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| Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions. |
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Have a bank account? Wasting your money. Worhtless institution, nothing more. You lend money to them so they can charge you fees. Makes sense huh?
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A couple of suggestions:
How are you using your bank's services? If you're using overdraft protection or out-of-network ATMs, then these fees are avoidable. If they're for normal transactions, then you might want to find out how to avoid them, or move on to a different bank. Unfortunately, banks don't really love the people with savings accounts nearly as much as they love the people with car loans, mortgages, or credit cards, for easy-to-understand reasons. You might want to try a credit union if you can become a member. They typically do better than banks do in terms of not charging a lot of garbage fees. John Wedding |
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money doesn't earn a bit of interest to keep up with the interest on bills or on with the economy
Inflation = lose money So where do you suggest a person keeps their money? Invest or keep at home. Invest = chance to make money. Keep at home = lose less money than at bank How are you using your bank's services? If you're using overdraft protection or out-of-network ATMs, then these fees are avoidable. If they're for normal transactions, then you might want to find out how to avoid them, or move on to a different bank. Doesn't matter. Lose money no matter what. Keep money under your mattress. |
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That's why I love my credit union.
Checking = free. Savings, money market, other investment options = interest-bearing. ATM fees - none. ATM locations = enough convenient locations so as to be a non-issue for me. Online banking = free. Tellerphone = free. So while banks may be more costly than they're worth, my credit union rules! Bottom line is that my money makes money for me there. |
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Rare oasis in middle of bank thievery. Statement amended. Banks are a waste of your money! (except divajen's credit union)
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Banks are certainly not out there to make our lives easier and to help us earn money, although they like to make it appear so. Unfortunately, they are a necessary evil. However, I must say that I've been incredibly happy with my online bank account through ING Direct. I still have an account with a standard bank, but ING is where I've kept my money - for the last two years. They pay 2.2% on savings accounts!!! Try to find a bank that pays that... They make it easy for automatic payments to/from other accounts that you have, and their online tool is excellent. They are FDIC insured, and offer CDs, great mortgage rates, and more. They can extend higher interest rates because they don't have the overhead costs that freestanding banks have. Of course they are still making money, but at least the customer makes more too! If you are referred by a current customer, you even get $25 JUST for signing up!! Email Here if you'd like a link to earn the $25. Check them out: www.ingdirect.com
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Great if ING allowed checking, free ATM, et all. Doesn't. Marketed as investment. Have to hook it to another bank account. Waste of money. Better off putting that money toward debt (not under a matress).
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Another thing to try would be US Savings Bonds. You can buy them online at: http://www.publicdebt.treas.gov/sav/sav.htm The series I are only paying 3.39%, but it's better than the banks are paying and it is tax deferred. Also, they adjust the rate in May & November, so the rate may go up in November. One caveat: you can't cash them in for at least a year so they are better for money that you want to stash away so you won't be tempted to spend it. You may want to buy a small one every month or so and then after a year, you will at least have access to some money if you really, really need it. If nothing else, the interest will offset what you are either paying in fees or are missing out on by leaving $$ in a non-interest bearing account.
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As for ING...it's just a suggestion for people who need to keep some money accessible, and wish to earn more than .1%, like alot of banks. There are definitely other options that yield a better return - and those I consider to be investments. However, most people do have a checking account, so having it linked to ING isn't such a big deal... Whatever floats your financial boat - just offering another option.
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Best returns? Pay off credit card debt. Stupid to have extra money in bank if you have credit card debt. Plain and simple.
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There are some online alternatives that pay decent interest rates. (At least for the times.) One I know of pays 2% apy up to 35K and then 1% above that. They also have a checking account that pays 4% apy up to 10K but you have to meet certain requirements each month to get that rate. For instance you have to have at least 10 Debit card transactions per month. But all the accounts are free. My only issue with them was that ACH transfers were limited to $2500.00 per day and you can't download transactions.
But it pays better than any other bank I have found. Regards, PMMM |
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5 of 10 companies with the worst customer service are big banks. After the bailout a couple of years ago, I left bank of America. I am now at a credit union and the service is much better. If you are looking for better savings rates, please check out checkingfinder.com.
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Thanks Dr. Savin! |
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