Hey guys! I figured it'd be nice for some people out there if we leave some recommendations for banks/financial services. If you've got specific questions about a specific bank, please create a thread about it!
For here, voice about about your bank!
Personally, I use Navy Federal Credit Union, which is open to members of the armed forces as well as Department of Defense civilians. I enjoy it - their rates aren't the best I could find, but they're still competitive. What I like about them the most is that they understand the unique financial situations that come along with serving, they're SUPER friendly, and they've got 24 hour customer service. And I don't mean someone to just answer the phone, but you can apply/get approved for loans, credit cards, etc 24 hours a day, 365 days a year!
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I recommend Frost but they are only in Texas to my knowledge.
Other then that I recommend Credit Unions in general. They are very good in customer service, offer excellent interest rates and are easy to work with.
Avoid Bank of America and Wells Fargo like a the Plague.
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I use Suntrust as my primary bank and no complaints for their free checking. I used Wachovia for years and I absolutely hate them. I still have a free checking account with them, but only because I can't get direct deposit from my current employer and they're Wachovia checks. If I didn't have an account I'd have to pay $5 to cash them and Suntrust won't cash them, will only deposit them, which blows because if I do that the check doesn't hit my account til Monday if I deposit Friday.
What are the credit unions giving you for an interest rate? My CU went down to .5%, which is better than nothing, but the way I figure, they are using my money to make more money, so .5% just doesn't cut it.
Another savings bank I have found which pays good money is Capitol Bank. It is done all online, and right now they pay 1.40% interest. If you are a Costco executive member, and mention this during enrollment, they will provide an additional 10% on the interest earned, and give you a free $60.00 initial bonus, which adds up to quite a bit more that the posted 1.40% interest. It is also FDIC insured.
I was wondering what they pay on savings accounts. For car purchases, my CU is pretty competitive with 3.5 to 6.5 %, depending on your FICO score, but most dealers offer 0%, so the CU's aren't really a good deal, unless buying used.
My local city Federal Credit Union is what I used.
Back to my question, how much interest does your credit union pay you for the use of your money? Mine use to top any bank's interest rate, but the administrators of the Federal credit unions said we need to reduce our outgoing interest paid out in order to make more of a profit. Since credit unions are considered "non-profit", the "profits" were either saved for an emergency or returned back to the bank as frivilous give aways or unneeded furniture.
This is when I got fed up with the bureaucracy and quit my position as part of the Supervisory Committee.
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