So Liz Weston recommends atleast 3 accounts. An Emergency fund for job loss etc. A needs account for things like annual property taxes and car repairs and a fun account. She says people are more motivated if they have multiple accounts with specific goals - for example New car or vacation to Hawaii.
Does anyone use an online bank? I like Capital One 360 but its rate is not the best. It does seem to have the features I am looking for (multiple accounts, transfer between them, no minimums and automatic eft from my primary account.
What is the difference between an on-line bank and a bank with on-line services/access? I have been paperless for over 20 years. Direct deposit, on-line access, etc.
I can say that if you have over $250K, you might want to consider spreading it out over different banks since they are only FDIC insured up to $250k.
I have an Ally online savings acct and it gets decent interest. My financial planner recommended it. If I need money it takes just 24 hours for the money to show up in my checking.
I have a credit union account. Interest rates are decent. Since we have direct deposit and keep a minimal in savings, there is no monthly fee. Under my main account number, I have several sub accounts. When I need to transfer money from the one account to the another, I just go in and make a transfer. The money is immediately available. Am I missing something?
We have two. One is our emergency fund and one is our regular savings account. Our emergency account is at the same bank, but is not linked with our others, so trying to use it electronically would be less convenient.
My parents' bank was bought out by Capitol One and it was a PIA to get an equity loan. Poor communication, unreturned phone calls, paperwork sat on desks, etc.
we do some of our banking online--with b of a--been a customer there for over twenty years now--don't like them myself but my lady seems happy with their service
most of our business accounts are held/operated through a credit union--one of the three oldest/largest in the US--we CAN bank online (and some of our draft account business is handled online) but actually prefer to walk in and interact with them--we have very little debt so don't actively borrow from any of them
regards savings/emergency/rainy day, etc. all that stuff is pretty much held in various brokerage accts--we don't really save in the conventional sense--we always pay ourselves first and those moneys are then apportioned out to various investments
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" the only thing necessary for the triumph of evil is for good men to do nothing. "--edmund burke
The benefit of Capital one 360 is multiple accounts. But its .75% versus 1.05 at other places. But the fees of other banks might negate the savings (still researching)
When I worked at a previous employer I had a credit union account and was really sucessful saving. I tended to forget that automatic withdrawel from my chevk and since I had to drive to a different bank to access it - I was like Mary - I did not withdraw the funds.
We have quite a bit set aside and is being managed by our financial adviser. He invests, etc. We see him periodically to update our files, reevaluate, etc. He sends us statements as well.
we do some of our banking online--with b of a--been a customer there for over twenty years now--don't like them myself but my lady seems happy with their service
most of our business accounts are held/operated through a credit union--one of the three oldest/largest in the US--we CAN bank online (and some of our draft account business is handled online) but actually prefer to walk in and interact with them--we have very little debt so don't actively borrow from any of them
regards savings/emergency/rainy day, etc. all that stuff is pretty much held in various brokerage accts--we don't really save in the conventional sense--we always pay ourselves first and those moneys are then apportioned out to various investments
BOA's fees are ridiculous. I took all my money and went to a smaller back. Interest rates are the same and it is so much more friendlier and personal than BOA. And have zero fees. I can do my banking on line including scanning checks and depositing them.
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Sometimes you're the windshield, and sometimes you're the bug.
Online anything to do with money makes me a nervous wreck, although I do shop on Amazon, eBay, Lands End. Banking would put me into an institution, I thought, but the stock broker I use started up an interline bank and there is no choice except to use it. Been a few years now and no problems at all. The quarterly report of my stock transactions contains a list of all bank activity so that is reassuring. Guess that is what I really worry about - no passbook with entries as to what, where, how, etc.
Oh, yes, I can also use this bank for savings, time deposits, etc. Withdrawals are at any ATM in the stockbrokers offices or at any Seven-Eleven convenience store (and there are literally hundreds).
I almost never go to a brick bank anymore. I'm still with the same one, but I do everything online. All paychecks are deposited, if a client pays me directly it goes through Square, which goes straight to my account. I shift around savings, bill paying & taxes between 3 accounts (2x saving & 1x chequeing) I also try to convince anyone I know to take money electronically (etransfer) but some are still sketchy about it. The only thing I don't really do is automatic bill payment. I want to have control of that one. The only auto-withdrawal that happens is car insurance.
My landlord always wants cash for rent, but I don't do that. She gets a cheque as she won't accept etransfer (first landlord in years that won't). I also write a check once a month for US student loans as I can't electronically pay that one.
I used to love taking a picture of my cheque and then it was deposited. Canada doesn't have that yet. Oh - lie. One bank does. I'm not prepared to move for just that service, though. Cheques are not such a thing anymore.
