i have an account with NAB (national australian bank)
they charge me no fees but they do give me 4.5 percent per annum (compounded monthly) for each dollar on my saving account. and i can withdraw/deposit the money anytime i want without any cost. and there is no min. balance. and they calculate the percentage everyday.

yeah.
I ain't switching.

How the fuck do you get 4.5% on a regular savings account? Man our banking products are bad or you have a really large balance.

yeah. i heard that before, here on gog, about USA and how shitty are your interest rates
http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/5/2/1

and 4.5 is not that high. it is convenient tough. can move money freely between savings account and my debit card. no charge no hassle (via net or phone)

Good credit unions may be hard to find, but they are worth finding.

oh yeah. I was a student. i had student income. they still gave me few cents when i had there only 50 bucks or so.

The average person will have loads of trouble finding them, it takes so much esoteric knowledge to understand the difference it's a joke (and that's intentional). Seriously, a good small bank is more beneficial to you than a good credit union.

I'll be honest, here's how you spot a good, small bank: all DDA type accounts (e.g. checking) without minimum balances requirements of 1500 USD or more will charge a monthly account fee.

"But," you say, "OG, that's not good for me!" Yes it is. Anytime you get a bunch of free shit in banking without having a lot of money stashed there someone is paying for that and it isn't the bank. It's a transfer of wealth from the poor and the people who are "bad" with their money directly to you. And I know how much all those fiscal conservatives hate transfers of wealth, I expect them especially to go switch today to a small bank and actually start paying for the products they are using. No free rides and no fucking pinko socialism!

Likewise the online banking will probably charge a fee at a decent bank.

Savings accounts should always be free.

Huh? I didn't see any support for this statement, unless it's just because finding a good credit union is difficult?

I've had the same credit union for 20+ years, has a minimum balance of $5 for savings, free online services, free customer service, and no monthly fees that I have been able to identify. Can't remember the minimum balance on my checking... They're always friendly on the phone or when visiting in-person.

Sorry, I thought I'd clarified in previous posts but it may not be obvious.

Basically it's this: if stuff every goes sideways for you, whether it's in your control or out, credit unions have lobbied exemptions and collection privileges that banks do not have. There are far more consumer checks and balances on a bank, legally speaking.

Credit unions are far more likely to sue members to recover small amounts of money owed (especially if a recovered asset doesn't cover a debt, e.g. a seized car doesn't cover the amount of the loan). Yes, there's the benefit that they may override your their procedures to make you a loan you might not quite qualify for, and they play that up like crazy, but a small bank can do the same thing.

If you ever want to see the difference go find out where some local bankruptcy trustee hearings are being held, sit there for a few hours, watch how many bank reps show up vs. how many credit union reps. Credit unions are your best fucking friend in fair weather but they'll turn on your like a starving mongrel the minute stuff goes bad (in general, there are certainly exceptions).

[url=]http://www.nytimes.com/packages/html/national/200904_CREDITCRISIS/recipients.html[/url]

I use both. One mega-bank, one mega-CU, and two local CUs.

I haven't had significant problems with any of them, at least not anything that couldn't be handled with a single phone call or counter visit. Most of our stuff is done at the mega-bank, mostly because it's both local and nationwide, and it's important, on those rare opportunities when I need to, that I can find a local branch pretty much wherever I'm traveling so I can deposit checks.

For a mega-bank, the branch I use pretty much acts like a small town bank where the tellers know most customers who come in the door. It's not that we're that small around here, but mostly because I do ALL transactions inside, at the counter, so they all know my goofy face. I firmly follow the Leo Getz rule. ; )

The mega-CU has great rates and they know the in's and out's of veteran benefits so they get the big-ticket business, like our mortgage.

The local CUs are just for crap that I didn't feel like doing at the mega-bank and also didn't feel like using some online bank. For instance, my HSA is at a local CU - I gave them that business because they went out of their way to make a couple loans for my business without making it a giant PITA.

I guess my point is that there are good institutions of both kinds. Shop around a bit, and it's more than simply chasing an interest rate.

And holy crap! 4.5% for simple savings?!? Those were our best CD rates about 5 years ago...