How to earn money through your bank savings?
I'm not very banking literate so...
I know you can gain money through savings in your bank accounts with interest. Even though the rates might be like 1.5 % or whatever, it's still earning you money right?! I started saving money and I want to set aside a separate account that I'll add funds to and save money for later(probably after graduating from graduate school). I'm with bank of america, can anyone help me?
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Answer by Huntsman
I would choose another bank besides Bank of America
Please compare a credit union or a local small bank.
Bank of America has fees that may rob you blind (even for savings)
With a regular savings,
- You must keep $ 300 min balance to avoid monthly fees
If not, the fee is $ 5 a month to have that account
- Or you have have an automatic transfer to the savings of $ 25 a month
This means you also need another account, such as a checking
- You can only make 3 withdrawls a month
If more, you get a $ 3 fee
- The interest rate is 0.05%
^ You can do better at ANY other bank in the United States of America
There are many, many other high fees. Ex:
Replacement ATM card fee, and even a stiff fee if you close the account in less than 6 months. You get another fee if you don't go in person to close the account. And it goes on and on and on
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