Any suggestions for opening a savings account? I want to open one so I can have it in my name

Alexius_von_Meinong · 2020-12-27T23:16:24+00:00

Any bank should be able to open a savings account for you. But more details are needed as to why you need a saving account in your name, and now much money will be in it.

In most western banks, the interest rate on savings accounts is shit. Really, the only difference between a checking account and a saving account is psychological: people put money in a saving account with the idea that they will leave it there and not spend it on ordinary expenses.

Most western banks, again, will give you interest on a checking account (it's not much, but it is better than nothing) if you keep a large enough balance. Then it just takes a little discipline to deposit more than you take out again, and then you don't need a saving account.

If you're young and you just want a bank account in your name (maybe you're still living with your parents and you want to start working on your financial independence), just wait for a bank to advertise a good deal on an interest-bearing checking account, or, at very least, an account that won't charge you any fees. Ask questions and make sure you're clear about what you're getting into.

Maybe you want to save money in your name so that it will be there for you if something goes seriously wrong in your life. If this is something like sticking away money on the QT, then you need to do some research about starting an account in a country other than the country in which you live. This usually requires a lot of money, and it requires a basic level of intelligence to jump through the hoops. However, if you do this, you can have a bundle set aside for you and you alone that no one else can get their hands on. But if you save money in the country in which you are a citizen, that country can take it away from you or make it unavailable to you when you need it most.

If we're really talking about something not entirely legal, put it in a waterproof container and secretly bury it somewhere where no one will find it.

As you see, the simple question of a saving account has a lot to do with your circumstances, so more information is necessary.

Soggytp · 2020-12-28T01:28:01+00:00

Use a website like Bankrate that lists which banks have the highest interest rate for a savings account and pick one that is FDIC insured. Pick rates that are highest after the introductory periods are over as some institutions have high rates only for the first 6 to 12 months. Some of them are not negligible as interest rates had been rising a bit prior to covid (i got 2% on mine). Also read the fine print on minimum balances so that you don't lose money to service fees.

Maximum_Afternoon · 2020-12-28T02:36:18+00:00

Notes: any bank you pick, if you look, you'll find people that HATE that bank. So don't let that influence you too much. Every bank will suck if you bounce checks or whatever.

I pick banks based on their IT budgets. They all "hold money", their IT budget determines how much you'll be able to DO with it.

Wells Fargo, Bank of America are high on that list. SunTrust, Trust, ALL your local savings unions, are not.

The savings rates I don't care about. Honestly, picking one bank over another because you get an extra 50 cents A YEAR is silly.

jd46249 · 2020-12-28T07:11:20+00:00

Don’t open up a savings account. The amount of interest you get is not worth the hassle of all the rules they have. You can’t close your account till after a certain time, can’t withdraw $$ over a certain amount, etc... just not worth it for the pittance of interest you’ll get

QuickDrawDinoHunter · 2020-12-28T21:17:02+00:00

Go to bank, say you want to open an account, meet with banker, problem solved.

Title	Any suggestions for opening a savings account? I want to open one so I can have it in my name
Author	incominglehigh
Upvotes	1
Comments	13
Date	December 27, 2020 9:51 PM UTC (5 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/klcbcb/any_suggestions_for_opening_a_savings_account_i/
Archive Link	https://theredarchive.com/r/MGTOW/any-suggestions-for-opening-a-savings-account-i.354903 https://theredarchive.com/post/354903

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