Any opinions on online a/k/a "direct" savings accounts? I'm looking to
put some money somewhere, and 3-5 business days to access it is acceptable,
but locking it up in a CD is not what I want.
Is
emigrantdirect.com a good deal? It seems like it, but if I am giving up
decent customer service to get slightly higher rates, that's not worth it to
me. I'll take 4.5%% APY with good customer service over 5%% APY with
headaches. I'm not saying
emigrantdirect.com is bad; just that you can't
get something for nothing. In particular, though, there is one thing on
their disclosures page that makes me uneasy:
Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as,
but not limited to, the following:
1. The Bank chooses to exercise its legal rights to require
up to 60 days' advance written notice of any intended withdrawal
from this Account and the 60 days have not passed since we
received the required notice from you;
Is this some standard banker language that I've just never noticed before,
or is it really bad as it sounds like, that they can just arbitrarily
decide to hold your money for 60 days for no reason?
