topic Re: Has anyone gotten a ssl to start a savings acct? in Personal Finance

Has anyone gotten a ssl to start a savings acct?

GApeachy — Sun, 15 Sep 2019 11:09:49 GMT

I want to do this for my grandbaby....and grandbabies to come. I should have an open installment reporting. What all would I need to do; need to know in order to make this happen? Would a SSL be an easier way to create a nest egg, by forcing it, other than throwing lose change at a savings acct?

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 22:15:43 GMT

Hmm...not sure on the benefits on SSL vs a regular savings account. You'll be charged interest on SSL.

You'll have to be disciplined either way.

Perhaps, open a savings account and setup an automatic reoccurring transfer from one account to savings account on a weekly, monthly basis for set dollar amount.

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sun, 15 Sep 2019 12:17:07 GMT

Okay, but I'm scared of recurring anything. I really want to do a heroic thing for her and ,at the same time, boost my profile to be in a better position should I need to borrow money in the future.

Like what if I took out a $1000.00 ssl, what would that cost me and for how long? Then, could I turn around and do another one? and over and over? I don't know the rules to ssl. I think I need it spelled out for me.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 22:46:57 GMT

What is your primary goal; savings or installment loan FICO score boost?

Resetting your AoYA would not be good. If it resets, it'll lower your AAoA too. So that might not be a good idea.

You can auto transfer any amount you're comfortable with e.g. $5.

Look into high yield savings account: DCU, BECU, Redneck, etc.

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 22:46:46 GMT

@AllZero wrote:
Redneck, etc.

WTH?!? Okay, but yeah, good points... did not think about the age factor. Thank you

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sun, 15 Sep 2019 12:18:14 GMT

@AllZero wrote:

Look into high yield savings account: DCU, BECU, Redneck, etc.

Ugh! don't laugh...what exactly is high yield?

Edit to add: before flaming me, idk the lingo

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 22:53:45 GMT

@GApeachy wrote:
@AllZero wrote:
Redneck, etc.
WTH?!? Okay, but yeah, good points... did not think about the age factor. Thank you

My intial thoughts too until I read about them here on myFICO, click

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 22:54:23 GMT

@GApeachy wrote:
@AllZero wrote:

Look into high yield savings account: DCU, BECU, Redneck, etc.
Ugh! don't laugh...what exactly is high yield?
Edit to add: before flaming me, idk the lingo, I've never been able to save.

No worries. Recommend a High Yield Savings Account

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 22:55:02 GMT

@AllZero wrote:
@GApeachy wrote:
@AllZero wrote:
Redneck, etc.
WTH?!? Okay, but yeah, good points... did not think about the age factor. Thank you
My intial thoughts too until I read about them here on myFICO, click

This is a real "thing"? Okay, I'll check it out.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 22:59:47 GMT

@GApeachy wrote:
@AllZero wrote:

Look into high yield savings account: DCU, BECU, Redneck, etc.
Ugh! don't laugh...what exactly is high yield?
Edit to add: before flaming me, idk the lingo, I've never been able to save.

Just a quick google search to answer your question:

High-yield savings accounts are bank accounts that earn you a higher interest rate for deposits than a traditional savings account. ... When it comes to savings, a higher interest rate is the name of the game. It means a better return on your money.

https://www.creditkarma.com/advice/i/high-yield-savings-accounts/

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 23:01:50 GMT

Do I have to have a big amount of money to start one? Cap1 sent me something that just made me feel like a toad, like I needed way more $ than I could croak up.

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sun, 15 Sep 2019 11:54:47 GMT

Okay, I read the links, thank you. I am going to my regular bank and the CU this Monday to see what I'm capable of doing. Wish me luck and thanks for letting me bend your ear. I'm gonna get that little girl a nest egg one way or the other. Is she not just the cutest!?!

Edit: removed pic. for privacy reasons but wanted to share for a smidge.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 23:09:29 GMT

@GApeachy wrote:
Do I have to have a big amount of money to start one? Cap1 sent me something that just made me feel like a toad, like I needed way more $ than I could croak up.

I don't know about Cap 1.

DCU and BECU $5 to start.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 23:11:10 GMT

@GApeachy wrote:
Okay, I read the links, thank you. I am going to my regular bank and the CU this Monday to see what I'm capable of doing. Wish me luck and thanks for letting me bend your ear. I'm gonna get that little girl a nest egg one way or the other. Is she not just the cutest!?! She's my world!

She's adorable! Good luck.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 23:13:20 GMT

@GApeachy wrote:
Do I have to have a big amount of money to start one? Cap1 sent me something that just made me feel like a toad, like I needed way more $ than I could croak up.

You would have to croak up the funds in advance for the SSL. So that might not be a viable option.

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 23:17:18 GMT

@AllZero wrote:
@GApeachy wrote:
Do I have to have a big amount of money to start one? Cap1 sent me something that just made me feel like a toad, like I needed way more $ than I could croak up.
You would have to croak up the funds in advance for the SSL. So that might not be a viable option.

I would? I thought they'd give me the money and I'd make payments. Oh my gosh, I'm so lost.

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 23:20:15 GMT

@GApeachy wrote:
@AllZero wrote:
@GApeachy wrote:
Do I have to have a big amount of money to start one? Cap1 sent me something that just made me feel like a toad, like I needed way more $ than I could croak up.
You would have to croak up the funds in advance for the SSL. So that might not be a viable option.
I would? I thought they'd give me the money and I'd make payments. Oh my gosh, I'm so lost.

Share secured loans are essentially a way for you to borrow, using your own savings as the collateral. Instead of using all your savings to make a purchase, thus losing out on all future dividends and your emergency safety net, you're borrowing against that sum while your money stays in your account.

https://www.towpathcu.com/understanding-share-secured-loans.aspx

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 23:22:15 GMT

Oh, okay....now it's making sense.

Re: Has anyone gotten a ssl to start a savings acct?

GApeachy — Sat, 14 Sep 2019 23:24:26 GMT

@AllZero

Thank you for driving it home

Re: Has anyone gotten a ssl to start a savings acct?

AllZero — Sat, 14 Sep 2019 23:25:43 GMT

@GApeachy wrote:
Oh, okay....now it's making sense.

High Yield Savings is the way to go. DCU is painless to join online. You will have to meet the membership requirements or donate.