(Closed) Which Debit/Credit/Savings Account do you have? And Why? Advice please!

posted 6 years ago in Money
Post # 3
Member
2494 posts
Buzzing bee
  • Wedding: July 2012

My advice: Go to your bank and request to speak to a financial advisor (it’s free!). Tell them your concerns about your banking and request options for higher interest savings accounts or even short term investments (some of the investments I have done are just 6 months. They don’t earn a ton of cash, but it earns more than sitting in the savings account and I have it back within the 6 months if I need it).

As well, if you call the credit card company (number on the back of your card rather than the bank directly), they can let you know of other options there are for credit cards and the perks of services. My cc company offered me over 30 different “reward” program choices and I had to decide what was worth it and what wasn’t. Just beware of getting scammed into high fee cards ($30-50 or more annual fees– that are often waived the first year). While the credit card I have does have an annual fee, the savings I get from it more than covers the fee in the first month or so. All personal choices to weigh!

Finally, beware of advice you get for personal finances on the computer. If you feel that Wells Fargo isn’t helping your with what you want, search out other banks for competative offers.

Post # 5
Member
2494 posts
Buzzing bee
  • Wedding: July 2012

@Excited To Bee:  No way! I’ve changed my account so many times in the last 10 years I think the finanial advisor at BMO should be sending me a Christmas card! I think it’s great that you are looking into this. So many people start off with a basic account as a child or teen and grow into whatever the bank puts them into. My sister, for example, had a child account with CIBC and when she turned 18 they put her into a student account. When she graduated they put her into a regular old adult account. She never once requested anythign and they did it for her. That worked for her, but heck no I wouldn’t settle with that! If you ask them, they will provide information for you.

If they don’t offer anything with a better interest rate, I’d suggest bank shopping. My Fiance currently has two accounts because of that. He saves at BMO and is paid/does bills/basic spending through TD so he wouldn’t have to switch over all of his information. I went from CIBC to Scotiabank to BMO within 2 years because I was sick of some of the crap they were pulling. It’s super simple and can get YOU more money!

Post # 8
Member
5405 posts
Bee Keeper

I have a local bank for my accounts, but when I was living in Los Angeles, I looked into Wells Fargo, and I was not impressed with their service. I’m by no means an expert, but if you do not get any assistance from your current bank, don’t be afraid to go elsewhere! Also, discover has a nice cash back bonus program. Good luck!

Post # 10
Member
1798 posts
Buzzing bee
  • Wedding: August 2011

@Excited To Bee:  

I have a discover card and I absolutely love it. The rewards are fantastic and the customer service is great too. For banking, I recommend checking out an online savings account. I use Ally and I get about 1.5% interest with no account fees of minimum balance. If you go to bankrate.com, you can see a list of the top rates for savimgs accounts and cds

Post # 11
Member
5405 posts
Bee Keeper

Just FYI, if you go with discover, you will most likely encounter vendors/services who don’t take your card. It is much better than it was 5 years ago, but you don’t ever want to be stuck where you can’t use it. If you have a separate debit that’s visa/mc you should be fine.

Post # 12
Member
1734 posts
Bumble bee
  • Wedding: June 2012

Just a word of support for your local credit union. I’ve really loved being a member of mine — it feels so good to be part owner of the enterprise, rather than being as ensnarled in all the stuff on Wall Street!

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