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livingchoice's avatar

How should I grow my savings?

Asked by livingchoice (553points) June 8th, 2011

I have a few hundred dollars that I’ve saved up and want to continue increasing it. However my current bank CHASE is taking out $6 every month because I don’t meet some requirement. I want to move my money into something that will keep it safe from fees and help it to grow larger. Where would that be?

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9 Answers

Adirondackwannabe's avatar

Try a credit union. Banks suck.

creative1's avatar

!. Look at all banks in your area and question fees and I am sure you can find one that will offer a free or very low checking and savings for free with probably direct deposit
2. Figure out what your bills are and make a budget that you can live with so that you aren’t suffering with out too much but living with in your means without charging things on credit
3. Be sure to include money to put into your savings in your budget each time you are being paid.
4. If you find you spent less of your budget than you planned for, then move the money into your savings immediately.

Results…. You will find that you will save more than you know…. When you have enough research putting the money into a CD where it can grow in interest as well, you also want to call around to the different bank for rates as well because they will offer different specials and deals for the CD’s especially for new money. This is called your money making money…

Tropical_Willie's avatar

Second on Credit Union.

creative1's avatar

Just and fyi…. Make sure your funds are FDIC insured, not all Credit Unions have to be FDIC insured, you don’t want what happened here in Rhode Island to happen to you. Link 1991 sounds like a long time ago but it really isn’t too long ago

JLeslie's avatar

Never pay a fee. Shop around. Keep saving. It’s worth it. Having money in the bank is freedom.

SpatzieLover's avatar

3rd on a credit union. They rule with your money…and are amongst the only “banks” giving out decent loans nowadays, too.

creative1's avatar

I am in no way against a credit union I use one myself, I am just saying make sure they are FDIC Insured, they do not have to be, how would you feel to save all your money and find out one morning you wake up and all your money is gone. Totally gone!!!! It happened here in RI only 20 short years ago and I remember the fall out, it was very sad for people that lost their savings and lost their money that they had for their retirement. Can you imagine writing out your mortgage check knowing your money was in your account but it wasn’t paid because the bank had no money.

SpatzieLover's avatar

Ours is @creative1…as are most in my area

choreplay's avatar

A few hundred dollar are enough to start an Ameritrade account, along a fee when you purchase or sell a stock.

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