Banks w/ Good Personal Finance Tools?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Ducks
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Joined: Sun Apr 20, 2008 5:01 pm

Banks w/ Good Personal Finance Tools?

Post by Ducks » Fri Mar 19, 2010 8:05 pm

I'm helping a young family member / new homeowner get set up financially so all his finances are organized and simple. As the title says, I'm looking for a bank that has good online personal finance tools. For example, Wells Fargo has "My Spending Report" and a Budget feature hooked in with their checking accounts. Anybody know any other banks that have these types of features?
Getting our Ducks in a row since 2008.

Pam
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Joined: Sat Feb 24, 2007 12:31 am

Online Finance Tools

Post by Pam » Fri Mar 19, 2010 10:43 pm

Ducks,

I like the budgeting tools at Key Bank. You can assign all your deposits and withdrawals to categories, and then generate summaries and reports:

# Budget Summary
# Transactions by Category
# Category Summary
# Category Summary Comparison
# Tax-Related Transactions by Category
# Tax-Related Category Summary
# Cash Flow Summary
# Monthly Category Tracking

It's easy to use, and you can create your own categories or select from a list.

Pam

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DaveTH
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Post by DaveTH » Sat Mar 20, 2010 5:58 am

I don't see the need to choose a bank based upon its personal finance tools. There are many other options such as Mint.com and Yodlee.com that have excellent features for tracking spending and they can easily pull in transactions from any of your existing accounts. If you really want to do this directly through your bank, Bank of America has a "My Portfolio" tool (which actually uses Yodlee) to track spending, create budgets and show net worth.

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Ducks
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Post by Ducks » Sat Mar 20, 2010 11:19 am

Thanks Pam - I'll check into Key Bank too.

Dave - I feel the need to keep this as simple as possible for him. He is not, err, financially inclined like those of us are here. It is important to me that he not fail with this new home and the responsibilities that come with it, so I am going to help him set up a budget, etc.

However - you bring up a good point. Maybe it makes sense to leave his bank acct where it is, and use the robust tools of mint or yodlee. I'll check that too. Thanks! :)
Getting our Ducks in a row since 2008.

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