Banking

Best bank to use?

Karla Dial
I've been a customer at US Bank for more than a decade, but have recently realized this is actually counterproductive to my savings goals. In addition to its crappy interest rate on savings, US Bank REFUSES to work with any automated savings, budgeting, or investing apps I try (such as SaverLife, Every Dollar, Mint, and Fundrise). I need recommendations for better banks with great service that will work with apps and still be somewhat available nationally. Which ones do you recommend?Read More...
@AverageJoe I am learning more about banks as I get older. There is a lot to investigate.Read More...
MSKIMBERLY, I agree with @mooreincome as well. I agree with him about US Bank. Personally, I would not choose Bank of America or Wells Fargo. I had a family member work for one of the two, and the other worked for the other. Their interest rates on their savings account were and still are terrible, and their business practices aren't good. If you make a "complaint" against either bank, they investigate themselves, and, of course, we know that's like a fox guarding a chicken coop. They're...Read More...
Last Reply By MsKimberly · First Unread Post

Home Equity Loans / Lines of Credit

I'm considering taking out a Home Equity Loan to do some repairs to my home. I'd love to hear pros and cons to this. What I want done will cost under $5,000. Would I be better off to charge this to a credit card, set up a payment plan with the company, or take the line of credit which is at least 10 times the amount I need, although the bank says it counts as a mortgage for tax purposes. I appreciate any ideas or thoughts.Read More...
Thank you - that clarified some points for me. EdenRead More...
Hard to answer for you specifically, but we keep an open line of credit in the form of an equity loan for emergencies. We've had the most recent equity line for almost 5 years and have never tapped into it so therefore it's on paper only until we do use it, no monthly payments until we do. It can help improve your credit score if you responsibly make your payments. I look for as fixed a rate as possible, which is tough to find in an equity loan these days. And understand if you default, the...Read More...
Last Reply By ekuhlens · First Unread Post

Bad customer service from online banks?

Theodora
I recently opened an account with Ally Bank. I've only had to call customer service twice but already noticed that call wait times are significant. Has anyone else experienced this (or other customer service issues) with online banks? The need doesn't come up often to converse with a human at a bank -- but when it does (and it comes to your money) it's nice to know it's not difficult to get support.Read More...
Never heard of ally definitely will look intoRead More...
I have my savings account with Ally and have never had any issues with customer service. I love the great interest rate we get with that account. Thinking of opening a checking account with them too.Read More...
Last Reply By All we need is love! · First Unread Post

Aspiration

Soraima Déniz Pérez
Hello! Id like to know if I open An account in Aspiration bank can I still using my other bank acc (Bank of America) because I need to make transfers with zello. Thanks Aspiration AspirationRead More...
I just signed up for Aspiration and tried to sign up through Bank of America and had problems but customer service helped and using another bank. Hope it helps.Read More...
@Soraima Déniz Pérez they don't yet have a built in Zelle integration -- you could transfer funds to another account but it's not as quick and easy as it is with Zelle at other banks, etc.Read More...
Last Reply By Wanda J. · First Unread Post

Get Paid to Open Bank Account

Wen Dee
I'm looking for a bank in Tampa, Florida area that offers cash back for opening a new account. Any suggestions are welcomed. ThanksRead More...
I just signed up with Aspiration and received $100 but have to have direct deposit which I did already. Hope it helps you.Read More...
@Wen Dee I also cannot say specifically for your area but I did find this website post that might help answer your question. I cannot personally vouch for any of the info but they seem to have some good insight. I personally have been frustrated after signing up for a local bank here in Fargo, ND. They offered a promotion but then made the "details" obscure and not very clear. We ended up not getting anything at all and they had some sort of reason (excuse) for why we did not qualify. I...Read More...
Last Reply By Wanda J. · First Unread Post

How many savings accounts do you have?

Grace Schweizer
I'm working on straightening out where my direct deposits go and when. I have two checking accounts and two savings accounts -- one set I plan to use for bills/debt payoff and emergency savings, and one set I plan to use for regular spending and short/long term savings goals. That plan seems right, but I've also thought about opening another savings account (or five) to keep everything separate. How many is too many? How many do you have and how do you distribute your funds?Read More...
I have one checking and one savings personally, but my son and I use a Household checking account for all our household expenses. I transfer a specific amount each payday to that account for utility, mortgage and improvement/maintenance costs. My personal stuff, I track on a spreadsheet. I am considering where my "side" income gets deposited because I want to live within my means of my full time job. Keeping all my funds in one account gives me better interest returns on those funds while I...Read More...
I have 2 checking and several (6) savings, at a few different banks. Keeping it separate makes it easier for me to save for different things. Emergency fund, longer term save, one for each kid (2), 1 for the car, 1 for misc, then a CD that I don't touch. I get my check direct deposited into three different accounts. Sounds complicated, but it really makes my life easier.Read More...
Last Reply By SMcLain · First Unread Post
ISO of a bank card that offers rewards for purchases made with a debit card (NOT Credit Card). The credit union I currently use, stopped their rewards program. Thanks for your feedback.Read More...
@Wen Dee I haven't run across many debit cards that offer rewards, however, the app Stash, which is an investment app recently launched a bank account that gives you "stock-back" for your purchase. So if you make a purchase from Wal-mart for example, you get "cash-back" in the form of stock for Wal-mart. The cool thing about this is if the stock price goes up and you hold onto it, you can earn a nice chunk of change!Read More...
Last Reply By Moore Income · First Unread Post

How Many Bank Accounts Is Too Many?

Moore Income
I personally have around 10 bank accounts! Some of them are with traditional banks and others are with apps. For me, I like having different accounts for different reasons, some I use for savings, one I use to separate my food delivery income and there are a couple I barely use. A couple of them I opened simply because they were offering a bonus and others I opened because I like trying new financial apps out. Do you use multiple bank accounts or do you prefer all your money in one spot? Why...Read More...
MOORE INCOME I've 2 in the same bank 1 i pay bills out of the other i use for credit cards and pay pal. I would like to get one where i can put money in to save like your $5 one. I think i've built up some good change saving I got a pringles can filled with change and my purse is so heavy with change.Read More...
@KellyFromKeene I agree with you, it is a really great way to save money without really thinking about it. I have one app that pulls $5 from an account every week and I occasionally add some extra. Just doing that I built it up to over $300 pretty fast without really even missing the money. @mintjulep It can definitely get a little hectic the more accounts you have, I am still trying to develop an effective way to organize mine.Read More...
Last Reply By Bonnie Squires · First Unread Post

Women's Month

Mo Brownies
Hi All, I recieved this email about the gender gap criss going on and i thought what a wonderful movement this would be. Check out the link below. https://blog.moneylion.com/doing-our-part-to-pave-the-wage/Read More...
just giving an update. So I will let everyone else know if this works and my experience towards the end of June. This is when 90 days will be up.Read More...
@Mo Brownies Let us know how it goes! Once I buy a house (soon) I will be looking for opportunities such as this to increase our cash flow again!Read More...
Last Reply By Mo Brownies · First Unread Post

Which payment methods do you prefer online?

Deon Christie
Personally I prefer the Electronic Funds Transfer (EFT) or direct PayPal payments. Although I do find that Payoneer works exceptionally well for commission payments. When you do affiliate marketing. Because it integrates beautifully with sites like Clickbank and Clicksure. Payoneer will also give you a $25 bonus deposit. When you deposit your first $100 into your account. It's a great payment method especially for affiliate commissions. Which payment methods have you used? And which of them...Read More...

Traditonal or non traditional

Mo Brownies
Hi Everyone, I am thinking about closing my traditional bank account like TD and Chase. I already have 1 online high yield interest bearing savings account and im thinking about going all in. I no longer want to see an interest of .01 cent every year? or have to keep a minimum in order to avoud fees. What do you guys think?Read More...
If I could find the right properties here, I would do so. One friend made over $345K last year in five states. That's a great return for his $45K investmentRead More...
i think we have some thing like this in KS. I just don't no how to find the list here. I found out throw that the 1 bedroom house sold for $3000 back taxes. The person who brought it or paid the taxes has the house looking really nice now.Read More...
Last Reply By AverageJoe · First Unread Post

High-interest savings accounts

Alexis Grant
Savings accounts interest rates seem to be improving! We moved money to this account this weekend because of its 2.4% yield: https://www.mysavingsdirect.com/ (I have no affiliation with that bank, it's just the best rate we found.) Anybody else using a high-interest savings account we could all benefit from knowing about?Read More...
Saw a great blog post on this recently: https://chiefmomofficer.org/20...s-of-accounts-today/Read More...
No, you're right! That was a typo on my end. Ally upped their rates to 2.2%. I'll edit my other postRead More...
Last Reply By Alexis Grant · First Unread Post

Discover Savings Accounts

Lucy
Just FYI - Discover Savings Accounts offering 3% on savings. This beats standard Bank rates. Just passing along the info...Read More...
Thanks for sharing. I am wondering which specific savings account it is that gives you the 3%? I searched Discover Savings Accounts and came across this page https://www.discover.com/onlin...ing/savings-account/ but it only shows an account with 2.10%Read More...
Last Reply By Moore Income · First Unread Post

Best On Line Savings/Money Market Accounts

Lucy
Does anyone have good input on regarding on line savings/money market accounts? Love to here your feedback. Thank you!Read More...
Thanks for sharing such a comprehensive list! I did check on the DCU website and it does actually say there is a $5 minimum. Not that it makes a huge difference but just sharing what I saw. I have also used Aspiration which pays a 1% APY with no minimum or fees. I am also trying out the Haven Money savings account which pays 2% APY and up to 4% if you refer enough people.Read More...
Thanks for the great info! These on line banks definitely beat traditional store front banks as far as interest. Appreciate the feedback!Read More...
Last Reply By Moore Income · First Unread Post

Savings Account Apps?

Moore Income
Interested to know if anyone out there is using any savings account apps to save money. I personally have been using GRAND for a while now. They charge $2 a month but as long as you save money, every week they have a drawing and every week I have won $1. They pay a 1% interest rate. It has been a great way to save money without really noticing it is not in my checking anymore. I have also used Aspiration which pays a decent amount and am trying out the Empower app. Anyone else know of any...Read More...
OMG I JUST FOUND THIS!! https://www.t-mobilemoney.com/en/home.html 4.00% APY under $3000 and the following requirments Have tmobile wireless account deposit $200/month sign up for tmobile perks Now with these stipulations you can max. your money. See the secenarios below. T-Mobile Money states you will make 4.00 APY if you have the fall in line within the 3 listing eligibities above. If you go over the $3,000. this means that the $3,000 will make anywhere between 2.79-4% APY and anything...Read More...
Hi, I just did some research for a friend who has a kid and was looking at some options. This one is interesting, there is a waiting list. but its the biggest APY ive seen yet. IntrX app - 2.91% APY TAB Bank 2.40% APY $1 minimum Online and Mobile banking Synchrony Bank 2.20 APY No minimum Online and Mobile banking My Savings Direct 2.40% APY No minimum Online and Mobile banking Restrictions on how deposits are made Ally 2.20 APY No minimum Online and Mobile banking Vio Bank 2.39 APY No...Read More...
Last Reply By Mo Brownies · First Unread Post

Online checking account for business - recommendations?

I have an LLC for my freelance writing/editing work, and for a few years I've had a separate checking account for those funds. I recently realized that I don't have enough cash in the account to have the monthly "maintenance" fee waived - so I'm losing $15 a month! I know my freelance business hasn't been super busy these days, but I'd certainly like to hold on to most of the money I've earned, you know? I'd love to hear about your experiences with online-only checking accounts for your side...Read More...
Hmm... That's a great question. Currently I know about a lot of personal online checking accounts but I haven't really looked into business accounts. It is definitely something I should be doing though as I do plan on launching a side hustle soon. I will keep my eye out and let you know what I find.Read More...
Last Reply By Moore Income · First Unread Post
I'm nervous about the solidity of some online-only banks, but there is the carrot of fabulous interest rates. I noticed the app discussed recently at Penny Hoarder, the Empower app, is FDIC insured up to $250,000. I'm interested in getting as much interest as possible on reserve cash, as anyone, but am I being overcautious here? How much confidence should we have in these online-only banks?Read More...
@mintjulep message me and I can share more details about each one and what the pros and cons are.Read More...
@Former Member Good question. I personally am just testing most of them to see howh they work and such and I usually just start with a set amount. I have moved money between a couple due to a better interest rate but I haven't really added much to the accounts besides the initial deposits. I am starting to add more to My Haven account since they have a 2% interest rate (up to 4% if you refer people) they also allow me to connect all my other accounts to manage my money in one place. So...Read More...
Last Reply By Moore Income · First Unread Post
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