what do we do with our money??

[mimzy]

FI and i are getting married in under three months and are looking to do sign up for some joint accounts, specifically a savings for the $$ that we''ll likely get from the wedding. Since we''ve already received some cash and checks, we want to do this soon.

right now we both have checking/savings at different credit unions. we aren''t *too* concerned about finding a place for anything other than savings right now, and we figured that a bigger bank would give us a better return....but now i''m not sure where to go!

is it worth it to put it into a bigger bank (national city, tcf, 5/3rd, etc), and if so, which one? Are any banks that are stable right now still at risk? or should we just play it safe and keep it in our neighborhood credit union? we aren''t going to need access to the money for a couple of years, if that makes a difference.

TIA!

 

[Italiahaircolor]

BoA is a great bet.

My husband works there and obviously, that is where we bank. I know, directly from him (since its part of his job) that BoA is doing good...and is still acquiring new banks that are going under.

However, according to DH, BoA stock is down--but thats due to peoples fear and not so much fact.

 

[neatfreak]

As long as you''re not talking over 100,000 here your $ should be protected at any bank. In my experience my local credit union always has better savings rates, fewer fees, etc. than the big banks.

 

[purrfectpear]

I rate chase my cash between online banks. Currently at FNBO @ 3.50%. I''ve also got accounts at ING and Emigrant Direct.

You might as well get some interest on your cash, and the rates are usually as good as CD''s, but liquid.

 

[pinkstars]

Actually, FDIC raised the amount that''s covered up to $250,000 but that''s only until the end of next year.

 

[Miscka]

I second the online banking suggestion, especially for savings. I have ING and I love it! The interest rate was much higher than any B&M bank in my area. Not sure I would do it for checking, but for savings its great!

 

[elrohwen]

I love our ING online savings account. It''s very convenient, gets 3.0%+ (I can''t remember off the top of my head). I have a lot of friends who also have them and love them.

 

[Hudson_Hawk]

If you''re in any way associated with the military (daughter of active or retired member, or you or FI/DH are military), then you might want to consider USAA Federal Savings Bank. They''re fabulous!

 

[robbie3982]

I''m currently getting a little over 4% with my National City money market savings. We already had checking with them before we got married, but didn''t open this account until after. They frequently have promotions that lock in a rate for 6 months. I''m very happy with National City.

 

[mimzy]

thanks everyone for your suggestions! i think that we are going to look into ING and a few other online ones, as well as take another look at our credit unions. thanks again!

 

[piccolascimmia]

To compare rates, try www.bankrate.com - they have an interactive form that helps you find banks with the best savings rates.

I have had accounts with ING, EmigrantDirect, and a few others, and tend to chase decent rates for my cash savings. The most important thing to me, besides getting a good rate/FDIC, is the ease/lack of fees surrounding transferring money between that bank and your other accounts. Some banks make it easy/free, some do not.

 

[kcoursolle]

Just make sure it''s federally insured!