The Best Possible Banking Account For You

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When I was about eight years old, I had a savings account with my first bank.
So one day, me and my mom went there to deposit a nice full jar of coins (mostly pennies). As I lifted the money over the counter to the teller, I was probably grinning about how much richer I would soon be. The teller though instead of smiling back and congratulating me on being a fantastic saver, motioned to the sign next to her. And there it was: the various charges and fees for depositing change at the bank. After that, I moved my money to a bank that didn’t charge me a dime for every two dollars of change I deposited.  Since then I never wanted an account that charged me for anything.

Currently I have a checking account with a local bank that gets zero interest 😦 . But the thing is it’s quite close-I can sprint over there in maybe five minutes and be all sweaty but basically it’s close. I link the checking account with my ING online savings account, and one in awhile I’ll put money in SmartyPig if I won’t need immediately for a few months.

But last year, in June 2008, I used to have a checking account that I had trouble logging into online from time to time ( which now makes me cringe) but back then it didn’t bother me cause I just knew that I had about a thousand bucks in there-I think….

:sigh:

In addition my ex-checking account was not at a local bank so even though I had my check direct deposited, if I wanted to deposit 20 bucks in there it would be a longer, not-so-fun process. I then decided to switch my checking account to one local and my savings account to one online.This has worked fine for me now.

Also besides having the accounts that work the most conveniently for you, be aware of banks that charge fees, have minimums balances requirements, and also research interest rates of savings accounts. Your bank should work for you and if you’re paying anyone to keep your money or earn a pitiful amount of interest, your money in savings account are simply losing money as time goes by. The site Bankrate.com displays and compares local and national banks. Sometimes when I read “Disadvantages of Online Banking” a disadvantage is that you can’t ” talk to somebody in person “. Big Deal. When I go to my local bank I usually go to the outside ATM because it’s quicker. I only talk to someone if I feel like talking about the weather or something. But if it matters to you, keep it of course.

Also a new website I found is Checking Finder, which displays high-interest rate checking accounts that are closest to you. For example a bank 15 minutes from here called First State Bank pays ( if you meet the requirements ) 5.03% interest rate. That’s insane. But always research, research, research before you move your money to a different bank.  For example before I got too excited about that First State Bank, I saw that another First State Bank was closed down by the FDIC in Sarasota, Florida. That made me think twice about moving to there.

Whether you’re a person that likes online banking or traditional banks, small or national banks, always take a look at how your accounts are working for you and any possible ways you could improve them.

Soo…who has been your best bank to date?

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Any financial decision made resulting from reading this blog should be taken at your own risk. Thank You For Saving is intended for entertainment and some suggestions but does not replace seeking professional advice.I wish I could give financial advice that would help you earn millions but I can’t. I mean it, I really can’t. I'm simply sharing what I've found along the way to MAKING the millions ;)

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