Bank accounts?

[chwdg10]

My boyfriend has a hard time saving money. Now he really wants to work on saving money so we could hopefully close the distance between us this year.

My problem is how to do it. I already told him he could give me money from each of his paychecks and I would hold onto it for him in my own savings account. We thought up some ideas and decided there were two different ways we could do it. He could either add my savings account under his online banking so he could transfer money to it or we could both open a whole new account together at his bank so he could easily transfer it over to that one.

We each have two different banks, which is why we thought of opening a new account together under his bank. I just want to know what your experience is with this kind of thing and what you guys think we should do? Pros? Cons?

(We both completely trust each other when it comes to money)

Thanks!

[Moon]

Well, you've certainly been together long enough, according to your ticker. If it said "together 3 weeks, 1 day, 3 hours, 37 minutes and 16 seconds" I'd be concerned Anyway, I think I'd open a new, separate account, just so you won't have to keep track of his money and your money in your account, but if he'd just open that at his own bank anyway, can't he just get himself a savings account? It seems like you'd just be a middleman, sort of.

[garnet]

I don't know where you want to open the account at, but here, I couldn't get my then fiance even added to my account without him being in person, and then when he was, they decided he didn't have enough proof of who he was. Passport, DL, few other things, it was ridiculous. Maybe other banks aren't so strict. :l

[Mizpah]

Paypal is another option. I think at this point it would be simpler, and then you could set up a joint account once you close the distance.

[Silviar]

If I may - I recommend looking into a money market account - low level. They only allow usually a maximum of 3 withdrawals a month or there's a penalty, and you can find one that doesn't have a minimum. That way he doesn't pull it out and spend it.

[Mara]

I don't know where you want to open the account at, but here, I couldn't get my then fiance even added to my account without him being in person, and then when he was, they decided he didn't have enough proof of who he was. Passport, DL, few other things, it was ridiculous. Maybe other banks aren't so strict. :l

Both banks I've dealt with have been very strict about identification as well.

I'm not sure who your SO is banking with, but that would really be my only concern about the two of you opening a new account together. I'm really bad with saving money also...so when I really want to save money I do just give it to my SO. It's easier that way and once we are living together again I intend on letting him handle all the money again because it's just easier that way for us.

[chwdg10]

I would use paypal, but they take some of the money out of our transfer. Is there a way to send me money without paypal taking some of it?

[Riyko]

I think i've been in Canada way to long that I'm not quite sure if they have the account that i'm going to mention in the US

I recommend a TFSA (Tax free savings account) you tend to have higher interest rates to help save money faster as well as it's tax free so any money in the account they can't make him pay taxes on it.

[sabby64]

I would NOT recommend Paypal for any kind of savings upward of a few hundred dollars, because they can freeze your account for no reason and take all your money away without notice. And you will never see it again. They're not a bank so they don't fall under any laws about banking.

Instead I would wait until a visit to open a bank account together under one of your banks, because they will want you to be there in person, and until then I would either send money in the mail or online or save up separately.