Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Bank Account - Best Practice

Bank Account - Best Practice

Old Oct 21st 2005, 4:35 pm
  #1  
Forum Regular
Thread Starter
 
Joined: May 2005
Posts: 47
fad_shen is an unknown quantity at this point
Default Bank Account - Best Practice

Dear All,

Does anybody know about best types of bank accounts to open in the USA, I am not familiar with their names. What are the cheapest to run? also saving accounts seems to have very low rate .. are there any with high rate .. or would it be better to leave some money here in the UK?

Many thanks,

Fady
fad_shen is offline  
Old Oct 21st 2005, 4:37 pm
  #2  
 
Joined: Oct 2002
Posts: 1,750
Chorlton is an unknown quantity at this point
Default Re: Bank Account - Best Practice

Originally Posted by fad_shen
Dear All,

Does anybody know about best types of bank accounts to open in the USA, I am not familiar with their names. What are the cheapest to run? also saving accounts seems to have very low rate .. are there any with high rate .. or would it be better to leave some money here in the UK?

Many thanks,

Fady

ALways leave some in the UK - you never know when you'll need it. Also, look for one with free checks etc. Usually you have to have a certain amount left in the account.
Chorlton is offline  
Old Oct 21st 2005, 4:53 pm
  #3  
Powder Maggot
 
AdobePinon's Avatar
 
Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,443
AdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond reputeAdobePinon has a reputation beyond repute
Default Re: Bank Account - Best Practice

Shop around. Don't be afraid to check out the small local guys and the credit unions. Basically a current account is a checking account here. You can pay a lot of money for your bank account here; like said above you often pay for check printing, and sometimes even to use a check. Ask for the schedule of fees when you visit the bank (you may have to pester them quite hard for this if you do not already have an account).

I'm with a local bank and get everything free, right down to traveller's checks and wire transfers. The only thing I ever pay is ATM fees at other banks, which doesn't happen very often.

But you'll be very hard pressed to find a saving account worth looking at.
AdobePinon is offline  
Old Oct 21st 2005, 5:06 pm
  #4  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by fad_shen
Dear All,

Does anybody know about best types of bank accounts to open in the USA, I am not familiar with their names. What are the cheapest to run? also saving accounts seems to have very low rate .. are there any with high rate .. or would it be better to leave some money here in the UK?

Many thanks,

Fady
Will you be employed when you get to the States? (makes a difference)

And where are you going? (banks are parochial)
fatbrit is offline  
Old Oct 21st 2005, 5:36 pm
  #5  
Mr. Grumpy
 
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
BritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond repute
Default Re: Bank Account - Best Practice

open a checking account with bank of america - no fees with direct deposit and their cust serv is not in india

open a savings account with www.emigrantdirect.com - 4% right now
BritGuyTN is offline  
Old Oct 21st 2005, 6:38 pm
  #6  
C'mon you Dragons
 
Schnorbitz's Avatar
 
Joined: Aug 2005
Location: 'merica
Posts: 454
Schnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to behold
Default Re: Bank Account - Best Practice

Don't check your balance at an ATM that doesn't belong to your bank. I've just looked at my statement and wifey must've done this and we got charged $1!! They should just be honest, put on a mask and admit they're bandits!!
Schnorbitz is offline  
Old Oct 21st 2005, 6:41 pm
  #7  
 
Joined: Oct 2002
Posts: 1,750
Chorlton is an unknown quantity at this point
Default Re: Bank Account - Best Practice

Originally Posted by Schnorbitz
Don't check your balance at an ATM that doesn't belong to your bank. I've just looked at my statement and wifey must've done this and we got charged $1!! They should just be honest, put on a mask and admit they're bandits!!
I should add to my last suggestion:
make sure you can check your balance on the internet
if you want cash, get cash back at the grocery store
Chorlton is offline  
Old Oct 21st 2005, 6:45 pm
  #8  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by Chorlton
I should add to my last suggestion:
make sure you can check your balance on the internet
if you want cash, get cash back at the grocery store

What's cash?
fatbrit is offline  
Old Oct 21st 2005, 6:50 pm
  #9  
 
Joined: Oct 2002
Posts: 1,750
Chorlton is an unknown quantity at this point
Default Re: Bank Account - Best Practice

Originally Posted by fatbrit
What's cash?
I'm the same unless I'm in a little mexican restaurant. Having said that, I was on vacation in the mountains and everyone wanted to deal in cash - a nice little step back in time without any "deliverance" hints
Chorlton is offline  
Old Oct 21st 2005, 6:52 pm
  #10  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by Chorlton
I'm the same unless I'm in a little mexican restaurant. Having said that, I was on vacation in the mountains and everyone wanted to deal in cash - a nice little step back in time without any "deliverance" hints

I simply tell them that every time they want cash, they're stealing my cashback rewards!
fatbrit is offline  
Old Oct 22nd 2005, 2:11 am
  #11  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 11,964
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by fad_shen
Dear All,

Does anybody know about best types of bank accounts to open in the USA, I am not familiar with their names. What are the cheapest to run? also saving accounts seems to have very low rate .. are there any with high rate .. or would it be better to leave some money here in the UK?

Many thanks,

Fady
Savings accounts here seem to have pathetic interest rates. Similarly for CDs. Banks hoot and holler about their magnificent CDs - give them your money for 60 months and you'll get 4.40%. Hardly enough to keep ahead of inflation.
dunroving is offline  
Old Oct 22nd 2005, 2:19 am
  #12  
.
 
Yorkieabroad's Avatar
 
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Yorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond reputeYorkieabroad has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by BritGuyTN
open a savings account with www.emigrantdirect.com - 4% right now

4% !!!! kinda nice compared to the miserly [email protected] that most of the banks here pay ? How do they manage it? I clicked on the "how do we do that" link on their website, and it came nowhere near answering. All looks OK on the website, but I'm a bit reluctant to commit cash online to something that looks too good to be true (on the basis that it rarely is!)....are they on the level?
Yorkieabroad is offline  
Old Oct 22nd 2005, 2:49 am
  #13  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by Yorkieabroad
4% !!!! kinda nice compared to the miserly [email protected] that most of the banks here pay ? How do they manage it? I clicked on the "how do we do that" link on their website, and it came nowhere near answering. All looks OK on the website, but I'm a bit reluctant to commit cash online to something that looks too good to be true (on the basis that it rarely is!)....are they on the level?

Check they're FDIC insured and they're kosher to $100k. And why anybody would want more than $100k in a savings account is beyond me.

Bankrate list here for money market. Do your own search for CDs.

My favourite's IngDirect. Always in the top 10, ethical, and super easy to shuffle xs funds in and out -- including CDs.
fatbrit is offline  
Old Oct 22nd 2005, 2:53 pm
  #14  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 47,722
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Bank Account - Best Practice

Originally Posted by Schnorbitz
Don't check your balance at an ATM that doesn't belong to your bank. I've just looked at my statement and wifey must've done this and we got charged $1!! They should just be honest, put on a mask and admit they're bandits!!
It is a federal banking regulator's requirement that any ATM card inserted into a bank's ATM other than the bank it came from, leads to a warning on the ATM screen that additonal charges will be levied. The word "will" is specified even though sometimes there are no extra charges. If Mrs Schnorbitz ignored the warning it isn't the bank's fault.

Originally Posted by fad_shen
..... also saving accounts seems to have very low rate .. are there any with high rate ......
No, not really - the interest rates are set by the Federal Reserve Bank, like British rates being set by the Bank of England, and the rates in the US are lower than those in the UK.

The flip side to low savings rates is that mortgage rates are also much lower - I bought my house a couple of years ago on a fixed rate of 4.75%, and even now you can get a 30 year fixed rate for only 6.25%. You can't expect to borrow and 6% and then get the same rate on your savings.

Last edited by Pulaski; Oct 22nd 2005 at 3:01 pm.
Pulaski is offline  
Old Oct 22nd 2005, 5:05 pm
  #15  
C'mon you Dragons
 
Schnorbitz's Avatar
 
Joined: Aug 2005
Location: 'merica
Posts: 454
Schnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to beholdSchnorbitz is a splendid one to behold
Default Re: Bank Account - Best Practice

Originally Posted by Pulaski
If Mrs Schnorbitz ignored the warning it isn't the bank's fault.
Don't get me wrong, I'm sure there was a warning, etc and rest assured that Mrs Schnorbtiz has been taken to task and the $1 deducted from housekeeping.
Schnorbitz is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.