topic Re: How Many Bank Accounts do You Have? in Personal Finance

How Many Bank Accounts do You Have?

Anonymous — Sun, 08 Jan 2017 14:25:58 GMT

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.

Re: How Many Bank Accounts do You Have?

mongstradamus — Sun, 08 Jan 2017 15:20:39 GMT

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.

Re: How Many Bank Accounts do You Have?

darkfrosty — Sun, 08 Jan 2017 19:56:10 GMT

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.

Re: How Many Bank Accounts do You Have?

gamegrrl — Sun, 08 Jan 2017 22:02:05 GMT

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.

Re: How Many Bank Accounts do You Have?

Anonymous — Mon, 09 Jan 2017 05:25:22 GMT

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.

Re: How Many Bank Accounts do You Have?

elim — Mon, 09 Jan 2017 05:47:53 GMT

7 + 2 investment accounts

Re: How Many Bank Accounts do You Have?

Anonymous — Mon, 09 Jan 2017 20:12:34 GMT

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.

Re: How Many Bank Accounts do You Have?

greent — Mon, 09 Jan 2017 20:40:16 GMT

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.

Re: How Many Bank Accounts do You Have?

Adidas — Tue, 10 Jan 2017 01:17:34 GMT

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.

Re: How Many Bank Accounts do You Have?

wasCB14 — Tue, 10 Jan 2017 02:14:47 GMT

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

Re: How Many Bank Accounts do You Have?

Steelersboy — Wed, 18 Jan 2017 00:14:19 GMT

Local checking

Local savings (rarely used)

CapOne checking and savings (rarely use either)

Barclays savings-main savings

Ally savings (side savings for small purchases)

CapOne investing brokerage account

Vanguard Roth IRA

Re: How Many Bank Accounts do You Have?

Anonymous — Wed, 18 Jan 2017 02:52:50 GMT

I have chase as well which was a Wamu bank account that was converted to Chase. I opened it since i was 18.

I wanted a seperate checking account that i could use as savings so i opened TD bank the one that just needs 100 daily balance and no fees ever. I picked TD because at the time they were giving out this cool Kodak Cube when you opene any account with them.

In the future i do plan to open up a account with Pend Fed Or NFCU after i do my research but i know that for sure i want to have a account with a credit union.

Re: How Many Bank Accounts do You Have?

iced — Wed, 18 Jan 2017 04:51:53 GMT

@Adidas wrote:
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.

The LMCU checking account looks very interesting, though the 10 transactions a month is tough (unless transfers to savings count as a transaction). Do you know if they'll let you have multiple accounts so you can break up funds into blocks of $15k? The fact you also mention transferr difficulties in and out of LMCU makes me very hesitant to pursue this one.

As it is today, I drop paychecks into a local credit union (DCU) and keep $750 in savings with them for the interest. Emergency savings (usually around $15-20k) sits in a Barclay's savings account. After that, everything remaining from a paycheck is used on an e-trade account (not really a bank account) or I give my SO a check and she deposits it into one of her savings accounts. I have no idea how many accounts she has floating around, but I know it's more than me.

Re: How Many Bank Accounts do You Have?

Adidas — Thu, 19 Jan 2017 02:34:08 GMT

Re: 10 transactions
The 10 transactions have to be from your debit card and they have to be coded specifically. It can't be used to get cash from an ATM or anything like that it has to be a point of sale transaction. I know the 10x Amazon thing works and I figure for $5 per month or $60 per year I'll get $450 in interest which is $300 higher than I was getting from Ally so worth it in my mind. Especially if I actually get something from Amazon then I've lost no money. Also a transfer from Ally to LMCU counts as direct deposit.

Re: splitting $ into 15k blocks
I don't think you can. You could do a his and hers to get 2 probably but I'm guessing that's the limit. However I know consumers credit union offers a similar 3% return with all the same requirements except 12 transactions per month instead of 10. They have a similar requirement that you use the debit card and that it must be coded as a credit transaction. So if you use Amazon for CCU transactions then you have to go into your settings and change the debit card to be used as a credit card. Also there is a doctor of credit page with high interest checking accounts if you want more ideas (http://www.doctorofcredit.com/high-interest-savings-to-get/).

LMCU and CCU were the two that offered the most return for the least work in my opinion and neither have fees if you forget to do it one month. Also fyi CCU offers even higher percentages if you do more work but it's not worth it in my opinion.

Re: LMCU transfer issues
Every time I have transferred $ to or from LMCU it has been competed in 3 business days and I've had no issues. What I mean is their online portal explicitly says you can't link other accounts to transfer $ to/from LMCU on their website. They expect you to push or pull from the other institution. So for example I log into Ally to transfer $ to/from LMCU.

Re: How Many Bank Accounts do You Have?

Turbobuick — Fri, 20 Jan 2017 07:58:54 GMT

1. BofA business checking

2. Chase free checking .... they gave me $300 to open and I got a tax statement on the 300. lol

3. Scottrade Bank

4. Mellon Bank HSA acct and brokerage acct

5. Banc of California joint checking

Re: How Many Bank Accounts do You Have?

Anonymous — Fri, 20 Jan 2017 16:11:13 GMT

Primary Checking with Navy Federal (Everyday Checking) - write checks for bills and receive direct deposits from employment

Share Savings with Navy Federal - wife and I both have our own, used for weekly transfers

Money Market Savings with Navy Federal - Sparingly used

Wells Fargo Checking - spouse and I each havae our own for play money, convienent locations nearby our house

Wells Fargo Savings - Use for an emergency fund.

Re: How Many Bank Accounts do You Have?

Anonymous — Mon, 23 Jan 2017 06:16:04 GMT

CU- Checking

CU- Share Savings

Online Savings Account- Main Savings

I have most of my paycheck direct deposited to my CU checking, and roughly 10% of gross direct deposited to my online savings, which I don't touch. It helps me a lot to have a completely separate account as my main savings, as I've found saving is a struggle when it is linked to my checking account.

Re: How Many Bank Accounts do You Have?

Guyatthebeach — Sat, 28 Jan 2017 11:12:14 GMT

I have too many but I like all of them.

PNC- primary bank, checking, savings, car loan, and credit card. Great bank to me with very conservative lending practices.

SCSCU- primary credit union, checking, savings, CD's,retirement, and credit card. This CU has helped me the most with my rebuilding from my bankruptcy. Great CU!

Navy Federal- savings, Roth IRA, savings, CD's, and credit card. Very friendly and bankruptcy friendly.

PenFed- savings and credit card. Plan on using them for my mortgage or remodel. Excellent rates.

SDFCU- savings, personal loan, and credit card. Excellent rates on loan and Visa.

Barclays- savings.

Re: How Many Bank Accounts do You Have?

EAJuggalo — Sat, 28 Jan 2017 12:32:03 GMT

Currently six, two of which are joint with the wife. At our old CU in MN I have a personal checking and savings, then we have a joint checking that gets 1.5% and a joint savings that isn't used. I now have an account at a new CU in WI where we moved to that is 2.5% for our checking that she will be added on once she can comply with the Patriot Act BS of needing a utility bill.

Re: How Many Bank Accounts do You Have?

SkyCommander — Sun, 29 Jan 2017 02:08:56 GMT

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.