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What Is A Checking Account?

Published or updated May 27, 2012 by Glen Craig

You need a safe environment to keep your money that also allows you easy access to it.

This is where a checking account can help.

A checking account is an account that you have with a bank.

They hold your money and allow you to withdraw it, buy things with it and pay bills with it.  The bank will issue you checks, a debit card and/or an ATM card.  Your ATM card can only be used to withdraw cash from an ATM (automated teller machine) and your checks can only be used to make purchases or pay bills; your debit card can combine these conveniences and do both.  Your debit card can be used like both a check and a ATM card.  You can use it to make purchases at a store or online, as well as to draw cash out of an ATM.  You may also be able to set up automatic withdraws in your checking account so that your bills as paid on a certain day each month, automatically.
[Read more…] about What Is A Checking Account?

Filed Under: Bank Tagged With: checking account rates, checking accounts, free checking accounts

How I Love Thee ING Direct, Let Me Count the Ways – Savings, Checking, and More

Published or updated October 23, 2013 by Glen Craig

I’ve had a high interest savings account with ING Direct going back to 2003.

I was at my parent’s house doing my taxes on their computer with Turbo Tax.  At the end of the session an ad popped up with an offer to sign up to ING Direct’s online savings account and get what I recall a $50 bonus.  I had heard of them before but being 2003 I was skeptical of online banking.  But since ING Direct required only a dollar to sign up I figured it was worth doing for nothing more than the $50 bonus.

[Read more…] about How I Love Thee ING Direct, Let Me Count the Ways – Savings, Checking, and More

Filed Under: Bank, Saving Tagged With: Electric Orange Checking, high interest checking, ING Direct, ing direct savings, Online High Yield Savings Account, open a bank account online, ShareBuilder

10 Free Investment Credits From ShareBuilder (And $50 Signup Bonus)

Published or updated March 1, 2014 by Glen Craig Leave a Comment

Online investment company ShareBuilder (owned by ING Direct) is offering up 10 free investment credits to new and existing customers who set up an Automatic Investment Plan before January 31st.  This is a great way to start investing for the New Year!  Normally automatic investments are $4 per trade.
[Read more…] about 10 Free Investment Credits From ShareBuilder (And $50 Signup Bonus)

Filed Under: Bank, Investing Tagged With: Free Investing Credits, ING Direct, ShareBuilder, ShareBuilder $50 Bonus

Go To The Museum For Free – Bank of America Museums on Us

Published or updated January 4, 2013 by Glen Craig

What a wealth of culture and learning we have here in NYC!

The only thing holding us back from taking in all of the museums, gardens, zoos, and whatnot is time and money.  We’ve been trying to make the time to take the kids out and do things with them whenever we can.

That leaves money!

It’s expensive taking a family out these days.  Well, it was a most pleasant surprise to learn that Bank of America was extending it’s Museums on Us program.  Not only did they extend it but they added museums and states that the program takes part in.

What is Museums on Us?

[Continue to find out more on this great program]

Filed Under: Bank, Frugal, Kids, Life, Saving Tagged With: Bank of America, Free Museum Admission, Museums On Us

You Need An Online High-Yield Savings Account – 9 Reasons

Published or updated October 13, 2013 by Glen Craig

Do you have an online high-yield savings account?  If you don’t you need one!

Let me tell you why:

1. Brick and Mortar Interest Sucks

I just checked the interest rate on my savings with the brick and mortar bank I do my checking with.
Ready?  0.20% APY!

It used to be that banks would offer a decent interest rate on savings to get you store your money with them; not quite the case anymore!

2. Many High Yield Online Savings Accounts Offer Better Interest

I use 360 Savings for my online savings.  You won’t be Bill Gates rich with their rates but it is MUCH better than what the average brick and mortar bank offers.  As your saving go up that interest starts to get well…interesting.

If you do a little research you’ll find banks with higher interest on their online savings than 360 Savings.  Let me tell you, that interest adds up!  I love seeing how much I’ve earned every month and at the end of the year.

3. Automatic Savings

Most online banks will let you set up automatic savings.  What this does is pull a set amount at whatever time you set up to be pulled into your online savings account.  This could be from your checking account or even from your paycheck if it’s direct deposit.

Why automatic savings?  So you don’t have the opportunity to spend the money first then try to save!  Even if it’s a small amount it will add up over time (and that money earns interest and so on…).

4. Bill Pay

cash_change_moneySome online banks offer the ability to pay your bills from the site.  Another option is using your routing and account numbers to set your account up to pay from on the site you have a bill with.  For instance, we set up our car payment to pull from our online savings account.  This way we don’t have to worry about having enough in our checking to cover the bill every month (we have more than enough in our savings to cover this).

Yes, you can do this from a checking account as well but the money you need to keep there won’t be earning interest in the meantime.

5. Out of Sight, Out of Mind

In a lot of brick and mortar accounts your checking and savings are accessible from an ATM.  Falling short of funds in checking?  Pull it outta savings.  I don’t have access to my online savings at an ATM.  As a result I don’t have that money staring at me every time I need an ATM.

My savings stays saved!

6. Relatively Easy to Access

So I can’t pull my savings from an ATM.  That’s ok.  If I should ever need it then I can have my money transferred to my checking in a few days or so.  The money is still pretty easy to get should I need it but not so easy that I could take the savings for an impulse buy!

7. Use of Sub-Accounts/Multiple Accounts

With 360 Savings you can set up multiple accounts under one customer number.

Wanna save for a new car?  Create another account just for that purpose.  Wanna show your child about the power of saving and compound interest?  Set up an account for her to put gift money in.

In fact you can set up automatic savings for any account as well.  When my wife and I were engaged we set up an account to help save up for the wedding.  The options are limitless!

8. Great spot for Emergency Savings

Some might say online savings isn’t liquid enough for emergency savings.  I say it depends.  For us it’s a great place to stash emergency funds  which will also earn interest!

9. Great Customer Service

This one depends on who you use for your accounts.  Again, we have been using Capital One’s 360 Savings for their high-yield savings for years.

Every time I’ve called I’ve gotten friendly, helpful people who were able to answer my questions and handle my needs without any problems.  That’s a huge reason why we haven’t switched our account somewhere else with slightly higher rates.  Knowing that my bank can handle any issue I have without being on hold for half an hour is important to me.

That’s just nine reasons.  I’m sure there will be many more in the comments!

Click here to get started with the online savings account we’ve been using – 360 Savings.

A high-yield savings account can be a great instrument if you are serious about building up your savings.  Make sure you check the fine print for any account you plan before you sign up.  Know what fees and money limits are involved and any penalties you might incur for taking your money out.  Check online to see how well people like the bank’s service.

Filed Under: Bank, Saving Tagged With: ING Direct, online banking, Online High Yield Savings Account, Online Savings Accounts

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A Little About Me

Glen CraigI'm Glen Craig - I used to live paycheck-to-paycheck, drowning in credit card debt. I turned that all around and now I build wealth rather than debt.

My goal is to make personal finance easy for you.

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