Wednesday, November 15, 2006
Simple Places to Park Cash
It is recommended to keep cash equivalent to about 3-6 months of expense for rainy days.
Local Accounts
A local account is needed to access cash and deposit checks. I am a big fan of credit union. It is convinient, and sometimes offer very good rates for loans. After all, it is the place for me to get my first auto loan and one of the first a few credit cards, and definately helps me to build good credit history from next to nothing. In addition, CU also provides other service such as notary public, offer times free for members. If there isn't a decent CU near you home or work, then a bank with local braches will be the alternative. I recommend Bank of America. It has branches almost everywhere. On top of it, if you open a account online, there is $100 bonus using promotion code MYA100 or THZ3.
Online Accounts
Interest rate for local accounts are often close to nothing, therefore an online account is needed to park the majority of your cash. ACH makes things much easier so one can transfer money back and forth through internet. There are several internet bank offer decent rates, such as ING Direct, GMAC bank, and HSBC direct. I personally hate account hopping to chase the small difference in interest rate. Current, Eloan has the best rate.
Local Accounts
A local account is needed to access cash and deposit checks. I am a big fan of credit union. It is convinient, and sometimes offer very good rates for loans. After all, it is the place for me to get my first auto loan and one of the first a few credit cards, and definately helps me to build good credit history from next to nothing. In addition, CU also provides other service such as notary public, offer times free for members. If there isn't a decent CU near you home or work, then a bank with local braches will be the alternative. I recommend Bank of America. It has branches almost everywhere. On top of it, if you open a account online, there is $100 bonus using promotion code MYA100 or THZ3.
Online Accounts
Interest rate for local accounts are often close to nothing, therefore an online account is needed to park the majority of your cash. ACH makes things much easier so one can transfer money back and forth through internet. There are several internet bank offer decent rates, such as ING Direct, GMAC bank, and HSBC direct. I personally hate account hopping to chase the small difference in interest rate. Current, Eloan has the best rate.
# posted by SIMPLE FINANCE @ 2:19 PM 
