Savings Account Question

  • Posted by a hidden member.
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    May 06, 2013 9:01 PM GMT
    I've never been able to start up a savings account growing up, but as of lately I'm making a little extra money and have been planning to start one up (good idea, right).

    Anyway, my bank is wanting to charge 50 bucks for me to open one, which sounds a bit ridiculous. I've been doing a bit of research at online savings and was wondering if it was a good idea.

    Do any of you have any suggestions on which online accounts are the most safe and bring in the most interest?

    Thanks,

    Josh
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    May 06, 2013 9:24 PM GMT
    don't know what to tell you but why not start your own bank and keep your money right in front of you so you know where it's at? a crazy idea but at the same time, at least you know where your money is unlike the bank where if something happens such as another great depression, you're fucked. me, personally, i've been contemplating about saving my cash money up and stashing it away. the plan is to save up all that money to the point where i could invest it and put it into something to make even more money. trying to live fragile while being a millionaire.
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    May 06, 2013 9:25 PM GMT
    JumpMan_Josh saidI've never been able to start up a savings account growing up, but as of lately I'm making a little extra money and have been planning to start one up (good idea, right).

    Anyway, my bank is wanting to charge 50 bucks for me to open one, which sounds a bit ridiculous. I've been doing a bit of research at online savings and was wondering if it was a good idea.

    Do any of you have any suggestions on which online accounts are the most safe and bring in the most interest?

    Thanks,

    Josh


    Go to a Credit Union. icon_wink.gif
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    May 06, 2013 9:28 PM GMT


    Here's a list. Call a couple closest to you that have good assets ( it's on the list) and find out what they charge - some have no fees other than you having to open up a share account, and that money remains yours.

    http://credituniondirectory.net/Alabama-credit-unions.html

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    May 06, 2013 11:40 PM GMT
    meninlove said

    Here's a list. Call a couple closest to you that have good assets ( it's on the list) and find out what they charge - some have no fees other than you having to open up a share account, and that money remains yours.

    http://credituniondirectory.net/Alabama-credit-unions.html



    Sweet! Thanks guys. I will check it out and see what's best for me!
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    May 07, 2013 12:17 AM GMT
    Shop around with other local banks and online places. My concern about an online place is how easy it is to access the money. If they are not in the "network" of ATM's then there may be hidden fees.

    You should be able to find a bank that has student account features and wouldn't charge you to open a savings account. If your bank isn't interested in your business, you definitely need to find a new bank.

    (I have 7 years of banking experience.)
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    May 07, 2013 12:49 AM GMT
    Wait.. Do they want to charge you for opening an account? Or is that minimum amount required to open an account?
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    May 07, 2013 12:58 AM GMT
    I went with a credit union. Less fees for me.
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    May 07, 2013 1:00 AM GMT
    I don't advise keeping lots of cash in your home because inflation will hit you hard! At least banks/CU's give you some % increase each month.
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    May 07, 2013 1:15 AM GMT
    Neight saidI don't advise keeping lots of cash in your home because inflation will hit you hard! At least banks/CU's give you some % increase each month.


    Plus you run a risk of theft that you don't run with an insured deposit account.
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    May 07, 2013 2:10 AM GMT
    TheQuest saidShop around with other local banks and online places. My concern about an online place is how easy it is to access the money. If they are not in the "network" of ATM's then there may be hidden fees.

    You should be able to find a bank that has student account features and wouldn't charge you to open a savings account. If your bank isn't interested in your business, you definitely need to find a new bank.

    (I have 7 years of banking experience.)


    Thanks, Quest! I'll shop around some more. I have a checking account at my local bank so I was hoping to get the savings account there too. I think it should be okay to have my checkings at one place and savings at another, right?

    xrichx saidWait.. Do they want to charge you for opening an account? Or is that minimum amount required to open an account?


    That's just the fee to open it. After that, I can have as much/less in their I want. No penalties to my understanding.


    Neight saidI don't advise keeping lots of cash in your home because inflation will hit you hard! At least banks/CU's give you some % increase each month.


    Yeah! One of my reasons I gotta get the money in da bank ASAP!
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    May 07, 2013 5:04 AM GMT
    Wow. That sounds like a shitty bank. Even the mega banks like Chase and Bank of America give you free accounts. They usually have a stipulation like direct deposit or a minimum balance. But never a fee to just open an account. icon_neutral.gif

    https://www.chase.com/checking/student-checking
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    May 07, 2013 5:07 AM GMT
    Get a credit union. Easier. Cheaper. Better service.

    /thread.
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    May 07, 2013 5:32 AM GMT
    Ive never tried a bank, but everone in my family says credit unions are beter. from what I've seen they charge alot less and give you better rates for loans and such.
  • austex85

    Posts: 572

    May 07, 2013 5:35 AM GMT
    honestly, with how crappy interest rates are in a savings account, you might as well put it in a checking account (if you don't want to invest)—that way, you can at least have unrestricted access to your cash.
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    May 07, 2013 5:45 AM GMT
    austex85 saidhonestly, with how crappy interest rates are in a savings account, you might as well put it in a checking account (if you don't want to invest)—that way, you can at least have unrestricted access to your cash.


    This. Savings account interest are practically close to zero percent, so it's kind of like a checking account now. Feel to open one just ensure you open one that doesn't charge any service fee.

    Also, once you have saved up some money and would like to invest, I'd suggest looking into bonds. You can also look into Money Market and Certicate of Deposits but these two still have very low interest rates.

    I have a few banks. But the one I use the most is with ING. Capital One bought it though and is now called Capital One 360.
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    May 07, 2013 12:11 PM GMT
    ING Direct ...now called "Capitol One 360 Savings" (just type INGDirect.com it'll take you there)
    No minimums, no fee and currently paying 0.75% interest.

    NEVER pay a fee to open any account! THEY need your business, so ask them to waive the fee if you really want it at your local bank.

    Or go to a credit union. Many now offer membership simply by being a citizen of their community. You don't have to be a teacher to be a member of their credit union (in most states) anymore.

    RUN from anyone offering you 1% or more interest on a passbook savings account. Probably not legit.
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    May 07, 2013 12:13 PM GMT
    JumpMan_Josh saidI've never been able to start up a savings account growing up, but as of lately I'm making a little extra money and have been planning to start one up (good idea, right).

    Anyway, my bank is wanting to charge 50 bucks for me to open one, which sounds a bit ridiculous. I've been doing a bit of research at online savings and was wondering if it was a good idea.

    Do any of you have any suggestions on which online accounts are the most safe and bring in the most interest?

    Thanks,

    Josh


    I've heard great things about Credit Unions but i'll also mention that I have my checking and savings with Capital One. They don't charge me anything for my savings account, they just require i maintain a minimum balance.
  • calibro

    Posts: 8888

    May 07, 2013 12:18 PM GMT
    it's called a roth ira
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    May 07, 2013 1:04 PM GMT
    calibro saidit's called a roth ira


    +1

    Lots of benefits to this account.