[financeboyz] Banking Special
- From: "Radhesh Mohandas" <financerod@xxxxxxxxx>
- To: financeboyz@xxxxxxxxxxxxx
- Date: Sat, 27 Apr 2002 15:48:12 -0700
Hi,
You can now send in attachements, I have tweaked the option. BTW did any one
of you take a look at the 401K spread sheet?
Do any one of you use an online bank? I have seen that
their interests are pretty high. I started with American Express's Membership
banking in 1999 when they were offering
close to 6% APR on their MMA. I could pay bills online and write out checks to
anyone online and save on postage. Recent days the interests have falled
drastically and AMEX's rates
are no longer competative. There are new banks in the pool
like virtual bank, pc banker, netbank and ING Direct.
The argument is that these pure virtual banks save a lot of
operating costs and the savings are transmitted over to
customers. As long as they are FDIC insured, I dont see anything wrong with
them and they are more suited for my
life style. I don't need to get tons of mail and online
transactions are much faster and more predictable than postal delays. I hear
that there are some credit unions which offer better rates but I am unaware of
one which is open to public.
One more thing that you got to watch out for is where your
direct deposit of pay check goes. You can get a better rate
on your accounts or a percentage off your loans, especially
car loans.
Opening new accounts in these places will get you some
bonuses as this market is still in the expanding phase and
this is one of the way I increase my rate of return on
my liquid cash, by keeping minimum balances.
Right now ING Direct is giving a $25 signon and 3%APR
on savings. The cool thing about this account is you can
link upto 3 bank accounts and do electronic transfers
between them. Hence I use this as a buffer account to move
money around electronically as banks do not usually support electronic transfer
of funds between different banks. This way I can send money to India and pay my
car loan completely
electronically. ING Direct also has some good mutual funds
which you can consider. The only back draw is that you do not get an ATM Card
or a check book and the only way to get money out is by an electronic transfer
back to your other
banks. However there is no minimum balance and no minimum period to keep the
account open and the $25 cash is in all
purpose yours to keep. I shall be sending you referals soon.
-Cheers,
Radhesh
See Dave Matthews Band live or win a signed guitar
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