|
02-19-2015, 05:00 PM
|
#1
|
Confused about dryer sheets
Join Date: Jan 2015
Posts: 6
|
Bank question?
I am looking for a bank where I can keep as a cash account that is not part of my main bank that is chase where I have investments at.
Goal is not to have the accounts linked to reduce the risk of someone getting access to my investment accounts and saving accounts.
Also don't want one that has a lot of fees.
Sent from my D6503 using Early Retirement Forum mobile app
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
02-19-2015, 05:15 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
|
A local credit union? or cooperative bank? They usually have modest fees.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
02-19-2015, 05:57 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
|
I like https://www.banking.barclaysus.com/index.html for the 1% and https://www.tiaadirect.com/public/banking/ for the pretty darn good rate and better phone service. Barclays only allows 3 linked accounts, TIAA allows 5 or maybe more. TIAA also does comparatively cheap wire transfers ($20). You don't want linked accounts, so not relevant.
|
|
|
02-19-2015, 06:50 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
|
I like Ally.
|
|
|
02-19-2015, 09:16 PM
|
#5
|
Full time employment: Posting here.
Join Date: Aug 2011
Location: Atlanta
Posts: 507
|
Quote:
Originally Posted by SumDay
I like Ally.
|
+1
|
|
|
02-19-2015, 10:16 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
|
Quote:
Originally Posted by calmloki
|
It could be used by OP opening any other fee free account at any other bank.
|
|
|
02-19-2015, 10:43 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Nov 2013
Posts: 1,049
|
Capitalone360 formerly ingdirect. Up to 15-20 savings accounts and 1 checking account. No fees, and mobile check deposits etc. no brick and mortar locations.
Decent interest rates. 0.8% interest rate
|
|
|
02-20-2015, 06:08 AM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,413
|
If the OP wants checking and savings, Ally is a good choice. For savings only, try GE Capital Retail at 1.05 percent. Some others offer higher rates but have no history. In particular, I would avoid Mysavingsdirect from Emigrant Direct, which has a history of creating these high yield savings accounts and then dropping the rate substantially a few months later. I use www.depositaccounts.com for rates and bank reviews.
|
|
|
02-20-2015, 07:07 AM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
|
Quote:
Originally Posted by Another Reader
For savings only, try GE Capital Retail at 1.05 percent. ..............................
|
I believe that is GE Capital at 1.05%.
The old GE Capital Retail, now called Synchrony BAnk, is at 1.00%. They also have a money market account at a slightly lower rate (0.85%) but you get to write a few checks/month. Since the rebranding/name change last yr, they seem to have improved rates/lowered fees&min. balances so I'm happy w/ them so far.
TIAA-direct seems to be a bit uncertain about whether they want to be in this biz or not. They've lowered rates significantly and more recently raised them. I've heard that they will be raising min opening balances next month. Not sure they would be my first choice.
|
|
|
02-20-2015, 07:41 AM
|
#11
|
Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
|
Quote:
Originally Posted by ER-Chuck
...
Goal is not to have the accounts linked to reduce the risk of someone getting access to my investment accounts and saving accounts.
...
|
Does this mean you do not want to make online transfers between the new bank and Chase, to protect the Chase investment accounts and savings from possible hackers at the new bank? That would probably exclude Ally and other online banks, I would think.
We have a Chase checking account and also a small local bank with checking and savings accounts and do not electronically move $ between them--we write a check on one to put $ into the other if we want to transfer money (a rare occurrence). We didn't set these up with a conscious decision to protect either from hackers worming their way through them.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
|
|
|
02-20-2015, 07:49 AM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,413
|
Oops. It's GE Capital. I have accounts with both, and my typing got disconnected from my brain.
The OP may find a local credit union with better rates. Out here, you can get 1.36 percent on a Provident CU checking account on up to $25k if you make at least 10 debit card transactions a month. If you pay by debit instead of credit card, this can make sense.
TIAA is difficult to deal with and cuts rates with no notice. I closed the account because of that.
|
|
|
02-20-2015, 08:16 AM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
|
We keep most of our 5% cash allocation at Ally, but only for savings, earning 0.99% currently. Our banking is done using a Fidelity cash management account. We also have all our investments at Fidelity. But I don't worry too much about security since they offer real, hardware-based two-factor authentication, and have other guarantees against losses from unauthorized access. Even though there is still some risk, it is so low that other criteria like service, convenience, capability, and cost are much more important to me in the decision. We also keep $1500 parked in a Wells Fargo checking account (no fees) for those rare occasions when we need a brick-and-mortar type service not offered by Fidelity's CMA. Otherwise that account has no activity.
__________________
Retired at 52 in July 2013. On to better things...
AA: 85/15 WR: 2.7% SI: 2 pensions, SS later
|
|
|
02-20-2015, 09:10 AM
|
#14
|
Recycles dryer sheets
Join Date: Jul 2013
Posts: 385
|
If you do not want an online Bank, I would look around in your area for a "local bank". One with 3-15 branches that is FDIC insured. In other words a Bank that most of the rest of us never heard of. The local Banks provide better interest rates than the money center Banks. In my vicinity I am getting between .85 and 1.00% from local Banks for a Money Market provided the balance is above 25K. You may not do as well but I suspect it will be close. I also use GE Capital.
|
|
|
02-20-2015, 09:47 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,242
|
Quote:
Originally Posted by Another Reader
If the OP wants checking and savings, Ally is a good choice. For savings only, try GE Capital Retail at 1.05 percent. Some others offer higher rates but have no history. In particular, I would avoid Mysavingsdirect from Emigrant Direct, which has a history of creating these high yield savings accounts and then dropping the rate substantially a few months later. I use www.depositaccounts.com for rates and bank reviews.
|
I used Emigrant Direct many many years ago... I think they were like others who were putting out teaser rates and telling you that it would drop after a certain amount of time.... when I did it they were upfront about the drop... so I did not think they were being sneaky.....
|
|
|
02-20-2015, 03:16 PM
|
#16
|
Full time employment: Posting here.
Join Date: Nov 2009
Posts: 592
|
Use Ally for separate online savings account (no fees, no minimum, .99% APY, FDIC). Easy to transfer funds between local CU and Ally. Ally is pretty good at following up all transactions with emails - start to finish of transaction.
|
|
|
02-20-2015, 08:20 PM
|
#17
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 727
|
Quote:
Originally Posted by fritz
Use Ally for separate online savings account (no fees, no minimum, .99% APY, FDIC). Easy to transfer funds between local CU and Ally. Ally is pretty good at following up all transactions with emails - start to finish of transaction.
|
+1 my experience also
Sent from my iPhone using Early Retirement Forum
__________________
“If you don't do it this year, you will be one year older when you do.” - Warren Miller
|
|
|
02-20-2015, 08:33 PM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
|
Very few of my accounts know about each other.
Overdraft protection is not enabled on anything.
Any account that has an ATM card attached is limited in how much $$ it holds at any given time.
__________________
Retired since summer 1999.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|