Right, there are already good alternatives to consumer-hostile banks, such as the fantastic Charles Schwab.
I always recommend them to people because they pay my banking fees, are insured, ethical/reputable, pioneered the discount brokerage, and have great 24/7 customer service. They've helped me out of numerous jams over the years.
It's no longer offered, but I have a credit card from Schwab that gives me a flat 2% cashback every month on every purchase, no opt-ins every month, no tiers, no limits. The cash gets ACHd into my checking account. The card has 0% foreign exchange fees, free concierge service, 90 day price-drop match guarantee, doubles every manufacturers warranty up to 5 years (aside from things like cars), and has $0 annual fee.
And the Schwab checking account isn't half bad either.
As another owner of this card, I have to note that Schwab is no longer "subsidizing" this card, and has completely been disassociated from it. I believe the reason was that they weren't making any money off of it, but my memory is a bit foggy now.
It is now serviced by FIA Services, no longer available to new customers, and of course terms and conditions are subject to change. So far, nothing has changed, but still, the point is that this card was and is an anomaly.
The card doesn't stand alone, though. The point is there are tertiary banks that are more consumer friendly. Schwab, yes, and for them the credit crisis put their 2% card on the chopping block. But another tertiary bank, Fidelity, still offers the card that's always been like the Sister Card for the Schwab Visa: The Fidelity Amex is also an FIA card that is nearly identical in terms. It's reward structure involves tiers but it's very clearly a 2% card. And it has a 1% FETF.
Aside from that, it's identical.
And it doesn't change the fact that Schwab put together the terms of this card (certainly with the help of FIA) and that a more traditionally mainstream bank has not.
I also have the British Airways Chase card that literally has netted me a free Biz Class ticket to Europe. Very generous. But that's a signing bonus. If I were to keep this card as my daily-driver for a couple years Chase would make a lot more money off me than Schwab ever would've off the card that's now the "FIA Cash Rewards Visa"
I am another fairly happy charles schwab customer, but their UI/UX is absolutely awful. I've used ING Direct, Wells Fargo, a local credit union, Chase, ING Direct, and FIA Card Services, and the only one that had a decent UI was Wells Fargo. With more and more banking happening online, it seems clear that there's some opportunity for a bank that understands online and understands UI to make a big play.
Meh. I agree the website could use some improvement, but it works and has been reliable in my experience. Its heaviness is less important to me than the customer-hostile policies of the average bank. I'm only on it a few mins a week anyway, I get my balance and history quickly and leave.
I totally agree with you, except that since I use mint, the only time I'm on there is when I suspect mint is out of date, or to mess with my bill pay stuff, so maybe 2 or 3 times a month. I was envisioning a bank that offered the perks of somewhere like Schwab or ING, but with better UI/UX.
I always recommend them to people because they pay my banking fees, are insured, ethical/reputable, pioneered the discount brokerage, and have great 24/7 customer service. They've helped me out of numerous jams over the years.