costco online savings account, which uses Capital One, and get 3.75%.

Before I do this, just wanted any opinions. I currently use HSBC for my checking and savings, but I'm fed up with them, so I'm canceling my accounts.

[mike7465]

If it were me I would do the following:
First goto Bankrate dot com and look up who has the best bang for your buck.
Then goto USAA and see if you can have a checking account.

Just my two cents.

[crzn01]

I've dealt with Capital One before, IMO they are a rip off....................

[allanc]

I signed up for one of those accounts through Costco. Costco promptly deposited my bonus into my account after 30 days. Overall I am happy with it. I have the online money market account. You can access your account through checks, an ATM card, or transfer to any other account. The transfers are kind of a hassle because they take three business days to go through (they take your money out immediately and sit on it for three days before transferring). I am self-employed and use it as a place to stash my money for taxes. I periodically transfer money into the account to cover my taxes. When I write a check for taxes, I just transfer money back to my checking account.

Do be aware that you cannot go into a Capital One bank and make a withdrawal out of the account.

[Specks]

why are you fed up with your hsbc account?

[harlenm]

why are you fed up with your hsbc account?

They decided to send a payment to my HSBC credit card via a check instead of an electronic payment, and therefor it was going to be late. So I had to pay it twice in one month. So, instead of the money sitting in my savings account earning 3.5% interest, it was sent to pay of a months credit card bill a month early. This was $3,000.

[harlenm]

I signed up for one of those accounts through Costco. Costco promptly deposited my bonus into my account after 30 days. Overall I am happy with it. I have the online money market account. You can access your account through checks, an ATM card, or transfer to any other account. The transfers are kind of a hassle because they take three business days to go through (they take your money out immediately and sit on it for three days before transferring). I am self-employed and use it as a place to stash my money for taxes. I periodically transfer money into the account to cover my taxes. When I write a check for taxes, I just transfer money back to my checking account.

Do be aware that you cannot go into a Capital One bank and make a withdrawal out of the account.

It takes me 3+ days now to transfer money from my BofA account to HSBC via ACH transfers, so I'm already used to it. Going to use just my BofA checking account, and this costco savings account starting next month.

Thanks for the info.

[jakemccoy]

They decided to send a payment to my HSBC credit card via a check instead of an electronic payment...

That's standard.

[harlenm]

That standard.

No, every other payment they've ever sent is electronic, except this one because I waited till closer to the due date.

[jakemccoy]

I quit Capitol One a few years ago. They had a relatively high rate for awhile, but then the rate wasn't even competitive after about six months. It wasn't just a promotional rate changing over. My brief stay with the account wasn't worth the time spent spent starting the accounting. There was also something else about them that made them not desirable. I can't remember. Anyway, I do know that I don't just close accounts for no good reason.

[jakemccoy]

No, every other payment they've ever sent is electronic, except this one because I waited till closer to the due date.

They sent a check to spite you? I don't get it.

[harlenm]

They sent a check to spite you? I don't get it.

No, but i'm just lucky I checked to make sure the payment went through, but it never did.

[cowboywannabe]

i have a cap one master card....for years ive made my payments on time, always in good standings with my creditors.

a few weeks ago i sent in my payment on-line because i was in training and did not have access to my bills at home. it was sunday at about 7pm when i sent in the on-line payment. the payment was due the same sunday but because it was after 3pm they credited the payment for being sent on monday. my next bill had a $39.00 purchase on it for that date. i called and asked and they said because the payment was "credited" for the next day instead of the day it was sent there was a late fee attached to my account automatically. for one day!

i closed the account so no further perchases could be made on it, cut up the card, and i am now paying off the balance.

never again will i deal with cap one.

[harlenm]

So, you messed up and it was their fault?

My payment had to be made by 11:59am to not be late. I caught this whole issue at 11:15am.

[cowboywannabe]

i sent in my payment and it was recieved by them on the date it was due.

they credited it for being recieved the next day making it late. they charged a long term customer in good standing a $39.00 late fee for a payment sent and recieved on time but credited/processed the next day. that is my issue. i dont want to be treated like a title max loan candidate living in the projects.

[harlenm]

True, I've had missed payments before, and charged late fees. And I've always asked to have them reversed because of a history of years of ontime payments, and they have always been reversed.

[cowboywannabe]

they offered to cut the late fee in half, after some more "negotiating" i was put on hold for a supervisor, during the two or three minute hold i just got more steamed and when the supervisor said they would wave the entire late fee i was already ready to close the account.

if they set up things properly they would not have a computor automatically access that penalty to an account in good standing that doesnt have a history of being late.....

there are too many credit card companies out there competeing for my dollar to stand for the mickey mouse attributes of any of them.

[jakemccoy]

For the Cap One Savings, the daily balance has to be over $10,000 to earn 3.75%. Else, APY is 2.75%. That sucks because that's not average $10,000. That's daily. So, if your balance falls below $10,000 for one day, you're punished.

I hate gimmicks because I really don't have the time to sit here and research all the little nuances for every bank.