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Re: Bank/Account Recs
#16
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I have, for the longest time, been intending to open an account at Liberty Savings Federal Credit Union. I would love to know how their service is.

LSFCU allows membership for anyone who lives, works, studies, or worships in Hudson County. Xcel appears to be limited to employees of certain employers and their family members.

Posted on: 2013/6/27 20:00
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Re: Bank/Account Recs
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Another vote for Provident. Provident is the choice if you want to do anything in person. And if you meet the requirements, you will receive almost twice as much in interest as any other bank on your first $15k. If you do not think you can meet the requirements, then an online bank such as Ally may be the way to go. FYI - Ally is the rebranding of the old General Motors Acceptance Corp. Provident is headquartered in Jersey City, if this means anything to you.

Posted on: 2013/6/27 17:32
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Re: Bank/Account Recs
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Quote:

CatDog wrote:
Quote:

SOS wrote:
Quote:

CatDog wrote:
It was 2.01% interest when I started my account about two years ago. Looks like right now it's 1.51% interest. You know how much most banks offer on a savings account? .01 - .05% interest. ...


See the fine print - Provident:

An interest rate of 1.50% with an Annual Percentage Yield (APY) of 1.51% will be paid only for that portion of your daily balance that is $15,000 or less. An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your daily balance that is more than $15,000, but less than or equal to $25,000. An interest rate of 0.15% with an APY ranging from 0.15% to 1.11% will be paid only for that portion of your daily balance that is greater than $25,000. The interest rates and APYs will be paid provided that the Provident $MART Checking qualification requirements are met in the corresponding statement period. If you do not meet the qualification requirements for a statement period, your account will still function as a free checking account earning 0.05% APY; however, it will not receive ATM fee refunds for that statement period. APY is in effect as of 12/1/12. APYs are variable and may change at any time after the account is opened. No minimum account balance required, however, you must deposit a minimum of $50 to open this account. Withdrawal/transfer restrictions apply; ask for details or see account disclosure. Available to consumer/personal account holders only. No monthly service charges. 2All nationwide ATM fees will be refunded provided qualification requirements are met. All qualifying transactions must post and clear your account within one (1) statement period. Account holder/owner must sign up for and maintain a free ProvidentConnect online banking relationship. Online opening for this account is for New Jersey residents only.3You must conduct at least ten (10) signature-based POS purchases which post and clear your account within one (1) statement period. You must receive at least one (1) ACH direct deposit or process at least one (1) automatic debit which posts and clears your account within one (1) statement period.

The big catch, other than the stated limitations - all conditions must be met...or else it's just a "free checking account earning 0.05% APY" -

Ally doesn't play games.
The conditions aren't fine print, I posted about them at the beginning, and they are marked off in bold on the site I linked to. And so the interest changes after $15k, why is that a problem? It's still much higher than what Ally offers.

Say you have $25k in the bank.
(1.51% x $15k) + (.5% x $10k) = $276.50
(.4% x $15k) + (.75% x $10k) = $135

You get twice as much money with Provident, provided you meet the conditions each month. Even if you miss one or two months, it's still more money.

I don't understand what you're getting at here. I just thought I'd post about the bank I'm using and their program, and you keep trying to find something wrong with what I'm saying.


With Ally the current rate is .84% for the savings. About the best considered there's no minimums and no strings attached (see bankrate.com - MMA). It's best to get that linked to a checking account. If the checking account goes over, money is automatically transferred from savings in $100 increments with no fees/charges. So the (.4% x $15k) + (.75% x $10k) is not really relevant. You provided some useful info about Provident, and for some people it may be the best choice. At least we gave folks a few solid options to consider.

Posted on: 2013/6/27 15:57
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Re: Bank/Account Recs
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Quote:

SOS wrote:
Quote:

CatDog wrote:
It was 2.01% interest when I started my account about two years ago. Looks like right now it's 1.51% interest. You know how much most banks offer on a savings account? .01 - .05% interest. ...


See the fine print - Provident:

An interest rate of 1.50% with an Annual Percentage Yield (APY) of 1.51% will be paid only for that portion of your daily balance that is $15,000 or less. An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your daily balance that is more than $15,000, but less than or equal to $25,000. An interest rate of 0.15% with an APY ranging from 0.15% to 1.11% will be paid only for that portion of your daily balance that is greater than $25,000. The interest rates and APYs will be paid provided that the Provident $MART Checking qualification requirements are met in the corresponding statement period. If you do not meet the qualification requirements for a statement period, your account will still function as a free checking account earning 0.05% APY; however, it will not receive ATM fee refunds for that statement period. APY is in effect as of 12/1/12. APYs are variable and may change at any time after the account is opened. No minimum account balance required, however, you must deposit a minimum of $50 to open this account. Withdrawal/transfer restrictions apply; ask for details or see account disclosure. Available to consumer/personal account holders only. No monthly service charges. 2All nationwide ATM fees will be refunded provided qualification requirements are met. All qualifying transactions must post and clear your account within one (1) statement period. Account holder/owner must sign up for and maintain a free ProvidentConnect online banking relationship. Online opening for this account is for New Jersey residents only.3You must conduct at least ten (10) signature-based POS purchases which post and clear your account within one (1) statement period. You must receive at least one (1) ACH direct deposit or process at least one (1) automatic debit which posts and clears your account within one (1) statement period.

The big catch, other than the stated limitations - all conditions must be met...or else it's just a "free checking account earning 0.05% APY" -

Ally doesn't play games.
The conditions aren't fine print, I posted about them at the beginning, and they are marked off in bold on the site I linked to. And so the interest changes after $15k, why is that a problem? It's still much higher than what Ally offers.

Say you have $25k in the bank.
(1.51% x $15k) + (.5% x $10k) = $276.50
(.4% x $15k) + (.75% x $10k) = $135

You get twice as much money with Provident, provided you meet the conditions each month. Even if you miss one or two months, it's still more money.

I don't understand what you're getting at here. I just thought I'd post about the bank I'm using and their program, and you keep trying to find something wrong with what I'm saying.

Posted on: 2013/6/26 20:06
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Re: Bank/Account Recs
#12
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hi . . if you are interested about current bank accounts you can have a look at this . .http://www.currentbankaccounts.com/best-current-bank-accounts/

Posted on: 2013/6/26 17:24
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Re: Bank/Account Recs
#11
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Quote:

CatDog wrote:
It was 2.01% interest when I started my account about two years ago. Looks like right now it's 1.51% interest. You know how much most banks offer on a savings account? .01 - .05% interest. ...


See the fine print - Provident:

An interest rate of 1.50% with an Annual Percentage Yield (APY) of 1.51% will be paid only for that portion of your daily balance that is $15,000 or less. An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your daily balance that is more than $15,000, but less than or equal to $25,000. An interest rate of 0.15% with an APY ranging from 0.15% to 1.11% will be paid only for that portion of your daily balance that is greater than $25,000. The interest rates and APYs will be paid provided that the Provident $MART Checking qualification requirements are met in the corresponding statement period. If you do not meet the qualification requirements for a statement period, your account will still function as a free checking account earning 0.05% APY; however, it will not receive ATM fee refunds for that statement period. APY is in effect as of 12/1/12. APYs are variable and may change at any time after the account is opened. No minimum account balance required, however, you must deposit a minimum of $50 to open this account. Withdrawal/transfer restrictions apply; ask for details or see account disclosure. Available to consumer/personal account holders only. No monthly service charges. 2All nationwide ATM fees will be refunded provided qualification requirements are met. All qualifying transactions must post and clear your account within one (1) statement period. Account holder/owner must sign up for and maintain a free ProvidentConnect online banking relationship. Online opening for this account is for New Jersey residents only.3You must conduct at least ten (10) signature-based POS purchases which post and clear your account within one (1) statement period. You must receive at least one (1) ACH direct deposit or process at least one (1) automatic debit which posts and clears your account within one (1) statement period.

The big catch, other than the stated limitations - all conditions must be met...or else it's just a "free checking account earning 0.05% APY" -

Ally doesn't play games.

Posted on: 2013/6/26 15:54
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Re: Bank/Account Recs
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It was 2.01% interest when I started my account about two years ago. Looks like right now it's 1.51% interest. You know how much most banks offer on a savings account? .01 - .05% interest.

Looks like Ally Bank is .84% for Savings, and .4% (or .75% for balances over $15,000) for Checking. So that's way better than most, but still much smaller than what Provident offers.

Provident:
http://www.providentnj.com/site/Perso ... martChecking/Content.aspx

Ally:
http://www.ally.com/bank/interest-checking-account/#tabs=rates

Plus it doesn't look like Ally has any actual locations, whereas Provident has a couple of bank locations in JC. And it also has all the other stuff you mentioned, like ATM refunds and check deposit by smartphone. Ally does sound like a really good bank, but Provident imo is a bit better. Oh huh, and here are a bunch of ally ads on my sidebar.

Posted on: 2013/6/26 14:50
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Re: Bank/Account Recs
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CatDog wrote:
Quote:

Asif wrote:


Hi,

I am starting a part-time job to save up for a new car or go on a vacation.

I would like to start a new account. Any recommendations? My current bank(a local community one is not so great).

I would probably setup a direct deposit for it. Any features like cash back, rewards.....with no fees would be bonus. Look forward to your input.

And yes i have looked around and done some research....but would like to hear from people who already have accounts.
Provident Bank has a program called Smart Checking. It offers interest (around 2% right now I think?) which is better than most savings accounts. It also gives ATM fee refunds. The requirements are:
-Direct Deposit or auto-payment once per month
-Online statements instead of mailed ones
-Use your debit card as a credit card 10 times per month (not that difficult to do).

Plus it's a small local bank, so you can avoid the bloodsuckers at Chase and friends.


2% interest? Are you tripping? Again, check out Ally Bank. Use nearly any bank's ATM and get 100% reimbursed for the fee. Interest about the highest of any bank but more importantly stays high. Deposit checks with smartphone/iPhone. The list goes on and on. Ally is about the best.

Posted on: 2013/6/26 0:21
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Re: Bank/Account Recs
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Quote:

JerseyAveGirl wrote:
Quote:

user1111 wrote:
Credit Union, I pay no fees. JC has tons of CU's around. They also give better rates on mortgages. Good Luck!


Do you have a few you know are recommended?

I use two Liberty Savings Federal Credit Union & Xcel credit union over in Journal Square. The only negatives you can only use McDonald's ATM's to get no ATM charges and that can be a pain in JC, but else where McDonald's are everywhere.

Sorry for the typos I am using me phone.

Posted on: 2013/6/25 23:40
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Re: Bank/Account Recs
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Quote:

Asif wrote:


Hi,

I am starting a part-time job to save up for a new car or go on a vacation.

I would like to start a new account. Any recommendations? My current bank(a local community one is not so great).

I would probably setup a direct deposit for it. Any features like cash back, rewards.....with no fees would be bonus. Look forward to your input.

And yes i have looked around and done some research....but would like to hear from people who already have accounts.
Provident Bank has a program called Smart Checking. It offers interest (around 2% right now I think?) which is better than most savings accounts. It also gives ATM fee refunds. The requirements are:
-Direct Deposit or auto-payment once per month
-Online statements instead of mailed ones
-Use your debit card as a credit card 10 times per month (not that difficult to do).

Plus it's a small local bank, so you can avoid the bloodsuckers at Chase and friends.

Posted on: 2013/6/25 21:54
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Re: Bank/Account Recs
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user1111 wrote:
Credit Union, I pay no fees. JC has tons of CU's around. They also give better rates on mortgages. Good Luck!


Do you have a few you know are recommended?

Posted on: 2013/6/25 21:09
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Re: Bank/Account Recs
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Ally.com

About the best based on your needs.

Posted on: 2013/6/25 20:55
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Re: Bank/Account Recs
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I would recommend Chase. Yes, I know, big bank, but it has its perks.

You can usually find a coupon giving you $150-$200 for opening a checking account and there is no fee if you utilize direct deposit or keep a minimum balance (a couple of thousand I believe - so this option may not be feasible) otherwise there is a $12/month charge.

What I enjoy (other than the cash in pocket) is the ease of their website, their mobile app, and the sheer volume of ATMs in the NYC area. It helps me avoid unnecessary ATM surcharges (usually 2-3 dollars from the ATM and then another $2 from the bank) and the convenience of being able to deposit checks from my phone is great.

I've previously banked with Wachovia (now Wells Fargo) which was great as well (not as many perks but free checking) and Bank of America (which I did enjoy in the least bit.


Posted on: 2013/6/25 19:13
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Re: Bank/Account Recs
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Credit Union, I pay no fees. JC has tons of CU's around. They also give better rates on mortgages. Good Luck!

Posted on: 2013/6/25 18:59
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Re: Bank/Account Recs
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I've only banked at Capital One (on Newark), and I love their service. Not over the top, but they are always willing to help. I have a low balance (hundreds), and is currently not being charged any fees.

Added: I also do most of my stuff online (their website is pretty good and easy to use).

Posted on: 2013/6/25 18:54
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Bank/Account Recs
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Hi,

I am starting a part-time job to save up for a new car or go on a vacation.

I would like to start a new account. Any recommendations? My current bank(a local community one is not so great).

I would probably setup a direct deposit for it. Any features like cash back, rewards.....with no fees would be bonus. Look forward to your input.

And yes i have looked around and done some research....but would like to hear from people who already have accounts.

Posted on: 2013/6/25 18:49
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