I finally bit the bullet this week and signed up for a Capital One checking account. To help prevent any account issues in the future, I did it at a local Capital One Cafe so someone could scan my ID (even though I've been a C1 credit card customer for just over 7 years).
The main draws to me were the ability to get my direct deposits a day earlier, and to make transferring funds to my C1 savings much faster than with ACH (I can only add Zelle to a C1 checking account.)
And wow... the "get paid a day early" feature with direct deposit works like a charm! I was told that it might not happen on the first paycheck, but it did! It's almost like magic to see that happen. For the money that needs to be paid out later in the month, I created a separate "pump 'n dump" savings account to hold the money until it's needed so it earns a little interest. Although I wasn't a fan of savings accounts for the longest time, C1 is currently paying 0.8% APR on savings (currently higher than their CDs!). While it's not the absolute highest rate available it's close enough, and it's quick to move around as-needed with Zelle. And not taking advantage of that kind of rate for short-term storing of cash seems like leaving money on the table.
C1's fees for both checking and savings are practically non-existent, with no minimum deposit requirements. (Their terms and conditions page says they have a limit of 6 transfers from savings accounts per statement cycle, but it also notes that they're not enforcing it right now.)
And while there aren't a lot of physical locations near me to deposit cash (there's the cafe and C1 ATMs at Target stores), I don't have a lot of actual need to deposit cash. When I do, I still have accounts with WF, Chase and Union Bank (soon to merge with US Bank), in addition to the C1 ATMs.
I read somewhere online that C1 also allows up to 25(!) savings accounts per profile, which is great for creating separate savings accounts for different savings purposes. And the app seems way more user-friendly for multiple accounts than the apps I've used for Union Bank, Chase and WF (even after the recent upgrades WF has made).
One thing I did miss while setting up my checking account was putting in the "BONUS250" coupon code mentioned on Doctor of Credit to get a $250 bonus, which I'm eligible for after getting 2 direct deposits of $250 or more within 75 days. I called about it, and was told to give them a call back in a few weeks after both direct deposits kick in. I believe them, but I still strongly advise anyone signing up to Google for the latest coupon codes before signing up, and to be sure to put them in when doing the application.
I feel that the only thing I'm missing out on is building up more banking history with Wells Fargo or Chase, which factor in bank account history when approving cards and CLIs (C1 apparently does not do this.) I currently have credit cards with both WF and Chase and would like to get more of them in the future. That's why I'm planning to keep my checking accounts active with both WF and Chase, and make most of my payments through them.
Even though it's been less than a week and I haven't received my debit card yet, I'm a very happy camper with C1 and can highly recommend them!
