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  1. #1
    liquid chicken's Avatar
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    savings accounts....

    anyone out there have any recommendations for online banks and savings accounts?

    i found with GE Capital the offer 0.95% for the wife and I and for the kiddo Capital One 360 has a kid specific account offering 0.75%, course I could just do 2 accounts with the 0.95%.

    the kiddo does have an early savers account with my credit union but the rate is horrible.. less than 0.50%

    these would just savings accounts as the amounts would be small at first so no CDs or anything like that just yet.

    i would prefer an online bank since its not so easy to access the $$$$ and maybe find one that will do an auto withdrawal so i can set it and forget it.


  2. #2
    XDAILY's Avatar
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    Along with a little savers account in TD bank I use treasury direct for electronic saving bonds for my son:

    https://www.treasurydirect.gov/

  3. #3

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    my checking account pays 2.48% @ lone star capital bank.. only problem is you have to drive to dripping springs or marble falls.. there are some stipulations, like 12 debit card uses and an automatic payment (netflix works) but for the savings they only pay .1% which is terrible.

  4. #4
    XDAILY's Avatar
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    That's a fantastic rate for these days. The only real investment is the stock market right now which is booming.

  5. #5
    liquid chicken's Avatar
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    Quote Originally Posted by XDAILY View Post
    Along with a little savers account in TD bank I use treasury direct for electronic saving bonds for my son:

    https://www.treasurydirect.gov/
    i meant to check this out last night but got busy. will look at it today.

  6. #6
    liquid chicken's Avatar
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    Quote Originally Posted by XDAILY View Post
    That's a fantastic rate for these days. The only real investment is the stock market right now which is booming.
    thats what a buddy of mine said about the stock market. i know nothing about it nor have the savings yet to really do anything. in time i hope i will be in a position to

  7. #7
    XDAILY's Avatar
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    The bond rates are shitty right now but a few years back I got a few for 2 or 3% but there are other advantages to opening a treasury account. For instance there are no more paper bonds being issued in the US but people can go on and buy bonds and send them as gifts to your sons account instead of cash.

  8. #8
    DrivingZiggy's Avatar
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    What about an ESA--Education Savings Account? You can put up to $2000 per year into it and it grows tax free. With the right mutual fund, it could grow at over 10%.

  9. #9
    mjh3ides's Avatar
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    Look into 529 plans for the kid. Unlike state sponsored prepaid college plans, 529's offer self-directed investment, tax deferred growth & will give you MUCH faster growth than a fixed income savings or savings bond. Since they are variable market-based plans, the most important thing is you must follow your planned contribution schedule. The biggest mistake people make with variable savings plans is they get nervous when the market is down & either don't make further contributions or move the assets out completely.

    https://www.fidelity.com/529-plans/what-is-a-529-plan

  10. #10
    hill160881's Avatar
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    The investment advice here is so poor and pre 2008 it is jaw drooping. A savings account? WTF? You cant save and grow your own money so you want someone to do it for you? Then why would you trust the industry that fails regularly? The banking industry is almost totally kept running by fraud and manipulation and bailouts. They get caught screwing people every day and just pay a fine. We are still bailing them out to the tune of 40+ billion a month to keep the stock price firm and those invested from loosing it all again!!!!! If you dont have the cash in your hand you dont have it at all. The stock market? Are you fucking kidding me? All the money generated every day is just printed.

    I know of several examples where a large bank failed and the depositors never got there money or waited for years. FDIC insured and all. MF Global is one.

    The state, federal government, and in some cases creditors can freeze or take funds. This has happened to me by mistake and it took weeks to clear it up and I never got my money back. The state admitted fault but said I would have to sue.

    Here is some good advice. Invest in tangible historically appreciating assets to hedge against inflation. We are at the top of a bubble and the world currency market is set to change a lot in the next 10 years. The bond market is the biggest bubble of them all so anyone selling this as a good option is just really ignorant.

    There are many ways to save and grow your money without trusting an institution that is proven not trustworthy throughout history.

    I make wayyyyy more than any savings account and i have my money in my possession.

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