Personal Finance Interview with Ken Tumin on Finding the Best Bank for You
Not sure what bank account to open and what the best choices are for bank accounts? That's no problem because DepositAccounts.com is a website that's been set up just for you. Here, they track the current interest rates and find all the relevant data for thousands of bank accounts, allowing you to compare banks.
Ken Tumin is both co-creator and the writer at DepositAccounts.com. We decided to catch up with him and ask him a few questions.
Give us a better idea on who you are and what DepositAccounts.com is about.
The website started as a hobby in 2005 as I was blogging on the bank deals that I came across on the web. In 2009, I entered into a partnership that brought in technical help to expand the blog into a deposit account rate comparison website. I now write full time at DepositAccounts.com helping consumers find the best bank deals.
Do you think banks are keeping abreast of all the changes in technology these days?
There are a few banks and credit unions that are technology savvy. However, most banks and credit unions do a poor job at using the internet to help customers.
How do you think the many changes in technology are changing the way we manage money?
Technology is helping to increase competition which means better deals for consumers. Online and mobile banking gives consumers more choices. They aren't limited to their city. They can open accounts online at banks around the country.
Do you think banks are providing enough information or making information accessible enough to the public consumer?
Most banks and credit unions don't provide enough information on their websites. To receive adequate information before opening an account, the customer will often have to call or visit a branch. This can be time consuming especially when the customer service representatives aren't experienced.
How do you think they can do this better?
Banks and credit unions should list all of their account rates on their websites. Many don't do this. Consumers have to call to find out the latest rates. Also, banks should provide access on their websites to their account disclosures which describe important account details and restrictions. Consumers need to know not only the account rates but also the account details and restrictions to make an intelligent decision about what account is best for them.
Can anyone build wealth just by saving?
Yes. Many of my readers are seniors who have been conservative savers all of their lives, and they have built sizeable nest eggs. They have lived full lives, but they were careful spenders who made saving a habit.
Why do you think so many of us get into unnecessary debt?
Many people don't build a habit of saving. Also, they don't spend enough time creating budgets and tracking where their money goes.
How can we manage our debt with banks/credit cards better?
People need to create budgets and track what they spend and save to ensure they are keeping to their budgets.
How do you think Mint can help people do this?
Mint can definitely help in budgeting and tracking. The internet has given consumers more choices, and that has made it appealing to open accounts at many different banks to get the best deals. The only problem with this is that consumers may have to maintain many different accounts. Mint can simplify tracking all of these accounts.
You can also like DepositAccounts on Facebook or follow DepositAccounts on Twitter. Follow Ken Tumin on Google+ directly.