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.
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.
Chase (personal and business checking)
trying to decide where i want to move my personal money to. Ill keep my business at chase.
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.
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.
I have several.
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
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.
1 Savings account, 3 checking accounts, 5 brokerage accounts (I only keep index ETFs at 4, all currently give me some sort of promotion).