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?
Not sure what to say to this… made only a few loans in my life and surely enough regrets were present.
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06.16.08 Posted in Banking and Finance, Personal by jdmacor
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.
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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:
1. Has to have physical branches
2. The branches and ATM’s must be conveniently nearby to me
3. The bank should be a national if not international chain
4. 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?
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101 Responses to “My Personal Banking Setup”
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1.
erectie says:
Monday, 23 May 2011 at 9:37 am
Not sure what to say to this
thnks admin very much
It is important to have one online with my bank account, so you can do that at home at the computer and do not have to visit the bank.
This post was written on 2008.
we are in 2011 and several things have changed. How do you see this topic now?
This post was written on 08. Now, in 2011, how do you see this investiments after so much had changed?
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.
I had to do this recently but I was fortunate to be able to go threw USAA, which is only available to family members of people in the military. They have great customer service and I get all my atm fees refunded at the end of the month because they don’t have physical branches. The other cool thing is I can scan my checks and they are available immediately.
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Its always good to go for personal banking but In my opinion, one must take care about how your personal banking is set ..
The article is great, I love it. In 2011,
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Now a days, most banks are also providing online services to manage the account.
This is such a wonderful list! I’ve saved it, just so that I can check the few things I have ye
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i don’t have bank account , anyway thank you very much for sharing
The first savings account I opened was a Marbella apartments Chase money market account. The reason I chose property Marbella to do this is so that I had an in house Marbella villas solution to draw from in case I accidentally overdrew my checking;
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I don’t like accounts that make you keep a high amount. I guess that is unavoidable though!
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great plan.
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I hate the system
Your setup is great. It’s really ideal. Hope you are doing good with it.
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Great setup, looks like it works for you.
Thank you for this post. I agree, checking is the most important account. I keep the minimum in my checking and transfer as much over to my savings as possible.
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What makes me mad as hell is now they charge a fee from the owner of the atm and then from the bank, all the while its my dam money.