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Basically,
My bank has no credit cards or loans Im interested in so I've decided to switch banks. All my assets and direct deposit (which is only 50k a year). So I'm trying to find out if holding an account with them could actually help me a little. I decided to go with NFCU just because all the amazing things I've heard about them.
@iced wrote:
@pinkandgrey wrote:Getting in with Chase wouldn't be a bad idea if you're able to do so. Relationships often help (not ALWAYS, of course) when it comes to future approvals.
Good luck!
I would actually disagree with this and flip it around. Banking relationships -- particularly of the small amounts that the typical person is going to be placing with the bank -- rarely help with "getting in" on other cards. It might allow for the occasional bypass of 5/24, but if you don't qualify for the card on the merits of your credit report or internal data they already have on you, having a checking or savings account isn't going to change that.
If you want to put money in a bank like Chase because it's going to result in higher returns or better access to your money, by all means do it. If you're considering taking a lower interest rate or other disadvantage at the prospect of getting a Sapphire or some other card a little easier, don't bother unless you plan on moving hundreds of thousands of dollars or more over. And in that latter case, don't bother either because the lost opportunity cost on half a million dollars is far greater than any value in getting a credit card with a Chase logo on it.
They have YouInvest, a brokerage account, where you can move your IRA, to establish "relationship." If you become their private client it may make a difference. And of course I don't think you will be loosing anything more than what you would loose at Fidelity or other brokerages. So you really don't need to put $100k in the savings account. You really shouldn't have that much money in high yield savings either as you loose about 1% per year after taxes and inflation.
@Green456 wrote:They have YouInvest, a brokerage account, where you can move your IRA, to establish "relationship." If you become their private client it may make a difference. And of course I don't think you will be loosing anything more than what you would loose at Fidelity or other brokerages. So you really don't need to put $100k in the savings account. You really shouldn't have that much money in high yield savings either as you loose about 1% per year after taxes and inflation.
I'm including investment vehicles via JPM, such as rolling an IRA over. Still a poor return IMO:
1. Doing a rollover from one brokerage to another is rarely free. If it costs me $80 in fees to roll a $500,000 retirement account from one brokerage to another, I'm already at an $80 disadvantage. This also applies to standard brokerages with after-tax funds.
2. Why would I move my money from Fidelity to JPMC (including Youinvest) when I have the same or better options at Fidelity? It's not going to suddenly qualify me for a card I'm not already qualified for, so why bother?
3. If I do this, I'm starting to once again have my money fragmented across multiple brokerages. Some people may be fine with that; I personally am getting tired of it. I just spent the last year consolidating multiple accounts across 5 brokerages down to 3 for easier access and management (eventually getting to 1), so I'm not about to start undoing that and having a quarter million here, a half million there for the placebo effect of having a relationship with banks. Same as point 2 above, what's to be gained here by throwing some money in Chase?
4. The bar for the real private client is $10 million at JPMC, though I guess if one wanted to, they could move a quarter million over for the $2,000 SUB with CPC. I do wonder why a bank needs to offer a SUB to entice clients over, though.
My point still stands. If moving your money results in a net gain in returns, by all means do it. If you're going to take even a small hit to try to boost your chances at getting a card, it's not worth it. That is, there is no significant boost or bonus to simply having money with most banks in terms of their card offerings. A Chase isn't suddenly going to be like "your profile concerned us before so we didn't offer you anything, but now that we see you have $250,000 in assets with us, let us pre-qualify for you for all of our cards". If you have the assets to qualify for CPC or JPM's private client, you have already demonstrated some level of fiscal saving and planning and likely already qualify for their cards and loans, with or without having that money actually parked in their accounts.
@iced wrote:
@Green456 wrote:They have YouInvest, a brokerage account, where you can move your IRA, to establish "relationship." If you become their private client it may make a difference. And of course I don't think you will be loosing anything more than what you would loose at Fidelity or other brokerages. So you really don't need to put $100k in the savings account. You really shouldn't have that much money in high yield savings either as you loose about 1% per year after taxes and inflation.
I'm including investment vehicles via JPM, such as rolling an IRA over. Still a poor return IMO:
1. Doing a rollover from one brokerage to another is rarely free. If it costs me $80 in fees to roll a $500,000 retirement account from one brokerage to another, I'm already at an $80 disadvantage. This also applies to standard brokerages with after-tax funds.
2. Why would I move my money from Fidelity to JPMC (including Youinvest) when I have the same or better options at Fidelity? It's not going to suddenly qualify me for a card I'm not already qualified for, so why bother?
3. If I do this, I'm starting to once again have my money fragmented across multiple brokerages. Some people may be fine with that; I personally am getting tired of it. I just spent the last year consolidating multiple accounts across 5 brokerages down to 3 for easier access and management (eventually getting to 1), so I'm not about to start undoing that and having a quarter million here, a half million there for the placebo effect of having a relationship with banks. Same as point 2 above, what's to be gained here by throwing some money in Chase?
4. The bar for the real private client is $10 million at JPMC, though I guess if one wanted to, they could move a quarter million over for the $2,000 SUB with CPC. I do wonder why a bank needs to offer a SUB to entice clients over, though.
My point still stands. If moving your money results in a net gain in returns, by all means do it. If you're going to take even a small hit to try to boost your chances at getting a card, it's not worth it. That is, there is no significant boost or bonus to simply having money with most banks in terms of their card offerings. A Chase isn't suddenly going to be like "your profile concerned us before so we didn't offer you anything, but now that we see you have $250,000 in assets with us, let us pre-qualify for you for all of our cards". If you have the assets to qualify for CPC or JPM's private client, you have already demonstrated some level of fiscal saving and planning and likely already qualify for their cards and loans, with or without having that money actually parked in their accounts.
Most brorkerages will cover closure fees from the other party that you are transferring from. So you would definitely not loose $80. Furthermore there is no reason to be split between 4-6 brokerage services. You can just transfer everything to one location and develop "relationship" with them. Also I don't know what investments you have but for me, I invest in total US stock market ETF and total US bond market ETF. Those can be pretty much obtained anywhere. Again this is personal issue. It is true that some mutual funds are exclusive.
@Green456 wrote:Most brorkerages will cover closure fees from the other party that you are transferring from. So you would definitely not loose $80. Furthermore there is no reason to be split between 4-6 brokerage services. You can just transfer everything to one location and develop "relationship" with them. Also I don't know what investments you have but for me, I invest in total US stock market ETF and total US bond market ETF. Those can be pretty much obtained anywhere. Again this is personal issue. It is true that some mutual funds are exclusive.
I'm still not hearing a compelling reason to move other than "relationship", which is not a thing. If there's nothing to be gained from moving assets other than false warm-fuzzies that a bank will like you more, there's nothing to be gained.