Where should i put this money?
04-16-2012, 03:46 PM
#41
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^^^ what credit union is that ???
i had a HSBC account which gave me 3% and then went down to 0.5%
so i switched to AMEX savings....they gave me 1.25% and then have been dropping down....now at 0.75%
i had a HSBC account which gave me 3% and then went down to 0.5%
so i switched to AMEX savings....they gave me 1.25% and then have been dropping down....now at 0.75%
07-15-2012, 10:18 PM
#42
Suzuka Master
wow i didnt even know there were high yield savings... I'm gonna open up and AMEX savings account, probably close my personal savings or should maybe i'll just keep the $300 minimum required to leave it open. That thing earns my 0.05% lol. AMEX is at .85 right now. 
07-15-2012, 10:31 PM
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am gonna have to check that....i am at 0.0075 which is 0.75%...
07-15-2012, 10:33 PM
#44
Suzuka Master
says .85%apr right here
http://personalsavings.americanexpre...s-product.html
http://personalsavings.americanexpre...s-product.html
Rates are subject to change at any time. The Annual Percentage Yield (APY) as advertised is effective as of July 14, 2012
07-15-2012, 10:40 PM
#45
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yup it went up :yay:
usually MINT sends me a text when the interest rates drop....but dont think they send a text when it goes up LOL...
but yeah I had the HSBC online savings account which gave 3% and then dropped to 0.2% and i moved my monies to Amex...
Also, I just checked MINT for ya and this came up:
AMEX: 0.85%
Ally Bank: 0.84%
ING Direct: 0.80%
Discover: 0.80%
Ofcourse the APR changes anytime but here are the current rates
EDIT: All of them have $0 to open, $0 min balance, $0 monthly fee
Interest rate: 0.846000%
Last statement APY earned: 0.85%
Last statement APY earned: 0.85%
but yeah I had the HSBC online savings account which gave 3% and then dropped to 0.2% and i moved my monies to Amex...
Also, I just checked MINT for ya and this came up:
AMEX: 0.85%
Ally Bank: 0.84%
ING Direct: 0.80%
Discover: 0.80%
Ofcourse the APR changes anytime but here are the current rates
EDIT: All of them have $0 to open, $0 min balance, $0 monthly fee
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speedemon90 (07-15-2012)
07-15-2012, 10:56 PM
#46
Suzuka Master
sweet thanks man, gonna open up an amex savings and transfer all but $300 of my personal savings there. Then whenever i have the time i'll close my BoA savings.
Last edited by speedemon90; 07-15-2012 at 11:06 PM.
07-15-2012, 10:58 PM
#47
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^^^ 
and dont close the BOA savings account....i never close an account unless it charges a monthly maintenance fee....
and dont close the BOA savings account....i never close an account unless it charges a monthly maintenance fee....
07-15-2012, 11:05 PM
#48
Suzuka Master
one thing i wasnt able to find though, does this have a limited number of withdrawals? . Couldnt find this on the page
ahh okk, well i'm not closing it now, i'll probably keep it open if i need easy access to a larger amount of money But there's no fees so long as i have $300 in there.
ahh okk, well i'm not closing it now, i'll probably keep it open if i need easy access to a larger amount of money
But there's no fees so long as i have $300 in there.
07-16-2012, 02:04 AM
#49
https://www.advantiscu.org/page.php?page=9
Advantis Credit Union free checking.
Advantis Credit Union free checking.
Fusion Checking
All of the features you ever wanted in a checking account, fused into one:
Earn an incredible 3.00% APY (on balances up to $25,000).
ATM fees refunded nationwide (up to $25 each month) - including fees charged by other financial institutions!
No minimum balance.
No monthly service fee!
All of the features you ever wanted in a checking account, fused into one:
Earn an incredible 3.00% APY (on balances up to $25,000).
ATM fees refunded nationwide (up to $25 each month) - including fees charged by other financial institutions!
No minimum balance.
No monthly service fee!
07-16-2012, 10:19 AM
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^^^ guess I will have to open up 4 accounts with them
I normally like credit unions but i think this is a new one, besides i dont see they are FDIC insured and are not a part of "Shared Branch" so if am sitting in KS, i cant really access all of my money from a shared branch credit union....
I normally like credit unions but i think this is a new one, besides i dont see they are FDIC insured and are not a part of "Shared Branch" so if am sitting in KS, i cant really access all of my money from a shared branch credit union....
07-16-2012, 11:46 AM
#51
^^^ guess I will have to open up 4 accounts with them
I normally like credit unions but i think this is a new one, besides i dont see they are FDIC insured and are not a part of "Shared Branch" so if am sitting in KS, i cant really access all of my money from a shared branch credit union....
I normally like credit unions but i think this is a new one, besides i dont see they are FDIC insured and are not a part of "Shared Branch" so if am sitting in KS, i cant really access all of my money from a shared branch credit union....
http://en.wikipedia.org/wiki/Nationa...Administration
The National Credit Union Administration (NCUA) is the independent federal agency created by the U.S. Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 92 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
Last edited by AZuser; 07-16-2012 at 11:51 AM.
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swoosh (07-16-2012)
07-16-2012, 11:48 AM
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that is my mistake 
totally forgot about that....was looking for FDIC and cudnt see it so thought :WTF: LOL....
totally forgot about that....was looking for FDIC and cudnt see it so thought :WTF: LOL....
07-16-2012, 03:34 PM
#53
Suzuka Master
interesting, those of you that use credit unions, do you also have accounts with the big names in banking as well?
Cause one of my roommates was part of a credit union and it just seemed more work to get your money than me with BoA.
Cause one of my roommates was part of a credit union and it just seemed more work to get your money than me with BoA.
07-16-2012, 03:36 PM
#54
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well I do....
but thats why I mentioned shared branch....Credit unions become a part of this "shared branch" so you can practically enter any shared branch credit union and access your account....
I mostly bank online and move my money without going to the branch so it works out wonderful for me....but if I have to put cash in my account, I usually go to a nearby BOA, put cash in and transfer it online LOL....
but thats why I mentioned shared branch....Credit unions become a part of this "shared branch" so you can practically enter any shared branch credit union and access your account....
I mostly bank online and move my money without going to the branch so it works out wonderful for me....but if I have to put cash in my account, I usually go to a nearby BOA, put cash in and transfer it online LOL....
07-16-2012, 05:56 PM
#56
Suzuka Master
low so much to keep up with.
I see no point for me to do all this now, maybe later when i'm into my career and be making the big bucks
and i'm also contemplating with opening an account with Etrade/TD ameritrade or one of the online brokers and put a grand into stocks and start playing around there (after reading up on it) maybe i'll make a few bucks during college, literally. It will also train me when i have more money.
I see no point for me to do all this now, maybe later when i'm into my career and be making the big bucks
and i'm also contemplating with opening an account with Etrade/TD ameritrade or one of the online brokers and put a grand into stocks and start playing around there (after reading up on it) maybe i'll make a few bucks during college, literally. It will also train me when i have more money.
07-17-2012, 10:03 AM
#57
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^^^ I hate stocks....i dont understand it LOL....if you do, then more power to you and you can make some $$$$ !!!
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
07-17-2012, 01:59 PM
#58
Suzuka Master
^^^ I hate stocks....i dont understand it LOL....if you do, then more power to you and you can make some $$$$ !!!
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
I hate stocks too so I buy mutual funds. Index funds have low administrative fees. This year I invested in DRIPs to diversify my portfolio.
07-21-2012, 04:04 PM
#59
Suzuka Master
Hey swoosh, does this amex savings account have a limited number of withdrawals/deposits a month??
Ohh yea of course i'm going to pay off my debt first. Heres the situation. I'm going to USC for grad school. Gonna be taking a big loan. I'm gonna be paying nearly 11k in living costs while there and i'm not in the dorms so that loan money is coming to me as a refund check. Now why would i have that 11k in my BoA savings making 0.05% interest when it can be making 0.85%. Thats why i got this account.
As for stocks, if i get a job i'll have about an extra 1k that i may play with. Maybe make some money or lose money. I'm not thinking this is a get rich quick plan (lol how awesome would it be to pay off tuition from all the money i can make in stocks if i'm freakin lucky!) but this is more to teach me. I understand stocks sorta. Dont know all the technicals but i'm learning slowly haha. No better way to learn than actually put yourself into the market.
^^^ I hate stocks....i dont understand it LOL....if you do, then more power to you and you can make some $$$$ !!!
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
but yeah, if you have loans then forget about savings as you will pay more interest than make interest....i suggest just pay those loans off first....then pick your poison for savings and leave it at that.....
Wise choice especially with these low interest rates. I always try pay off debt first, if I have good months I pay down my mortgage principal. I always max out my 401K/pension.
I hate stocks too so I buy mutual funds. Index funds have low administrative fees. This year I invested in DRIPs to diversify my portfolio.
I hate stocks too so I buy mutual funds. Index funds have low administrative fees. This year I invested in DRIPs to diversify my portfolio.
As for stocks, if i get a job i'll have about an extra 1k that i may play with. Maybe make some money or lose money. I'm not thinking this is a get rich quick plan (lol how awesome would it be to pay off tuition from all the money i can make in stocks if i'm freakin lucky!) but this is more to teach me. I understand stocks sorta. Dont know all the technicals but i'm learning slowly haha. No better way to learn than actually put yourself into the market.
07-23-2012, 11:30 AM
#60
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^^^ I just checked the website for ya:
6 transfers (deposit+ withdraws) allowed in a calendar month
http://personalsavings.americanexpre...-policies.html
Not bad IMO as I transfer $$$ in there 2 times a month (with every paycheck)....i want to set it up so that one of my paychecks go in there and I live with the other....but thats far from happening and hence i transfer in there twice....i have it set as recurring transfers....
so 2 deposits is what i use, which means I can withdraw 4 times a month....
6 transfers (deposit+ withdraws) allowed in a calendar month
http://personalsavings.americanexpre...-policies.html
Not bad IMO as I transfer $$$ in there 2 times a month (with every paycheck)....i want to set it up so that one of my paychecks go in there and I live with the other....but thats far from happening and hence i transfer in there twice....i have it set as recurring transfers....
so 2 deposits is what i use, which means I can withdraw 4 times a month....
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speedemon90 (07-23-2012)
07-23-2012, 01:54 PM
#61
Suzuka Master
Ohh okk, thanks i couldnt find that haha.
Yea thats fine with me too. Probably need 2-3 transfers a month to pay rent and stuff.
Yea thats fine with me too. Probably need 2-3 transfers a month to pay rent and stuff.
09-25-2012, 01:22 AM
#62
Suzuka Master
Amex high yield savings went up too 0.90APY
09-25-2012, 09:45 AM
#63
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I keep an eye on the interest rates on various accounts using MINT.com....it really tells you which Savings account is paying more interest and has the least amount of fees
09-25-2012, 11:45 AM
#64
Excited over 0.90 APY 
09-25-2012, 11:46 AM
#65
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hell yeah !!!
home interest rates are at 3.25% for a 30yr fixed....so getting 0.9% interest is not bad at all....
home interest rates are at 3.25% for a 30yr fixed....so getting 0.9% interest is not bad at all....
09-25-2012, 11:57 AM
#66
Team Owner
09-25-2012, 11:59 AM
#67
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^^^ well depends on how much you have in your savings....i remember my HSBC bank used to give me 3% interest....then they sank to 0.5% and I switched over to AMEX which was giving me 1.25% at that point...
09-25-2012, 12:00 PM
#68
Personally, I would've dumped the money into a high yield dividend paying stock like MO, RAI, VZ, T, etc... a large stable company with a solid balance sheet that can offer capital appreciation as well as steady and consistent dividend payments (and even consistent dividend increases ever few quarters).
09-25-2012, 12:10 PM
#69
Team Owner
I just keep my cash emergency fund there. No point having any more than that earning less than the rate of inflation.
09-25-2012, 12:13 PM
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^^^ makes sense....i choose the savings account over the options you meantioned as we were planning to build a house and i wanted to funds to be readily available as and when i need em....
having the funds at my disposal helped me get a better deal with the builder....
having the funds at my disposal helped me get a better deal with the builder....
09-26-2012, 05:09 PM
#71
Suzuka Master
09-30-2012, 04:29 PM
#72
Suzuka Master
i'm about to close my BOA savings, last month out of nowhere i got charged a $5 service charge and apparently now if i dont put in $25/month i'll get charged, yes i have no money going into savings haha
09-30-2012, 05:37 PM
#73
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some banks "force" you to save by charging you a fee.... 
09-30-2012, 07:30 PM
#74
Suzuka Master
its stupid, i'm gonna call to contest this fee. It says online, that if i have at least $300 i should have no fee either.... I've had this account for 4 years and have never been charged a fee somethings up.
10-01-2012, 02:53 PM
#75
In my experience, banks will credit the fees back pretty easily. After you get it back, find out why you got charged and how you won't be next month. If it doesn't work, take your money to a credit union. My local CU has only a 1 dollar opening/minimum balance. No monthly fees, none of that bill payment/direct deposit crap required.
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