Tagged With "Accounts"
Reply
Re: High-interest savings accounts
Is it easy to transfer money to an online savings account such as Ally or Marcus? How does the transfer work?
Reply
Re: High-interest savings accounts
It is relatively easy. One takes and signs up for an account at the online bank of choice, fills out the requested information along with the amount to be transferred, and then there is usually a verification process, ie, the bank you're transferring will put in two small transfers to your account at the regular bank that equal less than a dollar. After these two have cleared, they will allow you to have the transfer take place. It usually takes anywhere from 3 to 7 days to ensure that the...
Reply
Re: High-interest savings accounts
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.
Reply
Re: High-interest savings accounts
Have any of you heard good things about Chime Banking? @AverageJoe @Moore Income
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
From what I've read, online only banks are safe as long as they are FDIC insured. It's just like how you use the app or website for your regular bank - just without that brick-and-mortar overhead. One thing to remember though: *personal* online security is still up to you. (aka maybe don't use your banking apps when you're on the free coffee shop WiFi.) The bank will take security measures on its end so you can use the app or website safely, but you still need to practice good online habits.
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
Thank you Lisa! I know some of the on-line banks, like Ally, have been around a while, I'm wondering if there is a way to check out their performance. I assume if they advertise FDIC insured that's a first step.
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
@mintjulep For what it's worth, I've heard such great things about Ally from lots of credible sources. I just opened an account with them and the experience has been excellent so far. They offer paper checks as an account feature -- which I couldn't find at any of the other online banks. (I have had to work with a lot of contractors, handymen and landscapers in the past year that still only take checks.)
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
Thank you for your input about Ally, Theodora. I really want to make this move!!
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
I just opened an account with Empower and will be putting some money in there shortly. FDIC insured is something you can usually count on. I personally enjoy trying out new things and am usually one of the first to test these new things. There is a always some measure of risk involved but as long as the company is reputable and isn't promoting anything that I would deem to be sketchy, I will usually at least give them a shot. As mentioned above, it really just depends on you and weather you...
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
I definitely think it is worth it. I don't put all my eggs in one basket anyway, even when it comes to just a checking account, so why not get as much interest as is available. I'd love your input on the various online banks as you try them @Moore Income! You've listed some others that I've not been aware of. Thank you!
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
@Moore Income how do you strategize what money goes into what account, and how do you stay organized? I recently consolidated some of my cash and closed some extraneous accounts, mostly for simplicity's sake. How do you maximize your 6 checking accounts?
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
@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...
Reply
Re: Worried about mobile apps for savings and banking; put my mind at ease, please
@mintjulep message me and I can share more details about each one and what the pros and cons are.
Reply
Re: Traditonal or non traditional
I would say to go with a mutual fund or to go to your county court house to see if there are any properties that have back taxes. One can make anywhere from 6-12% on the money they pay in back taxes on someone else's property! We have done this a few times, and it was good. But one always needs to check the property's condition, ability to sell, just in case you end up with the property. More often that not, if you do, it will be of much greater value than what you paid for the back taxes.
Reply
Re: Traditonal or non traditional
As far as savings accounts, you could keep going to the high interest savings accounts. The regular savings accounts are a good tool for kids to start learning the value of money, but for adults, the higher interest rate accounts are the way to go.
Reply
Re: Traditonal or non traditional
Thanks for this @AverageJoe Would love to learn more about the property/back tax investment option. Any good resources you can recommend to explore this in more detail.
Reply
Re: Traditonal or non traditional
I talked to a local realtor friend of mine. I also spoke to an investor in the town I grew up in while I was visiting there. The thing one needs to remember on these is that you may not get your money back for up to two or three years. But, you still get the interest as well. If the person never pays the back taxes, you get the first right to buy the property, sometimes for the costs of the back taxes alone. It is an involved process...I don't remember if it was Robert Kyosaki (Rich Dad Poor...
Reply
Re: Traditonal or non traditional
I personally have been transferring my money to higher yield savings accounts without all the fees. There are so many new services out there that give you much higher interest than local banks. They are going to have to start competing or they are going to fall behind. The fact that they give so little interest and charge fees is not appealing to me at all. I had about $120 in my local savings account and I transferred it to my checking right before Jan. because I wasn't sure if my paycheck...
Reply
Re: Traditonal or non traditional
I liked my return on investment on the tax lien certificates, but there was way too much involvement for me at the time, and I didn't have the time. But, many of my friends ended up making a good chunk of change in it, Im thinking of going back to it again.
Reply
Re: Traditonal or non traditional
@Mo Brownies - I think more and more people are moving away from store front banks to online banking. You make way more in interest and you can deposit checks or do direct deposit just as easily.
Reply
Re: Traditonal or non traditional
I live in NY - and unforuntately, from my quick research. this isnt possible. they only sell wholesale. Also you have to be a holding company. i think westchester county may allow for the public to buy. But it does seem like alotof involvment.
Reply
Re: Traditonal or non traditional
I have now considered putting my emergency fund in a online CD account for 2.90 APY. its money i shouldnt be touching and hopefully i dont- but if anything I do have credit card I can use. Ive been thinking about doing the 12 months or 24 months CD. nothing more then 2 year. Doing the calculations - if i put 10k in, thats can be $285 or $588 respectivetly. Not bad for a year or 2 years.
Reply
Re: Traditonal or non traditional
Forgot what the topic was after all the discussion...LOL...but definitely pays to go non-traditional these days...
Reply
Re: Traditonal or non traditional
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.
Reply
Re: Traditonal or non traditional
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 investment
Reply
Re: High-interest savings accounts
I've been thinking about Ally (not quite as high of a yield) -- since it's a one stop shop. Hoping to pull the trigger soon. Anyone else have feedback on Ally?
Reply
Re: High-interest savings accounts
I've been using Ally for a couple of years and it's been great. I highly recommend it. Fantastic customer service and the website is easy to use.
Reply
Re: High-interest savings accounts
Thanks for sharing this one. I am always on the lookout for out for high interest savings accounts. The space is getting pretty competitive so I think we will be seeing higher and higher interest accounts in the near future. I am excited about Robinhood as they just announced they will soon be launching a 3% savings account which I will most definitely be taking advantage of once it launches.
Reply
Re: High-interest savings accounts
I recently opened a savings account with Ally. It had the highest APY that I saw at the time. It's been good so far. They allow for plenty of transfers per statement and partner with Zelle for immediate transfers. That being said, hearing about 2.4% and 3% APY is changing my mind lol
Reply
Re: High-interest savings accounts
Ally used to carry the payments on our Nissan Sentra before my wife was rear ended and nearly killed back in December of 2015. We dealt with them for 2 1/2 years, and they were very easy to deal with. We've considered putting our money in the "high" interest savings accounts, but, like you, haven't quite pulled that trigger yet. We've got a friend who is making more by putting his money into back taxes on small properties. He's getting on average of 6-8% a year on his money compared to...
Reply
Re: High-interest savings accounts
@AverageJoe Thank you for sharing your insights! So glad your wife is ok!
Reply
Re: High-interest savings accounts
I switched to Marcus for my emergency savings and I have been getting emails every few weeks to tell me the interest rate is going up. I started at 1.85% and got up to 2.25% in....maybe three months? I remember the days of a 5% interest rate....sigh!
Reply
Re: Online checking account for business - recommendations?
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.
Reply
Re: Savings Account Apps?
I have been using The Ally banking/savings app for a few months and have been quite happy. I have a checking and a savings account. The savings account currently earns 2.2% and has gone up twice since opening the account. I use the checking account to save for known upcoming expenses and the savings I am using for emergency fund. Also, there are no fees.
Reply
Re: High-interest savings accounts
Since this post, my Ally account shot up to 2.2%! I'm also seeing some bigger banks upping their game. Discover now has 2.10% APY savings account, which ain't too bad.
Reply
Re: High-interest savings accounts
How are you getting 2.4% at Ally? Mine's only 2.2% right now.
Reply
Re: High-interest savings accounts
No, you're right! That was a typo on my end. Ally upped their rates to 2.2%. I'll edit my other post
Reply
Re: Best On Line Savings/Money Market Accounts
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...
Reply
Re: Best On Line Savings/Money Market Accounts
Thanks for the great info! These on line banks definitely beat traditional store front banks as far as interest. Appreciate the feedback!
Reply
Re: Savings Account Apps?
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...
Reply
Re: Best On Line Savings/Money Market Accounts
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...
Reply
Re: Savings Account Apps?
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...
Reply
Re: Best On Line Savings/Money Market Accounts
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.
Reply
Re: Discover Savings Accounts
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%
Reply
Re: High-interest savings accounts
Saw a great blog post on this recently: https://chiefmomofficer.org/20...s-of-accounts-today/