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
Index Fund Managers
The Best: Vanguard
The Best: Scottrade
529 Plans for the Kids
The Best: Ohio College Advantage
More of the Best
Peer to Peer Lending: Lending Club
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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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)
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.
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.
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.
@ 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!