Broke-Ass Student

Here are current rates of some online savings accounts, as of January 23, 2007.

iGObanking    5.30% APY ($1 to open, no minimum, no fees, FDIC insured, compounded daily)

Grandyielddirect 5.27% APY ($1 to open, no minimum fees, FDIC insured, compounded daily)

E*Trade    5.05% APY ($1 to open, no minimum, no fees, FDIC insured, compounded daily)

EmigrantDirect    5.05% APY ($1 to open, no minimum, no fees, FDIC insured, compounded daily)

HSBC Direct    5.05% APY ($1 to open, no minimum, no fees, FDIC insured, compounded monthly)

ING Direct    4.50 % APY ($1 to open, no minimum, no fees, FDIC insured, compounded monthly)

iGObanking Customer Service and Added Security Measures

Since opening an online savings account with iGObanking roughly a month ago, I have been very satisfied with their customer service. Last week I transferred a small amount from my local checking account into my iGObanking savings account. The transaction took approximately four business days, and I received two complimentary emails during the process to reassure me of the status on my pending transaction.

iGObanking automatically logs your IP while signing up. It asks if you’d like to set that particular computer as your ‘default’. This means if you log on from a different computer, the iGObanking online system will recognize the foreign IP and take security precautions by asking additional questions upon login.

I know many people who still feel wary of using online banking in general. I feel, therefore, this is actually a benefit for additional peace of mind.

Uhh, until I found myself locked out of the system - and my account.

I logged onto the iGObanking site from my work computer a few days ago. The system didn’t recognize the computer I was trying to access my account from. It prompted me to answer security questions I had been asked during the initial signup process (three in total). Except, bugger me if I couldn’t remember the answer of the last one. One time, failed, twice, three times … bam! I received a message that, after four unsuccessful login attempts, my account was now locked. I would need to contact a customer service representative to remedy the situation.

Grumbling, I tried to log in again from my home computer later in the day. After receiving the same message, I shrugged and figured it would be an ideal opportunity to test the quality of iGObanking’s customer service. I called the toll-free number on their website and patiently awaited the next available CR.

I was placed on hold for five minutes before receiving a very pleasant middle-aged woman, who allowed me to explain the entire situation. After I sheepishly told her I was locked out of my account after logging in from a work computer, but had forgotten one of my security questions, she chuckled and said it wasn’t an uncommon occurrence. She reassured me it would be easy as pie to fix. After asking my basic info (name, address, ss #, telephone) for verification purposes, my account was promptly unlocked. She gave me a new password and instructed me to wait five minutes, log in again, and reset my security questions.

A few minutes later, I had three new questions (with the answers committed firmly to memory this time!), and I was happily cruising through my online account again. Very simple, and very well-handled. The whole ordeal took less than ten minutes to fix, and I am extremely pleased with the quality of iGObanking’s courteous and efficient customer service.

iGObanking Customer Service Hours

If you experience problems or have questions with your iGObanking online savings account, a customer representative can be reached during regular business hours (Monday - Friday - 9:00 a.m. to 5:00 p.m. EST) at 1-888-432-5890. 

Read my experience on the process of opening an account with iGObanking.

Still unsure? Check out the advantages and disadvantages of online bank savings accounts.

~†~ Baby Steps are Key ~†~

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