The best banks? That’s what readers often want to know. In addition to the best banks, they also want to know where I bank. With 181 Accounts, I obviously have lots of financial relationships.
Here’s a rundown of where I do my business and my favorite in each category.
Online Savings Accounts
The Best: ING Direct
The Rest:
Index Fund Managers
The Best: Vanguard
The Rest:
Investment Brokers
The Best: Scottrade
The Rest:
529 Plans for the Kids
The Best: Ohio College Advantage
The Rest:
More of the Best
Peer to Peer Lending: Lending Club
Insurance: Allstate
Online Checking Account: Charles Schwab High Yield Investor Checking
Credit Cards: American Express
I also have lots of local banks that finance our rental properties, helocs, and business accounts, but I excluded my local banks and credit unions, since they won’t do most of you any good.
Which banks are your favorites?
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Similar list to what you have. My primary ones,
Online Savings Bank – Ally Bank
Index funds – 2/3 ETFs are Vanguard, rest are ishares
Investment Broker – buyandhold.com
529 plans – Fidelity UFund and Upromise 529 plan (run by Vanguard)
August 17th, 2009 at 9:51 am
Allstate may be best for the cost, but have you ever made a claim? That was the absolute worst experience of my life – even worse than the years of pain I’ve had from the accident. (In this case, the other driver, who was at fault, had Allstate.) Consider carefully if the savings is worth having claims refused (ask FL hurricane victims about Allstate) or being sued when Allstate fails to pay someone you wronged.
August 17th, 2009 at 3:06 pm
I like AMEX, but far too many places won’t accept them. It is mandatory to carry a VISA or MasterCard as a backup if you want to use AMEX as your primary credit card.
August 17th, 2009 at 5:55 pm
What do you think about Utah’s 529 plan?
We are thinking about starting a 529 for our daughter but we are not sure which one is best.
So far, Ohio, Utah and kansas are on the top list.
Thanks.
August 19th, 2009 at 7:41 pm
@ Annie: Thanks for the warning on Allstate. We just switched, so I’ll be sure to report on my experience if we have a claim.
@ deathtothemortgage: I briefly looked at Utah, but decided on Ohio since the management fees were slightly lower for the Vanguard index funds I want. I have since opened many accounts with the Ohio plan; it’s my favorite by far!
September 3rd, 2009 at 9:48 am