Having recently been sent off on my own financially, as well as own my own living (in Dallas), it was time to form my own personal banking setup. This is exactly what I have done and I want to share with you what decision I have made and why. I have opened 1 checking account along with 2 savings accounts to form the foundation of my financial life.
Checking Account
Choosing a checking account is, in my opinion, the most important decision. It is essentially the gateway to all of your finances. It should be linked to all of your savings and investments, which are inflows, and then also linked to your bills as outflows. Either way, all of your money flows through it. With that in mind, I set up some criteria to choose a checking account:
- Has to have physical branches
- The branches and ATM’s must be conveniently nearby to me
- The bank should be a national if not international chain
- It should have an in house investment division
After considering the options (and according to my girl friend, doing quite a bit of irritating middle of the night research) I have decided to go with Chase. Now I can hear people screaming, “they hardly offer any interest at all!” But if I were interested in interest rates, I would have obviously gone with ETrade or some other kind of online banking company. However, I don’t plan on keeping a significant amount of money in the account at any one time. Like I said before, it is a gateway. There will only be enough to pay what I need to pay. When you add the fact that I like the convenience and customer service of brick and mortar locations, it becomes much more obvious why I chose it.
Savings Accounts
The first savings account I opened was a Chase money market account. The reason I chose to do this is so that I had an in house solution to draw from in case I accidentally overdrew my checking; Those fees hurt a lot more than the laughable interest rate. However, I only plan on keeping $500 or so in this account.
The second savings account I went for was an online solution: Savings Square. Now to be frank, the choice of your online savings account isn’t always that important. They all offer variable rates that are roughly the same (currently around 3%). I chose this one, basically because I thought their logo was great. All you should look out for is a FDIC insured guarantee and you should be set. The cherry on top is of course, unlimited transfers and a really high monthly dollar amount transfer limit.
So there you have it! My financial foundation is in place! It is time to start building a fortune (even if it seems like right now things are only getting smaller; I suppose landing a job will alleviate that situation). What does your foundation look like? Does it need a bit of a remodeling?
ING Direct may be your best option have you tried them?
Interesting but have you looked on the web for this?
I agree that choosing a checking account is the most important decision you have to make. Thanks for this.
Why don;t u save your money in paypal..
he..he
hello, this is my first time i visit here. I found so many interesting in your blog especially its discussion. keep up the good work.
these are very good tips thanks
Useful and excellent content, thanks for the sharing! :
And now of course none of the banks pay hardly any interest what so ever! I invested my cash in a cheap hot tub.. admitedly no interest on that lol, but a lot more peace of mind!!
Congratulations this are some great ideas! This content is very useful thanks for sharing this.
Congratulations !
Great posst
Interesting but have looked on the web for this ?
Great ideas thanks for sharing ……
I very much like my current account with Wells Fargo.
thanks for good advice for personal banking.
Good rules… just remember that during this financial crisis you might be able to negotiate with your bank for better rates or conditions… even if they say no, trying is always worth it!
money is very safety.
I like your blog.1z0-051 That is really nice with very good information. 70-562
I used your tips and they helped me, once again thank you ..
Great post. I need to get my finances sorted like you but it’s such a pain to figure out.
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A bank manager that doesn’t look down his nose at you does help a lot too!
p.s. and good interest rates, without crazy fees.
Personal banking is very essential for anyone. I believe your post will help us a lot.
Picking the right account is a must for anyone, thanks for the info.
nice tips,i’ll try to use them.Thanks for sharing it.
Interesting system for banking setup, thank for review.
Awesome. Very nice topic you have choosen.
thank you admin.
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Some worthwhile info here, thanks David.
Thanks for sharing this with us David, helped me.
It sounds like you took the time to think up the best banking setup for your needs. Many people do not take the time to do this. They simply keep banking where they always have without bothering to compare rates & services offered by other banks. Since the banks will try to aggressively ding you with fees, you have to ensure that you can avoid as much of these fees as possible.
Nice article having nice information. I really appreciated author ‘ s nice effort. you can also get really impressive information about
Nice decision & also interesting banking setup as well
the Account checker´s name was known well…do you believe that ?
ing direct is really good
For me, it all comes down to good service.
For me, it all comes down to service.
I always set up my direct debits so they come out the day after I’ve been paid. That way I know that what’s left in my account is mine to spend, and don’t get stung with bank charges.
Thanks for sharing !
nice setup
Most people put more time into planning a long weekend than they put into planning the rest of their life.
Those who fail have failed to plan.
Great start just keep going and stick to the plan.
Robert
Thanks for sharing !