Comments on: Are there any flexible banks that will let me save in various ways?

Question: Are there any flexible banks that will let me save in various ways?

mathowie — Mon, 02 Jan 2006 22:21:21 -0800

New bank for a new year: I'm looking for a bank to help with my financial future. I want a flexible bank that will let me set any number of rules on incoming deposits. I'd like $x automatically going into a IRA each month, I want 10% of any deposit going into one rainy day savings account, and maybe 5% going to another, set aside for vacations and fun. What I want is one bank account, with many sub-accounts, and automatic rules to move it around for me. Do any of the big banks offer this?

Every small credit union I've used seems to only do one checking, one savings account with a paltry web interface. I want unlimited, flexible sets of rules or macros I can run against the account balances into any number of savings and investment accounts. I don't really care about ATM branches (I just take large amounts out once in a great while and eat the $1.50) and I don't mind if it's a bank I never set foot in. I just want a good web interface and oodles of flexible options for savings.

Does such a thing exist? Someone long ago once suggested a Schwab One account to me, but I can't seem to make sense of the Schwab site's options. I guess I want something that feels more like a bank instead of a brokerage, but mostly it's about establishing some savings and retirement.

By: Savannah

Savannah — Mon, 02 Jan 2006 22:54:02 -0800

...flipping touch pad. I lost my post.

Look into ING Direct at http://home.ingdirect.com/

You can have multiple accounts, and set up automatic, ongoing transfers between them. It's not a bank account designed for day-to-day banking, i.e. bill-paying and such, but more for savings accounts. (An old-fashioned concept!)

I have been very pleased with both the interest rate and customer service with ING Direct in Canada.

By: jkaczor

jkaczor — Mon, 02 Jan 2006 22:55:08 -0800

Savannah beat me to it (damn it! first time I've logged into MeFi since reinstalling my machine over the last few days)

By: Savannah

Savannah — Mon, 02 Jan 2006 22:58:00 -0800

...I have six accounts all in one easy-to-use "account", labeled as "major expenses", "main savings", etc., plus an RRSP (registered retirement savings plan) and a GIC (term deposit type thingee). It's a virtual bank, but I have an ATM card I can use to pull cash out. (I don't--it's for *savings* not day-to-day banking) and the web interface is very user-friendly.

I actually get a kick out of checking my interest on the first of each month.

By: I Love Tacos

I Love Tacos — Mon, 02 Jan 2006 23:00:25 -0800

The kicker that I'd love to see is automatic percentage based deposit splits. I currently do that via a ridiculously convoluted system.

By: oaf

oaf — Mon, 02 Jan 2006 23:21:14 -0800

ING can't do the automatic percentage thing, but I don't think they limit the number of savings accounts you can have. Plus, you can give them names.

By: oaf

oaf — Mon, 02 Jan 2006 23:22:11 -0800

Also—there's no ATM card available in the U.S.; I think it's just in Canada that you can get that.

By: raaka

raaka — Tue, 03 Jan 2006 00:01:27 -0800

You probably won't find too many banks that allow you to do this because they want to make money off financial planning. Go to your bank and talk to a planner, they'll be able to make more money for you than savings account (probably a money market account) -- for a fee.

You can set up some sort of automatic bill pay to financial planners who would then move the money around.

By: bedhead

bedhead — Tue, 03 Jan 2006 00:39:41 -0800

Most of the accounts I'm familiar with allow $ amounts transferred, not percentages. That said, USAA and HSBC are both good for the recurring $ amount xfers. I do business with both and I like both of them, and I've never had one of their automatic $ transfers go badly.

By: ewkpates

ewkpates — Tue, 03 Jan 2006 04:56:24 -0800

usaa.com

Take a look. best bank ever. don't have to be military or related (I'm not). Bank basically organized to provide services and interface geography-free.

By: electroboy

electroboy — Tue, 03 Jan 2006 07:02:35 -0800

I tried to join USAA. Even though you don't have to be military, they do have eligibility requirements that I (and many others) don't meet.

By: ewkpates

ewkpates — Tue, 03 Jan 2006 07:09:11 -0800

I believe you can avoid this by telling them you just want to open a bank account. The banking aspect is open to the public. Some of their programs and benefits are not...

I do not meet the requirements, nevertheless I've been delightedly banking with USAA for more than 7 years...

By: electroboy

electroboy — Tue, 03 Jan 2006 10:27:12 -0800

You're right, ewkpates! I just set up a USAA account.

By: ewkpates

ewkpates — Tue, 03 Jan 2006 10:54:06 -0800

enjoy man, enjoy.

I really like their multiple account options, investment services, and loooooove web bill pay.

Don't be afraid to call customer service... they are the nicest people you'll ever want to meet...

By: iamabot

iamabot — Tue, 03 Jan 2006 12:56:11 -0800

hmmm no answer to this, i will look in to usaa and see if they have the ability matt describes but imatt if you've had any luck please pass on your advice to us.

By: kindall

kindall — Sat, 07 Jan 2006 22:06:11 -0800

I have an EmigrantDirect savings account and will probably be opening accounts with ING and HSBC soon. (Can't pass up that $25 bonus for opening an account! And HSBC is actually ahead of Emigrant for interest rates at the moment.) Any of those banks would let you open multiple accounts, I'm sure, but if not, hey, split it among them! Any of them can transfer money from your main checking account on a schedule.