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Email this12:13 pm
February 20, 2012
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Since more bank/CU accounts have been included in my daily financial management, partly thanks to highinterestsavings.ca, I feel that it is more important to link all my accounts together by online banking. I used to take ING as a hub to transfer fund between different accounts, which worked pretty well for quite some time, but recently I reached the limitation for it, 3 external bank accounts for one ING user. So it looks like I need another cascading accounts to maintain a fast fund transfering ability.
As far as I know, the big 5, as well as AcceleRate, do not actually offer linking to external accounts for free. ING offers three. What about other banks or CUs?
I'll appreciate if you can add the information regarding the banks and CUs you are now using.
According to our discussion, as of Feb. 23rd, here is a summary for the features of the bank for linking external accounts.
====================================
....AcceleRate /No
..........Ally /Yes/ No Limit
........Hubert /Yes/ No Limit
...........ING /Yes/ Max=3
Peoples Trust /Yes/ Max=1
3:53 pm
August 4, 2010
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Ally is very good for multiple external accounts. I know I had 6 external accounts set up at one point (I was in the middle of switching from BMO to TD, and had a couple of other old fairly dormant HISAs from the time I was temporarily parking the proceeds of the sale of my condo).
Ally uses the online "enter account info, we deposit a few pennies, you confirm" method, so you can set these up yourself online. You can also both "push" a deposit from Ally to an external, or "pull" money from the external to Ally, and you can set up recurring transfers. And at 2% it is a good rate to park at.
The main things missing, for those that need them, are chequing and pre-authorized withdrawals.
5:33 pm
lycralive said:
Since more bank/CU accounts have been included in my daily financial management, partly thanks to highinterestsavings.ca, I feel that it is more important to link all my accounts together by online banking. I used to take ING as a hub to transfer fund between different accounts, which worked pretty well for quite some time, but recently I reached the limitation for it, 3 external bank accounts for one ING user. So it looks like I need another cascading accounts to maintain a fast fund transfering ability.
As far as I know, the big 5, as well as AcceleRate, do not actually offer linking to external accounts for free. ING offers three. What about other banks or CUs?
I'll appreciate if you can add the information regarding the banks and CUs you are now using.
What about your main account that has Hyperwallet (like Coast Capital)?
6:42 am
February 20, 2012
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NorthernRaven said:
Ally is very good for multiple external accounts. I know I had 6 external accounts set up at one point (I was in the middle of switching from BMO to TD, and had a couple of other old fairly dormant HISAs from the time I was temporarily parking the proceeds of the sale of my condo).
Ally uses the online "enter account info, we deposit a few pennies, you confirm" method, so you can set these up yourself online. You can also both "push" a deposit from Ally to an external, or "pull" money from the external to Ally, and you can set up recurring transfers. And at 2% it is a good rate to park at.
The main things missing, for those that need them, are chequing and pre-authorized withdrawals.
Sounds good. Thank you NorthernRaven.
But Ally does not provide service to QC. It's a pitty.
6:49 am
February 20, 2012
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Thanks, 88kanaka.
I never used hyperwallet. What does it look like exactly, unlimited linked accounts or what?
10:00 am
lycralive said:
Thanks, 88kanaka.
I never used hyperwallet. What does it look like exactly, unlimited linked accounts or what?
I have Coast Capital and have used it ... but not a lot. Hyperwallet is kind of like Paypal you load it up with $ and then send it to an account at another institution. Of course there are some charges and there is some no charges (not many lol) too. So if the Credit Union was your main account you can load HW up and send the money to another account OR you can pay a bill using your HP account # to move money out of your external accounts and once in HW can move it back to your main account or to another external account. I have used it back and forth with CC as my main account and BMO, Outlook Financial, and Accelerate as my external accounts. I must mention ... the process is NOT instantaneous.
1:01 pm
February 20, 2012
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Sounds like a little complicated, while it's certainly an option though.
I don't know if you have used ING, 88kanaka. It's pretty handy and fast in term of managing daily fund transfering, a feature called EFT(Electric Fund Transfer) recognized by many banks including the big ones. It's free. I'm totally satisfied with it except for one thing, the limitation of 3 registered accounts maximum.
CUs like Peoples Trust offers EFT too, but they can only do the transactions on the phone, since they don't have online banking, and only one external account can be registered.
If there is another bank like ING can offer this EFT, even with a limitation of three, it's gonna be enough for me, for now.
3:08 pm
From what I have read, Hubert Financial (www.happysavings.ca) has a similar setup to Ally in the way external accounts are linked. I do not have an account with Hubert (or Ally), so maybe someone who does can provide more information.
4:24 pm
August 4, 2010
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Hubert does indeed do external accounts similarly to Ally. I had three set up on my Hubert account, and am fairly sure there wasn't a limit. You can do pre-authorized debits with them (the only reason I still keep a minimal amount with them at all), although not recurring transfers. However, they don't deal with Quebec residents either.
8:51 am
February 20, 2012
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NorthernRaven said:
Hubert does indeed do external accounts similarly to Ally. I had three set up on my Hubert account, and am fairly sure there wasn't a limit. You can do pre-authorized debits with them (the only reason I still keep a minimal amount with them at all), although not recurring transfers. However, they don't deal with Quebec residents either.
There you go. Maybe I should consider moving out of Quebec, hehe.
5:56 pm
I've linked my RBC & ING accounts with Achieva and I believe they also provide services in Quebec.
8:49 am
February 20, 2012
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cmore said:
I've linked my RBC & ING accounts with Achieva and I believe they also provide services in Quebec.
Thank you cmore, for introducing us another option. But I still have some questions.
First, do they charge fees for Electronic Transfer between Achieva and other bank accounts?I checked out their website, which indicates that first cheque or Pre-Authorized Debit per month free with $1 per each additional one. They charge $0.5 per transaction even within your Achieva accounts.
Second, what is the cap for the number of external accounts you can add?
6:11 pm
I'm not sure as to the cap of accounts, I only have two. Transfer-in deposits to my Achieva account have no service fees, however, transfer-outs are subject to fees. That said, I only do maybe one to two transfer outs in any given month, so my fees are limited. I use Achieva more for my longer term savings. Now, I don't know anything about the $0.5 per transaction within Achieva? I've been a customer for years and fees have never been a concern or issue.
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