Switching to an internet only bank

[RossMAN]

I'm thinking my best option is to have my checking account with a local bank or credit union, and move my savings account to USAA.

That's what I would do.

What area do you live in? City/state or zip?

 

[OCGuy]

MtGox works for me

 

[cubby1223]

Having to take cash out of an out of network ATM is awful. You get charged by the ATM provider AND BoA charges you. The only time I ever need cash is on spur of the moment events when I am out with friends and there is no BoA ATM to be found. Also the interest rates are pathetic compared to other banks.

I'm thinking my best option is to have my checking account with a local bank or credit union, and move my savings account to USAA.

Do the math.

Bank of America charges $2.50 atm fee if you use a non-BoA atm. How many times do you use one? Twice a month? That is $60/year.

Interest rates are pathetic anywhere you go. USAA is 0.1% for <$5k, 0.15% for $5-10k, and it doesn't rise much beyond that. What are you expecting back, $15/year (and this is taxable, part of the interest you receive turns around and is paid to Uncle Sam).

You're going to go through this whole process of setting up multiple accounts, shifting cash around, keeping all this straight... for $75? If it is worth it to you, go for it.

 

[adairusmc]

 

[Phantomaniac]

I use USAA. For the few times that I have cash deposits I can just get a money order at the post office for cheap and then upload those with my phone.

Really? I read the TOS for USAA's deposit at home and money orders were against the TOS.