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Which bank and what type of account is best?

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Anonymous
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Which bank and what type of account is best?

My 6 week baby received a cheque in her name c/o my husband. We are planning to open an account for her that we won't withdraw for a while. My husband is thinking of WU because thats where he banks all his life. But I am thinking of CD or higher interest savings in local CU?

Also my husband wants to add me in his Wells Fargo account? I wonder if they pull up my score and whether its soft or hard pull? I already have both 4 hard inquiries with TU and EQ and 3 with EX, I don't want additional hard pull. I became very sensitive with this because 2
Months ago TD bank made a Hp when I opened a checking account with them without telling me in the first place.

Message 1 of 8
7 REPLIES 7
Anonymous
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Re: Which bank and what type of account is best?

Discover or Ally savings with those 1.3% rates

 

Neither of them will do a pull as far as I know.

 

most local banks cant even match that in 18 month CD territory.

 

As the account starts to accrue significant money over the years (5k 10k etc) start thinking about an investment porfolio into stocks bonds and mutuals for half of it.

Message 2 of 8
Anonymous
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Re: Which bank and what type of account is best?

Thank You@thecreditgame! 

Message 3 of 8
Anonymous
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Re: Which bank and what type of account is best?

How much is the check? If it's under 1k, DCU for 5% APY. If you want to put it in CD, Marcus (Goldman Sachs) has the highest 5 year rate @ 2.50% or 2.55% for 6 years (1.4% for regular savings).  

Message 4 of 8
Anonymous
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Re: Which bank and what type of account is best?


@Anonymous wrote:
My 6 week baby received a cheque in her name c/o my husband. We are planning to open an account for her that we won't withdraw for a while. My husband is thinking of WU because thats where he banks all his life. But I am thinking of CD or higher interest savings in local CU?

Also my husband wants to add me in his Wells Fargo account? I wonder if they pull up my score and whether its soft or hard pull? I already have both 4 hard inquiries with TU and EQ and 3 with EX, I don't want additional hard pull. I became very sensitive with this because 2
Months ago TD bank made a Hp when I opened a checking account with them without telling me in the first place.


Why not invest it instead? 

Message 5 of 8
creditfan
Established Contributor

Re: Which bank and what type of account is best?


@Anonymous wrote:
My 6 week baby received a cheque in her name c/o my husband. We are planning to open an account for her that we won't withdraw for a while. My husband is thinking of WU because thats where he banks all his life. But I am thinking of CD or higher interest savings in local CU?

Also my husband wants to add me in his Wells Fargo account? I wonder if they pull up my score and whether its soft or hard pull? I already have both 4 hard inquiries with TU and EQ and 3 with EX, I don't want additional hard pull. I became very sensitive with this because 2
Months ago TD bank made a Hp when I opened a checking account with them without telling me in the first place.


I believe most banks won't HP just for saving/checking. HP only happens when someone enroll into their overdratf protection

you need to aware of that.

and yes, some CUs will HP you just for a membership and saving/checking won't HP unless overdraft enable

Message 6 of 8
SouthJamaica
Mega Contributor

Re: Which bank and what type of account is best?


@Anonymous wrote:
My 6 week baby received a cheque in her name c/o my husband. We are planning to open an account for her that we won't withdraw for a while. My husband is thinking of WU because thats where he banks all his life. But I am thinking of CD or higher interest savings in local CU?

IMHO there is no 'best bank'. It depends on what you're looking for in a bank.

Also my husband wants to add me in his Wells Fargo account? I wonder if they pull up my score and whether its soft or hard pull? I already have both 4 hard inquiries with TU and EQ and 3 with EX, I don't want additional hard pull. I became very sensitive with this because 2
Months ago TD bank made a Hp when I opened a checking account with them without telling me in the first place.

IMHO it's better for you each to have your own separate accounts, but we would need to know more about his WF account to know whether you would receive any benefits from becoming an authorized user on it. I don't believe there should be a hard pull, but I don't know.


 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 8
SBR249
Established Contributor

Re: Which bank and what type of account is best?

I'd also look into US Treasury savings bonds. The Series I bond interest rates are competitive with the CD rates and a component of it is adjusted semi-annually for inflation. The biggest advantage is that you can cash out with a smaller penalty. For instance, right now the Series I bond offers a rate of 2.58% with a minimum hold term of 1 year, redemptions before 5 years suffer a penalty of last 3 months' interest, and the interest is paid for up to 30 years. A Goldman Sachs CD has rate of 2.55% for 6 year CD and the penalty for CDs of 1-5 years is 9 months' interest while that for 5+ year CDs is a year of interest. So Series I bonds are a better deal right now as long as you plan to hold it for more than a year. 

 

One caveat is that interest is adjusted every Nov 1 and May 1 so the current rate is only valid until April 30th. The one risk is your rates could tank with savings bonds while CD rates are locked for the term. 

Message 8 of 8
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