Comments on: Savings Account Signups Plummet 25%!

By: DAVANT123

DAVANT123 — Fri, 23 May 2008 16:05:38 +0000

Thats the way SCDAVE…Americans have lost there way on how to be frugle mcdugals and its always Ill spend my way out of this trouble…our grandparents knew how to live well without having to spend a ton of money

By: E Davidson

E Davidson — Thu, 01 May 2008 23:15:13 +0000

The Countrywidebank merger will take place in Sept of 2008 by Bank of America. In 4-6 weeks BoA will have a new online savings account. Right now they only pay .20% on a regular savings account. Country Wide Bank is paying 4%………………. watch this disappear when BoA takes over.

By: SC Dave

SC Dave — Sat, 26 Apr 2008 00:25:13 +0000

how to beat inflation? a) stop driving so much/combine trips. b) start your own garden (its not that hard) c) learn how to produce own food (ie eggs/chicken – again, its not hard) d) stop spending- why buy if prices going up? conserve and reuse as much as possible; before u throw it away, ask – what else could i do with this besides put more crap in the land fill e) dont spend on credit…ever. f)maximize earnings – b an hourly contractor – employers have gotten free labor from FTE’s for far too long; if u working >40hrs a week and salaried fte, u are working for free (no thanks) g) trade in new car and buy a used car at auction f) utilize craigslist and yard sales h) shop and second hand stores i) learn how to preserve natures bounty – when stuff is in high supply (ie fruits, veggies), then freeze/can j) go to stock market auction and buy whole animals for butcher – cut out the middlemen. k) shop at farmers markets – its cheaper than grocery store l) turn off unused appliances m) sell all your unused stuff n) move closer to your job/school o) move closer to mass transit p) dump the McMansion or start renting out some of that unused square footage
q) save $ on gas by calling around and finding cheapest site r) shop around for everything – whats expensive at walmart might be cheaper at mom/pop grocery store just down street s) start a non-profit co-op and buy stuff in bulk w. negotiating power of larger orders via friends and neighbors t) refinance expensive debt – try prosper or any other social lending site q) start a small business on the side – yes, u have time; something as brainless as mowing the little old lady’s lawn across the street not only gets you good will, but a few dollars in pocket (charge very low rate, and she’ll watch out for u family – fair trade) r) EVERYTHING IS NEGOTIABLE- if u havent asked for raise, vaca time, or you have major purchase to make, take the time to do research find out what u/its worth and make high/low ball offer. Nothing comes to those who dont ask – its the american way. s) maximize your 401k – unkle sam needs to tighten his belt – why give him free money? t) invest in tax advantaged instruments; cd’s are great for hi returns (except now), but its taxable income – research alternative vehicles to minimize your taxable income yet produce higher than inflaction returns. u) travel less – do u really need that vaca to disney land every year? why not go every other year or every 5 years…just imagine the savings. v) do your own house/car maintenance – yes, you can change your own oil for probably $10. Why spend 25 just to be sold other services you dont need? Yes, you can replace the filter on the furnace. its not that hard. Yes, you can repair the leaky faucet.

U asked how to beat inflation – just doing a few of the the above will go a very long way. Do I do all of this? yes, quite a bit of it. Am I a farmer? no – I am a college grad working in computers for large investment house. Do i live way out in the country? no – 20 mi south of Charlotte, NC. If i can do it, u can do it – get off duff and instead of depending on society, be accountable and take care of yourself.

Interest rates wont be this low forever; ride it out, high rates are just around the corner.

By: Lomita

Lomita — Thu, 24 Apr 2008 22:44:23 +0000

Community West Bank Rewards Checking

Community West Bank
5.00% APY up to $25,000

Requirements:

-Use your check card at least 10 times per cycle
-Establish at least 1 direct deposit (such as payroll or government check) or 1 automatic debit (such as mortgage or car payments)
-Receive electronic statements monthly
-Access Online Banking at least once each cycle

By: Prefer to stay

Prefer to stay — Thu, 24 Apr 2008 04:14:59 +0000

I found the headline of this topic — “Savings Account Signups Plummet 25%!” — to be a pretty bold manipulation of the very stats you presented directly under it:

All Savings: -11%
High Yield Savings: -25%

Your readers are obviously the high yield seekers, but if you’re opting for brevity over clarity, try not to be alarmist in your headlines. Otherwise it can lead to:

“Bankaholic Credibility Plummets 25%!”

By: ot

ot — Wed, 23 Apr 2008 21:26:08 +0000

larry-

true, but i’m not sure that would work with that account, plus it’s kind of a pain- u got to report it on your tax forms and canceling can be a pain- well’s fargo even charges $8 for the bank check to close an account

By: larry

larry — Wed, 23 Apr 2008 19:00:12 +0000

Thanks OT/Jeremiah.
Actually if you could transfer just $500 month from a retirement account for 6 months the $200 bonus would be earning like 24% approximately. (if my math is right)

By: Hana Hawaii

Hana Hawaii — Wed, 23 Apr 2008 17:25:00 +0000

10+ debit purchases a month are not hard, actually.
don’t you buy 10 cheap items at supermarket a month?

for 5% apr, i can use debit 10 times for daily purchases or just gain 2% somewhere else.

By: ot

ot — Wed, 23 Apr 2008 16:31:51 +0000

jeremiah-
your right, that’s where the offer is, but here’s the problem:

the offer requires you to have FULL (meaning your entire paycheck) direct deposit of your income (at least $500/month) for 6 MONTHS! aside from the fact that’s not possible for students like myself who can’t direct deposit that much for that long, there’s other problems. given that your not going to get any interest on it, and that you probably don’t make exactly $500/month, but probably much more, and you have to deposit ALL OF IT, your essentially depositing thousands of dollars for an extended period of time without making any money on interest. still sound like a good deal? go ahead then i really don’t care

By: jeremiah

jeremiah — Wed, 23 Apr 2008 15:16:32 +0000

Larry,

Found this on google:
metropolitanbankny.com

By: larry

larry — Wed, 23 Apr 2008 00:59:57 +0000

Anna Mooney-I get no results when searching for this bank-are you mooning us?

By: o.t.

o.t. — Tue, 22 Apr 2008 22:21:23 +0000

10+ atm debit purchases/month? uh, no thank you

By: Hana Hawaii

Hana Hawaii — Tue, 22 Apr 2008 18:06:56 +0000

Community West Bank (CA) is offering a 5% APR checkin account with requirement of 10+ ATM debit purchases + a direct deposit or a automatic debit transaction a month. Do you guys know about this bank?

By: Anna Mooney

Anna Mooney — Mon, 21 Apr 2008 19:37:41 +0000

One of the best deals around is free checking where you get $200 to open an account along with free ATM surcharge reabtes, free on line banking and bill pay from Metropolitan Bank of New York and I opened my account on line!

Anna Mooney
Flushing, NY

By: o.t.

o.t. — Mon, 21 Apr 2008 18:07:58 +0000

signing up for bonus offers like the one’s on this site