Searching for a new bank!
February 5, 2010 6:21 AM Subscribe
Looking for a new bank to store my hard-earned cash.
I'm 21 years old and I have been banking with Wachovia since I was 17. I'm in the military (Air Force) and want to take advantage of having few bills before I have to live off base. I have been searching around for banks with high interest rates, but with the current economy I haven't had much luck. Just wanted the opinions of my fellow MeFis on which bank I should money my money to.
Bonus points if the bank has:
-ATM fee refunds
-Secure online banking
-High interest savings and money saving account options
-Military benefits
-Not limited by location
-Not USAA (I have heard horror stories from fellow Airmen about their customer service)
I'm 21 years old and I have been banking with Wachovia since I was 17. I'm in the military (Air Force) and want to take advantage of having few bills before I have to live off base. I have been searching around for banks with high interest rates, but with the current economy I haven't had much luck. Just wanted the opinions of my fellow MeFis on which bank I should money my money to.
Bonus points if the bank has:
-ATM fee refunds
-Secure online banking
-High interest savings and money saving account options
-Military benefits
-Not limited by location
-Not USAA (I have heard horror stories from fellow Airmen about their customer service)
Have you considered the quality of your bank's investments, ethically speaking? This is becoming more of a talking point nowadays, and there are more and more banks who will only invest in ethically sound organisations, such as Triodos.
It's not everyone's top priority, but worth considering.
posted by greenish at 6:26 AM on February 5, 2010
It's not everyone's top priority, but worth considering.
posted by greenish at 6:26 AM on February 5, 2010
Reward Checking Accounts have most of what you want.
Mine gives 4% interest up to $25,000 and full ATM refunds. Caveats:
-Must have Direct Deposit (for some banks a manual ACH transfer will work)
-Must use online banking (no paper statements but who likes those anyway)
-Must pay at least 1 bill through their online billpay (no sweat, I pay my power bill automatically)
-Must use debit card 12x/month (this can be a hassle but IMO is worth it for 4%)
Also check here and here
posted by jckll at 6:48 AM on February 5, 2010
Mine gives 4% interest up to $25,000 and full ATM refunds. Caveats:
-Must have Direct Deposit (for some banks a manual ACH transfer will work)
-Must use online banking (no paper statements but who likes those anyway)
-Must pay at least 1 bill through their online billpay (no sweat, I pay my power bill automatically)
-Must use debit card 12x/month (this can be a hassle but IMO is worth it for 4%)
Also check here and here
posted by jckll at 6:48 AM on February 5, 2010
I was going to say that everyone I know who uses USAA loves it. Agree thaty ou should reconsider.
posted by dpx.mfx at 6:59 AM on February 5, 2010
posted by dpx.mfx at 6:59 AM on February 5, 2010
I have good luck with E-Trade in that their Internet banking application is really well done and I get back all my ATM fees (unlimited none of that 4x month bullshit). ACH transfers are also easy. As a transactional account I really like it. They have no physical locations, but that's not a problem for me.
posted by geoff. at 6:59 AM on February 5, 2010
posted by geoff. at 6:59 AM on February 5, 2010
You might be better off with more than one bank. The convenient retail banks with lots of ATMs and branches tend to pay pathetic rates. Online-only banks tend to pay better rates, but you need to move money in and out through the website. So you just get more than one account and move money around as needed.
You can also look at money-market mutual funds or bond mutual funds to get better returns than savings accounts will get you (with more risk, of course.)
posted by massysett at 7:00 AM on February 5, 2010 [1 favorite]
You can also look at money-market mutual funds or bond mutual funds to get better returns than savings accounts will get you (with more risk, of course.)
posted by massysett at 7:00 AM on February 5, 2010 [1 favorite]
Everbank meets all your criteria except maybe military benefits. I like their "yield pledge" feature, which guarantees a rate in the top 5% of market rates at any given time.
posted by pete_22 at 7:02 AM on February 5, 2010
posted by pete_22 at 7:02 AM on February 5, 2010
Not a bank but a credit union, but PenFed is very highly regarded.
posted by reptile at 7:03 AM on February 5, 2010
posted by reptile at 7:03 AM on February 5, 2010
I have been searching around for banks with high interest rates, but with the current economy I haven't had much luck.
Right now interest rates are so low that you're not going to find a savings account with a very high rate anywhere. Also, the rates can change at any time, so be wary of no-name banks that have a high rate, because they may just be teaser rates designed to draw in new customers.
The Bank Deals blog has a list of savings accounts with the highest yields. There are also reviews for most of them that give details about things like ATM fee refunds, locations, and whatnot.
Have you considered the quality of your bank's investments, ethically speaking? This is becoming more of a talking point nowadays, and there are more and more banks who will only invest in ethically sound organisations, such as Triodos.
It's not everyone's top priority, but worth considering.
This is worth considering, but honestly if you don't have a lot of money in your account and you don't get hit with any fees, you're not going to be making very much money for your bank. I understand the whole consumer activism thing, but getting an extra 1% in interest from your savings will probably help you more than it hurts bad banks. Also, you can ignore the quality of your bank's investments on a financial (rather than ethical) perspective because all of your money up to $250,000 is guaranteed by the US government through your FDIC insurance, so even if your bank collapses you'll still have access to your money.
posted by burnmp3s at 7:06 AM on February 5, 2010
Right now interest rates are so low that you're not going to find a savings account with a very high rate anywhere. Also, the rates can change at any time, so be wary of no-name banks that have a high rate, because they may just be teaser rates designed to draw in new customers.
The Bank Deals blog has a list of savings accounts with the highest yields. There are also reviews for most of them that give details about things like ATM fee refunds, locations, and whatnot.
Have you considered the quality of your bank's investments, ethically speaking? This is becoming more of a talking point nowadays, and there are more and more banks who will only invest in ethically sound organisations, such as Triodos.
It's not everyone's top priority, but worth considering.
This is worth considering, but honestly if you don't have a lot of money in your account and you don't get hit with any fees, you're not going to be making very much money for your bank. I understand the whole consumer activism thing, but getting an extra 1% in interest from your savings will probably help you more than it hurts bad banks. Also, you can ignore the quality of your bank's investments on a financial (rather than ethical) perspective because all of your money up to $250,000 is guaranteed by the US government through your FDIC insurance, so even if your bank collapses you'll still have access to your money.
posted by burnmp3s at 7:06 AM on February 5, 2010
-Not USAA (I have heard horror stories from fellow Airmen about their customer service)
Seconding nineRED in that this is really, really strange. USAA has phenomenal customer service. Definitely, definitely reconsider this. USAA hits every single one of your criteria and is far and away the best bank I have ever dealt with.
posted by InsanePenguin at 7:25 AM on February 5, 2010
Seconding nineRED in that this is really, really strange. USAA has phenomenal customer service. Definitely, definitely reconsider this. USAA hits every single one of your criteria and is far and away the best bank I have ever dealt with.
posted by InsanePenguin at 7:25 AM on February 5, 2010
I want to put in a word for USAA. I have been with them in one form or another since 1977, and have never had anything but absolutely fantastic customer service and products from them.
Also check into credit unions. The Navy FCU has good stuff, and the AirForce might have one too.
But USAA has been wonderful for me for many many years.
posted by SLC Mom at 7:40 AM on February 5, 2010
Also check into credit unions. The Navy FCU has good stuff, and the AirForce might have one too.
But USAA has been wonderful for me for many many years.
posted by SLC Mom at 7:40 AM on February 5, 2010
Also make sure that you are looking into USAA for car and home insurance. Their rates are below anyone else's (in California at least), they give a dividend every year, and they have taken care of me beautifully through countless care accidents, a car theft and 2 law suits.
But we're not here to discuss my driving record.
posted by SLC Mom at 7:42 AM on February 5, 2010
But we're not here to discuss my driving record.
posted by SLC Mom at 7:42 AM on February 5, 2010
Not Bank of America.
I realize that's not so helpful, but I suspect BOA is actually the devil. Damn BOA and their phony overdraft fees!
posted by sallybrown at 8:03 AM on February 5, 2010 [1 favorite]
I realize that's not so helpful, but I suspect BOA is actually the devil. Damn BOA and their phony overdraft fees!
posted by sallybrown at 8:03 AM on February 5, 2010 [1 favorite]
You sure I can't tempt you with USAA because I'm pretty certain that's my role here at Metafilter? I've been a member for over 20 years, and have had exactly one bad customer service moment -- and that was fixed with one brief phone call. It's the only large business I do any cheerleading for.
posted by The corpse in the library at 8:04 AM on February 5, 2010 [1 favorite]
posted by The corpse in the library at 8:04 AM on February 5, 2010 [1 favorite]
I have USAA for checking (which is the only thing I can use them for, since I don't have a military affiliation), and they're the best bank I've ever banked with. So, if you're at all willing to reconsider on that point, I'm just throwing my voice into the cheerleading chorus.
On the other hand, here are other banks I have firsthand experience with that I would strongly encourage you to avoid like the plague:
1. Chase. Worst. Bank. Ever.
2. Wells Fargo
3. Bank of America
Credit unions are a great bet, but you'd be limited by location for most of them.
posted by booknerd at 8:27 AM on February 5, 2010
On the other hand, here are other banks I have firsthand experience with that I would strongly encourage you to avoid like the plague:
1. Chase. Worst. Bank. Ever.
2. Wells Fargo
3. Bank of America
Credit unions are a great bet, but you'd be limited by location for most of them.
posted by booknerd at 8:27 AM on February 5, 2010
Yeah, I was going to recommend USAA as well. For me, the best feature they have is Deposit@Home, which now includes an iPhone/Android app (you take a picture of the check and upload it). Seriously, dude. Every other bank I've used looks like cancer in comparison.
posted by mattbucher at 9:49 AM on February 5, 2010
posted by mattbucher at 9:49 AM on February 5, 2010
Check out my comment here on Charles Schwab. I've had nothing but perfect experiences with them and can't be more happy. They have ATM refunds, online everything, free investment research, and their customer service is just great.
Shoot me a memail if you want some more info.
posted by jourman2 at 3:12 PM on February 5, 2010
Shoot me a memail if you want some more info.
posted by jourman2 at 3:12 PM on February 5, 2010
I would investigate credit unions. They are not as limited by location as people seem to think. My particular credit union was set up for anyone who attended or taught at schools in a particular pair of counties, but I set up my account after I had moved from the location and continue to use them to this day. Between online banking and their network of cooperation with other credit unions, I have not run into trouble at all.
I don't know how well it would work if you're overseas, though.
posted by asciident at 12:48 AM on February 6, 2010
I don't know how well it would work if you're overseas, though.
posted by asciident at 12:48 AM on February 6, 2010
I use Schwab and I'm very happy with it. Unlimited atm refunds, free checks, really good customer service, and they do have a high yield savings account (that's pretty low right now, though). There are no international fees for their atm or credit card, which is good for me too, and there's investing too if you want it.
posted by Salamandrous at 4:52 AM on February 6, 2010
posted by Salamandrous at 4:52 AM on February 6, 2010
I have banked, insured, invested and on occasion bought gifts from USAA for some fifty odd years. I have NEVER, that's NEVER had any sort of meaningful problem with USAA in all those years. The very small dust-ups I have had with USAA have been resolved professionally, courteously and generously each time -- even when I was at fault. I don't know of and have never heard of a better financial institution than USAA.
posted by psc1860 at 7:14 PM on February 6, 2010
posted by psc1860 at 7:14 PM on February 6, 2010
This thread is closed to new comments.
I have pretty much every account I own with USAA and have nothing but glowing praise for their service.
USAA has everything you want in a bank...I would reconsider.
posted by nineRED at 6:25 AM on February 5, 2010 [3 favorites]