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    Going without a bank/credit union

    Hey fellas. Any of you guys out there not using traditional banks or credit unions, perhaps using an IRA or other account as your primary savings?
    I'm growing to like banks less and less, and was looking for suggestions.

    Thanks!

    #2
    I utilize a bank for my emergency fund, it's more liquid than my IRA accounts.

    IRAs are good for long term savings, just riskier in that it's invested. I personally invest my IRAs in the SP500 or the Total stock version of it... but that's me and not a suggestion to you. Everyone's needs are different.

    I'm going to utilize some of my IRA for college for my children. It's the main purpose and reason I started it.

    The limitations make it challenging to have it as your sole savings though. Unless you don't save more than $5500 a year.


    On a side note, you might want to consider utilizing a financial advisor for this question. If there are any on here, which I'm sure there are, I don't believe they can legally give you advice on here.
    Last edited by 12RingKing; 06-22-2017, 09:12 AM.

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      #3
      Thanks Ring King.
      Yes, the lack of fluidity and the market concern me some as well.

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        #4
        Originally posted by JLivi1224 View Post
        Hey fellas. Any of you guys out there not using traditional banks or credit unions, perhaps using an IRA or other account as your primary savings?
        I'm growing to like banks less and less, and was looking for suggestions.

        Thanks!
        Sounds like a tax/paperwork nightmare, if it is even feasible.

        What has you so turned off of banks and credit unions?

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          #5
          Originally posted by JLivi1224 View Post
          Hey fellas. Any of you guys out there not using traditional banks or credit unions, perhaps using an IRA or other account as your primary savings?

          I'm growing to like banks less and less, and was looking for suggestions.

          Thanks!
          Why are you liking banks and credit unions less and less? Enlighten us.

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