Banking

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This week in... The Penny Hoarder Community

Ashlee
Hi Penny Hoarders! This week we want to give our Veterans a special shoutout. We’ve been celebrating you all week long and are so thankful for your service. Here’s your weekly round up of announcements... In the market for a home? Here’s how to qualify for a conventional loan, which could save you thousands. Check out this quick video our team put together explaining everything you need to know. You can also read the entire article here . Have you found a cool way to make money outside of...Read More...
Hello penny hoarders I’m trying to build my credit up and people telling me to get a credit card and make my payment on time but I never had a credit card before and my credit will not let me get one anyway could someone tell me another wayRead More...
Too bad I missed the early bird pricing on the event. Who knew you guys would be hosting an event on my birthday when I will be in the area as my wife and I finish up the driving part of our 50 State tour! I will be in Orlando which isn't too far of a drive from the event so I am going to try to see if I can make it work for sure. I don't drink but it will be great to meet some fellow Penny Hoarders and learn from some successful side hustlers!Read More...
Last Reply By Lola Jones · First Unread Post

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Not a problem, @Lesley Michele .Read More...
Thanks Average Joe😁😁😁😁Read More...
Last Reply By AverageJoe · First Unread Post

How to Organize Your Financial Life With a Budget Binder

Ashlee
Having troubling keeping up with everything in your financial life? A budget binder can help. Here's how to make one! Have you tried this approach to budgeting? I would love to hear more about your budget binders.Read More...
@MountainFan , I'm a big fan of TBM. So glad I found her method!Read More...
After reading some of The Budget Mom's posts, I was looking into making something like this for my home. I was so happy to see this article from The Penny Hoarder shortly after, it was uncanny! I like to combine this idea with bullet journaling a little, making my own mash-up version. I love it.Read More...
Last Reply By KellyFromKeene · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
@Susan L. Miller We have used Freecycle off and on for years. We got the foot and headboards for our queen-sized bed through the program. We have seen many items we no longer use go to other homes that would use them and recommend it heartily! We have also used our "Marketplace" here in our area on Facebook to buy and sell things. There are so many ways to go and programs to use! Happy selling...and as one of our mentors says "Think..and grow RICH!"Read More...
I'm not sure how many were here when I joined the Penny Hoarder Community, but I do know that it seems as if we've grown by leaps and bounds. I've met some interesting people and like having information and ideas coming in! May we continue to grow in numbers as well as in wealth.Read More...
Last Reply By AverageJoe · First Unread Post

Hello, everyone! Nice to meet you!

Ashlee
Hey, everyone! I am Ashlee, your new Community Ambassador. I have worked at The Penny Hoarder since the beginning of the year. I am super excited about my new role in the community and spending more time getting to know all of you here! And, in case you were wondering, my top financial goal right now is saving for the long term. So now for my first official announcement... First, some big news! W e've put together a member survey that will help us better help YOU on your way to accomplishing...Read More...
Hey @BeckAtsila , welcome! Glad to see you here.Read More...
Hi @BeckAtsila , it's nice to meet you!Read More...
Last Reply By KellyFromKeene · First Unread Post

Topics

Fed cut rates again! Anyone taking advantage?

Theodora
Penny Hoarders, are any of you modifying your personal finance strategies to take advantage of this additional rate cut?Read More...
The rate cut affects short term debt such as home equity lines of credit , credit cards , and auto loans. P.S. The rates are estimated to continue to lower throughout the next year.....Read More...
@sthom That is smart! I hadn't thought about that but that could really help some people out. @E Allen I have been listing to some Rich Dad podcasts lately and he is constantly saying it is basically futile to save money with the current interest rates. Because while saving money and earning a small amount of interest, you are losing more than that to inflation. I am personally considering investing in some gold and silver.Read More...
Last Reply By Stef Genius · First Unread Post

Social security Representative Payee bank account

Hello does anyone know how I can open up a new Social security Representative Payee bank account on line. It would be much easier than going into a bank location. We live in Reading PA if that helps. Thank you very muchRead More...
My old bank (Everbank) had a feature that displayed my scheduled transaction and their expected impact upon my projected balance in the "account activity" view. They were purchased by a pension fund and no longer offer that excellent interface. It allowed me to see the upcoming 30 days and decide if any payment should be adjusted depending upon when my next paycheck or deposit was scheduled. It was a great tool for keeping track of e-bills and when to pay them Can anyone share how to find...Read More...
Thanks for the info, Steve. I may check them out anyway. Do they limit the number of external transfers, or is there some other requirement? They probably don't have a description of the feature because most of the major and regional banks don't do it. The ones that I've talked to seem fairly perplexed at my description. You can mark Ally Bank off your list. They are one of the larger online banks, so I thought perhaps they might be similar to Everbank's interface, but no. I think there are...Read More...
Thanks Nita, I found Seacoast National Bank. They do have the "Show scheduled transactions" feature, but they have limitations on external transfers that i am not used to. It is better than the TIAA, but still not as powerful as Everbank had been. I wish i could figure out what the banking industy calls the features we are talking about.Read More...
Last Reply By Nita8 · First Unread Post

ONLINE BANKS

wood
I'm so frustrated with my bank. I signed up for "Simple". Does anyone have any feedback? Is it really better? What if I lose my card and have to wait for the replacement. With my bank, I can go into any branch and they'll issue a temp card until the replacement arrives. That's really the only thing that concerns me. Thanks.Read More...
I think keeping my old bank as back up is what I'm hearing. I can do that. Lord knows I need all the help I can get with budgeting so I am excited to see what Simple can do for me.Read More...
I've been using Simple for 3 years now and I love it. It's budgeting tool that is built-in is what convinced to me to give a try back when I signed up for it and I haven't looked back since. The only thing you can't do with Simple is request loans or go to a physical branch. So the example you used with losing your debit card would be a downfall but through the app you will be able to stop your card from being used and request a new card and Simple is really good with shipping out one to you...Read More...
Last Reply By wood · First Unread Post

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...
I just signed up with Discover bank. You earn 1% cashback on everything when you use your debit card I plan on putting those reward into my savings account. I was using USAA, but they have been doing some shady things. They didn't even approve me for a loan. Their mission is to take care of the military, retirees, and veterans...well I don't see that. I also have Navy federal credit union. They are awesome with notification of fraudulent activity. They act so fast that the transactions don't...Read More...
Just signed on with Ally -- so far, so great and I'm thrilled to be rid of Bank of America!Read More...
Last Reply By yrenee · 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...
Have any of you heard good things about Chime Banking? @AverageJoe @Moore IncomeRead More...
BJLEE, I have never heard of anyone being charged a fee unless they sign up for an account that requires a certain amount to avoid such fees.Read More...
Last Reply By BJLEE · 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...
Aspiration no longer has interest on saving account unless you make large monthly deposits or have $15,000 sitting there..... I have been unable to initiate transfers from Aspiration as their platform doesn't support ALL banks. I have to transfer in & out from my Huntington Bank account and it takes about a week....not sure that I will be keeping the Aspiration account that I just opened in March 2019...Read More...
Absolutely, you can still use your BOA. I just recently opened an Aspiration account it's been 6 months I think. So far I like the Aspiration. I have gotten a few cash back already and then I set up the transfer between my BOA and Aspiration account. You can also use Zelle if you want to.Read More...
Last Reply By Shannon H · 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...
Thank you for the update.Read More...
Just to give an update. I signed up for the program and called in periodically to make sure i was in good standing. I never received any email confirmation on the program or status. Then when i was suppose to recieve the payout. i called in to inquire. the representative unfortunatly dont know much but told me a supervisor would get back to me. I recieved a vague email telling me I wasnt qualified. I called to find out more information and the supervisor explained to me about the fine print...Read More...
Last Reply By KellyFromKeene · 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

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

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

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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