My Bank Experiences

Right now I have three banks, each of which serves a different purpose. I have one bank I love, one I hate but use anyway because it’s convenient, and one that gives a “high” (2.01%) rate of interest but I just opened recently and am not sure how I feel about it yet.

I get my direct deposits to my ING Direct Orange Checking account and everything else flows through there. I pay my student loans from my ING account and my automatic investing also originates with ING. ING is great. It is easy to use and I’ve only had positive experiences with them. How can’t you love a company that when you call, they answer, “How can I help you save your money?”

I transfer rent money to my Bank of America checking account each month, only doing so because my roommates send me their rent and I send one payment to the landlord. I also use Bank of America for ATM withdrawals because the have many more convenient locations in my area than ING. I’ve had my share of problems with Bank of America, but the convenience is what keeps me there. If I lived with a roommate that used ING, maybe I’d leave Bank of America alltogether.

I have used ING for my savings accounts (which are also great, easy to use, and allow me to create sub-savings accounts. However, I recently set up an account at SmartyPig, which is an online bank that right now gives 2.01%. It’s an interesting site, which is all about automatically saving for goals and gives bonuses if you withdraw your money in the form of a gift card (only use this feature if you’re planning on buying something from one of the merchants!). However, taking money out is a hassle. It took me a few days to find out how (not that I wanted to withdraw, but I wanted to know how to do it.) So far, I’ve had no problems with SmartyPig and I actually like it. We’ll see if the interest rate remains high, but for now, I’m keeping it. If I ever decide to go back to ING, that’s always an option.

How many bank accounts do you have and which are your favorites?

2 Responses to My Bank Experiences

  1. thriftygal says:

    I have one checking and one money market saving account at BofA. I also opened an ING checking to take advantage of a promotion. I like it so far. I am also considering opening another checking account with a local community bank to take advantage of its higher interest rate. If I do, I’ll take the savings from the BofA account and split it between ING and the local bank.

    I’ve been a longtime BofA customer but their savings rates are now ridiculous and customer service while adequate, is not stellar like ING. I also found out that they never followed through with a promotion I participated in, and didn’t try to resolve the matter when I inquired about it. That’s what made me look around, so I’m sort of thankful to BofA for their inaction!

    • Daniel says:

      Same thing happened with me. Very frustrating. I should take a visit to a branch. Check out SmartyPig, right now they have the highest rate by a bunch, but we’ll see afterwards.

      BofA is quickly losing my interest (pun intended), after I complain a little more about not getting a bonus that was promised to me, they won’t get any of my business.

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