This review is for: Anytime Online Savings
Univest's Anytime Online Savings Account is right on the edge of being a solid internet contender. They have a robust ACH system with a $99k/trans limit, and also allow both deposits and withdrawals to be initiated by other banks. They offer an optional ATM card that is part of the allpoint network with machines at the CVS and the convenient store across the street from my house. They are a good size bank, not some rinky-dink operation, and I can apply and receive statements online.
On the downside - Univest insists on a hard credit check to open the account. I just don't understand why a few banks feel the need to do this for a savings account - checking account I understand - savings account, no. Then there is the inability to add any beneficiaries to the account - doesn't affect me today, but it's a limitation that raises an eyebrow for me. And finally, their interest rate. They've consistently been slightly below the really competitive accounts. If Univest went on a campaign to boost deposits, and bumped their rates by 0.5% to 1.00% I might jump on board, but until that time, I don't think they make the cut.
Posted by Maxx -- March 18, 2009
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