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How Many Bank Accounts do You Have?

Frequent Contributor

How Many Bank Accounts do You Have?

Just Curious.. How many bank accounts do you have and What's their purpose?

 

I have 3 Bank Accounts..

 

Chase - For my checking and my go to busy bank, they have ATM's every block here in NYC.

 

Municipal Credit Union - My Savings

 

PenFed - Just opened recently, still undecided what to do on this one.

________________________________________________________________________________________
Current FICO 8 Scores as of 02/17/17: TU: 687 - EQ: 683 - EX: 649

Cards: Amex Platinum & BCE 1K, Chase Fdm Ultd 1K, Jetblue 11.5K, Quicksilver 5K, Discover IT 9K, PenFed Plat Rwrds 8.5K, Amazon Prime Visa 3K, Citi Scrd 200.
Message 1 of 40
39 REPLIES
Super Contributor

Re: How Many Bank Accounts do You Have?

I just have and use two bank accounts alliant for checking/savings and ally for savings/cds, I will admit that I may be not like most because i rarelly carry cash. Only really have cash if i want to goto eat at a few restaurants in queens , who only take cash. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
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TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 2 of 40
Established Contributor

Re: How Many Bank Accounts do You Have?

Chase (personal and business checking)

NFCU 

Penfed

USAA

 

 

trying to decide where i want to move my personal money to. Ill keep my business at chase.

 

 

CSR | Ink Business Preferred | Amex Platinum | NFCU Cash Rewards
Message 3 of 40
Frequent Contributor

Re: How Many Bank Accounts do You Have?

  • Primary checking at local bank - where my paycheck is deposited and from which I route automatic payments, transfers and weekly savings deposits
  • Primary savings at local bank - where I keep my emergency fund, and where I send an automatic deposit every Thursday
  • Joint checking with spouse at local bank - where he automatically deposits a portion of his paycheck, and from which I pay our Primary credit card we use for everything. I transfer money here from my primary checking as needed to pay the credit card off every month
  • Secondary checking at local bank - where money is transferred every payday from my primary checking to use for large, annual expenditures, such as homeowners insurance, car insurance, property taxes, annual vet bills, etc. Doing it this way means that when these big bills come up, the money is already there. I pay them with my primary cash back credit card, then immediately pay off with funds from this account.
  • Checking at Navy Federal - where a fairly small VA disability deposit is made monthly
  • Savings at Navy Federal - which I don't really use for anything
  • Money Market Savings at Navy Federal - which is my "Mad Money" account. I transfer the VA disability monies here monthly, and use this account to collect the cash back from our credit card that we use for everything. I also use this account to accumulate rebate dollars and any other monetary benefit that I gain through smart shopping and planning, such as the ~$100 house/car insurance refund I get every year for paying promptly. This is the account I use to "reward" myself by being a mindful consumer and such. I spend this money on things that are unnecessary, frivolous or otherwise silly, but that I want badly enough to part with the bucks.
  • IRA Savings account at Navy Federal - where I park money in preparation for putting it in an IRA, used typically when I know they have a good offer coming up
  • PNC - I have my HELOC at PNC, and to get an additional quarter point off my interest rate, I make automatic payments through a PNC checking account. I transfer money from my primary checking automatically twice a month to this account
  • PNC started requiring their "wallet" product a year or so ago, so I also have a savings account there that I never use for anything.

That's a lot of accounts :-) I would like to consolidate, but the headache of doing so keeps me from it. Right now, the accounts and related processes I have in place work like a well-oiled machine. I'm also torn about moving all of my primary banking to Navy Federal. Though they are BY FAR my favorite financial institution, they have no branches that are local to me. While I rarely physically visit my local bank, at least I know I can. And they also recently notarized a ton of stuff for me free of charge.

 

I guess I'm still a little too old fashioned to be comfortable with no local physical bank to visit in person.

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Message 4 of 40
Valued Member

Re: How Many Bank Accounts do You Have?

I have multiple different accounts that I use:

 

Charles Schwab Bank Checking - I consider this my primary account and have the bulk of my paycheck direct deposited here. I transfer my money to be saved out of this account, my contributions to my Roth IRA come from this account, and money for most of my expenses is transferred from here. This account also comes in handy once in a blue moon due to the lack of a foreign transaction and currency conversion fees.

Charles Schwab Bank Savings - This account holds a small amount of savings for an event that is urgent, but not quite and emergency.

Fidelity Cash Management - A small part of my paycheck is deposited here to be used for my fun money.

TIAA Direct Checking - This is mainly for my expenses. My cell phone payment, dr. office copays, car insurance, and money for other bills is transferred here.

TIAA Direct Money Market - This is my primary savings account and where I also keep my emergency fund.

 

I also have a Schwab Roth IRA, a Schwab brokerage account, and a TIAA 401a through work.

 

Most of my spending is actually put on my credit cards, so I use a spreadsheet to keep track of the various expenses from each account, and then (about once per week) send the payment from the appropriate account. It's a system I've worked out over the years, and while most view it as really complicated, it brings me comfort knowing that I have my money spread out with different banks.

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Message 5 of 40
Community Leader
Senior Contributor

Re: How Many Bank Accounts do You Have?

7 + 2 investment accounts


Message 6 of 40
Frequent Contributor

Re: How Many Bank Accounts do You Have?

I have several.

 
My main checking acct is with Wells Fargo. I have thought about changing but I love my Way 2 Save account. It's an easy way to rack up money without even feeling it.  They move $1 of your money over to another acct for every transaction that hits your account. I had up to $3k in there at one point.
 
I have just recently opened a few CU accounts:
 
- Alliant: I have checking and savings but will only use savings for now. I am about to move my savings over to this account. I have gotten to the point where I can really start to save now and this account has a .95% rate. I have not seen anything else even close to that so this one is the winner for me. THey have an interest bearing checking acct to so I may move over to that but, man, what a hassle.  
 
- Navy Federal: I have a savings acct and a CC with them. but I am going to open a CD with them once I get my tax refund.  They offer one with a 3% rate and, again, I have not seen anything close to that for certificate accounts. I was going to open one with Pen Fed but their rate is "just" 1.50%.  
 
- PenFed: I have a savings acct and a credit card with them. Got declined for a PLOC but will try again in a year. Not sure what else I might open but I like having them as an option for auto, mortgage, etc
 
- SDFCU: Not sure what I will do here, if anything. I got the savings acct but I don't have anything in it. Their rates don't compare to the other accounts I have so not sure what I will do with it yet.  I got declined for a CC.  
 
I also have a checking account at my place of employment, which is a large bank. I only have this so that I can have $50 a month deposited in to it and, therefore, have access to the ATM machine at my office.  It works for those days when I need a small amount of quick cash and, bonus, I don't always use that $$ so it builds up sometimes also.  Though, now that I have an interest earning acct, I won't let that happen any more.  
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Message 7 of 40
Frequent Contributor

Re: How Many Bank Accounts do You Have?

I have a checking and savings account with BBVA Compass. I want to open a savings with Desert Schools a local credit union but once i pay off all my debt I'll have money to put away in the bank.

Message 8 of 40
New Contributor

Re: How Many Bank Accounts do You Have?

Main Account: LMCU High Interest Checking (3%)

 

I just got this a month ago so still transitioning to it but it will be where I do 99% of my banking (I’ll have my paycheck deposited there, will keep my EF there, will use it to PIF my CCs every month, etc). I like that it is a checking account so I don’t have to worry about the federally mandated 6 transaction/mo limit on savings accounts. I used to keep my $ in an ally savings account to maximize interest but with 5 CC bills per mo + rent + utilities that became a problem. It also pays one of the highest interest rates available at 3%. It requires 10 transactions per month (I buy 10x$0.50 amazon GC online) and a direct deposit every month (I do $150 transfer from Ally) but I plan to do those on the 1st of every month and not worry about qualifying for the interest.

 

Other Bank Accounts:

Ally Bank Checking/Saving: I have all my accounts linked to this account so I’ll probably use it as a hub when transferring $ to other places. LMCU’s transferring ability is lacking.

 

Other Accounts Acquired for Things Unrelated to Banking:

Alliant CU Savings: for the Installment loan popular on these forums + they are local + 1% on savings isn't bad

DCU Checking/Savings: for a free FICO 05 score (mortgage version) every month so I can track my progress/prepare for future + 5% on up to $750

BoA Checking/Savings: for an extra bonus from my BBR

 

Considering Getting:

NASA FCU for a low interest PLOC and a FICO 5 score (mortgage) from a different bureau. The idea would be to keep the PLOC as backup in case I ever need to carry a balance somewhere (assuming my emergency savings are insufficient). I prefer rewards CCs which means I have high APRs so I could use the PLOC to pay the CCs and avoid paying the high interest from the rewards CCs.

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Message 9 of 40
Valued Contributor

Re: How Many Bank Accounts do You Have?

1 Savings account, 3 checking accounts, 5 brokerage accounts (I only keep index ETFs at 4, all currently give me some sort of promotion).

Perks, purchase protection, and sketchy merchants: Schwab Platinum.....Price rewind and extended warranties: Costco.....Travel insurance: Prestige.....Renewal nights: IHG, Hyatt.....Rewards/Offers: Discover, Freedom, ED, BCE.....Taxes/Misc: SPG...Questioning the value of: CSP, Arrival

760ish FICOs...Rebucketing hurts!
Total CL: Enough
Message 10 of 40