Smart + Frugal Banking | Best Online Banks + How to Choose One

Published May 15, 2020, 8:00 AM

We all have to put our money somewhere, but how do we decide the best banking solutions? On this episode we explore whether an online bank is right for you, if credit unions live up to all the hype, and if you do choose multiple accounts how you should organize your money in them. We'll also go through our recommendations for the best banks with no or low fees!

Sponsors: 

  • is a mobile bank with an awesome user interface, no overdraft fees and no minimum balance requirements. Its app has a free built in budgeting tool, that gives you purchase notifications, and insight to your spending. Premium users can even break up their savings account into different pods which is super helpful if you’re saving for multiple things at once. And when you set up direct deposit you can get paid up to two days early! So, if you’re looking for another bank account to hold your emergency fund or something big you’re saving for then you’re definitely gonna want to try Current because we’re giving $10 to the first 10 people who sign up using our promo code "FRUGALFRIENDS” for each episode. That’s FRUGALFRIENDS, all one word.Current:
  • that feeling of slight awkwardness and uncertainty about what’s happening next. Sort of how talking about things I am not an expert on makes me feel! Eleanor Roosevelt is quoted to have said ‘do something everyday that scares you’ well - for some of us that’s talking about and/or learning about intricate financial details so you can check that box for the day. Being uncomfortable: it’s less scary when you have your friends with you!Being Uncomfortable:

Notable Notes:

What the Internet has to say:

This article comes from Credit Karma and outlines what you need to look for when choosing a bank

What Jen + Jill have to say:

Consider the following:

  1. What is your current financial situation?
  2. What are your current banking habits?
  3. What do you anticipate your future needs to be?

Put your money in one of the following:

  1. Traditional, brick and mortar bank: great for getting lots of financial products, interact with tellers, great for depositing  cash, access to ATM's
  2. Online Bank: many of the same products as traditional banks, not as easy to deposit cash, free ATM use (sometimes internationally), often offer high yield savings/checking accounts
  3. Credit Union: non-profit, member-owned organizations, lots of financial products

Pay attention to:

  • Make sure the bank is either FDIC or NCUA insured! If it's not insured you are at risk of losing that money.
  • Insurance rates; check out the APY rates
  • Minimum balances, services fees, overdraft fees, etc.
  • ATM fees
  • ATM location

More from the Internet:

This article is from The Balance and provides a list of the best no-fee checking accounts for 2020

More from Jen + Jill:

What makes for a good checking account:

  • minimal fees
  • deposit insurance
  • easy access to cash
  • mobile deposit
  • online bill pay

Recommended Banks:

  • Ally - high yield savings and checking, don't need high balance to get good APY
  • Discover - can earn cash back rewards with debit card
  • Radius - also provides rewards for debit card use
  • Simple - has a great (free!) app for budgeting and money management
  • Schwabb - unlimited rebates on ATM fees, high yield investor checking account (great for traveling internationally)

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Episode one oh eight, Smart and Frugal Banking. Welcome to the Frugal Friends podcast, where you'll learn to save money, embrace simplicity rights, and live with your life. Here your host Jen and Jill M m M. Welcome to the Frugal Friends podcast. My name is Jen, my name is Jill, and today we are talking all about online banking, how to choose one, difference between accounts, and how a frugal person should view these things. We all need it, we all need to bank, we might as well talk about it. It's going to be better than the insurance episode for sure, less controversial. This is less boring, must be honest. So we're gonna answer the questions like is an online bank right for you? Do credit credit unions live up to the hype um? And if you choose multiple accounts, how should you organize your money in them? So that's what we're going to cover today, but first our sponsors do it also brought to you by being uncomfortable, that feeling of slight awkwardness and uncertainty about what's happening next, sort of how talking about things I am not an expert on makes me feel. Eleanor Roosevelt is quoted to have said, do something every day that scares you. Well, for some of us, that's talking about and or learning about intricate financial details. So you can check that box for the day being uncomfortable. It's less scary when you have your friends with you. That's me, m heart, that's so sweet. Thanks for being with me. All right, so let's get into today's episode about frugal banking. So obvious, I have bank accounts and checking accounts and savings accounts and all of these things, but I would not consider myself an expert on them. I am learning and I am growing in this, and you are my frugal friend whom I go to for my answers. And I think that's nine percent of people. We open up a bank, either even when we're kids and we use the same bank we've used when we opened up one with our parents, or when we went to college and we opened up a bank account. I'm still using the checking account I opened in college. Yeah, and so I have other ones. But yeah, so that's usually how people bank. Um. But and and we do no research on what's better banking. And so that's what we're talking about today is better banking. And we are not financial coaches. We're not certified in that. So this is for entertainment purposes to talk about our story. Certainly, make choices that are wise for you as an individual exact and some of these do you bear some interests, but it's nothing like a retirement account or an investment accounts. So we're not talking about saving for retirement. We are just talking about your day to day savings. You're sinking funds where you're you know, your debit cards, stuff like that. You don't have to be a financial coach to talk about that anyway, you don't, So lucky for us. Learning what's illegal and what's not that's the same thing. That's our second theme song for the show, learning what's legal and what's illegal. It's been off of the show learning What's illegal. Oh, not the hard way either, just by doing simple Google search. Yes, all right, So our first article today is from Credit Karma and it is how to choose a bank? Uh and so any question, any like surface level question shin that you might have about banking. I love that this article really went through it. Yes. I love the way that they start out in choosing a bank that's right for you. You You should consider these three things. What's your current financial situation, what are your existing current banking habits, and what do you anticipate your future needs to be. I think those are perfect questions to be asking when considering what kind of containers do I want to put my money in? How much money do I have to put in a container? Exactly? That's really a great way to put it because it's really just a container. It's like a substitute for your mattress or your freezer. Yes, my grandmother used to keep her money and her freezer, and I used to think it was so genius, like, oh, no, one's going to find my grandmom's money in the freezer. And then turns out that's like one of the most common places to hide your money. At least my grandfather never he didn't know. Yeah, all right, don't put it in the freezer. Don't put in the freezer. Put it in one of these three places. Um, either a traditional bank, brick and mortar, an online bank, or a credit union. And hopefully you've heard all of these three things before, and all of them serve their purpose, Like we're not against traditional banks. They serve their purpose and they're good. I have I use all three of these UM, and and you can still have a minimalist financial picture and use all three. It's just the way in which you use it. You want to organize it well. So traditional banks UM, they're great for they offer a lot of financial products, they've got most of them have long histories. They have tellers either in person or on screens where you can deposit money cash UM is a big reason to have a traditional bank and in a t M S available locally, so great reason to use traditional banks. Online banks offer are starting to offer a lot of the same products available in traditional banks UM, but they'll have few or no branches so UM not as easy to deposit cash if you get paid that way UM. But still they offer free a t M S UM. Not every a t M will be free, but tens of thousands of them across the country. Some even offer free a t M S internationally UM. So and they'll often offer high yield savings accounts, even high yield checking accounts UM kind of like empower. So the incentive there is really great online interface, mobile apps and the interest you get. And and finally, credit unions UM. These are nonprofit, member owned organizations UM. Their financial products are also extensive. Just like a traditional bank still have branches locally, they invest back into the community. Um, they are not as community invested as they have been in previous decades. Um. It's I wish that I saw credit unions taking more advantage of everything they could offer to a community. Um. So that's the one. You want to see more gardens. I want to see more gardens. Yeah, I want to see, UM see it more of that. But I also have a credit union and it is where I would go for an auto loan or a home mortgage or anything. UM. Big like that. Um. So they offer better rates, you can get to know the people more intimately and sometimes negotiate better. That's not as common but can happen. But yeah, it's just a better place if you're invested locally. Um or if you're that's where your heart is, to keep more of your money there, keep bigger balances. Yeah. Okay, so those are the three different types. Now, another thing that you want to be sure is that whoever you bank with is f d I C or NCU A ensured and those acronyms. The first one stands for Federal Deposit Insurance Corporation. The second one stands for National Credit Union Administration. Basically, these are backers to ensure your money so that if the financial institute fails, your money is still covered up to Usually this website says two dollars. Uh. So, yeah, you are hard or for your money. Make sure that you you put it in a container that's going to protect it and has insurance for it. Yeah, And this is something this is a detail a lot of people will closs over when they're looking at a bank, but it's important to point out that your bank account has f D I C insurance. They all should because if it doesn't, then it's not a savings account per se. It's not a checking account, it's an investment account. Investment accounts are not f D I C inshored. You can lose the money that you put in UM, and so I think that's important to identify any time that you are not putting your money in something that's UM f D I i C insured, you are at risk to losing it. Most of the time, it's rare that you would lose it UM, but you just want to be aware, especially if you're putting that money in for a short amount of time, like if you're saving for a down payment or a sinking fund. You you want your money into a checking or savings account versus an investment account. Perfect, yes, really good UM. Distinction there because there are accounts like that, Like your investment accounts are not going to bed and we'll talk about some safer investment accounts that you can use for savings later in the show, UM. But you just want to be aware of that. Another another thing to look at is the product and service offerings. So if you know you want to be purchasing a home soon, it might be in your best interest to choose a bank that offers mortgages, especially one that offers mortgages at great rates. UM. So look at the rates in your area, find out who has the best ones, and you can choose to bank off of that. Because having a good track record, especially with credit unions UM, can improve your chance of getting a better rate in the future. So don't just think. Don't just think about mortgages when it's time to get one. You can start thinking about that now, even if it's not on your radar, just in the way that you bank. You also want to pay attention to interest rates, so for two reasons, One that you're paying less interest on loans if you utilize your bank for that like a mortgage or other types of loans that you might take out of your financial institution, but also interest rates for your own earning on the money that you put into these accounts. Uh So when it comes to savings accounts, you know the a p Y stands for annual percentage yield um and so you want to you want to pay attention because different banks will offer different ap Y rates UM. And and also pay attention to minimums because sometimes it might have a really high interest rate of earning on your money, but you might need like minimum balance of so important aspects to pay attention to the right and will always put the highest number in the advertising and then put the minimum balance in the fine print. UM. So the next thing you want to look at, and this is important for frugal people especially, is are the accountant service fees um. There are a lot of fee free banks, they are not uncommon um So no minimum balance, no overdraft fees um. You don't have to have a direct deposit set up, so like this is something that you can find, so make sure when you are doing your banking that you're if that's something that's important to you, or if that's something you wish you had. You look at what your bank is offering and see if if you need to leave UM. I know that we Travis has a job that offers direct deposit. I am self employed and I do not so to have a checking account that's only free if you connect a direct deposit UM would not be good for me. UM. You can also set up an automatic bill pay from something, usually to get the fee waves. But look at the stipulations too, because you might have a direct deposit now, but if maybe down the line you want to be self employed, you don't want to have to be stuck with that and trying to find a new bank. You know based on that, So other fees you want to look at monthly, the monthly maintenance fee, the overdraft fees, those are big ones. Statement fees, stop payment fees, return check fees. These are all things you don't think about while you're opening an account, but somewhere down the line, one time it's going to happen, and just to not have to call and get the fee reverse is going to be a great time saver and worth it. A wire transfer fees, UM Cashier's check fees, money order fees. So finding a bank that you like that has UM is fee free enough for you? UM. You may not care if they, you know, have a wire transfer fee because you don't plan on doing wire transfers. That's fine, but just just check to see what the stipulations are in these yep. The other thing to consider is location, location, location. We're not talking about house buying, but similar concept with branch and A d M locations, as in, do you need to get to the bank often and is there a branch near your home or in a t M ner home? And do they charge you a fee to use another bank's a t M or just a t M S at the stores that you're shopping at in addition to the R to the A t M fee already Uh, if you need to be going to the A t M often are do you have ones that are close to you? So these are just other considerations along with what bank you want, because convenience is a big deal it comes to banking. Yeah, especially with the traditional bank. You don't want to use the traditional bank for it's a t M S and its locations and then you're using them for so many years and banks are now closing branches and one day you wake up in the closest branch she was thirty minutes away. So it's it's time to reevaluate and make sure the bank that you're using is near where you live. Now, this is one of the biggest reasons that Eric and I are moving from our brick and mortar local bank to an online banking option, because getting to the bank is not feasible and our local bank you can only do up to I think a four dollar deposit through a mobile app, whereas usually with online banks it's much higher than that, and there's other perks. So yeah, it sounds silly, but the location piece and the decrease the mona A t M s that don't charge fees, it's like, okay, let's let's switch. Yeah, all banks have a place. I think it's just a matter of every few years kind of reevaluating where you're banking. If you need to close any accounts um and if you need to open more, where to open them. So that is our first article. Our second article is from the Balance and it is the best no fee checking accounts of So we just wanted to prove to you that there are purely no fee checking accounts out there UM. And obviously all this information is up to date as of March, so we can't guarantee that when you listen to this it will be the same numbers and the same rules. But there will be more articles out there like this article. Simple Google search will give you all the updated info. And these banks that were mentioning, we don't have a financial relationship with any of them. They do not compensate us if you sign up UM, but they have been around for a long time and we've used them, and I trust years down the road they will still be trustworthy. Yeah, So for starters, I love what they talk about as far as what what UM sets a good checking account apart, and that includes minimal fees or no fees. Am I right? Deposit, insurance, easy access to cash, am I right? Mobile deposit? Yeah, convenience, am I right? An online bill pay convenience? Right? Am I Right? Okay, Sorry that was annoying. Five different things that I would also agree are really at least important to me. You know, everybody's priorities, even in the midst of that would be different. But I think those are some really good standards for what to be looking at the checking account. Yeah, and we go I think we can go on autopilot. I keep like saying this over and over because it's something that so many people I talked to deal with, Like we go on autopilot with our bank accounts, and then we realize one day, I can only deposit four dollars mobile and I have to now drive thirty minutes to the bank. But I'm just I don't know how, and you're closed at three thirty on a Monday, like nobody else in the world has ours like that, and so but but we don't know how. You don't know how to transfer your money or if it's safe or where to do it. Um it is super easy to open one of these checking accounts, um or savings accounts, and you can transfer your money online right from the new account. UM it's super easy, it does not affect your credit, and then you can reap the benefits of whatever bank you're choosing. So don't be afraid if it's time. If you find it's time for you to switch banks or open a new one, then don't be afraid of the complications that are involved with it, because it's fairly simple. You could do it in a weekend. Yeah. Um. So the first one that they say, um is ALLY and it's their best overall. I tend to agree. I use Ally UM their high yield savings and checking UM. I have. I love ALLY there A p y is across the board so for for their savings, So it may not be the highest on somebody's like best list um, but you don't have to have a minimum balance to get their best a yeah um. And it is truly fee free. I do not have a direct deposits set up from there. I do not have an automatic billing set up for there. Who those were two things that were very important to me because I use as an extra account mostly just for like business stuff. So those are things that are really important to me. And there are two things that Ally offers. Yeah. The next one is Discover. So Discover actually has a checking account and you can earn cash back rewards when you spend with their debit card, which is really interesting because I remember that we were talking about this when we were with some of the Dave Ramsey people. I'm like, Oh, that's the one thing that I really like about my credit card is some of the rewards. It's really neat to see for those who are avoiding credit cards that there are debit cards out there offering you rewards based on you're spending with a debit card. So you can earn one percent cash back on certain purchases of up to three thousand dollars per month with a maximum or reward of thirty dollars per month three sixty per year. That's currently right, we're talking about this march um. But an example of of a debit card and a checking account that would offer you some some cache pay. Radius Bank also does rewards checking um and and one one percent all listen that in our show notes nice um. So the next one is Simple Bank, and I think this was this was one of the first online banks that actually gained traction. Uh and Simple has developed this really great app for budgeting and managing your money that you can only use if you are a customer of Simple Bank. Uh And yeah, so they help you track your spending and all this stuff is free. So I I really like Simple I do not personally use them, but I've just always admired the technology, Like you can set up a safe to spend um like bracket of your money. Yeah. So it's they have some cool tools set up with that bank. Okay, then we've also got Schwab, So Schwab offers at this point in time unlimited rebates on a t M fees. So if you withdraw money anywhere in the world when making a cash withdrawal, there'll they'll give you your money back rebate it. Uh. And then they have a High Yield Investor checking account is FDI c ensured with no monthly fees. I'm going to balance online bill pay all these things again, just another example of no fees some some of these really awesome checking account options and online, which is great. Yeah. We actually went to um to Molly a few years ago and we opened this High Yield Investor checking account and it was because there was you could get money out at any a t M internationally for free. And we also didn't want to go over there with our regular debit card in case it was stolen or lost. So there was just wee maybe put like a thousand dollars on this one card and it did end up getting stolen, like yeah, yeah, and here that part so there is by the time it was stolen, there wasn't much money left on it, and we just really quickly went into our phones and transferred it back to our account. But yeah, so that's crazy because I'm not sitting here thinking like that's so extra, that's so next level, and uh yeah you needed it, Yeah so um so. And we were able to to really quickly rectify that. So if we we no longer use it, but if we traveled internationally frequently, it is definitely a card and an account I would keep around for that reason. Yeah wow, Yeah, you know what else I like to keep around for many for many reasons. The bellow though we that's right, it's time for the best minute of your time. A week. Maybe a baby was born and his name is William. Maybe you paid off your mortgage, maybe your car died, and you're happy to not have to pay that bill anymore. That bill Buffalo Bills, Bill Clinton, this is the bill of the week. Hey, Jen and Jail. It's your longtime fan and listener, Jocelyn. I wanted to send in not just my favorite bill of the week, but my favorite actor named Bill who plays an American president in a movie. So that would be none other than Bill Pullman in the amazing blockbuster movie of Independence Day. Now you might say there can't be too many bills that have played the President of the United States in a movie. But you'll also remember that there was Billy Bob Thornton in Uh Love Actually, where he plays the super sleazy, creepy US President. Anyway, I wanted to thank you guys too for giving me a shout out on the Leap Day episode. I really love the community and speaking of Independence Day, still super stoked that my Independence Day came a couple of weeks ago, not on July four, but the day I finally paid off over a hundred thousand dollars of student loans who anyway, keep up the good work. I'll be listening every Friday. Thanks and I love you all. Oh, Jocelyn, Wow, Lyn, that's my favorite bill of the week in a very long time. I can't two bills playing presidents. Yes, and hasn't Didn't Bill Murray play a president? I'm looking it up, Hyde Park. Was that about a president? I don't know. I'm looking at up, but nobody's calling in with Bill Murray highly disappointed by that, not that I can remember. Yeah, Jocelyn, you paid off over a hundred thousand dollars worth of student loans. We can't gloss over that either. M I. You have so many great bills right now. That was a roller coaster of actually like every single one. And if you're watching us on YouTube, like you saw our faces, just get like another word, another lawyer, another layer, another lawyer. This is amazing, and then pay off and just bill. Yeah, oh my gosh, um, thank you, Jocelyn. If you have any bills that have played presidents or other characters in your favorite TV shows and movies, I was reflecting this weekend on my favorite bill, Bill Curtis the announcer and wait, wait, don't tell me um I well, the scorekeeper. I love I love him all the time, and his bill puns. Every week he has a new like yeah, a new bill pun. Uh. So if you've got anything, even a bill punt, if you have a bill pun and you want that to be your bill of the week, please send it. Okay, we're here, yeah, and we're to is. We're not going to read it, we're gonna hear it. So send it into Frugal Friends podcast dot com, slash bill um and or you can just practice as many times as you want with a voice memo and your phone. Just email it to us Google Friends podcast at gmail dot com. We don't care how we get it, just that you send it, just that we get it. Okay, now it's time for sing round. Was that not air guitar? That's what you were thinking it was. You'd be wrong. It's cello. Clearly it was air cello, which happens always when there's lightning. Yeah, so we are going to get a little outside of the box on the lightning round today and think about ways that you can save your money or spend it whatever. It just accounts that you can have that are not saving or checking accounts. You need your savings and your checking account. Usually you will need more than one each. I know that I have my regular spending account and are sinking fund account, and then I also have my emergency fund at a different bank, and then I do checking and saving at a totally different bank for my business. It's like a game of chess for you, right, And so then I have a few other accounts that are just for funzies. You just have containers everywhere. You're just like a little leper con putting your gold and like different green buckets. Yeah, but these are for so these are the funzies. Accounts that you can go. They are not necessarily for investing for retirement. Um They're just for funzies. Is that like a combination of the word fun and onesie. It's just it's just a play on funzie fun from Funzy. Okay, let's get into day. E've been putting Kaye in a lot of one season lately, so I thought maybe and they are. Yeah. So the first one that I use our bonds. And this was just something I started recently because I was looking at ways to invest more sustainably. Um So, I'm I'm trying to divest partially from like fossil fuels and stuff like that. Um Like, I'm not going, but I'm just looking to experiment with other ways to put my money in. Um So, I found this company called Worthy Bonds, and I've seen them at Fincon, which is a financial media conference, for several years. But they always seemed weird to me because it's bonds, and investing is uncomfortable unless you're doing it for retirement and then it's necessary. But outside of that, it's kind of like scary and it's not f D I c ensured, so it's you know, I don't want to put too much money in it. UM. But I got a email recently in so in February when we had that stock market dip, I'm gonna call it a dip because it will go back up. Uh. I got an email from Worthy and they are not Their bonds are tied to local business loans, so they fund local businesses. They are not part of the stock market. And so we got an email people who have these bonds and saying, like, the reason you didn't see a dip in your savings is because we are not tied to the stock market. So these bonds pay a five percent return. And so what I did is I just put five grand in there, but part of our emergency fund UM. I don't plan on touching that, so it can be long term, and then just set it up to reinvest the dividends. So I don't put any money into it UM. I'm just reinvesting dividends in every few weeks, I get a reinvestment email because the bonds are ten dollars each. So that was something really cool for me to realize the advantages of saving diversifying where you save UM, so it's not f D I C insured, so I could theoretically lose my investment and my interest growth. But it's also not tied to the stock market, so there would have to be a big reason why. So I don't know a lot about UM, real estate, crowdfunding, or peer to peer lending. Uh, so I'm not comfortable putting my money in there yet. But we know bonds. Bonds are in your four oh n K, probably in your AFFI r A, they're they're UM. So I feel better knowing that this is kind of like a low you know, higher yield than a savings account, lower yield than an investment account, and it's going to fund uh small business, you know, like it's investing in Main Street instead of Wall Street. So I feel really good about that, good enough to take this tiny risk. And so you if actually you want to go UM invest in some more. They bonds. If you put a hundred dollars into Worthy, so that's ten bonds. UM, you'll get a free bond from Worthy and so can do frugal Friends podcast dot com slash worthy and and try that out. Nice. Okay. Another container for your money could be a taxable account. So this is an account that you would put your money in after tax, and then you are later taxed on the gains. What what you earn an interest on that money that you put in uh, and the growth is based on the stock market, so there is the risk. It's not fd I C insurance, so there is the risk of losing even the money that you put into it. So this is something that you want to consider if you can be in it for the long term, UM, where you don't have to take your money out at a certain point where there might be a dip in the stock market. If you've listened to the Dave Ramsey Show, he often says the way he invests in real estate is by putting is by saving into a mutual fund, and then once he's got enough saved in that mutual fund that and um he or enough of that mutual fund saved, then he'll go out and buy his next real estate. What he's doing is he's saving his mutual fund inside of a taxable account. That's what he's doing, and he will just let that money grow. And I mean he has enough liquidity that it doesn't matter about the tips in the stock market for him, when you're a billionaire, doesn't matter. So that's if you've heard him say that, that's what he's doing. He's doing that with is uh with his you know, payments, and you could do the same thing. If it's going to take you a while to save a down payment or buying a house isn't on your radar right now, you can definitely do that in a taxable account. Yeah, Vanguard or Fidelity could be great places you consider anywhere another place or c DS Certificates of deposit. You've probably heard CDs. Uh, they are up to you know, five years started, maybe three months, eighteen months, maybe a year um, but they go to three four. It's just a commitment for a period of time to keep your money with a financial institution. And as a reward for that commitment, you can get higher than average a p Y and normally it's north of two percent. So if you have money that is not your emergency fund, but you are not going to spend it in you know, the next year or two, then a CD definitely could be worth playing around with, just to open one up and get some a little extra from it. Then you might get in a high yeld savings account. Uh. Something that some people do is called c D laddering. So say that you are you've got five grand, and you want to player on with that, put it in some c ds. You can get at um a one to three, four and five year CD, so that every year a thousand dollars more becomes available to you, so you're not tying up all five grand UM. And then if you don't need it, you just reinvest that into another five year one and so that you're doing five years CDs over and over UM. But you always have like that base thousand dollars that's available to you. UM. So that's something fun if you like to nerd out that you could do. That is something that people do. Yeah, and you can just play around with all these containers. Still it's just around two percent, so it's not like the five percent you might be getting UM with you know, worthy bonds or even in your taxable accounts if you just wanted to do bonds there those are about four to five two UM. But those are tied to the stock market. Okay, I mean, but there it's very small, like yeah, yeah, yeah, sure, they're very reliable. Bonds are very reliable historically not a certified financial planner, but I can talk about history. Yeah. So other option, final option at least that we're going to talk about here is high yeld money market accounts. Honestly, this is very similar to a high yeld savings accounts. So if you have one of those, you may not need a money market account currently, which you know high yield. Again, that's that's referring to the a P y and right now as of April, we're talking about two percent is what you would earn on that. No more than two percent one and a half one point seven, probably not to under two. If you see a two percent check the fine print for the requirement. Yeah, yeah, yeah, but yeah, I mean, if for some reason you don't have an online saving account available to you, or you find a money market that just like really floats your boat, do it. I mean, but you don't need both if you have an high old savings account. Don't feel like you need all of these containers just because other nerds are telling you you did exactly, So pick the ones that are right for you. And and the moral of the story is that there is a place for all of these financial products. They're not here to take advantage of you or confuse you. There are here for different reasons, and you just have to like what you'll said. The very top on our first article, figure out where you're at financially and where you want to go and make your banking fit that you know, and it requires reevaluating every few years. Good wrap up, Thank you. I pride myself on my wrap up to have a friend when you're uncomfortable. Yes, and a special thanks to our friend Rachel mixed And who left us this really great review on iTunes said just what I needed. Frugal Friends podcast is just what I was looking for. Jen and Jill's lightheartedness and good information makes this podcast an easy listen. That's what we want to be easy, easy on your ears, easy on your emotions. I put on makeup today so I could be easy on the eyes on YouTube. You always easy on the eyes girl, I try. I have this tall glass of water. My hair is growing back post childbirth, and then I have these like curly cues that are everywhere. So it's fun. You good and see it for herself. People pay a lot of money for hair growth. Okay. Also, we want to thank you for leaving these reviews and for sharing us on social media platforms. So here's what you gotta do if you want to UH win a prize. Uh share the latest episode and tag us on Facebook or Instagram and we'll add you to our monthly drawing, which is a ten dollar Amazon gift card. We give away one ten dollar Amazon gift card for every five reviews or shares that we get. Tell them more about the reviews, Jen Well, they don't have to be five stars, but we love them to be. And you just have to send them a screenshot to Frugal Friends podcast at gmail dot com or tag at frugal Friends fruit that's staying at Frugal Friends podcast on Facebook, on Instagram, in your feet or stories or wherever. Just related episode and it'll end view see you. Frugal Friends is produced, edited and mixed by Eric Syrian oh Man. I almost started laughing really hard. I mean I kind of did, but quietly to myself. Just imagining you in a field, like a big field, like a little LEPrecon gen through like a field of wild flowers and grass, putting your gold into buckets just everywhere, buckets hidden throughout the field, tiny buckets. Just the image made me so happy. And then and then I started daydreaming about like making a meme or like a little jif of gen and like a leprecron uniform. So the last time we asked somebody to do I was gonna. I was like, you should make a jef of me. It's a lepricn. But like the last time we asked people to do that and they did it and they put hit the gazelle. Yeah, that was like over a year ago, so I think that's years ago. We are due for another Jeff of lepercon jen and then if it can be made into a video of you putting money into different containers, all the better. Yeah me as a lepercum. Even though this comes out after it's fine, but yeah, it will still be funny. Posted in our Frugirlfriends community. You may or may not want a prize, depending on how much we laugh. Okay, bye for real

Frugal Friends Podcast

Controlling your spending is hard to do. On every episode of Frugal Friends, we'll try to help you g 
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