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My daughter is about to graduate and move to Indianapolis for her new Job which is an 18 month contract.
Her current bank is a local bank that does not have branches outside of our state so I think it might be good for her to open a new account to avoid high ATM withdrawal fees.
I'm thinking either a national bank, an online bank or a credit union (we belong to usalliance and penfed) would be the areas to look.
If you can meet the minimums for big banks and get free checking/saving I have always gone that route. Credit unions and local banks are fun niche products that make consumers think they are pulling one over on the "corporate big bank group" yet I find them to be amateurish in nature. I have opened up accounts at some smaller local banks to get free bonus money and have never been impressed. I don't give a crap about customer service, I want ease of use technology such as apps that function well and easy to use web site interfaces.
Open up a money market account for emergency fund savings and put any extra there, then use the same linked big bank brokerage account for additional funds. I would use Fidelity as a retirement Co (ie IRAs). Combining your brokerage with your big bank gives you nice perks.
You honestly can't go wrong with any big bank. Except Wells Fargo. I would never do business with them. IMO.
It is easier to build up a history with a CU to later get good rates and terms on car loans, home loans, and starter credit cards than with a big bank.
Big banks pummel you with fees.
CUs help you build your credit history and credit report score (if used prudently, of course.)
It is easier to build up a history with a CU to later get good rates and terms on car loans, home loans, and starter credit cards than with a big bank.
Big banks pummel you with fees.
CUs help you build your credit history and credit report score (if used prudently, of course.)
Congrats to your daughter!
Can you explain how a CU helps build credit history?
Can't fail with DIME Bank Or even try Astoria Bank. Look for location?
TD = Bank of Canada
HSBC = Bank of Hong Kong
East West = Bank of China
CHASE = Money grubbing scumbags
Credit is built from using a credit card and keeping payments.
Statefarm ( the insurance company ) ha a student credit card but you must list your location on the campus. However I had one shipped to my home even if I did list a location on my campus. It is a very sought after card.
EVERY STUDENT SHOULD HAVE A CREDIT CARD TO BUILD CREDIT AND IN CASE OF EMERGENCIES LIKE UBER/LIFT OR EVEN A BAR/DATE.
It is hard to say because my life as a student was cut short but that is how it works.
Can't fail with DIME Bank Or even try Astoria Bank. Look for location?
TD = Bank of Canada
HSBC = Bank of Hong Kong
East West = Bank of China
CHASE = Money grubbing scumbags
Credit is built from using a credit card and keeping payments.
Statefarm ( the insurance company ) ha a student credit card but you must list your location on the campus. However I had one shipped to my home even if I did list a location on my campus. It is a very sought after card.
EVERY STUDENT SHOULD HAVE A CREDIT CARD TO BUILD CREDIT AND IN CASE OF EMERGENCIES LIKE UBER/LIFT OR EVEN A BAR/DATE.
It is hard to say because my life as a student was cut short but that is how it works.
Just a correction. TD is not equal to The Bank of Canada. The Bank of Canada is Canada's Central Bank. The US equivalent is The Federal Reserve.
TD stands for Toronto Dominion, and is just one of the big 5 banks in Canada, like The Royal Bank, The Canadian Imperial Bank of Commerce etc.
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