Dave Ramsey’s Advice For Choosing a Bank
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Dave Ramsey’s Advice For Choosing a Bank
When it comes to managing your money, one of the most important decisions you will make is selecting the right bank. The bank you choose will play a significant role in your financial journey, so it is crucial to make an informed decision. Dave Ramsey, a renowned personal finance expert, has some valuable advice for choosing a bank that aligns with your financial goals and supports your journey towards financial freedom.
Here are some key factors to consider when following Dave Ramsey’s advice for selecting a bank:
1. Local and Community Banks:
Dave Ramsey often recommends opting for local and community banks rather than larger financial institutions. These banks typically have a stronger connection to the local community and are more invested in building relationships with their customers. They tend to offer better customer service and are more likely to understand and cater to your specific financial needs.
2. No or Low-Fee Accounts:
One of Dave Ramsey’s primary recommendations is to choose a bank that offers accounts with little to no fees. Many financial institutions charge monthly maintenance fees, ATM fees, and even fees for speaking with a customer service representative. These fees can quickly add up and eat away at your hard-earned money. Look for banks that offer fee-free checking and savings accounts to minimize unnecessary expenses.
3. Competitive Interest Rates:
Another crucial factor that Dave Ramsey emphasizes is the interest rates offered by the bank. While interest rates may not be exceptionally high in the current economic climate, it is still essential to choose a bank that provides competitive rates. Higher interest rates on savings accounts and certificates of deposit (CDs) can help your money grow over time and maximize your savings potential.
4. Convenience and Accessibility:
Consider the bank’s accessibility and convenience when making your decision. Ensure that the bank has a sufficient number of branch locations and ATMs near your home, workplace, or frequently visited areas. Online banking options, mobile apps, and 24/7 customer service availability are also essential features to consider, as they offer added convenience in managing your finances.
5. Safety and Stability:
Dave Ramsey emphasizes the need for selecting a bank that is financially stable and insured by the Federal Deposit Insurance Corporation (FDIC) in the United States or an equivalent institution in other countries. This ensures that even if the bank faces financial difficulties, your deposits up to $250,000 will still be protected. Research the bank’s financial health and stability before opening an account.
6. Additional Services:
While not a dealbreaker, it can be beneficial to choose a bank that offers additional services that align with your financial goals. These services may include financial educational resources, debt counseling, investment opportunities, or small business banking. Assess your individual needs and find a bank that provides these value-added services.
Dave Ramsey’s advice for choosing a bank revolves around prioritizing your financial well-being and minimizing unnecessary expenses. By selecting a local and community bank that offers fee-free accounts, competitive interest rates, convenience, stability, and additional services, you can make an informed decision that supports your journey towards financial freedom. Remember, conducting thorough research and comparing banks will play a crucial role in finding the institution best suited to your needs.
LGFCU or SECU for NC
Discover let someone swipe my card information and keep using it over in over in Chicago
IU CREDIT UNION is complete garbage, everyone in Indiana knows they will charge u fees and give u hard time with withdraw, crooks
The fact that this guy gives serious financial advice based off of personal bias from one poor customer service experience over 30 years ago and not based off of legitimate financial criteria tells me everything I need to know about him within 45 seconds.
This guy takes one instance where a bank fucked up and decides their bad
Fidelity is the Best
anything other then Kinecta credit union. their costumer service sucks
Can you evaluate credit unions
It pays to discover
Personally, out of all the big banks that I’ve ever used. I’ve had the best experience with Ally bank. I believe they truly put customer service first even though they are a larger bank and strictly online. They’re great to deal with.
He doesn’t like debt but he debts to his personal accountant
My hillbilly husband also dropped AMEX – not a happy camper.
Discover Bank is the best bank I've ever had!! Best 24/7 customer service, absolutely no nsf fees or any fees at all, cash back checking account its amazing
Ally Bank is pretty decent for savings. Good return, bucket accounts for savings w/goals, and no extra charges. My checking is through USAA, and its been a pretty great experience. BoA is the worst.
(FACTS OVA FEELINGS). 2. A BANKER IS A FELLOW WHO LENDS EU HIS/HER UMBRELLA WEN THE SUN IS SHINING BUT WANTS IT BACK THE MIN. IT BEGINGS TO RAIN
The Bank of America in the area I live in (South side Chicago) closed all of their drive throughs for people service. Only ATM's are in the drive throughs…I think this may be a trend for other banks. Luckily, I have a small bank where they still have drive though with people service.
I like HSBC Bank everything is free including international transactions no fees at all I wouldn't change it
I have Amex checking account, they are the best. Best customer service hands down.
I honestly can't tell if this is a joke video or not.
dont go with just any online bank just because it pays high interest. verify it has account alerts. some dont have alerts and your account could be drained and you would only find out the next time you logged on
Regions Bank used to be a good bank. I don't know what has happened to them lately. Their fraud alerts are annoying. I didn't sign up for alerts and they are constantly denying my using my money. I also called the fraud dept. and they went through several charges to ask me whether I was responsible. What business is that of theirs? The charges went through o.k. I also got an email to ask me whether I made a charge for $0, and they asked me if I made that and froze my card because I didn't answer right away. If you do have a problem with a charge they say there is no proof.
I agree with Mr. Ramsey here.
Don't even consider Truist, their role out has been a disaster. They have lost peoples money.
Message me for online banks…
I love my bank I don't have direct deposit so I go in every Friday and they call me by name now
I honestly have a lot of respect for Dave and his financial success, but the more I watch his videos, the more I find out that he has something negative to say about every company and every product except the ones that worked for himself. Dave, one size doesn't fit all and you are an intelligent man and by now you should know that. Every person's needs are unique and as a customer, one's responsibility is to know exactly what he/she needs and wants, and as a service provider your responsibility is to listen to a customers' needs and wants and tailor a solution that best fits those needs and wants, but your advice for everyone is that it didn't work for you and him or she, so it won't work for you. Let's put a little more thought and effort to understand people's unique situations.
Bankers back in the day were racist
i have both for inperson i use keybank or capital one. for online i use ally varo or one fiance so it depends
Agree with Dave. Stay away from the big banks. BofA, Wells, etc –
“Don’t trust big banks or small banks. Banks are Ponzi schemes run by morons.” Ron Swanson
Very useless opinion
What a terrible advice smh
Dave it's unhealthy to hold grudge for that long. Aren't you a Christian
How can you go into debt by banking with Discover?
I use BOA and their customer service has been fantastic for me. I can always get someone on the phone and if i really needed to i can go to the brick and mortar
Discover has a banking product
online banks? what is it em Mr Ramsey?? sticker it,,
Choose every bank make sure you get 10 to 15 to 20% cash back from the bank for the bank bonuses. Then keep moving the money to open up more banks to get more bank bonuses.
Haha did Amex reallly call out Dave for not paying his bills? Oh how the turn tables
Good advice for finding banks!