This review is for: Internet Money Market
In this era of "will my bank fail today?" - Forbes just named Hudson City Savings the best-managed company in the banking industry for the second year in a row.
To capitalize on their success, they just launched their first online money market account in November 08 - I called to get more details and to find out if I'd just discovered my new bank.
Turns out they are *really* new to the online game. No ACH system, must opt-out of paper statements over the phone, and can only execute a wire-transfer through an in-branch visit (NY, NJ only). Now to be fair, a number of online-only banks won't even let you do wire transfers, so Hudson is already a step-up in that department.
Of everything I heard, the lack of an ACH system is the only real concern, but I have to imagine that they're working on it (the CSR couldn't give me much detail), and despite those limitations - I respect a bank that passed on the government bailout money and continues to run their business like a....business. There might be some growing pains with Hudson in it's early online days, but given the current state of the world - I'm willing to tolerate that in exchange for some competence from my banking institution.
Posted by safemoney -- March 17, 2009
Rates and accounts may differ by geography so enter your zip code for better information.