mtb0minime wrote:
eleven bravo wrote:
get into a credit union or local bank. stay away from the big ones.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something. - Rodney Booker, Job Fair attendee.
Any interest earned is just fluff. 1.whatever% doesn't even keep up with inflation. Keeping your money in a savings account is as silly as burying it in the backyard.13/f/taiwan wrote:
Why stay away from the big ones?
I have 4k in my bank account. I'm currently with Chase, they gave me a free 5 year student account. Should I move it somewhere else? I make no interest off of it.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
The other day I went to close my old bank account that my Father opened up for me 6 years ago. It was with GreenPoint(which was acquired by North Folk, which was acquired by Capital One). I had 2k in there and the interest only gained me about $20.JohnG@lt wrote:
Any interest earned is just fluff. 1.whatever% doesn't even keep up with inflation. Keeping your money in a savings account is as silly as burying it in the backyard.13/f/taiwan wrote:
Why stay away from the big ones?
I have 4k in my bank account. I'm currently with Chase, they gave me a free 5 year student account. Should I move it somewhere else? I make no interest off of it.
Last edited by 13/f/taiwan (2010-03-12 11:03:28)
Wow, what shit interest rates...Hurricane2k9 wrote:
Anyone know anything about Ally bank? They seem to have pretty good reviews, and their checking accounts seem good. .5% interest rate for a balance under $15K, 1.15% over $15K. Overdraft fee is 9 bucks, no monthly maintenance. They're online, but they refund any bank's ATM fees. Their online savings is 1.29% with no minimum balance. And it's FDIC insured.
Are those rates for interest that is compounded monthly?
Edit:
Lol, except that in 2009 America's inflation rate was -0.70%...JohnG@lt wrote:
Any interest earned is just fluff. 1.whatever% doesn't even keep up with inflation. Keeping your money in a savings account is as silly as burying it in the backyard.13/f/taiwan wrote:
Why stay away from the big ones?
I have 4k in my bank account. I'm currently with Chase, they gave me a free 5 year student account. Should I move it somewhere else? I make no interest off of it.
So you're going to grasp at an abnormal situation to refute me? Normal inflation is 2-4%.mcminty wrote:
Wow, what shit interest rates...Hurricane2k9 wrote:
Anyone know anything about Ally bank? They seem to have pretty good reviews, and their checking accounts seem good. .5% interest rate for a balance under $15K, 1.15% over $15K. Overdraft fee is 9 bucks, no monthly maintenance. They're online, but they refund any bank's ATM fees. Their online savings is 1.29% with no minimum balance. And it's FDIC insured.
Are those rates for interest that is compounded monthly?
Edit:Lol, except that in 2009 America's inflation rate was -0.70%...JohnG@lt wrote:
Any interest earned is just fluff. 1.whatever% doesn't even keep up with inflation. Keeping your money in a savings account is as silly as burying it in the backyard.13/f/taiwan wrote:
Why stay away from the big ones?
I have 4k in my bank account. I'm currently with Chase, they gave me a free 5 year student account. Should I move it somewhere else? I make no interest off of it.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Stay away from Wells Fargo like the plague.
Almost everytime I go to deposit a check they tell me they have to send it out to collections for a $25 fee.
I tell them BS... that all checks are FDIC insured and that they just want $$$.
And sometimes they back down and other times I walk out of there... But they almost always ask and I guess if your dumb enough to say okay, then they happily take your $25 and hold onto your money for a few weeks to pad their reserves. Its a real scam preying on the ignorance of their customers.
One time I was transfering money from one bank to another and Wells wanted to put a hold on a money for 2 weeks, I said okay because I really had no choice but I kept looking online at my accounts and the money was withdrawn from my other account the next day. So I went in and told them that they were holding my money for their own purposes and to make interest off of my money... and they released the funds but citing to me that it was their "policy".... Wells is BS just stay away.
I'm planning on going to a credit union to do my business banking.... if you're going to use a credit union find out the biggest one and find the one with the best reputation in your area then choose.
Almost everytime I go to deposit a check they tell me they have to send it out to collections for a $25 fee.
I tell them BS... that all checks are FDIC insured and that they just want $$$.
And sometimes they back down and other times I walk out of there... But they almost always ask and I guess if your dumb enough to say okay, then they happily take your $25 and hold onto your money for a few weeks to pad their reserves. Its a real scam preying on the ignorance of their customers.
One time I was transfering money from one bank to another and Wells wanted to put a hold on a money for 2 weeks, I said okay because I really had no choice but I kept looking online at my accounts and the money was withdrawn from my other account the next day. So I went in and told them that they were holding my money for their own purposes and to make interest off of my money... and they released the funds but citing to me that it was their "policy".... Wells is BS just stay away.
I'm planning on going to a credit union to do my business banking.... if you're going to use a credit union find out the biggest one and find the one with the best reputation in your area then choose.
What is a credit union?
http://en.wikipedia.org/wiki/Credit_union13/f/taiwan wrote:
What is a credit union?
Its like a private member bank, but made up of regular people. They are small, give better rates of interest, lower fees etc etc...
JohnG@lt wrote:
So you're going to grasp at an abnormal situation to refute me? Normal inflation is 2-4%.
And in that scenario, once the US economy is recovering, wouldn't the federal reserve raise the federal funds rate?
They can't keep it at 0-0.25% forever...
DBBrinson1 wrote:
mtb0minime wrote:
eleven bravo wrote:
get into a credit union or local bank. stay away from the big ones.
Even during the boom times I've never seen a savings account much over 1% interest. As I said, it's mostly fluff to make you 'feel good' about banking with them. All a savings account is to the bank is a stable source of funds to draw upon and loan out to others. A checking account is pretty much a necessity but a savings account is a waste. Better off buying treasury bonds instead if you want to stick with an ultra-safe place to store your funds.mcminty wrote:
JohnG@lt wrote:
So you're going to grasp at an abnormal situation to refute me? Normal inflation is 2-4%.
And in that scenario, once the US economy is recovering, wouldn't the federal reserve raise the federal funds rate?
They can't keep it at 0-0.25% forever...
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Over 1% "real interest rate" yeah? (or the banks quoted interest rate?)JohnG@lt wrote:
Even during the boom times I've never seen a savings account much over 1% interest.
Lol, I know there are a hell of a lot more better ways to invest your money What are typical amounts you can purchase in a single bond? (im not sure where to find that for the US system)
and lol.. http://www.ustreas.gov/offices/domestic … ield.shtml lets get some 30 year bonds
I think he means t bills, not bonds.
Tu Stultus Es
You'd be better off with a money market account (instead of a savings account). You can usually write checks straight from them if you have an emergency. Get a CD and you'll know excatly how much you will make on it. They aren't great, but they are safe.
Xbone Stormsurgezz
Bills have a maturity of less than one year. That will earn you jack shit.eleven bravo wrote:
I think he means t bills, not bonds.
Don't get HSBC. I fucking hate them. I have a checking account with them and they fucked me over with overdraft the other week.
Bank of America is my father's preferred bank. I'm switching to them for college. Plus they have an automated checking system that allows you to deposit checks at their drive through ATMs.
Bank of America is my father's preferred bank. I'm switching to them for college. Plus they have an automated checking system that allows you to deposit checks at their drive through ATMs.
You can buy bonds at a face value of $100 for $50. There are other denominations as well but those are the ones my mom bought for me when I was young. They can be cashed in at any point so buying a 30 year bond and selling it back early is not an issue.mcminty wrote:
Over 1% "real interest rate" yeah? (or the banks quoted interest rate?)JohnG@lt wrote:
Even during the boom times I've never seen a savings account much over 1% interest.
Lol, I know there are a hell of a lot more better ways to invest your money What are typical amounts you can purchase in a single bond? (im not sure where to find that for the US system)
and lol.. http://www.ustreas.gov/offices/domestic … ield.shtml lets get some 30 year bonds
I cashed in two $100 bonds right before Christmas that my grandma bought for me back in 1989 and I ended up with $350.
Last edited by JohnG@lt (2010-03-12 17:44:56)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Well damn, that ain't too bad.JohnG@lt wrote:
You can buy bonds at a face value of $100 for $50. There are other denominations as well but those are the ones my mom bought for me when I was young. They can be cashed in at any point so buying a 30 year bond and selling it back early is not an issue.mcminty wrote:
Over 1% "real interest rate" yeah? (or the banks quoted interest rate?)JohnG@lt wrote:
Even during the boom times I've never seen a savings account much over 1% interest.
Lol, I know there are a hell of a lot more better ways to invest your money What are typical amounts you can purchase in a single bond? (im not sure where to find that for the US system)
and lol.. http://www.ustreas.gov/offices/domestic … ield.shtml lets get some 30 year bonds
I cashed in two $100 bonds right before Christmas that my grandma bought for me back in 1989 and I ended up with $350.
That must suck.JohnG@lt wrote:
Even during the boom times I've never seen a savings account much over 1% interest. As I said, it's mostly fluff to make you 'feel good' about banking with them. All a savings account is to the bank is a stable source of funds to draw upon and loan out to others. A checking account is pretty much a necessity but a savings account is a waste. Better off buying treasury bonds instead if you want to stick with an ultra-safe place to store your funds.mcminty wrote:
JohnG@lt wrote:
So you're going to grasp at an abnormal situation to refute me? Normal inflation is 2-4%.
And in that scenario, once the US economy is recovering, wouldn't the federal reserve raise the federal funds rate?
They can't keep it at 0-0.25% forever...
citibank wrote:
Interest (on balances between $0 to $1,999,999.99)
Introductory Rate (for the first 6 months) 5.88% p.a.
Standard Variable Ongoing Rate 4.50% p.a.
Interest Calculated Daily
Interest Paid Monthly
No account fees
Unlimited free deposits
Unlimited free withdrawals to your Nominated Linked account
ING wrote:
Interest (on balances up to $1 million)
Welcome Rate of 5.85%p.a. for 4 months
standard variable rate 4.50%p.a.
* No ING DIRECT Fees, no hidden catches!
* No fixed term or minimum account balance
I could go through the rest of the financial intermediaries, but they all offer similar deals. If you can't get 4% interest atm you're doing something wrong, during the boom periods, 6-9% interest are commonly earned on savings.CBA wrote:
$1 or more 4.00 % p.a.
introductory variable rate of 5.50% p.a. until 31 July 2010 on balances of up to $5 million.
There are no fees for using your NetBank Saver
Wachovia has offered me a 5% savings account, but right now, it's just not practical to my interests.
I just found out that us civilians can get a lot of banking services at USAA. Lel.
WHY!chovia
Tu Stultus Es
Fuckhoviaeleven bravo wrote:
WHY!chovia
Yesterday I went there to see if I could have some USD changed into Mexican pesos, and they said it would take a few days. WTF?
For anyone who has experience with USAA: how do I deposit checks if I can't qualify for Deposit@Home?
Some BoA person at the office near where we used to live tried to take most of the $$ out of my parents account there several years ago, but they got caught as they tried it with numerous accounts apparently.=NHB=Shadow wrote:
I use BoA
I don't really know anything about it, just that I have an account and I just put money into saving
I have a Wachovia account, I believe they are now becoming Wells Fargo though. I've had no issues from them.