Choosing a Financial Institution

[Anonymous]

So, I currently have funds between Capital One 360 (for accessibility) and Discover (just for the savings aspect, to have a "hidden/out of sight, out of mind" account).

I had been reading up on Alliant, as it seems to be mentioned quite a bit around here for the Share Secured Loans to help start building credit, but why is it not discussed as a primary place to have checking/savings accounts? I was looking at the rates, and it APPEARS to be good/hassle free, but I have no experience with them. Is it just because Chase/BofA/PenFed/NFCU have more recognition, or have some of you tried Alliant and didn't like it for some reason?

Also, where do you keep your banking and why? If it's not too intrusive of a question. That's just out of curiosity, as I am currently "shopping"/looking at other banking options at the moment. I'm fairly content with my Capital One 360 accounts, just wondering if there is something out there that I may like better than where I am currently at for banking purposes.

[Anonymous]

I opened my Alliant this week. I'll post when I have more.

I've been very happy with BOA and DCU for primary banking. I'll be joining NFCU and Unify next week, and that's probably it unless I find a really good reason to open a different account.

[creditfan]

I just started using my Alliant CU as primary banking for several reasons;

1. Fund available immediately after mobile deposit

2. Higher %APY for saving and checking compare to the others

3. ACH quick and free

4.  ATM fee rebate up to $20/month

what should I ask for more 

[Anonymous]

"Also, where do you keep your banking and why? If it's not too intrusive of a question. That's just out of curiosity, as I am currently "shopping"/looking at other banking options at the moment. I'm fairly content with my Capital One 360 accounts, just wondering if there is something out there that I may like better than where I am currently at for banking purposes".

Not intrusive at all.  When it come to money, always diversify so you are doing the right thing. Always do research to see if that banking institution's products and services work  for you in the long run.  For example, in the case of Alliant, they have products that people like alot hence, the high approval it gets on this forum.

Personally, my number one banking is with Chase, then a local credit union and then NFCU.  I know Chase isn't everyone's cup of tea but for me they are my number one.  They were the first bank when I started out and went above and beyond for me when I needed something. They still do so I am very happy.  The credit unions I use as they have good rates and decent products that I quite like.

So research a bit and go from there.

[SouthJamaica]

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@Anonymous wrote:

So, I currently have funds between Capital One 360 (for accessibility) and Discover (just for the savings aspect, to have a "hidden/out of sight, out of mind" account).

I had been reading up on Alliant, as it seems to be mentioned quite a bit around here for the Share Secured Loans to help start building credit, but why is it not discussed as a primary place to have checking/savings accounts? I was looking at the rates, and it APPEARS to be good/hassle free, but I have no experience with them. Is it just because Chase/BofA/PenFed/NFCU have more recognition, or have some of you tried Alliant and didn't like it for some reason?

Also, where do you keep your banking and why? If it's not too intrusive of a question. That's just out of curiosity, as I am currently "shopping"/looking at other banking options at the moment. I'm fairly content with my Capital One 360 accounts, just wondering if there is something out there that I may like better than where I am currently at for banking purposes.

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Alliant's interest rate on the share savings account is 1.05% apr, which is the best rate I know of.

They seem great to me.

[Anonymous]

Here's a site that gives good reviews of bank accounts including by interest rate:

https://www.depositaccounts.com/blog/bank-accounts-survey/

It mentions Alliant specifically as raising its rates to 1.05%.  If you scroll down you will see that there are many banks that offer similar rates or even better, but as SouthJ mentions Alliant's new rate is near the top of what's available.

There are other high-interest options that require a little more work (e.g. 5% on the first 5k).  But the best way to get a bank to give you money is to open a bank account with them that is linked to a promotion.  If you are willing to open 6-7 accounts a year you can make $2000 a year easily doing that.  I open a savings and checking account with Chase each year and then close them six months later, for which Chase pays me $500 each time.

[Anonymous]

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@Anonymous wrote:

Here's a site that gives good reviews of bank accounts including by interest rate:

https://www.depositaccounts.com/blog/bank-accounts-survey/

It mentions Alliant specifically as raising its rates to 1.05%.  If you scroll down you will see that there are many banks that offer similar rates or even better, but as SouthJ mentions Alliant's new rate is near the top of what's available.

There are other high-interest options that require a little more work (e.g. 5% on the first 5k).  But the best way to get a bank to give you money is to open a bank account with them that is linked to a promotion.  If you are willing to open 6-7 accounts a year you can make $2000 a year easily doing that.  I open a savings and checking account with Chase each year and then close them six months later, for which Chase pays me $500 each time.

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Regarding Chase's direct deposit, on their site it states the following... "Direct deposits can be an ACH credit, payroll, pension or government benefits such as Social Security."

Since I work at a financial institution, they won't direct deposit into another financial institution. So the only way I could qualify for "direct deposit" with Chase, would be doing an ACH transfer of my funds, which is what I currently do to put my funds into my 360 and Discover accounts. Those deposits comes through via ACH, does Chase offer the same services to "transfer" from an external account, like online institutions do?

[Anonymous]

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@Anonymous wrote:

So, I currently have funds between Capital One 360 (for accessibility) and Discover (just for the savings aspect, to have a "hidden/out of sight, out of mind" account).

I had been reading up on Alliant, as it seems to be mentioned quite a bit around here for the Share Secured Loans to help start building credit, but why is it not discussed as a primary place to have checking/savings accounts? I was looking at the rates, and it APPEARS to be good/hassle free, but I have no experience with them. Is it just because Chase/BofA/PenFed/NFCU have more recognition, or have some of you tried Alliant and didn't like it for some reason?

Also, where do you keep your banking and why? If it's not too intrusive of a question. That's just out of curiosity, as I am currently "shopping"/looking at other banking options at the moment. I'm fairly content with my Capital One 360 accounts, just wondering if there is something out there that I may like better than where I am currently at for banking purposes.

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Primary Checking/Savings: WellsFargo (started with them in 1999 as SouthTrust, then Wachovia Merger, then WF) Closest bank to my apartment - move $ around between friends/family who bank there.

CapitalOne 360: I just keep some slush money in this one in case I need to get cash and am not near a WF ATM since they reimburse fees. (I hate ATM fees)

NFCU Checking/Savings: just opened . . am only using the savings currently as my "put $50/paycheck in and forget about, let grow and don't touch account" . . might move more checking activity to them as time goes on.

PenFed Savings: opened to become eligible for a credit card with them . . threw $500 in and letting it hang out there

Checking accounts opened to obtain signup bonuses:

Chase

Santander

I can't turn down the free money when the postcards come in the mail. (I think this is the 4th time I've opened a Chase checking account. LOL.) I route whatever minimum direct deposit and make however many transactions required monthly for the account to be free and let them deposit the signup bonus. Once the account has been opened the required amount of time, I close it and put the $ in savings.

[mongstradamus]

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@creditfan wrote:

I just started using my Alliant CU as primary banking for several reasons;

1. Fund available immediately after mobile deposit

2. Higher %APY for saving and checking compare to the others

3. ACH quick and free

4.  ATM fee rebate up to $20/month

what should I ask for more 

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I have alliant cu for my checking and savings as well . The "only" thing i could ask for more is better cd rates probably, and no ftf atm/transaction fees!! 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So, I currently have funds between Capital One 360 (for accessibility) and Discover (just for the savings aspect, to have a "hidden/out of sight, out of mind" account).

I had been reading up on Alliant, as it seems to be mentioned quite a bit around here for the Share Secured Loans to help start building credit, but why is it not discussed as a primary place to have checking/savings accounts? I was looking at the rates, and it APPEARS to be good/hassle free, but I have no experience with them. Is it just because Chase/BofA/PenFed/NFCU have more recognition, or have some of you tried Alliant and didn't like it for some reason?

Also, where do you keep your banking and why? If it's not too intrusive of a question. That's just out of curiosity, as I am currently "shopping"/looking at other banking options at the moment. I'm fairly content with my Capital One 360 accounts, just wondering if there is something out there that I may like better than where I am currently at for banking purposes.

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Primary Checking/Savings: WellsFargo (started with them in 1999 as SouthTrust, then Wachovia Merger, then WF) Closest bank to my apartment - move $ around between friends/family who bank there.

CapitalOne 360: I just keep some slush money in this one in case I need to get cash and am not near a WF ATM since they reimburse fees. (I hate ATM fees)

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Really, the fee reimbursement is why I am looking at Alliant. It'd be nice to not have to think about what ATM to go to. Like, being out with friends and we spend so much time driving to ATMs that don't charge us fees based on our respective banks. Being able to just use the nearest ATM would be nice.

I can't find anything within my 360 account information, or on their website, that shows they reimburse ATM fees. I see where it says they will reimburse you if Allpoint wrongfully charges you... but I can't find anything about generic ATM fee reimbursement like Alliant. Could you link me to that information??