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I just keep my monthly bills money in my 0% interest Mega Bank checking account and it keeps me out of all those minimums worries. Excess I move to Ally. Super easy. Between the two of them I always have an ATM nearby I can use, not the least because Ally refunds some $ of fees.
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Jun 28, 2023 22:01
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dpkg chopra posted:Just keep in mind that, as someone mentioned above, large banks require you to keep a certain amount of money in their accounts to avoid fees. At least for checking that isn't true for my Chase checking account, it rarely has above $600 in it, just some money for emergencies.
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Jun 28, 2023 22:04
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Badger of Basra posted:You can just keep all your poo poo in Ally or something and have a fee free account at a local bank if you actually need to transact in cash and just transfer between them. The discussion was around having an account with a good branch availability and good customer support, not necessarily just a local bank.
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Jun 28, 2023 23:45
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Medullah posted:At least for checking that isn't true for my Chase checking account, it rarely has above $600 in it, just some money for emergencies. I’ll have to check. I opened mine ages ago to get a bonus so it might be a different tier and I just never bothered product changing.
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Jun 28, 2023 23:46
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dpkg chopra posted:I’ll have to check. I opened mine ages ago to get a bonus so it might be a different tier and I just never bothered product changing. Ah yeah, I could also be on a legacy account now that you say that. I opened this account 30 years ago at a FI that was acquired by Chase.
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Jun 28, 2023 23:52
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Badger of Basra posted:You can just keep all your poo poo in Ally or something and have a fee free account at a local bank if you actually need to transact in cash and just transfer between them. This is what I do. I have my direct deposit split so that a minimal amount goes to BofA to keep the fees off and the rest goes to Ally... and I transfer the BofA funds to Ally the day it posts. Aside from that there's only ever money in the BofA account if there's cash coming or going.
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Jun 29, 2023 02:08
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Boris Galerkin posted:Thanks re: credit unions. I think I’m just gonna do a large bank with a ton of locations and good hours. As someone who has worked a long time in retail, more and more this just isn’t going to be a thing for anything. Companies don’t want you to just walk in on your lunch whenever and get help. That means they have to maintain xx brick and mortar stores and (gasp) pay people to staff it. And crazy thing , people apparently demand reasonable salaries now. So not to get too political , but I wouldn’t assume by default that a physical branch means they have reasonable staffing of that branch. Def not sharing they’re perfect, but I have gotten great customer service from Ally, and I just call them instead of driving to a retail bank. To add: if you deal with a lot of cash specially then yeah do a retail bank.
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Jun 29, 2023 02:16
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I guess folks have different banking needs, but I can count on one hand the number of times I've had to go into the physical branch of my credit union in the past 10+ years. 1. To open a joint account with my wife 2. To sign for a used car loan 3. To get pre-approved for a mortgage 4. To get a medallion signature for a brokerage account transfer None of these are really "just drop in" type interactions? They even encourage setting up an appointment to make sure the right person is there and available, which is easy to do online. Everything else can be done online or phone, or through an ATM. Heck, a couple of those above probably could be done online these days, too. My CU doesn't even have tellers, all the everyday stuff is done through ATMs or mobile/online. If I need to get or deposit cash I use the ATM. If I need to get a lot of cash, I call them and temporarily increase my daily withdrawal limit then use an ATM. And with the Co-Op network there are ATMs everywhere. I deposit checks on the mobile app. So sure yeah it is nice to have at least one physical branch somewhere nearby for a certain few types of things, but the idea of needing lots of branches on the off chance I'd need to just drop in seems weird to me. Guinness fucked around with this message at 06:07 on Jun 29, 2023 |
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Jun 29, 2023 05:32
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Credit unions came around so late in the game for me with any reasonable features to match big-biz banks that I was already well-established at BoA by the time the ones I was eligible offered anything even remotely comparable. They weren't usually broadly accessible back in the 2008-2012 timeframe and had exclusive member bases, and those were often tied to your employer for eligibility. My first one at PFE didn't even have online banking. My second one at Lilly had online banking for basic transactions, but all the branches were at corporate site cafeterias, so only an active employee (and not their spouse, for example) could even get to a branch. And then by the time I was anywhere else that had one I was eligible for, BoA was doing just fine by me for basic middle-class banking poo poo.  Maybe a CU would be a little better now, but at this point everything is established and I'm not paying any fees anyway. Sundae fucked around with this message at 06:06 on Jun 29, 2023 |
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Jun 29, 2023 06:04
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Maybe I drew the short end of the straw then because the few times I’ve had to get Ally support it was the absolute worse and a loving nightmare. I have Ally. I don’t want them anymore. I’m moving my savings from Ally to SoFi and I wanted a physical bank to deal with my checking and daily spending accounts, a bank with local branches that have people staffing them. Even if I never have to walk into a branch for support it is absolutely mandatory for me that I have the option to do so.
Boris Galerkin fucked around with this message at 12:32 on Jun 29, 2023 |
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Jun 29, 2023 12:30
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Boris Galerkin posted:Maybe I drew the short end of the straw then because the few times I’ve had to get Ally support it was the absolute worse and a loving nightmare. I have Ally. I don’t want them anymore. I’m moving my savings from Ally to SoFi and I wanted a physical bank to deal with my checking and daily spending accounts, a bank with local branches that have people staffing them. Even if I never have to walk into a branch for support it is absolutely mandatory for me that I have the option to do so. This is fair and its a personal preference. Def sorry you had bad experiences previously though.
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Jun 29, 2023 12:54
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Otis Reddit posted:Thanks! Good summary. 1 - 2 - yes. 3 - some combination of HYSA and debt paydown is good - assuming you are on a good debt paydown path independently of this money, yes. 4 - I doubt you will be able to move this money in to your pension. Some combination of HYSA and vanguard brokerage makes sense. You want to check duration of holdings in the apps; I would avoid selling any positions that would incur short term capital gains as you'll pay income tax rates rather than capital gains tax rates. Any positions you have held longer than a year can be liquidated. For the others just set a reminder to liquidate a year from now, and turn off auto-reinvestment or any kind of roboinvestment. 5. Yes to 457. I would not try to move your old 401(k) money in to a Roth IRA since you will have to pay taxes on it - if you move it in to your 457 you won't. 6. Yes - assuming 10k is about 3 months' expenses. 7. Once you get to this point you have to decide how much money to save for retirement and how much money to save for other things - you'll likely want to reevaluate once you get 1-6 done, which are fairly substantial tasks! you are on a good path!
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Jun 29, 2023 13:20
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If you get the Capital One online checking account (I think it's still called 360 but maybe they renamed it) you can use all the branch services and also get access to the extended no-fee ATM network. They also have a HYSA that's over 4% right now. It's not like I need a lot of high touch banking services but they've always been fine. The 3 or 4 times I've needed to call customer service for something in the last 10 years has been quick and easy.
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Jun 29, 2023 16:27
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I've used a capital one 360 checking account for over a decade (i actually got it originally as ing direct), and have had no issues, its always been entirely fine. The website and app interface are fine, there aren't fees, fee-less ATMs are pretty widespread and you can use the branches if you really need to. You can easily open a saving account there (or multiple if you want I guess) and the "performance savings" account gets 4.15% right now and it takes roughly 30 seconds to transfer money between it and the checking account, so it's pretty convenient for any sort of emergency fund or a place to park cash between whatever else.
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Jun 29, 2023 19:10
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I'm still using them, but the thing about capital one 360 that gives me pause to recommend them is that they have at least once switched the 'type' of savings accounts they offer and stuck the older accounts with a garbage interest rate. At the time you couldn't even close old accounts so you had to make new ones, transfer everything over, then just leave the old ones on the list with zero balances. My accounts were also from when ING Direct was around, so it took them awhile to do it, but it happened and was a pretty untrustworthy action imho. If anyone has older savings accounts, be sure to open them up and check the 'VIEW DETAILS' page and make sure that they are the new performance version because it's the difference between something like a .3% and 4.15% apr.
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Jun 29, 2023 20:05
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Fancy_Lad posted:I'm still using them, but the thing about capital one 360 that gives me pause to recommend them is that they have at least once switched the 'type' of savings accounts they offer and stuck the older accounts with a garbage interest rate. This happened to me! Pulled it up, was shocked that my local bank gave me more money in interest than Capital One did even though I had like 10x more at Capital One. My local bank is currently giving a higher rate than Capital One is advertizing, so I moved everything out of there except for the few CDs I have auto renewing.
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Jun 30, 2023 02:27
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Fancy_Lad posted:I'm still using them, but the thing about capital one 360 that gives me pause to recommend them is that they have at least once switched the 'type' of savings accounts they offer and stuck the older accounts with a garbage interest rate. At the time you couldn't even close old accounts so you had to make new ones, transfer everything over, then just leave the old ones on the list with zero balances. lol yeah I still have that old low rate savings account with like $100 in it. I imagine it's because they wanted to compete in the HYSA game (hence having a >4% account) but considered their existing customer relationships to be sticky enough they didn't want to bump up what they were paying for their deposits unless they asked.
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Jun 30, 2023 22:43
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Yeah I’m gonna go ahead and say I can’t/don’t recommend SoFi at all. Other than 90% of the app being an advertisement to sell me more poo poo like I already mentioned, today I just found out that they make you jump through hoops before you can deposit a money order. The app literally won’t let me deposit one until I’ve electronically transferred $500 into the account it says. It’s not a big deal but lol what is this.
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Jul 2, 2023 00:38
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Aren’t money orders kind of a popular scam vector? I don’t blame them for not wanting to take one from a brand new customer.
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Jul 2, 2023 14:55
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Forgive my ignorance but what even is the use of a money order in the year 2023? I’m 35 years old and have never even seen one.
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Jul 2, 2023 16:58
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Guinness posted:Forgive my ignorance but what even is the use of a money order in the year 2023? I’m 35 years old and have never even seen one. Some things need to be paid by guaranteed funds but not in cash - often deposits for apartments, re-connect fees for power/water, initial deposits for secured credit cards. People who are unbanked/underbanked often have no way of getting a cashier's check but they can hand cash to someone at the post office and get a money order for about $2.
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Jul 2, 2023 17:44
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How does the hive feel about getting a heloc to pay off credit cards? In this hypothetical, I've got plenty of money to pay the monthly minimums but it will take a while. Seems like paying them off with a much smaller payment and interest rate would be nice? But I know giving someone a leash on my house is probably not optimal...
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Jul 3, 2023 17:45
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Ghostnuke posted:How does the hive feel about getting a heloc to pay off credit cards? In this hypothetical, I've got plenty of money to pay the monthly minimums but it will take a while. Seems like paying them off with a much smaller payment and interest rate would be nice? But I know giving someone a leash on my house is probably not optimal... I mean, it's math. Determine how much money you're spending on credit cards and compare it to what the closing costs + loan payment and see what is more favorable. That said, if you do any type of secondary loan (HELOC, consolidation) you HAVE to have figured out your problem that got you there to begin with. If you take out the HELOC to pay off your cards and then immediately fill them up again and can't pay them off monthly, you're in a worse spot than you are now.
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Jul 3, 2023 17:58
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Ghostnuke posted:How does the hive feel about getting a heloc to pay off credit cards? In this hypothetical, I've got plenty of money to pay the monthly minimums but it will take a while. Seems like paying them off with a much smaller payment and interest rate would be nice? But I know giving someone a leash on my house is probably not optimal... I would never tie my house to credit cards. Credit cards are unsecured. If you don't pay them, you gently caress up your credit for a few years but they can't take anything. (Not a lawyer or accounting person, this could be terrible advice) You say you have enough to pay minimums on the cards. That's not a quick way to pay them off. If you get laid off and have to cut something, you have the option of taking the hit on the credit cards without losing your home.
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Jul 3, 2023 18:13
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Quote is not edit
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Jul 3, 2023 18:14
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Ghostnuke posted:How does the hive feel about getting a heloc to pay off credit cards? In this hypothetical, I've got plenty of money to pay the monthly minimums but it will take a while. Seems like paying them off with a much smaller payment and interest rate would be nice? But I know giving someone a leash on my house is probably not optimal... The phrase "picking up nickels in front of a steamroller" comes to mind.
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Jul 3, 2023 18:30
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Roughly a week ago in pages 493-494 goons were asking about buying a house in cash and whether to get a mortgage before or after. I've got kind of a reverse situation of selling my old house and where to redeploy the funds that I could use advice on, with some approximate numbers here. My income covers my current mortgage and all debt servicing, plus maxed out retirement. I got a small annual raise this month and have a friend renting a room MTM which gives me a little more wiggle room and fun money now, though how long the roommate stays is up in the air. Not really important. My old house being sold is expected to close next week and was already paid off years ago (which was a suboptimal thing to do at the time, but whatever):
Since my current income covers all expenses, there's no desperate need to free up cash flow by redirecting proceeds directly to fully wiping out any particular debts. Just a question on efficient deployment (or what I might want to consider for peace of mind vs. efficiency). My current thoughts on next steps are:
Followup questions for y'all: 1. Is my logic right on the 401(k) loan that I can treat it like a guaranteed 9.5% return and forget about it, while continuing to make my normal contributions? The loan cannot take accelerated payments - you can either pay it off as scheduled, or pay off the remaining balance in a single lump. 2. Given the high 7.5% mortgage rate, should I plow more into the mortgage than that, or should I do some other split? Until refinance rates go down, it doesn't seem to be a good idea to pay down much more than I need to drop PMI. I was considering an alternative split of bringing the mega backdoor back up to about $1k/mo (whereas before I was maxing it at ~$2800/mo), and putting something like 1/3 of what's left into the mortgage and 2/3 into index funds.
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Jul 4, 2023 23:48
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SpelledBackwards posted:Roughly a week ago in pages 493-494 goons were asking about buying a house in cash and whether to get a mortgage before or after. I've got kind of a reverse situation of selling my old house and where to redeploy the funds that I could use advice on, with some approximate numbers here.
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Jul 5, 2023 20:10
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Yea the terms of a 401k loan and the rate definitely make it item #1 if I was in your shoes. I’m assuming you aren’t going to owe capital gains on the sale of the house (if you are reserving for that is probably item #1 and the 401k loan drops to #2). Then get PMI off the house and go from there.
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Jul 5, 2023 21:42
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I want to open a high yield savings account, but seeing that most of the best offers are from online banks I’ve never really heard of, I’m hesitant to park the lions share of my cash there. Any recommended institutions/offerings?
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Jul 6, 2023 13:33
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Head Bee Guy posted:I want to open a high yield savings account, but seeing that most of the best offers are from online banks I’ve never really heard of, I’m hesitant to park the lions share of my cash there. I’m really digging the Fidelity Cash Management account. It doesn’t have the highest default rate, but it’s extremely easy to move the money into a Money market fund, or buy treasuries or CDs that do have good rates, often higher than actual savings accounts.
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Jul 6, 2023 13:42
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Head Bee Guy posted:I want to open a high yield savings account, but seeing that most of the best offers are from online banks I’ve never really heard of, I’m hesitant to park the lions share of my cash there. Those online banks are all FDIC insured so unless you have more than 250,000k in liquid cash you want to park in an account and are too lazy to just put it in two there’s really nothing to worry about. Even the the feds shown from this spring that it’ll just give you everything you lost after hemming and hawing about whether or not they will for a day or two
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Jul 6, 2023 13:52
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Head Bee Guy posted:I want to open a high yield savings account, but seeing that most of the best offers are from online banks I’ve never really heard of, I’m hesitant to park the lions share of my cash there. Ally is popular here (I have used Ally as my only bank for 11ish years now they are solid), Capitol One is another that should be good. Currently HYSA rates are around 4%, so the key thing is getting a rate around that (I wouldn’t worry about min / maxing), and that it is FDIC insured.
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Jul 6, 2023 13:54
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Duckman2008 posted:Ally is popular here (I have used Ally as my only bank for 11ish years now they are solid), Capitol One is another that should be good. It was posted earlier in this thread, Capital One sometimes doesn't increase the rates of their existing accounts. I dealt with that!
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Jul 6, 2023 14:29
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I got all my online savings with Vanguard, their Cash Plus account, since I already got my Roth IRA there, its getting 4.5% ATM, but i think it's like invite only for existing clients maybe? Can't do checks or ATM deposits, only ACH transfers in and out, but I can pay all my credit cards with it and I just keep a couple hundred bucks in a local credit union in case I need cash. Edit: Much to my chagrin, I just learned that Vanguard limits ACH withdrawals to the external account that originally sent the funds to the Cash Plus account until a year has passed (unless you do some nonsense like transfer into a brokerage account first and then transfer out from there). That pool of money is separate from any, say, direct deposits you may get (which you could pull via ACH to a different external bank), and you can still do like ACH payments to credit cards with it without any issues. I would have never learned this except for some extremely stupid and contrived nonsense that happened this week while I was attempting to wire my cash to close to the title agency to close on a house tomorrow. 100 HOGS AGREE fucked around with this message at 21:33 on Jul 6, 2023 |
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Jul 6, 2023 15:28
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For anyone who used or was familiar with Simple, is there anything like it now that comes close? Or at least allows for creating savings goals and doing basic envelope organizing?
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Jul 6, 2023 17:31
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Ham Equity posted:A lot of this is going to depend upon your risk tolerance and expected returns for investment. If it were me, I would probably do enough into the mortgage to get rid of the PMI and pay down the 401(k) loan (assuming $350k is enough to cover both of those things). Like you said, PMI is throwing money down the drain; for the 401(k) loan, if you leave/are forced to leave your job, the full value of that loan becomes rapidly due, or it is treated as an early distribution (i.e. you will owe taxes and a 10% penalty on that money). I wouldn't want that particular sword of Damocles hanging over my head, chaining me to a job that has become toxic/forcing me to pass up better opportunities or take a significant financial hit due to a lack of liquidity. tumblr hype man posted:Yea the terms of a 401k loan and the rate definitely make it item #1 if I was in your shoes. Thanks for the replies. I kept thinking the 401(k) loan was no big deal because it's paid back to me, but I was neglecting the obvious duh factor in that it's uninvested cash flow from my own month-to-month that actually pays it back, so it really is better to pay it off right away and get back to freeing up that flow for actual investable purposes. I have enough in my brokerage account already and from the net of the sale that I was never worried about having to suddenly payoff the loan if it came due because of job loss or whatever. But it does also uncomplicate my life to get rid of it. And you're right on not owing capital gains on the house, which will be super nice. So now I think my order of operations will be to pay off the 401(k) loan, pay off enough of the mortgage to where I can confidently get PMI dropped on reappraisal or whatever, and then split the remainder probably 3/4 into Vanguard and the rest into my HYSA for any near-term remodels, to bolster my emergency fund while I figure out what my new monthlies really look like, and to cash flow as high a Mega Backdoor as I'm comfortable with again once thing settle out. Eventually some of that will likely to go Vanguard as well or toward a refinance/recast if and when that makes sense.
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Jul 7, 2023 06:14
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Dr. Poz posted:For anyone who used or was familiar with Simple, is there anything like it now that comes close? Or at least allows for creating savings goals and doing basic envelope organizing? I think a few places will let you open several accounts under the same name so you can segregate your savings how you wish. The one I use is Fidelity but I’m sure there are other options too.
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Jul 7, 2023 15:33
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More SoFi stupidity: The maximum amount I can deposit via check, per day, is $2000. My first paycheck at my new job this Friday is going to be cut via an actual check. It’ll include my signing bonus and relocation assistance, making it way higher than $2000. I literally can’t deposit my paycheck into this lovely loving bank account. E: Will closing check/savings account negatively affect me in anyway? Because jesus gently caress this has been one issue after another with SoFi. Boris Galerkin fucked around with this message at 00:56 on Jul 11, 2023 |
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Jul 11, 2023 00:46
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If you're juicing fintechs for what you can get by playing games good on you. If that's your only open checking account you're doing it wrong.
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Jul 11, 2023 00:57
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