Bank Transfer Day: 3 Places to Open a Better Account!

Perhaps you’ve heard: Bank Transfer Day is November the 5th! What is this day about and more importantly, how can you get the most out of your hard-earned dollars? Well, there are a few places I think you should check out. You can save hundreds of dollars by following these recommendations!

If you’ve already signed up for these better accounts, share this article with the world! Email it to a friend or throw up a link on Facebook! I’m sure they’ll appreciate saving some money.

What is Bank Transfer Day?

I’ve read it was started by Kristen Christian, an art gallery owner in Los Angeles. She protests the practices of big banking. Therefore, she started Bank Transfer Day as a way to make people aware there are other options out there besides the larger options.

Don’t get me wrong. I’m not opposed to “corporate” anything or “big” anything. But I am opposed to companies that take advantage of their customers. You’ve heard that some banks out there are charging fees for using debit cards now - yuck! That’s not a very frugal choice for The Christian Dollar readers now, is it?

It’s easy to get the process started in switching banks . . . you don’t have to do it all in one day! Just make sure to start today if it’s going to be better for your finances!

3 Better Choices for Banking

1. PerkStreet Financial

If you’ve been a follower of The Christian Dollar for any amount of time, you know I’m a fan of full review of PerkStreet. You also know that I regularly write for PerkStreet over at their blog.

Why do I like PerkStreet? Because I like getting cash back for my card purchases without going into debt. And that’s exactly what PerkStreet does: it gives you a means to get rewards by spending money responsibly (without debt)! We make well over $500 per year in cash back from PerkStreet every year!

PerkStreet is great if you are looking for an online bank with lots of cash back. But you also might want a way to take care of your envelope system, and the next type of bank can help you with that!

2. Credit Unions

Ah, there’s nothing like a good old fashioned credit union. Many of them have no fees for using your debit card like some of the big banks are trying to push these days. Another amazing thing . . . I can just walk into my credit union and it seems they always instantly know who I am. It’s a home-type feeling, and I like it.

Plus, you’ll be able to withdraw as much cash as you like for your envelope system. Courtney and I use PerkStreet for our online banking and a local credit union for our cash transactions. The two seem like the perfect combination to meet our banking needs.

Try out a credit union! I think you’ll like what you see.

3. ING Direct

Yep, it’s a big bank. But they give you big payouts on the cash you keep in their Orange Savings Account. Right now (as of November 4th, 2011) you’ll get a 0.9% interest rate. Now, if you’re following Dave Ramsey’s 7 Baby Steps and have 3 - 6 months of expenses in your emergency fund, you’ll probably be making about $90 a year in interest. Not bad!

Where Are You Transferring?

Okay, so now you’ll have to share with us: where are you transferring to? If you think there’s a better bank out there, tell us about it! Make a recommendation for a better checking or savings account . . . we’ll all be listening.

What are your top 3 banks? We’ll meet you in the comments!