I am 18, and just coming into the world of personal financial responsibility. I have been considering opening an online savings account, but I have a few questions regarding their function. I don’t understand how one makes deposits into online savings accounts with cash. I understand that you can take pictures of checks, mail them, or just have payments directly deposited, but I don’t understand how you transfer cash.
Obviously you cannot mail it. I imagine you would have to transfer money from your regular checking account or something. I was considering Ally Bank or ING Direct. I currently have a Bank of America checking account. If anyone has any information on getting cash into your online banking account via that method that would be great.
My apologies if these questions seem naive or rudimentary, because that is essentially what I am. Also, does anyone have any good sources of information for beginners of personal finance/student finance. Anything that you wish you’d read at my age basically.
Dave Ramsey’s - The Total Money Makeover
Ramit Sethi’s - I Will Teach You To Be Rich
Send through your BoA checking account, it is the easiest. Do ING Direct, Ally is a pain in my neck right now.
Just connect the two accounts (Savings and BoA) and then you can deposit the cash in the Checking Account and send it to the online bank.
Though I personally have a Schwab Checking Account so I can just deposit cash into my online Checking Account at whatever ATM I wish.
[quote]Phoenix44e wrote:
^ What’s with the books?[/quote]
Personal Finance books that work for people.
Oh Ok cool, Ill have to take a look at them. I was just wondering because I too am looking for more information/knowledge about personal financing. Any other suggestions would be a great help.
[quote]Phoenix44e wrote:
Oh Ok cool, Ill have to take a look at them. I was just wondering because I too am looking for more information/knowledge about personal financing. Any other suggestions would be a great help.[/quote]
Most financial books suck, Ramit Sethi’s book is a good book if you don’t have debt and have an aversion to being in debt like an up do has an aversion to water.
Dave Ramsey’s book is good for those who buy consumer goods on credit (dumb) and just pile themselves under the burden of debt.
[quote]Brother Chris wrote:
Dave Ramsey’s - The Total Money Makeover
Ramit Sethi’s - I Will Teach You To Be Rich
Send through your BoA checking account, it is the easiest. Do ING Direct, Ally is a pain in my neck right now.
Just connect the two accounts (Savings and BoA) and then you can deposit the cash in the Checking Account and send it to the online bank.
Though I personally have a Schwab Checking Account so I can just deposit cash into my online Checking Account at whatever ATM I wish.[/quote]
Thanks for the advice. I bought Ramit’s ibook for 2.99 and it has been incredibly helpful and interesting thus far.