The Best Bank for Your Money

Posted by Madison on August 17, 2009

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: Capital One 360

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

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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Comments to The Best Bank for Your Money

  1. 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 –
    529 plans – Fidelity UFund and Upromise 529 plan (run by Vanguard)


  2. 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.

    Annie G

  3. 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.


  4. 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.

  5. @ 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!


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