When I was first putting effort into managing my finances I was reading all these things about online banks. Most people were with ING & HSBC but the rates weren’t as good as I really wanted. After much research I found iGoBanking, at the time their rates were at the top of list and at 1.85% APY (as of 04/05/2009) are still extremely competitive.
About the Bank
iGoBanking is the online banking arm of Flushing Savings Bank, a brick and mortar bank headquartered in Lake Success, New York. Flushing Savings Bank was originally organized in 1929 and is currently a division of Flushing Financial Corporation (NSDQ: FFIC). They have been FDIC Insured since July 1, 1943 (FDIC Cert 16049).
It has been a while since I signed up but it was simple and all on line, I was able to fund directly out of another account and only had to fund with $1. There were some issues regarding discrepancies in my wife’s name and public record so I had to deal with their customer service department, all of which was very easy and they were very helpful. Once you are all setup you can login and be presented with your summary page:
Transfers into and out of your iGoBanking account will require that you establish links to your external accounts, configuring these links just requires your routing and account numbers, they will then make trial deposits which you will have to verify and then you are all linked up. The account has a next day transfer feature for up to $2000.00 at no cost to you, otherwise your transfers take three days and are capped at $100,000 per transfer no more than $500,000 in total transfers per month. Configuring the transfer is as easy as filling out the form and selecting your transfer method, you can also set it up to do recurring transfers into our out of linked accounts.
I am extremely happy with the account and they have managed to keep their rates competitive so I am sticking with them for the long haul. I am not a rate chaser so as long as they keep the rates in the ballpark it is a solid place to stash some of my cash. Do you have any experiences with iGo? Leave a comment and let the rest of us know about it.