I posted here a few days ago on whether I should open an efund or not. Everyone pretty much told me it was a smart idea. I have been thinking for a while that I should and would, but I posted to generally hear some more pros or cons I hadn't thought about. Today I went into my local BOA to talk with someone about it, and it turned out to be a very positive learning experience. I had questions on BOAs interest rates, minimum account balances, max number of withdrawals etc, and she helped me out a lot. As I mentioned in my previous post regarding the topic, I already bank through BOA, and would sort of like to stay with them. Their interest rate is nothing amazing...but I'm debating on whether that's ok with me because of the convenience I would have staying with them. She told me some of the options I could have. I don't have that much money right now that I can or want to put in an efund. I had a custom savings account with them for almost a year, but I closed it last month because, at the time, I felt I didn't need it...there was only 14 dollars in there anyways. So, now I'm thinking about opening one back up. The custom savings account has a minimum initial balance of 25 bucks. I can do this. I can add more than 25, and probably will if I end up opening it back up again. There are no charges as long as I deposit once a month. I can only have one withdrawal a month too, but that's ok. Once I build it up to 500, I can turn the custom savings account into a regular savings account. This will give me more withdrawals a month if I need them, and no required deposit a month. THEN...once or if I build it up to 2500 I can turn that savings account into an official money market account. This all might seem like a hassle to some, but I don't think it will be that bad of a deal if I do it. But wait...there's more. When I got home, I finally checked out www.bankrate.com and snooped around. I checked out the interest rates on local mma's. This is a little complex for me because I go to school 350 miles away in Lubbock, TX...which is 9-10 months out of the year, but I come home for the summer to Georgetown, TX near Austin. I could either go with a local credit union or go with a national bank like BOA. I assume that a national banks interest rates are the same at all of their locations...right? Or am I wrong? One of my favorite things is convenience, and that's why I would sort of like to stay with BOA. As I said their interest rates are nothing special, but they're better than stuffing my cash in my mattress. The interest rates go up from the savings account to money market account. I know having your money make as much money as possible for you is the goal, but I might settle for a lower interest rate. I see that ING has a pretty darn good rate, but the question is, would it be convenient? I don't plan to dip into my efund much, but if I do, Id like to do it with as much ease as possible. Itd be easy for me to deposit or withdraw the money on the spot at a BOA atm rather than mail a check that would take a while to get somewhere. OR, I could use BOAs free bill pay and have it transfer a regular amount to my BOA savings/mma or anywhere for that matter. Ok, now I'm at the point in this post where I feel like I'm talking to myself, trying to figure this out. But I guess Ill share it with everybody. And as a bonus, the lady I sat and talked with at BOA refunded my 4-dollar maintenance fee for last month. Ok, I think I've done enough rambling now. Throw some ideas or comments out there if you have any. Ill try to figure all of this out and let you know what I decide. Thanks! Neal
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