Where should I have my checking and/or savings account?

[zzzz8]

I currently have a checking account with Bank of America. I don't think it's going to go under - at least the government will bail them out... But I want to move it, just in case - and their interest rate is bad (i.e. 0% on checking).

However, what is a good bank to keep my deposits in right now? I'm thinking of stable foreign banks that have a presence in the U.S. and are FDIC insured. I'm looking at HSBC Direct - 2.25% interest on checking and 3.5% on savings. I believe HSBC is in fairly good shape. What other banks would you recommend?

[Unspun]

I've heard lots of great things about Everbank from people on here and elsewhere.

http://www.everbank.com

[TastyWheat]

Don't think for one second that any interest rate will keep up with inflation. Anyway if you want a high rate of return ING Direct or Charles Schwab have pretty high rates. The only bad thing is that they don't have physical branches, you do everything online. I use ING Direct and it's been a little annoying, depositing money in one account then transferring it to ING.

If you're open to investing (stocks and bonds) I'd look into Charles Schwab.

Another good thing about ING Direct is that you don't pay overdraft fees. You have a small line of credit attached to your checking account and you just owe interest if you get into the red.

[LittleLightShining]

A credit union.

[newyearsrevolution08]

And then they start eating it up lol.....

And they say that the media can't scare people into b.s. worries. It almost seems like this has happened before hmmn....

I can't wait for the media to tell everyone that guys look cool wearing pink and men start doing that as well... O wait that happened as well..

A thought, turn off the talking box in your living room. Those people with over 100k in MULTIPLE banks odds are know what to do and how to go about it and those who actually "worry" odds are have nowhere near the 100k to even worry about....

[zzzz8]

And then they start eating it up lol.....

And they say that the media can't scare people into b.s. worries. It almost seems like this has happened before hmmn....

I can't wait for the media to tell everyone that guys look cool wearing pink and men start doing that as well... O wait that happened as well..

A thought, turn off the talking box in your living room. Those people with over 100k in MULTIPLE banks odds are know what to do and how to go about it and those who actually "worry" odds are have nowhere near the 100k to even worry about....

So you're implying I should just sit still and allow my big ol' government to take care of me while the banks literally bankrupt - with the only safeguard is that the FDIC "promises" to guarantee accounts up to $100,000 and bail out banks. The problem is that people are NOT worried - they think everything is going to be OK and government is going to take care of them. What are the b.s. worries? I'm sure you're really comfortable with the balance sheets of these banks...

What do people with multiple bank accounts over $100K do? They probably have some of their money in foreign banks, countries, and investments...

[tonesforjonesbones]

Well...I listened to Jim Rogers the other day. He said he is getting rid of ALL his federal reserve notes. He invests in commodities, he has exchanged them for either japanese yen or swiss francs...heck..who knows. I betcha one thing...those big money wall street guys probably have also gotten rid of their dollars.. i wouldnt' think they have any in the banks either..lol..well..there IS no money in the banks. tones

[muh_roads]

Anglo Far East. Screw US Banks.

Switch out your US dollars for REAL MONEY and watch your value rise faster than any measly US bank interest would ever give you.

[Cowlesy]

Ticker: FXF --- I keep many of my FRNs in swiss francs

[jonahtrainer]

I recommend GoldMoney. You can have interest earning national currency balances or bullion. Very safe, affordable and secure.

For domestic US banks probably Wells Fargo is the best; but they have problems to.

[spudea]

I haven't read any bad news about Chase. They seem to have steered clear of the mortgage crisis. They'll be one of the last national banks needing a bailout. But they do not offer competitive interest rates.

[rapidtrends]

Anglo Far East. Screw US Banks.

Switch out your US dollars for REAL MONEY and watch your value rise faster than any measly US bank interest would ever give you.

QFT

Anglo Far East

[CzargwaR]

try more local banks

[newyearsrevolution08]

Yes that is EXACTLY what I meant. WOW....

So you're implying I should just sit still and allow my big ol' government to take care of me while the banks literally bankrupt

[zzzz8]

Yes that is EXACTLY what I meant. WOW....

Here's a snippet of your comments:

And they say that the media can't scare people into b.s. worries.

You described my worries as "b.s." This implies I should not worry about my banking account (and by extension, the banking system) and that somehow things will just work out well. Perhaps you can clarify your comment now - am I misinterpreting your comments?

[Paul.Bearer.of.Injustice]

Anglo Far East. Screw US Banks.

Switch out your US dollars for REAL MONEY and watch your value rise faster than any measly US bank interest would ever give you.

This is in Panama, isn't it? Money is safe until another junta coup

[jd603]

FDIC insures up to $100k , but I don't believe they'll maintain well if hundreds of banks start going under.

Spread your money around, probably best bet, that's what I do. I don't keep a lot in the bank though in general. I do some gold, some cash, some in bank, some stocks etc.

Invest in a safe, bolt it to the floor.

[rapidtrends]

This is in Panama, isn't it? Money is safe until another junta coup

It appears you haven't done your research.

[Paul.Bearer.of.Injustice]

It appears you haven't done your research.

Head Office & Operations
The Anglo Far-East Bullion Company
Level 23, Monticello Building, Marbella,
Panamá City, Republic of Panamá
Phone : + 507 264 0164
Facsimile : + 507 264 8367


Asia/Pacific Representative Office
Unit 801, 8th Floor, Pacific House,
20 Queens Road, Central, Hong Kong
Phone : +852 8124 1265


I hope the vaults aren't in Panama, too

[Truth Warrior]

Where? Switzerland!

[rapidtrends]

Head Office & Operations
The Anglo Far-East Bullion Company
Level 23, Monticello Building, Marbella,
Panamá City, Republic of Panamá
Phone : + 507 264 0164
Facsimile : + 507 264 8367


Asia/Pacific Representative Office
Unit 801, 8th Floor, Pacific House,
20 Queens Road, Central, Hong Kong
Phone : +852 8124 1265


I hope the vaults aren't in Panama, too

I encourage you to study the most sound methods of multi-jurisdictional wealth protection available to man.

Here is a brief article by Gold investing legend, Jim Sinclair: http://www.rapidtrends.com/blog/addi...oxes-sinclair/

In the article, Mr Sinclair describes a mutli-jurisdictional legal structure that offers protection that is virtually untouchable.

If you can grasp what he is saying, you will understand. If not, then not.

[Paul.Bearer.of.Injustice]

I encourage you to study the most sound methods of multi-jurisdictional wealth protection available to man.

Here is a brief article by Gold investing legend, Jim Sinclair: http://www.rapidtrends.com/blog/addi...oxes-sinclair/

In the article, Mr Sinclair describes a mutli-jurisdictional legal structure that offers protection that is virtually untouchable.

If you can grasp what he is saying, you will understand. If not, then not.

What does this have to do with a rebel general seizing my funds/records in a coup?

I work for hedge funds and I know why they're usually incorporated in Bermuda/ Cayman/Switzerland and not El Salvador.


I've been reading Jim Sinclair religiously the past year or so. The man is amazing and a quasi-prophet.

[theoakman]

FDIC is a false sense of security. If Bank of America fails, the government has to run the printing press to insure all those deposits. That means they devalue the dollar. Your 100k might only be worth 95 when they are done bailing out Bank of America. If they have to do it to a few more banks, your 100k might only be worth 60k. Hell, your 100k in 2000 is only worth 60k now in year 2000 dollars. I'd keep the bare minimum of your money in dollars right now.

[brandon]

FDIC is a false sense of security. If Bank of America fails, the government has to run the printing press to insure all those deposits. That means they devalue the dollar. Your 100k might only be worth 95 when they are done bailing out Bank of America. If they have to do it to a few more banks, your 100k might only be worth 60k. Hell, your 100k in 2000 is only worth 60k now in year 2000 dollars. I'd keep the bare minimum of your money in dollars right now.

true. 10% of FDIC's reserves were just consumed by Indymac's failure. If a couple larger banks fail there will be no FDIC insurance left.

[LibertyRevolution]

If all the banks start to fail they will just keep printing the money to cover it. If they don’t their will be riots and people killing each other over food and ammo.
It is much more likely that the government will be able to keep the sheep asleep by pressuring business into increasing wages to almost keep up with inflation.
It also wouldn’t surprise me if the government used a huge bank run as an excuse for doing away with paper money and started handing out photo ID national debit cards because they cant meet the cash demand.

[Dianne]

I was just looking at the Everbank site. Does everyone feel 100% confident that the US government would not freeze all our assets in foreign currency as well?

[rapidtrends]

I was just looking at the Everbank site. Does everyone feel 100% confident that the US government would not freeze all our assets in foreign currency as well?

If its within US Jurisdiction, the US Government has control over it.

I am not saying they are going to start freezing accounts, I have no idea, but if its in the jurisdiction they control it and can do what they like.