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As someone who does both, the bank, to me, is mainly a convenience. It makes it easy to pay people. I don't really trust them to keep my money safe (nor do I t
by mod 8y ago
As someone who does both, the bank, to me, is mainly a convenience. It makes it easy to pay people.
I don't really trust them to keep my money safe (nor do I trust myself, exactly, but I'm in a remote location and an unlikely target).
- astura 8y agoWhat about fire or other disaster? Also, don't you care about interest or capital gains?
- reaperducer 8y agoWhat about fire or other disaster? Easy. Don't keep it all in one place. Also, don't you care about interest or capital gains? The interest rate on savings is under 3%. It's like paying that amount on an insurance policy to guarantee that your money isn't stolen by the bank or through the bank's negligence. And considering how banks behave these days, that's not a crazy investment.
- mrb 8y ago«Don't keep it all in one place» It's shocking how many people make this error. Walter White buries millions of dollars in only one spot in Breaking Bad. People make only one copy of their cryptocurrency wallet seed. People have only 1 bank account. Etc.
- lovich 8y agoA lot of that is dependent. Do you keep multiple copies of passwords around, which increases the chance that someone can get access to your account. Do you open multiple bank accounts and spend extra money when you have less than 400 dollars in it at any one time?
- martimarkov 8y agoIn the U.K. we are getting challenger banks which are free. It’s super easy to open a new FREE account and spread your money around. You also get 2-3 diffeycards so even if you lose one or two you still have access to you money. Plus you can always transfer between accounts for free using their mobile apps. It’s a pretty sweet deal so I’m wondering if there isn’t anything like that in the US. With SV I’d be very surprised if the U.K. is pioneering this
- lovich 8y agoIf the accounts are free and from different entities then it would make sense for most people to split things up, for sure. Retail banking is pretty heavily regulated in the US so maybe that's the issue? I've seen a lot of startups in other banking areas, like Mint or Square, but none for checking/savings accounts.
- narak 8y agoThere are plenty of free checking accounts in the US (with no minimum balances): Simple, Ally Bank, CapitalOne 360, Charles Schwab Bank, USAA, etc. More here: https://www.moneycrashers.com/best-free-checking-accounts/ https://www.moneycrashers.com/best-free-checking-accounts/