Online banks allowing automatic transfers to other banks?
March 26, 2012 8:33 PM Subscribe
Are there any online banks that allow recurring automatic transfers to another bank?
I'm looking for something that will let me set up an account/routing number as a destination and send regularly scheduled transfers. Essentially, I'd like to set up a savings account that "pays" a destination account on regular intervals.
Do any banks offering this? Is it possible to do something like this using automatic billpay somehow?
I'm looking for something that will let me set up an account/routing number as a destination and send regularly scheduled transfers. Essentially, I'd like to set up a savings account that "pays" a destination account on regular intervals.
Do any banks offering this? Is it possible to do something like this using automatic billpay somehow?
I have a Bank of America account for my "normal" stuff (direct deposit, checking account, credit card, etc) but I use ING for my "savings", and I've just set it up to pull a certain amount every month from my BofA account.
It's super simple.
posted by dotgirl at 8:38 PM on March 26, 2012
It's super simple.
posted by dotgirl at 8:38 PM on March 26, 2012
My savings at ING is an auto-pull - as opposed to my checking-account being an auto-push - but otherwise, yes, this is not only doable, but ING makes it one of their marquee features. (I'm sure other banks do too, but I've been happy with ING and haven't felt a need to switch in the 4+ years I've been with them.)
posted by Tomorrowful at 8:40 PM on March 26, 2012 [3 favorites]
posted by Tomorrowful at 8:40 PM on March 26, 2012 [3 favorites]
I have my Ally savings account set to pull an amount from my Bank of America checking account every month. I'm pretty sure I saw that it was also possible to have my BofA account send money to the Ally account on a regular basis, but Bank of America likes to charge fees for that.
posted by WasabiFlux at 8:44 PM on March 26, 2012
posted by WasabiFlux at 8:44 PM on March 26, 2012
Response by poster: That is pretty much what I'm trying to do, but the other way around - I would want to push funds from (for example) ING to an outside checking account.
Any idea if this is possible with their accounts?
posted by zazzles at 8:45 PM on March 26, 2012
Any idea if this is possible with their accounts?
posted by zazzles at 8:45 PM on March 26, 2012
Best answer: Yes -- ING will let me set up a recurring transfer from my ING savings account to my linked BofA checking account (or the other way around).
posted by brainmouse at 8:51 PM on March 26, 2012 [2 favorites]
posted by brainmouse at 8:51 PM on March 26, 2012 [2 favorites]
Response by poster: Excellent! I will check them out, thank you!
posted by zazzles at 8:53 PM on March 26, 2012
posted by zazzles at 8:53 PM on March 26, 2012
Emigrant Direct will also do recurring transfers between banks. You can set the frequency for transfers, and they also have some options to continue such transfers indefinitely, or until a preset date, amount of money, or number of transfers is reached.
posted by lilac girl at 9:14 PM on March 26, 2012
posted by lilac girl at 9:14 PM on March 26, 2012
HSBC lets me do auto-pull from my Chase account.
posted by MonsieurBon at 11:19 PM on March 26, 2012
posted by MonsieurBon at 11:19 PM on March 26, 2012
Any and all UK banks will do this.
I'd always assumed other countries banks also would?
I have a main account which I never touch which automatically pays out to all the other places the money needs to go (rent, bills, spending accounts etc.)
I also have an ING account, which also does this sort of thing.
posted by Just this guy, y'know at 1:51 AM on March 27, 2012
I'd always assumed other countries banks also would?
I have a main account which I never touch which automatically pays out to all the other places the money needs to go (rent, bills, spending accounts etc.)
I also have an ING account, which also does this sort of thing.
posted by Just this guy, y'know at 1:51 AM on March 27, 2012
My experience is that most banks in the US will let you pull money into them from an outside bank for free, but charge a fee for pushing money out from their accounts to another institution.
posted by rockindata at 4:18 AM on March 27, 2012
posted by rockindata at 4:18 AM on March 27, 2012
First Internet Bank of Indiaba does this for free as well, and I've used it for just this purpose.
(To the outside eye, they may seem small, which could read as shady, but in my experience, entirely unshady and small=great customer service.")
posted by MCMikeNamara at 6:24 AM on March 27, 2012
(To the outside eye, they may seem small, which could read as shady, but in my experience, entirely unshady and small=great customer service.")
posted by MCMikeNamara at 6:24 AM on March 27, 2012
I use HSBC and I can both pull money from and push money to any bank account. It is free up to a very high limit - something like 3 million dollars a year. I can also set recurring transactions with no fee.
posted by muddgirl at 6:49 AM on March 27, 2012
posted by muddgirl at 6:49 AM on March 27, 2012
Everyone has said what I already would which is that ING does what you are asking. Please make sure, though, that you are looking at posting dates. If you need money in your destination account by a certain time, you need to make sure you give enough time for the bank to clear it. Seems common sense, but I didn't think about it when i first started auto-transferring into savings and had an emergency I needed money for.
posted by itsacover at 9:41 AM on March 27, 2012
posted by itsacover at 9:41 AM on March 27, 2012
Navy Federal Credit Union does this as well - I transfer money to a relative's personal account at Bank of America every month.
posted by desjardins at 9:50 AM on March 27, 2012
posted by desjardins at 9:50 AM on March 27, 2012
No fee for either direction of transfer at ING. They also work with credit unions, not just banks.
As a point of interest, Capital One bought ING last year. So far, I have not seen any functional change resulting from that.
posted by Kirth Gerson at 12:24 PM on March 27, 2012
As a point of interest, Capital One bought ING last year. So far, I have not seen any functional change resulting from that.
posted by Kirth Gerson at 12:24 PM on March 27, 2012
Any and all UK banks will do this.
I'd always assumed other countries banks also would?
US banks are well behind the curve on this sort of thing compared to UK and possibly European banks. Very stone age.
posted by triggerfinger at 7:50 PM on March 27, 2012
I'd always assumed other countries banks also would?
US banks are well behind the curve on this sort of thing compared to UK and possibly European banks. Very stone age.
posted by triggerfinger at 7:50 PM on March 27, 2012
Schwab does this also. The also will refund any ATM fees you get charged and allow check deposits electronically with android or iphones.
posted by vegetableagony at 7:58 PM on April 5, 2012
posted by vegetableagony at 7:58 PM on April 5, 2012
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I meant 'Do any banks **offer** this?'
posted by zazzles at 8:36 PM on March 26, 2012