M in Carolina
Pearl Clutcher
Posts: 3,128 
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Post by M in Carolina on Aug 17, 2014 5:37:54 GMT
I want to start saving some money apart from our regular checking and savings account. I've heard about different online banks that have this service with a bit of interest--even though the interest is minimal.
I'm checking into Smartypig.com, but I wanted the peas advice first about the good and bad of these programs.
I don't have a lot of money to save, so a money market account right now is out because they require a minimum balance.
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tracylynn
Pearl Clutcher
Posts: 4,899
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Post by tracylynn on Aug 17, 2014 5:41:57 GMT
I don't, but my BFF does through Simple Bank. It's an "extra" account that she uses to save for vacations. She really likes it and has been using it for a few months now. I don't know anything about the one you named though.
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Post by lumo on Aug 17, 2014 5:50:50 GMT
I have one through Capital One, previously ING. It's fine for my uses, but the interest rate is shit (although that's just par for the course these days). Transfers can take a few days, so you have to plan ahead a bit.
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Post by blueeyedpups on Aug 17, 2014 6:09:46 GMT
I have one through Capital One, previously ING. It's fine for my uses, but the interest rate is shit (although that's just par for the course these days). Transfers can take a few days, so you have to plan ahead a bit. Yep, what she said. |
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Post by Basket1lady on Aug 17, 2014 7:57:45 GMT
I just have multiple accounts in the same bank. We have a travel/vacation acct, an acct that we tap into for big expenses like car repairs or Christmas, and a long term acct that is for true emergencies. Our true emergency acct is fully funded right now and I tend to only put big amounts of extra money in the travel acct. but I make bi monthly transfers into the big expenses acct. more than anything, It helps me plan what kind of vacations we want to take, as we like to make a big trip every few years (usually out of the country).
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Post by smokeynspike on Aug 17, 2014 8:02:46 GMT
I would just recommend getting another account wherever you currently bank. Either a checking or a savings account would work if you just truly want a separate account. Interest on accounts is pretty negligible for banks these days no matter where you go and the hassle of an online bank would be a detractor for me.
Melissa
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Post by monklady123 on Aug 17, 2014 10:59:30 GMT
I also would recommend just having another account at the same back where you have your other accounts. It makes it so much easier to transfer money from one to the other.
And, it doesn't have to be visible to anyone else either. My dh and I have a joint checking account, then I have a private account where I put money for my tuition when I was in seminary (I had one scholarship that just handed me a check rather than sending it to the school). It's just in my name so it only appears on my list when I go online. Dh can't see it at all and would have no idea it was there if I didn't tell him. Just thought I'd mention that in case that's something on your mind, since you didn't say why you wanted to start a separate account.
Now that I'm done with school we use that seminary account (which of course isn't a "seminary account" anymore, lol) as a vacation account.
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Post by NanaKate on Aug 17, 2014 17:06:27 GMT
I use Capital One online for my grandchildren's savings accounts and have had no issues at all...
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GiantsFan
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Posts: 8,457
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Jun 27, 2014 14:44:56 GMT
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Post by GiantsFan on Aug 17, 2014 20:50:48 GMT
We have accounts at several online only banks. DH is always moving to whoever has the best interest rate. I've never had a problem. Capital One (formerly ING), Virtual Bank and I can't remember the others. It's true that if you need to transfer back to you checking is could take several days. So if you think you might be doing that plan ahead.
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Post by eebud on Aug 17, 2014 20:57:05 GMT
I also use Capital One 360 (the full name of the online bank that others are referring to). It used to be ING. You do need to be prepared to take a couple of days to transfer money back to your regular bank account but that is not necessarily a bad thing. I also have multiple accounts at 2 different credit unions. Some accounts have a specific purpose (like escrow) and others are just to give our money another place to go where I might get more interest but have other restrictions as well as accounts we can get to any time we want. I kind of like knowing that all of our money is not in one bank/credit union. I can transfer from one account to another between credit unions too. Again, that takes a couple a days but I really like that I can do that from my computer at home.
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Post by lindah on Aug 17, 2014 21:22:08 GMT
I had one at HSBC some years ago, but took it all out when the interest rates got so low. Not worth the hassle, now just have the money in our local bank.
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Post by annabella on Aug 18, 2014 0:52:06 GMT
I have one through Capital One, previously ING. It's fine for my uses, but the interest rate is shit (although that's just par for the course these days). Transfers can take a few days, so you have to plan ahead a bit. I've used the same for years. |
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Post by StacyinUT on Aug 18, 2014 0:57:43 GMT
I'm another Capitol One 360 user. Have been for years.
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