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| Bank recommendations? | |
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| Tweet Topic Started: Jan 23 2007, 08:34 PM (493 Views) | |
| CrashTest | Jan 23 2007, 08:34 PM Post #1 |
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Pisa-Carp
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What bank do you recommend for savings, and what have your experiences been? Has anyone ever been worried about trusting any sum of money to a bank? |
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| The 89th Key | Jan 23 2007, 08:37 PM Post #2 |
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ING direct gives you about 4.5% interest on a "checking account" type of savings account. If you're looking for a bank with visitable branches, Millenium Bank I hear is good. Besides that, I'm happy with PNC...free ATMs, etc. I have Wachova, but they are the sux0rs when it comes to ATMS...costs a fee and all that omiske BS. |
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| CrashTest | Jan 23 2007, 08:43 PM Post #3 |
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Pisa-Carp
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omiskE!!! |
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| JBryan | Jan 23 2007, 08:45 PM Post #4 |
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I am the grey one
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I give 20% but you have to stay invested for at least one year. |
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"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it". Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody. Eleanor: At my age there's not much traffic anymore. From The Lion in Winter. | |
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| musicasacra | Jan 23 2007, 10:31 PM Post #5 |
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HOLY CARP!!!
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we use ING too. very good savings rate. |
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| jon-nyc | Jan 24 2007, 05:46 AM Post #6 |
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Cheers
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You are federally insured up to 100k. If you have more than that, open more than one account. |
| In my defense, I was left unsupervised. | |
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| QuirtEvans | Jan 24 2007, 05:51 AM Post #7 |
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I Owe It All To John D'Oh
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You might have to open those accounts at different banks, Jon. My advice ... find a bank that gives great customer service and doesn't charge for ATM use. Those sorts of places will have pretty good rates, and the ATM charges in the long run will more than offset any difference in rates. In particular, check the local banks, savings banks, and credit unions. They will often have the best package. Around here, there's a local savings bank that offers the best service. Who the hell wants Bank of America or Sovereign? |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| JBryan | Jan 24 2007, 05:58 AM Post #8 |
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I am the grey one
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If you have more than 100K laying around you are missing a lot of investment opportunities parking it in a bank. I would not have more than 10K in a savings account if I could help it. |
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"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it". Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody. Eleanor: At my age there's not much traffic anymore. From The Lion in Winter. | |
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| jon-nyc | Jan 24 2007, 06:57 AM Post #9 |
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Cheers
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Indeed. |
| In my defense, I was left unsupervised. | |
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| musicasacra | Jan 24 2007, 07:05 AM Post #10 |
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HOLY CARP!!!
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QUOTE (QuirtEvans @ Jan 24 2007, 08:51 AM)
i would. better everything. |
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| TomK | Jan 24 2007, 07:07 AM Post #11 |
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HOLY CARP!!!
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And Crash--you have to find JB after the year is over. :lol: |
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| JBryan | Jan 24 2007, 07:09 AM Post #12 |
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I am the grey one
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I will continue to send him statements from wherever I am. |
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"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it". Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody. Eleanor: At my age there's not much traffic anymore. From The Lion in Winter. | |
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| Mikhailoh | Jan 24 2007, 07:35 AM Post #13 |
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If you want trouble, find yourself a redhead
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They will say.... Dear Investor: You have been named:
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| Qaanaaq-Liaaq | Jan 24 2007, 07:36 AM Post #14 |
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Senior Carp
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How do you select a bank? All banks offer basically the same set of services with very little in the way of differences among them. 1. Make sure that the bank is FDIC insured. Some employers offer credit unions which aren’t FDIC insured. They’re insured by private insurance companies which isn’t as good as the federal government insuring it. 2. Check to see which one offers the highest interest rate. 3. Check the compounding frequency. The more often the compounding frequency, the faster money grows. At each compounding interval, the interest gets added to the principal to become the new principal. |
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| QuirtEvans | Jan 24 2007, 08:01 AM Post #15 |
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I Owe It All To John D'Oh
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Compared to the local savings bank, better nothing. My local savings bank will notarize stuff for me for free. B of A? Not a chance. My local savings bank actually knows me, and doesn't hassle me for ID if I forget my wallet. B of A? That would be a laugh. Fees are lower, no nickel-and-dime charges, and rates are competitive. |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| QuirtEvans | Jan 24 2007, 08:03 AM Post #16 |
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I Owe It All To John D'Oh
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http://www.ncua.gov/ Just check whether the credit union is backed by the NCUSIF. |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| ivorythumper | Jan 24 2007, 08:05 AM Post #17 |
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I am so adjective that I verb nouns!
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Once again you're wrong. BofA notarizes for us for free -- in fact when I just sold my truck, our personal banker came over to my house to finalize the transaction. If we need anything, short of a cash delivery, we make one call and BofA attends to us. |
| The dogma lives loudly within me. | |
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| musicasacra | Jan 24 2007, 09:13 AM Post #18 |
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HOLY CARP!!!
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good for you. i prefer the benefits i get. and i don't get nickel and dimed. my mom is with a credit union and i'm with a larger bank. sure, the teller knew her name, but i was otherwise quite unimpressed with what they offered. don't tell everyone they will get crap service at a larger bank -- not true for us! i'm glad you enjoy your banking relationship at the local credit union. i know some people really like them. |
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| ny1911 | Jan 24 2007, 09:28 AM Post #19 |
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Senior Carp
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HSBC is offering an internet-only savings account at 5.05% No fees, no service in brances, but you can use ATMs. |
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So live your life and live it well. There's not much left of me to tell. I just got back up each time I fell. | |
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| QuirtEvans | Jan 24 2007, 09:41 AM Post #20 |
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I Owe It All To John D'Oh
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Actually, it's not a credit union, it's a savings bank. There's lots of arcane history on the differences between national banks, state banks, savings banks, savings and loan associations, and credit unions. Historically, there were vast differences in regulation, but that has been eliminated to a great extent. I'm glad you get good service from a larger bank ... most of the large ones, Citibank, B of A, etc., Wells Fargo, etc., are not renowned for their customer service. |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| Jolly | Jan 24 2007, 10:01 AM Post #21 |
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Geaux Tigers!
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What about liquidity issues? I've always been told the rule of thumb is to have 6 months of take-home salary readily available. |
| The main obstacle to a stable and just world order is the United States.- George Soros | |
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| JBryan | Jan 24 2007, 10:04 AM Post #22 |
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I am the grey one
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A money market will give you better yield than a savings account and is almost as liquid. Withdrawals in $500.00 minimums e.g. |
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"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it". Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody. Eleanor: At my age there's not much traffic anymore. From The Lion in Winter. | |
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| ny1911 | Jan 24 2007, 10:05 AM Post #23 |
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Senior Carp
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I've heard 6 months of expenses which (hopefully) less than the take home amount, but this is America afterall. |
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So live your life and live it well. There's not much left of me to tell. I just got back up each time I fell. | |
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| QuirtEvans | Jan 24 2007, 10:06 AM Post #24 |
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I Owe It All To John D'Oh
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Depends on what "readily available" means. A money market fund is "readily available", because you can write checks on it. A mutual fund with low downside risk (i.e., a medium term bond fund) is "readily available", because you can get your money back in a week or two at most, often more quickly than that. Hell, even a three-month CD is "readily available", if you're trying to keep 6 months of take home salary readily available and you have three months of salary in a savings account. |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| ny1911 | Jan 24 2007, 10:20 AM Post #25 |
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Senior Carp
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A credit card is also readily available, as long as you have funds available that you can draw on to eventually erase the debt (mutual funds, CD's or other slightly less liquid assets) |
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So live your life and live it well. There's not much left of me to tell. I just got back up each time I fell. | |
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