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So .... who has a happy banking situation to recommend where you still get free checking with no hefty requirements, convenient local branches, can bank by phone & maybe even free safe deposit boxes? I'm thinking TD bank - - - anybody know how easy they are to deal with?
For day-to-day banking (more like once a month since I don't deal with cash), I use Chase. They have the free checking and free safety deposit box if you are over $15k minimum balance - think it's called Premier Plus Checking. I'm curious if anyone else offers that free stuff without the balance.
Quote:
Originally Posted by gx89
Park you money in Marcus (goldman sachs) internet bank 2.25% interest you can transfer to any bank chase, td etc for money access in 2 days. Mine as well let your $$ make you some $$.
Can't agree with you and we have had car loans ands our current mortgage through one...
You just don’t have the problem so you are unaware of the ramifications of credit unions ..unlike banks most credit unions do cross collateralization...google it rather than me having to explain the gotcha..
People have no home insurance either and never have a fire ...so the fact you don’t have an issue or are unaware of the issues you can have with credit unions does not mean they are not a surprise problem for others..
Last edited by mathjak107; 03-11-2019 at 06:55 AM..
The problem with the big commercial banks like Chase is that their liquid savings deposit rates always suck.
TD is the exception to that rule, at least for balances $20K and over which right now they are paying from 1.15% to 1.75% on a tiered basis. Banks like Chase are paying a couple TENTHS of a percent on the same kind of product. For example:
TD Preferred Savings (you need to have a checking + savings) for balance between $20,000 and $49,999 = 1.15%
Chase Relationship Savings (same requirement) for the exact same balance range = 0.04%
No contest. Getting a free safe deposit box at Chase wouldn't make up for losing 1.11% in interest on the same amount of money.
I need to be able to instantly move money from a savings to a checking account and so TD makes more sense for me. I have four accounts there (daily checking, daily savings, a direct deposit savings, and a spare checking account for the times when I may not want to give someone a check from my daily account) and money gets swapped between them regularly.
The nice thing about banks like chase is you can have them baby sit stocks or etfs you own and have very little in an emergency checking account and get lots of valuable perks and cash bonuses
For day-to-day banking (more like once a month since I don't deal with cash), I use Chase. They have the free checking and free safety deposit box if you are over $15k minimum balance - think it's called Premier Plus Checking. I'm curious if anyone else offers that free stuff without the balance.
The problem with the big commercial banks like Chase is that their liquid savings deposit rates always suck.
TD is the exception to that rule, at least for balances $20K and over which right now they are paying from 1.15% to 1.75% on a tiered basis. Banks like Chase are paying a couple TENTHS of a percent on the same kind of product. For example:
TD Preferred Savings (you need to have a checking + savings) for balance between $20,000 and $49,999 = 1.15%
Chase Relationship Savings (same requirement) for the exact same balance range = 0.04%
No contest. Getting a free safe deposit box at Chase wouldn't make up for losing 1.11% in interest on the same amount of money.
I need to be able to instantly move money from a savings to a checking account and so TD makes more sense for me. I have four accounts there (daily checking, daily savings, a direct deposit savings, and a spare checking account for the times when I may not want to give someone a check from my daily account) and money gets swapped between them regularly.
This is all true - however I question what scenario you have the need to instantly move money that often. Making savings money accessible via checking isn't really an ideal practice - that's not really savings then. Not to mention you are limited to 6 of those transactions out of savings/MMA a month.
Because we know our monthly expenditures, we keep a buffer of available funds in checking at all times and allow the 2-3 days to transfer to and from an online bank. And use Chase for the ATM/checking primarily. No reason then to compromise on the lower savings rate at TD like you describe - the majority of savings is already in a higher yield online account earning you more.
This is all true - however I question what scenario you have the need to instantly move money that often. Making savings money accessible via checking isn't really an ideal practice - that's not really savings then. Not to mention you are limited to 6 of those transactions out of savings/MMA a month.
Admittedly mine is kind of a special case. Until this past spring (2018) I was house-hunting for almost two years and didn't want to tie up money in a CD in case I found a house and had to come up with the money on short notice (no mortgage involved.) Then when I decided to remain in this house I was faced with a good year's worth of necessary repairs and renovations, many of which were weather dependent, and when getting bids I always ask for their cash price. So again, a need to keep the majority of my money totally liquid until everything is completed (hopefully by this September.)
One of the savings accounts is a direct deposit for Social Security so that only gets moved once a month. Not that I don't trust the gub'mint to keep my bank account info secure but... I don't trust them to keep info secure, LOL. So I isolate that account and shift part of the benefit to the main savings and part to the checking account, amount varying depending on the bills that are waiting to be paid.
Other than that I typically move money from savings to checking no more than four or five times a month. I think I've gone to six maybe twice? I have always used a savings account to fund a checking account, no doubt a holdover from the decades when checking accounts never paid interest but savings accounts were generating 5%, 6%, 7% or more. Plus from a security standpoint I just don't like to keep much money in a checking account. Now with the $100 minimums I keep it at around $200 net, just as a cushion against "accounting errors" on my part, LOL
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