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Do chase and BofA for savings or checking?

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Frequent Contributor

Do chase and BofA for savings or checking?

Looking for a new bank to have a saving savings account, and possibly another checking.

 

Since these two are banks I am interseted in applying for credit from in the future, I would like to start a relationship with one of them.

 

Can opening accounts be done online and is there any harpull on your reports except Chex systems? 

 

This would not be where we keep the bulk of our savings, just some of it. Will chase look at account balances when doing account reviews for other products? I read a crazy thread about a guy who had their Chase accounts cut off because his checking balances didn't match what he stated as his income.

 

 

Message 1 of 7
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Community Leader
Super Contributor

Re: Do chase and BofA for savings or checking?

I wouldn't bother with either for a savings or checking account to be brutally honest.
There are far better returns to be had from other lenders offering much higher rates on your deposits.

No bank accounts needed to have a relationship with these guys IME.
Now I have seen a few members state BofA might warm up to you a little more with a bank account.

Unless something has changed, neither HP for a bank account.

USbank is another option, if looking at the larger banks. You can sign up for a free checking account and be approved for a CC at the same time.
That Cash + card IMHO is more useful then nearly anything offered by BofA or Chase unless you're a big traveler.

My #1 rule when looking at bank accounts is. "Never pay someone to hold your money".
Pay me to hold my money!

This site will show you way more options https://www.depositaccounts.com/checking/reward-checking-accounts.html


My most prized tradeline.
Message 2 of 7
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Established Contributor

Re: Do chase and BofA for savings or checking?

Both are terrible options to have relationship with. Neither of them offers free checking without minimum balance or minumum direct depost. BoA is even worst due to charging for ACH transfers.

 

I recently joined First Tech CU. I did not incur a hard pull. No direct deposit or minimum balance required for free checking and ACH transfers are free. DCU is another great credit union that has completely free checking and is also soft pull.

 

 

Message 3 of 7
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Super Contributor

Re: Do chase and BofA for savings or checking?

Personally I like Chase because they offer great signup bonuses for checking and savings.  Also for checking only.  

 

https://www.doctorofcredit.com/chase-600-checking-savings-bonus/

 

Bank of America is also currently offering a signup bonus, though it is nothing much to write home about unless you are eligible for targeted $300 offer. 

 

https://www.doctorofcredit.com/bank-america-100-checking-bonus-public-nationwide/

 

BOA savings pairs nicely with the BOA Better Balance Rewards card.  The BBR card pays you $100 a year to use it (no annual fee, no need to pay interest) and raises that to $120 per year with a BOA savings account.

Message 4 of 7
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Community Leader
Super Contributor

Re: Do chase and BofA for savings or checking?


@Gmood1 wrote:

Now I have seen a few members state BofA might warm up to you a little more with a bank account.

The only real reason to invest with BofA is because of their Preferred Rewards program so you can get access to benefits such as increased credit card rewards depending on the total deposits you hold with them. OP, speaking strictly from a savings/checking perspective you're honestly better off with other options such as Ally and DCU since they'll offer you more.

Message 5 of 7
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Community Leader
Super Contributor

Re: Do chase and BofA for savings or checking?


@CreditGuyInDixie wrote:

Personally I like Chase because they offer great signup bonuses for checking and savings.  Also for checking only.  

 

https://www.doctorofcredit.com/chase-600-checking-savings-bonus/

 

Bank of America is also currently offering a signup bonus, though it is nothing much to write home about unless you are eligible for targeted $300 offer. 

 

https://www.doctorofcredit.com/bank-america-100-checking-bonus-public-nationwide/

 

BOA savings pairs nicely with the BOA Better Balance Rewards card.  The BBR card pays you $100 a year to use it (no annual fee, no need to pay interest) and raises that to $120 per year with a BOA savings account.


The BBR and its $30/quarter bonus program still exist for current cardholders, but the card closed for new applications 18 months ago.



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Message 6 of 7
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Moderator Emeritus

Re: Do chase and BofA for savings or checking?

I have nothing bad to say at all about either DCU or First Tech among others and I've had accounts at both (for DCU almost 20 years now); however, if you do have either direct deposit or minimum deposit amounts, Chase in my experience is a good bank though the interest rates (last I checked on their savings accounts) on the money you have stored there doesn't even keep up with inflation so I don't recommend storing large amounts of money in either frankly.

 

That said, if you can bring your finances over to something like a You Invest account, Chase is actively trying to build itself into a relationship bank with higher net wealth individuals presumably to compete with banks like City National and First Republic among others, and the perks at the Sapphire Checking level are really pretty nice when you need them.

 

it's still an evolving thing with Chase, literature isn't quite up with their implementation yet (vis a vis my retirement accounts are linked according to their account service reps when the literature says absolutely not for balance counting), but I expect it to get tweaked over time.

 




        
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