Thursday, July 13, 2006
My "Fun Fund" Will Not Be At Emigrant. Here's Why.
So in deciding where to open my "fun fund," originally Emigrant had been my favored institution, but recently, I read a post on Bank Deals that stated, Emigrant downgraded to 2 stars. No big deal right? They are FDIC insured. Ummm, not completely. If I have a choice, I'm not going to put my money in a bank that might be insolvent, however unlikely that may be. Of course, I haven't done a ton of research into Emigrant, but really, I'm not looking to do so. I just want an easy place to put my money to spend, and one that I don't have to worry about. Even if it's not completely true, there has to be some truth behind it. That being said, my current consideration list is: - My current credit union's savings account. A fairly low savings rate, but it's convenient and easily accessible. I can also get traveler's checks for free. - Paypal (thanks LAMoneyGuy). Might be a good mix between a full fledged online bank and my local credit union. Transfer is much quicker than HSBC, that's for sure. Plus no minimum, and I can use it to buy things online, although I'd still probably use my credit card. So that point is moot. And rates are very competetive...I was surprised actually. At 4.95%, that's pretty impressive. I'm going to be out playing a round of golf today (yes, I'm taking a half day from work...I am not play hookie). I haven't hit a golf ball in over a year, but this will be for a school benefit, which is why I'm going. It should be very interesting. I won't be posting anymore until later today if anything.