Comments on: Do You Need a Local Bank?

By: Joe

Joe — Thu, 22 Oct 2009 16:40:44 +0000

I actually have an account at ING and HSBC, as well as a local bank. ING is simply the easiest to use web banking interface I’ve seen, and HSBC offers a better rate.

I have small savings accounts at ING, like car insurance, life insurance, etc.. yearly premium type bills, and keep the emergency savings at HSBC.

I have the local bank for convenience and because they offered the best deal on a mortgage. I’ve also found local banks to be more stable than the large, national banks.

By: Collapsed Ceiling (and Personal Finance Links) | thesweetmagnolia.com

Collapsed Ceiling (and Personal Finance Links) | thesweetmagnolia.com — Wed, 21 Oct 2009 03:02:11 +0000

[...] My Dollar Plan asks do you need a local bank? [...]

By: Sunday Money Roundup – 3 More Weeks Edition. | My Two Dollars

Sunday Money Roundup – 3 More Weeks Edition. | My Two Dollars — Sun, 18 Oct 2009 14:09:40 +0000

[...] My Dollar Plan asks if you need a local bank. [...]

By: Book Winners and Weekend Reading – Oct 17, 2009 | Million Dollar Journey

Sat, 17 Oct 2009 14:06:08 +0000

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By: Weekly Links: 10/17/9 With Random Knowledge

Weekly Links: 10/17/9 With Random Knowledge — Sat, 17 Oct 2009 13:13:01 +0000

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By: Weekly Roundup: Become a Frugal Dad Fan Edition | Frugal Dad

Weekly Roundup: Become a Frugal Dad Fan Edition | Frugal Dad — Thu, 15 Oct 2009 10:02:04 +0000

[...] Do You Need a Local Bank? We are fans of ING Direct, but also maintain a local checking and savings account. We keep a local emergency fund (the first couple thousand of our fully funded emergency fund) here just in case we need cash in a hurry. (@My Dollar Plan) [...]

By: Ryan

Ryan — Wed, 14 Oct 2009 23:33:17 +0000

I couldn’t see myself using anything other than a credit union or an online bank, I love both. I use a local credit union as my main bank for local business such as loans and I use multiple online banks for more checking and savings options. The service and returns are so much better with credit unions and online that retail banks can’t even begin to compete. I did try a retail bank once, I ended up closing my account after 2 months because of fees and absurd requirements when compared to my credit union.

By: bromoney

bromoney — Wed, 14 Oct 2009 22:30:48 +0000

I find that a local bank for checking and an online bank for savings is a great way to go. You get the benefits of both.

By: Linda

Linda — Wed, 14 Oct 2009 22:25:07 +0000

I’ve been using credit unions since 2000 and have been very happy. We moved to a different state a couple years ago and I didn’t see the need to switch banks since the CU we belonged to had great online service. However, we discovered that a local CU here had checking interest rates of 5% for the first $25,000 in your account if you made one direct deposit and 10 debit card purchases per month so we gladly switched. We have been very pleased even though they had to lower the rate 4% this month. That still beats any CDs out there.

By: Lulu

Lulu — Wed, 14 Oct 2009 17:49:51 +0000

I live a largely cash-less life and do 98% of my banking at ING. The ONLY reason I have a traditional bank is 1. I live in an apartment where you need quarters to do laundry and 2. for the occasional contribute one dollar at work thing.

By: Financial Samurai

Financial Samurai — Wed, 14 Oct 2009 17:07:19 +0000

I am a BIG proponent of a local bank. In fact, I have 3 banks, so i can optimize my interest income, and minimize my expenses.

Having a boutique local bank to cater to your needs is very valuable to me. It’s especially important if you have much more $250,000 in cash savings.

Hope to see you over at FS!

By: Daniel @ Sweating The Big Stuff

Daniel @ Sweating The Big Stuff — Wed, 14 Oct 2009 17:06:09 +0000

I think that the main thing people should be concerned about are fees. With online banks such as ING or HSBC, there usually aren’t any, while many checking accounts from traditional accounts have them.

Also, it’s going to be hard to get a no-fee credit card soon, so my no-fee Bank of America checking account and credit card might soon cost me, so what I think is a great deal now might turn into something much worse than I imagined. I wonder where we’re going with this.