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How Many Bank Accounts do You Have?

Community Leader
Senior Contributor

Re: How Many Bank Accounts do You Have?


SkyCommander wrote:

I have a standard Chase checking account. Then I got a Discover checking and savings account. Considering moving my savings out of Discover and into Barclays but only .5% more do I really need to is the question.


The greatest profit on the smallest amount of cash (from checking and savings accounts) is without a doubt chasing bank bonuses.  (I.e. opening savings and/or checking accounts where the bank/CU is having a promotion, getting the promotion, and then typically closing the account six months after you open it.)

 

One can make at least $1000 a year off of $3000 in cash, $1500 if one has a bit more ($5000), and $2000 if one has $20k to play with.

 

It's not the right style for many folks, which is fine.  But it is easily the best return.  You can also get quite a lot of tax-free cash beyond that if you couple bank bonus chasing with CC bonus chasing.  (The two are synergistic -- the bank accounts often help the new card offers.)

Message 21 of 40
Valued Contributor

Re: How Many Bank Accounts do You Have?

Best return is dollar matching on company retirement accounts - typically 100% but sometimes 50%. Gotta take advantage of those matching funds.

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Message 22 of 40
Community Leader
Senior Contributor

Re: How Many Bank Accounts do You Have?

That's so, TT.  But it's a shift from what I was taking about, which was: given that a person is going to have have some money in checking and savngs accounts, what strategy makes him the most from that 3k or 5k or 20k?

 

I assume that, coupled with their rainy day fund, they are locking down any free money they can.

Message 23 of 40
Contributor

Re: How Many Bank Accounts do You Have?

Yeah because right now I have 2-3k to play with and usually the checking accounts require 1500 minimum to keep it easily fee free. I can get in on those opening new account bonuses and meet the requirements without sacrificing much. Then close the account later as I already have a Chase checking and a Discover checking and savings I actually like and use.

Chase Hyatt | Chase Freedom | Amex ED | Discover IT Miles | Amex Delta Gold | Amex PRG | Amex SPG
Message 24 of 40
Community Leader
Senior Contributor

Re: How Many Bank Accounts do You Have?

Nice to hear that I have a fellow bonus chaser on here.  Chase is a great bank and I have some cards with them.  If their checking and savings account bonuses were not churnable I would, like you, keep them around 12 months out of the year.  But the $500 a year I get from closing and opening them is just too temping for me to pass up.

 

Discover's are not churnable -- you only get them once.  I was happy to get a $400 bonus for my bank accounts at Discover and have kept them around since.  No minimum balances, no fees, no ACH charges, free checks, great place.

Message 25 of 40
Valued Contributor

Re: How Many Bank Accounts do You Have?

I was just reviewing my mobile check deposit limits, and Fidelity will let me deposit a check up to $200k.

 

Citi limits me to $500. I took their $400 for opening a checking account but Fidelity and Discover (for checkwriting) kind of make Citi useless.

 

As far as WF $250 I've made my 10 debit purchases and just got the bonus.

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 26 of 40
Frequent Contributor

Re: How Many Bank Accounts do You Have?

I have 2 major Checking accounts and just applied for the 3rd one. Online saving accounts, I have a bunch. 


BoA, Amex, Citi, Barclay, Chase cards user since 2013. 7 CCs, few INQs, PIFs with low util. Giving Kudos for good.

Starting Score (7/26/2015): TU: 737 | EX: 739 | EQ: 750. It was ~500 back in 2013-5.
Current Score (1/11/2016): TU: 754 | EX: 760 | EQ: 755.
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Taking the myFICO Fitness Challenge. Gardening since 4/8/2016.
Message 27 of 40
Super Contributor

Re: How Many Bank Accounts do You Have?


CreditGuyInDixie wrote:

Nice to hear that I have a fellow bonus chaser on here.  Chase is a great bank and I have some cards with them.  If their checking and savings account bonuses were not churnable I would, like you, keep them around 12 months out of the year.  But the $500 a year I get from closing and opening them is just too temping for me to pass up.

 

Discover's are not churnable -- you only get them once.  I was happy to get a $400 bonus for my bank accounts at Discover and have kept them around since.  No minimum balances, no fees, no ACH charges, free checks, great place.


I think the two major reasons for lots of bank accounts are:

 

1) Bonus chasing, not sure how common that is on here compared to cc bonuses, which tend to be much more limited

2) "Throw-away" bank accounts for things like lots of MO deposits.   These are somewhat likely to get closed, and you don't want these to be your major bank accounts, or accounts of your cc issuers

Message 28 of 40
New Member

Re: How Many Bank Accounts do You Have?

Just a college account lol

Message 29 of 40
Regular Contributor

Re: How Many Bank Accounts do You Have?

Alot!! LOL

 

Chase - Checking and Savings

CapitalOne - Savings

USAA - Checking and Savings

NFCU - Checking and Savings

Bank of America - Checking and Savings

Alliant - Checking and Savings

 

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Message 30 of 40