Disappointment
I love my online savings account at FNBOdirect. Love it, love it. They have one of the highest interest rates right now, and the set up process was very easy. But…
I recently realized that they don’t offer POD (payable on death) accounts, beneficiaries, or trust accounts. This is a really bad thing for me, since I would like the money in that account to go to my minor son if I should die. Since he is a minor, if I leave it to him via a will it will require the involvement of the courts. I want it to be handled through my living trust, not the courts. Without the ability to specify a beneficiary, that won’t happen.
So I’ve begun the hunt through my other online accounts to see if any of them offer that ability. So far it looks as though ING does not offer those types of accounts either. HSBC does allow beneficiaries, but I’m not yet sure if they will allow me to name a trust as a beneficiary. They should, but who knows. It won’t matter as much after a few years, but for now it feels like my choices may be to accept abysmal interest rates from a brick-and-mortar bank, or to accept the risk of my money not going where I’d like if I should die. It’s frustrating and disappointing, but I thought I’d put my experience out there in case anyone else is in a similar circumstance.
Related Websites- Reader Question -Should I Pay Off My Car Loan With A 0% Interest Credit Card? Got a question yesterday from one of the readers: I currently have about $11,000 left on my car loan at around 7% interest, but was...
- Do You Need an Accountant? The average person usually tries to struggle with their finances year after year and only visits an accountant a few days before their taxes are...
- Will We Ever Not Have Money? Never say never, but it will take a serious change in our culture to bring about an end to the use of money all together....
