Here's a list from the Motley Fool of the two most common banking mistakes and how to deal with them:
Many common banking mistakes result from not looking at the big picture and rather focusing on one attractive aspect of a banking service.
Another big mistake is keeping too much money at your local bank, especially in savings accounts and other accounts that pay paltry interest rates. That money could be put to work for you much more effectively.
Here's what I do:
1. I have a basic checking account. No frills. No interest. No cost.
2. My work check is automatically deposited into the account. I know roughly how much I'll need to cover expenses for the month, and I have a portion of the remainder automatically moved to a Vanguard account and invested.
3. The rest of the amount I don't need that is moved by me manually to one of a handful of accounts depending on what I need where.
4. The bank is ALWAYS trying to "sell" me an interest checking account, but I always decline. The interest is a pittance (I'd prefer to keep my money with Emigrant Direct) and a hefty minimum balance is required. In short -- it's not worth it.
Comments