Trustee Savings Bank Puns

turns out he’s only eligible for a Current Account

I have been working on an estate plan with an attorney. My wife and I are mid thirties with two kids under four years old. We have a small family so after my parents, it would be left up to a guardian and bank trustee to look after the kids. I feel like I am spending way too much time on this given the odds of my wife and I both dying are small, but it's been a huge headache.

Considering the fact that my parents would likely be dead if a bank trustee came into play, our assets would roughly be:

Ballpark:

Cash/Stocks - 10M+

Cash Flowing Real Estate - $8M (This is our share. We have other partners so the size of the entire sale would be larger)

Raw Land (hard to price because various zoning would be required to get full price) - but depending on value this could be anywhere 2-20M. I feel like you could get an appraisal on the land within a massive range. The low range would be if you accepted appraisal district values.

We don't own the land or cash flow real estate outright - we have partners.

I contacted a smaller local bank because I feel like they would maintain a closer, personal relationship with my kids. I love Vangaurd etc, but I don't think that would be personal enough. The price I got from a bank Trustee is:

One time 2.5% setup fee of gross estate size

1% investment management fee which tapers off after the first million down to .5% after 4M

1.2% Trust Service Fee which tapers off to .6% after 4M (I am not sure yet if this stacks with the investment management fee)

Real Estate Management: 6% of gross income or 3% of real estate sales (if a broker is used)

Considering a lot of the net worth is tied up in real estate, the fees would really cut into the liquid portion. Are there any other ideas I should be considering in this situation or should I just accept the high fees given the odds of using this service is low?

Whenever someone talks about depositing or saving money, most people instantly think about banks for some reason. IMO they are the worst way to save money, not only do they offer interest rates that are terrible and lower than the inflation rate, they're also terrible privacy wise.

Crypto is much much better. I'm getting double digit interest rates, huge annual return due to Crypto's value rising PLUS a hedge against inflation. Moreover, there's no privacy concern and the utility is the same or even more than banks considering Crypto is being accepted more and more as a payment method with better discounts than bank credit cards. Who else does the same?

0.5% APY is not high yield and banks should stop saying it is. It is a fucking embarrassment to call an interest rate of 0.5% "high yield" when the inflation rate is at 7%. What's worse is that even the most trash low-level garbage Cryptocurrency you can think of offers 10 times more than that without questions.

And banks can fuck off telling people about the "risk" of saving money in Cryptocurrencies. At least there are stablecoins BACKED BY ACTUAL ASSETS and PUBLICLY traded exchanges unlike banks who can literally give money out of thin air.

Honestly, its tiring to see banks scamming people with "high yield" savings accounts. Remember, even with a "high yield" bank savings account with 0.5% APY, if you deposit $100k, you are getting $500 the first year, $502 the next and so on. It's an absolute scam when considering an inflation of even fucking 2%, you are losing a compounding $2000 from the first year alone.

It's even more stupid when you realize the figures I gave you don't exist anymore. You need a time machine for 2% inflation and you're going to be lucky to find an interest rate of even 0.2% unless you are Jeff Bezos himself.

TLDR: Even if you put a tenth of your savings staked in stablecoins, you'd still make more than if you put it in a bank. There's nothing special about banks that should give them the authority to give such embarrassing interest rates with inflation rates so high.

Just take a look at this chart. It looks like some shitcoin on pancakeswap. Sadly it's not a pump and dump. It's pump only.

https://fred.stlouisfed.org/series/M1SL

M1 is the total circulating currency supply in the economy outside of treasury consisting of physical currencies and checking deposits.

At the beginning of the Covid pandemic the M1 money supply which is known as narrow money was $4 trillion USD.

The current M1 money supply is $20 trillion USD. It's gone up five times over in less than 2 years. If you're wondering why prices of basic goods are skyrocketing it's because there's now five times more dollar supply.

In this situation congress is about to raise the debt ceiling again by 2.5 trillion dollars. US debt is already over 30 trillion.

Bitcoin's monetary policy hasn't changed even once since 2008 and it never will. It keeps working flawlessly based on pure math instead of someone constantly meddling with it.

I'm done playing their game. If the players all quit, their game is over. It's that simple.

It baffles me that the enforcement authtories can take your property with even a warrant simply because they have "suspicions" on you.

This veteran who goes by the name of Stephen Lara, didn't trust banks so he had 87k in cash on his vehicle.

The Nevada Highway Patrol pulled him over for "trafic stop" while he was driving to visit his daughters, took the money, and called DEA on him.

No chargers were pressed and there was no proof that this is illegal money.

What's even more worrying is the fact that the enforcement authtories can resell the confiscated property even if it didn't have any evidence to generate revenue for the department.

When a man can't own what he worked his life for, simply because someone deemed it so, do we actually own anything?

There are more rights to guns in America than there is to ownership of something like your money.

Looking at this incident is very eye opening for me, it shows why we need decentralization, why we need something that's protected not only by law but yourself.

Even the FBI needs a court order to unlock your phone, any crypto currency you have inside it can't be "seized" without explicit orders from a court.

Looking past the scams, the hacks, the environmental FUDs, what crypto currencies really stand for is truly extraordinary.

The transfer of power from a centralized capitalist institutions to a single individual just because someone who goes by the alias of Satoshi thought it was unfair gives me hope in humanity.

Edit: Didn't realize I forgot to link the source; A former Marine was pulled over for following a truck too closely. Police took nearly $87,000 of his cash.

All of my parents assets are in an irrevocable trust of which I am the sole trustee. The cash is in several banks and only one (we'll call it WF for shorthand) is being combative about closing the account so that I can distribute the funds.

WF is consistently saying I don't have all the documents that they need, cancelling appointments that I have made, etc. Basically everything they can do to keep the trust's money and make my life difficult.

I would prefer not to involve an attorney. Just want them to close the account so I can move on. What "magic words" do I need to use to get them to give me my money?

Notes: I'm Asian, but I converted the amount to US dollars for reference. Also, please note the year difference with our ages now and in 2018 (3 years ago). TLDR at the bottom.

My (26f) father (65) was a ship machinist and was earning fairly well for years. In 2018, he purchased a car (car loan) and paid a very low downpayment ($560) despite me and my sisters telling him it will be better to pay at least $2000 so the monthly amortization will be much lower and easier to pay.

Fast forward to 2020, the pandemic hit our country, my father is at home for months and couldn't get back to work abroad because he is a senior citizen (he married late). They do not have savings because he and my mother (52f) have a history of bad financial decisions, and they started a business but didn't keep computations, just making the money circulate enough to pay the bills. We know the business is doing really bad even though they have numerous customers, because my father was still working that time and is earning well, my sisters and I have all graduated and are all receiving our own income, we only have one more brother in high school, and still my parents did not have any savings.

My parents couldn't pay for the car's monthly amortization ($520) which is twice the normal monthly amortization here in our country for a sedan car. I couldn't help that time because I lost my job, and I have measly savings because I had to support myself while reviewing for my board exams and for my masters degree. My eldest sister (31f) has just purchased a house (housing loan which is normal in our country because only those with huge businesses or who work abroad can purchase a good house and lot (edit: IN CASH) here in their 20s). My other sister (29f) does not have a lot of money because she has been taking specialties to further her career as a dentist, and her instruments and classes cost a huge lot.

My parents tried offering the car to my eldest sister and her husband, but they refused because they honestly would really struggle with that monthly amount, and they know they would have to pay my parents the total amount they have already paid for the car for the last 2 years because of how myparents are with money.

So my other sister (dentist) stepped up and borrowed money from her boyfriend for that month, paid it the following month, and since then has been the one paying for the car.

After this sister got married in 2021, my parents sat her down and berated her of how she has

What the actual hell. It’s not just one member of my family, but it’s a whole unit. I’m 21 and they force me not to have a job “because college is my job” or I’ll get kicked out of the house if I do get a job. Then they guilt trip me about having to support me. I’m not spending my savings because I need that as an emergency incase it gets really bad.

So I told my nanna I didn’t have any money left over so that I could keep my savings. Well somehow she LOOKED INTO MY BANK ACCOUNT and saw how much I had- and is not forcing me to use that. I was concerned about the security of my account. It’s not joint with them, and she had no way of accessing that info. When I asked her she said, “I have a high security clearance due to my job” which I know is a load of bs because she doesn’t have high clearance. When I told her that I just need to know out of security reasons she got reallll defensive. This isn’t the first time my privacy has been invaded. I also just learned tonight that they had put a tracking device on my car at some point- but it had gotten ripped off. I didn’t do it because I didn’t know there was one. Then at one point they put cameras in my car with audio in them. (Which is illegal here cause I didn’t consent)

What the actual hell. What the actual hell is this situation??? Has anyone been in this situation? How did you get out.

So they invaded my privacy in multiple ways at the age of 21- then when I say that all I want is privacy I get guilt tripped, yelled at, and told how I’m at fault for all of this occurring.

I have a good feeling about doing that.

What do you guys think?

Hi Everyone,

I can't believe I'm doing Ramsey for a week and I have 750 to start my baby step1. There's this online bank I read about called Axios that is giving .6% interest but I never heard of them. Would you trust them. They're FDIC insured like all banks.

I could buy Treasury IBonds which are 7% but I'd be locking my money away for a year. I guess that's not an emergency fund if you can't access it for a year. Thanks in advance for all input.

Here in the UK, there was an interest rate rise last month – to a base rate of 0.25 per cent. But – shock horror – not one of the UK’s major banks have passed on that interest rate rise to savers. Instead, they decided to focus on something else: their own profit margins and keeping their shareholders happy. So they have now started to raise mortgage rates. That’s right … they pay you less on your savings and charge you more on their loans, mortgages, overdrafts and credit cards.

It gets worse, a recent analysis of more than 100 UK banks and building societies found that only four have increased the interest rate on some of their easy access, variable savings accounts. Only one – The Suffolk Building Society - passed the full rise to savers across all variable accounts, according to an analysis by Moneyfacts. ( Base Rate Rises To 0.25 Per Cent | moneyfacts.co.uk )

None of the major banks have yet done so but Santander, Lloyds and Halifax all announced increases to their standard variable mortgage rates by the full amount shortly after the Bank of England’s decision to raise interests rates on 16th December. Others will follow shortly.

Here’s the cherry on the cake: Nationwide has increased rates on some of its loans by as much as 0.45 percentage points – which is three times the Bank of England’s 0.15 percentage point increase.

No wonder they’re scared.

I am about to receive some inheritance and my boyfriend and I are buying a house. We'd like to put the funds into an account we both have access to and he's suggested Starling. He recommends it because we'll be able to have a pot to put the savings into and can use the main account for bills etc.

I feel a little wary about putting a large amount of money into a bank that doesn't have branches and seems relatively new. However, they do have FSCS Protection so are my misgivings unfounded?

When I was a child growing up in Ontario, my father opened a bank account in my name and named himself as a trustee. After I turned 18, my father continued to use this bank account as a "trustee" without my knowledge or consent.

In an odd twist, I discovered the bank account when I tried to sign up for an account with that bank and they told me I already had one.

I discovered that last year my (now estranged) father, who still resides in Ontario, withdrew all the money from the account. I never saw a penny of it and none of it was used for my benefit.

The amount of money in the account was five or six figures (I'm waiting to receive the full backlog of account statements in the mail).

Is the money legally mine?

If so, I sue my father to get the money? Could I report him for fraud?

Is my best recourse through the bank, a lawyer, the police, or another option?

I've been into crypto about a year now, and bought some BTC, ETH, ADA and a small amount of random tokens/coins. Since then I have learned a lot and recently started looking into making some interest on the crypto I am holding or on moving my USD in the bank into stablecoins to earn interest. Initially I put BTC and ETH into cold storage but now I feel like as a long term holder this is not the most effective way to do it and that I should take advantage of getting returns.

The problem is, there are so many options and as a noob is is confusing to say the least. Aave, Yield, crypto.com, Uniswap...all these I have researched to try to figure out how best to do it, but I am still confused and feel suspicious about claims of getting 12% or more just by staking stablecoins - my bank gives me ~0% for the last few years so this just seems incredibly too good to be true. Even 5% seems to good to be true.

For example, crypto.com says I can just stake USDC and get up to 14%. What are the real risks at play here? I understand it the risks are the it is no FDIC insured, but aside from this it claims to be non-custodial (I control my keys) and I all have to do is lock up funds I am not using anyway for 3 months.

I guess my question is that for real noob who has no experience doing this what are the real risks? I want to mitigate risk as much as possible and so I understand I won't be getting the 25%+ gains that are possible with some strategies, but if I can really make even 5% on my USD just by moving it out of my bank and staking it in crypto for low risk then that is 5% more than I am getting today.

Hi! I’m in the process of creating a trust for my children in case I die prematurely. Long story short, I don’t have family that I can rely on to execute my wishes so I’ve been looking into Royal Trust or a lawyer to act a trustee. Does anyone have any experience/insight/thoughts on using either a bank or lawyer as a trustee? Thanks!

A study showed that people will think less about cost when using a credit card as opposed to cash. Using cash also causes your brain to have activity where you experience pain that you don't see when using a credit card.

To put it quickly - digital money encourages people to overspend.

The inverse must be true too. If I save digital money in a bank account linked to my debit card and linked to automatic payments to my credit card, I don't have to think much about spending and the pain of losing the money.

If I save in silver, although I know I can easily sell it, silver isn't as easy to part with as electronic digits practically or emotionally; and my brain would experience activity in the same place that I experience pain in if I were to sell silver.

I've saved digital money in a savings account that I blow through. I've invested in stocks and cryptos and I go in and out of them. I've owned silver for over a decade now, but I've never sold a single ounce.

With silver you are more likely to hold your savings and not blow out on overconsumption, buy useless things, and superficial material goods.

Moreover, banks have more counterparty risk and crappy interest rates well below inflation at the moment.

Hello,

Happy ou Jaar aand to you.

So I have a lot of cash sitting in a bank savings account (FNB money maximiser). I have an EE account for about two weeks and am excited about putting in more cash. I started with 5k.

Opinions - should I go ahead and put a whole 100k into EE or should I start with smaller amounts monthly while getting a hang of the platform? I'm thinking of splitting it between the local ETFs, USD and the property option on EE.

The third option is to call my financial advisor and put it with some other investments I have at Liberty. That seems like a more boring option....

Advice please!

Hi all, I have some extra cash that I am keeping in my savings account at Ally Bank currently (0.5% APY), how much, if any of this would you in your own life hold in something like a stable coin or a 9% APY coin instead of the savings account?

Tits are fuckin jacked for the next few months and I’m doubling down for the occasion since it’s on deep discount 🦧

Update: I bought the dip at the perfect time and am nearly a xxxx hodler. Probably the best swan dive I’ve ever performed.

I would like to have 25% of my deposits moved to savings automatically.

My income is variable week to week and is not very predictable so I would rather not setup a set amount to transfer every month. I also routinely forget to do the math and make the transfer myself.

Any one know of a bank that will do this type of thing?

Or maybe im reading too much /r/personalfinance. Every day I read a story of one user who has had money stolen from his account and their bank not helping them so the top comment is usually file a complaint with ccfb (or something like that). Does that nromally happen?

Hi everyone! Happy new year! I hope we're all doing well.

I [19F] was looking for some advice on a savings account with a high interest rate. My parents are pushing for me to join 86400 or ING due to their high interest rates. (I mean my parents are being very forceful and they aren't taking me questioning their advice very well). However, with ING's requirement of having to deposit $1k into the account every month, and being on a casual roster, idk if its worth it. And while I was initially leaning towards 86400, I've read lots of reviews with how their customer service is non-existent and how easily customers are being scammed/locked out of their accounts for no reason, which makes me hesitant about that too.

I've done some research and found Up bank, which, while the interest rate is half of 86400 or ING's, has many more positive reviews and features. Either way, it would be far more than my current interest rate with CBA at 0.05%. My parents are not happy with me potentially deviating from their advice, but I wanted to get more perspectives, because after all this is my money and not theirs. Is going with Up worth giving up the bonus interest rates for a better user experience and potentially a more reliable/reputable bank, or does the interest rate outweigh this.

I'd only be using this as a savings/emergency pool account, and keeping my CBA account as an access point of course, but I still would be able to sleep better knowing I didn't make the wrong decision and that my money is safe.

I'm also currently saving to invest in ETFs in the next few months, and I've been directed to Vanguard, again by my parents. They look alright to me and my research, though I would also like to ask if anyone has any recommendations or experiences with Vanguard, it would be greatly appreciated :)

While great returns are of course a bonus, I'd rather be certain in my decisions and making sure that the money I have is safe and secure with a bank/company that cares, than push for the best returns possible.

- Thank you for your help reddit! :) sincerely, a young adult trying to brush off a toxic household and do right by herself and her future.

I’ve always been told, you only need emergency money. Well, I want to invest aggressively since I’m still under 25 years old and live with my parents.

How would you allocate 15k?

ETFs, Stocks, Crypto, Bonds, Savings account..

Bank failures are not an uncommon thing to witness. It happens all the time but it’s usually suppressed by governments in order to not cause mass panic withdrawals from other banks.

So yeah, DeFi can be risky at times but so are banks, people just don’t know it.

I would much rather risk a 15%-20% APY from ALGO, Curve and Yieldapp than to get a WHOPPING 0.01% from a savings account only for it to het wiped out at some point in time when the economy crashes.

Don’t ever get fooled. Everything comes with a risk, it’s just that some are more hidden than others

Yesterday, I have posted about the biggest German savings bank "Sparkasse" that plans to offer crypto trading and wallet services to all its 50 million clients (find the link at the bottom).

As I was writing up the post yesterday, market started turning bloody red, Bitcoin & Ethereum were diving badly, so the news from Germany were welcomed and comforting. I used a rather bullish and euphoric wording and many Redditors pointed out in the comments, that I have either been smoking tons of hopium or just being totally nuts. They argued that the news about Sparkasse are not that huge, because there might only a very small fraction of their 50 million clients eventually ending up to invest in crypto.

Fair enough. I don't scrutinize them. But the main reason for my bullish sentiment wasn't the fact that "Sparkasse" got 50m clients who might get direct access to professional crypto services. My key point is the fact that one of the biggest banks in Germany and Europe has decided to offer crypto services to their clients BECAUSE the regulatory environment in the European Union does now allow to do so. This is the big thing about the move of "Sparkasse". Additionally, institutional funds in Germany are now allowed (since summer 2021) to invest up to 20% into crypto (source). All this leads to a very crypto friendly environment in Germany and EU in general.

And hear, hear … today we read this headline:

> Two more German banks planning Crypto services following Sparkasse.

It's Commerzbank and Volks Bank, two other very large banks in Germany. Yes, we can really say and witness that "Sparkasse" set off an avalanche in the European Union. They started it. Two banks followed them, one day after their announcement. Others will follow for sure - not just in Germany but in all 27 EU countries.

Link to my previous post as of Dec 12th 2021.