Archive for the ‘Personal Finance’

New Savings Account05.25.11

My home loan officially closed on May 20.  I am now a proud new condo owner.  It’s a very beautiful place and it’s only a block away from the law school I wish to attend. Unfortunately for us, because we’re buying all new furnishing and we ordered everything a week before the loan closed, we only have ONE piece of furniture in the whole place:

Now that the loan finally closed though, I feel like I can look into organizing my personal finances again. I want a high interest savings account to house my emergency funds, which is 6 months of living expense. I want a savings account that is best for a law student to be.

After looking at a few different options, I decide to go with Sallie Mae, only because I figure I will probably end up with a loan from them and it will hopefully be easier to transfer my CDs from them to pay them off after school is out. I do like that they have a Upromise bonus, it doesn’t look like much, but it’ll at least force me to open an account to see what kind of bonus I may earn.

My undergrad loan was through Sallie Mae, so they were my friend that I kept a good eye on in case they decide to send someone over to break a leg. I’ve read of students with bad experience with Sallie Mae, I actually had a good relationship with them, paid everything on time, the loan closed nicely and I got stacks of loan paper back soon after.

Going to SallieMae.

First page simply asks for selecting the account type.

Next page, they ask for a name, email and phone number.

Step 2: They ask for standard info, mailing address, social security number and such.

Step 3: How to fund this?  I’m going to link my BECU account to this and draw my money from there. They mention making small deposits to my BECU account before withdrawing the money.

Step 4: Check off a couple disclosures. Is it bad to admit to wanting to be a lawyer but being too lazy to ever read these online disclosures?

Next up we have a series of super secret questions personal info…probably stuff they pulled from credit reports to ask for verification.

And then I end up in an endless loop here for some odd reason.  Well, that was fun.  It’s late, I will try this again in the morning.

Edit: Woke up and went through the entire account opening process and it worked like a charm for some reason.  I went ahead and opened a Upromise account to link them together and interestingly, the Upromise setting up was more a hassle than Sallie Mae. Another thing to note, Upromise is all about bombarding you with ads, so beware.

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