Savings Acct Questions | TigerDroppings.com

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S
Mercer Fan
Quintercepted #DBU
Member since Jan 2007
58567 posts

Savings Acct Questions


dont come here often so appreciate any help i can get from you guys. dont have a dad or anyone to talk to about stuff like this.

basically i am ready to open my first savings account. i bank with bank of america. should i go with them? should i look elsewhere? maybe an online bank?

advice? any of you who bank with BoA have savings acct. with them?

TIA



This post was edited on 5/14 at 11:26 am



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go4lsu
LSU Fan
Luling
Member since Aug 2006
914 posts

re: Savings Acct Questions


Interest rates are so low right now, it doesn't really matter. I bank with Capital One and have about 1/3 of my savings with them, and the other 2/3 with an online back. Years back the online bank was paying 4.5% interest which was great. Now I think they are down to like .5%.





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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1762 posts

re: Savings Acct Questions


Yeah, it doesn't really matter in terms of rates. You shouldn't keep enough in a savings account for fractions of a percentage to have any meaningful difference. Far more important is customer service and convenience. If you're satisfied with BoA and you'd like the convenience of transferring money internally and having your account info pull up in one web profile, then I'd probably just stick with them.





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S
Mercer Fan
Quintercepted #DBU
Member since Jan 2007
58567 posts

re: Savings Acct Questions


thanks. wish i would have stayed awake thru economics classes so i would be more educated on this kind of stuff.





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Cmlsu5618
McNeese State Fan
Destin, FL
Member since Sep 2010
2261 posts

re: Savings Acct Questions


quote:

Savings Acct Questions


quote:

economics classes


Prepare Yourself.






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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
9880 posts

re: Savings Acct Questions


You should go with what bank is more convenient for you since the rates are basically the same at almost all of them. However, there is one perk I use at Regions. They have an auto annual savings bonus that gives you a 1% of the total average balance credit to your acct. You just have to have a auto transfer to acct every month. There might be other banks that offer this. Ally I heard is good too.


This post was edited on 5/14 at 12:34 pm


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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
12345 posts
 Online 

re: Savings Acct Questions


quote:

wish i would have stayed awake thru economics classes so i would be more educated on this kind of stuff.




Yeah, you wouldn't have learned to invest well in economics class, trust me






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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


I have longed believed that Personal Finance should be a core class taught in colleges these days. I had a really good friend who got his degree in History and a Masters in Management and could not manage his finances or made poor decisions. Instead, we are forced to take Art Appreciation, a Music class, two PE's (tennis FTW), and other random crap. At least that's how it was at the University I attended in 2001.

Another point, I work at an office with 12 professional, college-educated employees, and only two, TWO, contribute to a retirement account. I mean really? ETA: One of them has 30+ years in, will receive a pension and still cannot retire. They also drive a BMW, two different ones in 7 years I have been employed here.

Some of the problem here is the keeping up with the Joneses attitude though.



This post was edited on 5/14 at 1:46 pm


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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8149 posts

re: Savings Acct Questions


quote:

I have longed believed that Personal Finance should be a core class taught in middle and high school these days.


FIFY






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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


I get your point and I actually had a personal finance class in high school as part of the core. One of the first things that turned me onto money as I was getting my first job around that time too. But, to not teach it to kids who are, hopefully, fixing to go out into the workplace and make good money is a shame.





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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8149 posts

re: Savings Acct Questions


quote:

I actually had a personal finance class in high school as part of the core


Core? I wish I had the option to take that as an elective in HS

I didn't make terrible financial decisions as a young adult, but I definitely could have done better. My parents kind of suck at managing money so there was nothing preventing me from falling flat on my face.






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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


quote:

Core? I wish I had the option to take that as an elective in HS


Maybe it was an elective, hard for me to remember that long ago. And yes, 15 years ago is long.

quote:

I didn't make terrible financial decisions as a young adult, but I definitely could have done better.


I know I could of.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
12345 posts
 Online 

re: Savings Acct Questions


quote:

I have longed believed that Personal Finance should be a core class taught in colleges these days.


I personally believe it should be a core class in High school. I know that some schools in TN are starting to use Dave Ramsey's curriculum and are having fantastic results......

LINK

I know Dave isn't everyone's favorite, but it's common sense personal finance knowledge that every kid should be equipped with before they graduate, IMO.






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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


quote:

I personally believe it should be a core class in High school.


I do not disagree at all, I guess my point is why in the hell do I have to take Art Appreciation and Intro to Music as an incoming freshman? If I was not a business major, I would have taken zero finance classes in my time in college.

quote:

I know Dave isn't everyone's favorite


I'm actually listening to Dave right now.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8149 posts

re: Savings Acct Questions


quote:

Maybe it was an elective, hard for me to remember that long ago. And yes, 15 years ago is long.


Yes. Yes it is. And it goes by fast

I want to say that it's a cross between an elective and a core class here. It's part of a course called Family and Consumer Sciences and I believe you can take it in place of a science course.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8149 posts

re: Savings Acct Questions


quote:

I know Dave isn't everyone's favorite, but it's common sense personal finance knowledge that every kid should be equipped with before they graduate, IMO.


I'm not a fan, but I actually really like this idea for kids. Simple rules so you can have a good framework for learning how to be financially literate.






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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


And to the OP, I would probably stick with BOA. If you are scared you will touch the money, go with Capital One 360 (formerly ING Direct). I have been with them for 8 years and they make transferring money very seamless.





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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3587 posts

re: Savings Acct Questions


quote:

It's part of a course called Family and Consumer Sciences and I believe you can take it in place of a science course.


Yeah, I took some random HomeEc class in high school that sucked. But hey, learned how to iron my clothes. I also took an Econ class in high school, along with Personal Finance, but please do not ask me how I was able to take both.






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hiltacular
Georgia Tech Fan
FILA
Member since Jan 2011
8620 posts

re: Savings Acct Questions


quote:

I have longed believed that Personal Finance should be a core class taught in colleges these days.

I have always thought there should be a class in HS that teaches you how to do very basic things. It would have 4 or 5 different sections to it, 1 would be finance, 1 would be automotive, 1 would be cooking, 1 would be houses, 1 would be health, etc.

It would basically prep kids on how to do essential things on their own

After the basic class, kids can decide on taking the more advanced version of which ever section most interested them.

ETA to the OP, just stick with boa, any gains in a savings acct will be pretty minimal right now.



This post was edited on 5/14 at 2:34 pm


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CHSBears
Texas A&M Fan
Baton Rouge
Member since Aug 2007
509 posts

re: Savings Acct Questions


Brother is a partner in a large Houston law firm. His conclusion is that most of the senior partners with die working because of no retirement savings. This he says is with seven figure compensation plans. Keeping up with the Jones is the problem.





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