Does it really matter which bank I choose to start a savings account?
My girlfriend and I are planning to start a joint savings account to save up for a trip. We have all the little details figured out, such as how much each of us will contribute each month and how neither of us can withdraw money without the other’s permission. We just don’t know if it really matters which bank we choose to open this account with. We both have separate checking accounts in separate banks, so does it really matter which one we go with?
August 17th, 2010 at 12:04 pm
New laws are passing soon which will put a strangle hold on banks.
Their fees will have to go up.
In June people will be able to opt out of overdraft fees.
That means a loss of a possible 44 Billion a year for banks.
If you open a savings account , expect things to change in a few months.
In a couple of months it may require a minimum balance of 300 or will hit you with a monthly fee.
Also checking accounts will be changing.
They may require a 1,500 dollar min balance for free checking.
Or.. a monthly fee of about $25
Just letting you know – things are about to get FUGLY
Also, banks may charge you for closing an account within 6 months
/
August 17th, 2010 at 12:56 pm
It does not really matter which bank you choose. Make sure there is no service charge for the account and select a bank in which depositing will be convenient for both of you. Many banks can set it up so that there can be no withdrawal without two signatures. If that is what you want, make sure they can do that for you.
August 17th, 2010 at 1:44 pm
Absolutely!! Make sure you check…
* Are there any monthly fees?
* Is there a minimum initial deposit?
* What is the interest rate?
* Online acces, so you can easily see your bank balance.
* Is there/ and what is the fee for withdrawing money from a different banks ATM?
🙂 Good luck saving!!
August 17th, 2010 at 2:16 pm
I would advise dating couples to not start joint bank accounts because you don’t know how you will feel about each other in the future. But if you must, use a third bank neither of you uses; and pay atttn to the advice of the others.