Curious to see how myFICO peers separate their finances. Myself..
- BofA, brick and mortar checking for bills/expenses
- Addition Financial, local CU checking for travel/recreation and couple of fee free foreign ATM transactions a month
- Addition Financial, local CU CD
- Merrill, CMA for savings (cash management mutual fund) and investment holding
- Merrill, IRA (both traditional and Roth) for retirement
- Affinity FCU, bank bonus hub with 1% cash back debit reward to pay CCs (used to be also mortgage until PayPal nerfed bill pay payees 😭)
- Fidelity CMA for monthly bills
- Fidelity Brokerage for cash equivalent savings (wrapped into overall portfolio) and taxable investments
- Fidelity Traditional and Roth IRAs
- Fidelity Traditional and Roth 401ks
- Fidelity HSA (used for retirement)
- Chase Business Checking
Unused accounts but remain open:
a) USAA Checking/Savings
b) PenFed Savings
c) Chase Personal Checking
d) NFCU Checking, Savings, MMA
e) DCU Savings
f) Credit Human Savings
g) RBFCU Checking/Savings
@ptatohed wrote:Curious what you mean by regularly use?
As far as Checking and Savings, we use Chase (minimal $ kept in savings there).
As far as savings/investments, I don't think I can name them all. But I don't 'regularly use' them. acorns, upgrade, Lending Club, Lending Club Bank, Prosper, Vanguard, Chase, Sallie Mae, Popular Direct, Fundrise, Fidelity, SoFi, Betterment, Wealthfront, more I think.
Meaning accounts that are part of your normal finances; whether it be deposits, bill payments, savings (which many of yours count it sounds like), or investments that are being held or contributed to.
I have quite a few other accounts but those are just for bank bonus sub chasing. I close them out once there is no need. I did have SoFi checking/savings as part of my regular finances but ended up closing. It was used mostly as a bonus hub, which Affinity already does well and with unlimited external accounts that can be linked.
@FicoMike0 wrote:This reminds me I need to close some accounts this month.
Fidelity cma, primary checking
The fidelity, primary investment
fidelity bloom save, penny stocks, uninvested capital
fidelity bloom spend, carry debit, keep $100, in case
Robinhood, options trading
Capone savings, some capital
Capone checking, don't use, should close
wells cargo checking, opened for relationship (and $325) might close soon
us bank checking, opened for $500 sub, close after 6 months
Citizens checking, $400, close after 6 months
Huntington checking, branch within walking, cash transactions
Amex rewards checking, sounded good ($250), don't use much, nice looking debit card, lol.
BMO checking, $400 sub, coming up on 6 month close
Dcu savings, $1000 @ 6%, gives a fico, don't use
Penfed savings and ssl, got 56 months to go on ssl may open checking for pathfinder card
Two more locals for subs, close this month
Mostly left overs from churning, got to clean up.
I also have some bonus chasing accounts to close in the next 3-6 months haha.
Florida CU $300
Seacoast $300
Axos $300
PNC $200
Busey $300
E*trade $100
I've done many of yours (in bold) for bonuses, as well.
@Snook_on_the_Line wrote:After a complete financial meltdown in 2016 that left TD, Suntrust and Regions holding the bag...
I'm down to just 1 bank.
Wells Fargo
everyday checking & way to save savings.
now that I'm starting to actually save some money again I'm shopping for a new high yield savings account.
I recommend getting a HYSA as soon as you can while the rates are still where they are. Separating my savings from my everyday transaction institution actually helped me subconsciously save more.
@xiuxiuejar wrote:Between banks, brokerage accounts, and NFCU I have around 20-something accounts. Why? Because almost every day I turn on the TV, listen to the radio, or read some article online about some 80 year old grandma who's gotten her account by (some Financial Institution) which closed her account without notice and won't give her the money back "until the investigation is complete." Granted, 95% of the accounts they close like that have something fishy going on (ie. fraud or illegal activities of some sort). But 5% are simply victims of a computer algorithm. So I'm not going to put all of my eggs in one basket...
Mind you, I don't open an account with just anyone! I don't deal with the "Big Four" banks- Chase, Citi, BoA, and Wells Fargo. They all talk about "building a relationship", but given their fees to just have a bank account there and their propensity to close accounts (see pararaph one above), their idea of a relationship makes me think that maybe their bank officers and tellers should all be wearing "wife-beater" shirts. Want to send an incoming ACH deposit to your Bank of America account? Sure, get hit with a $5 fee on a trnsaction which cost them less than 1/100 of a cent...
Here's my banking set-up:
- NFCU Checking- This is where my SSDI check gets sent monthly. This is more an account where I fund most of my other accounts. Nothing gets paid out of this account except my NFCU credit card, but that's just a monthly bill I which is the same every month. I also have a Savings and CD account with them, but not much in the savings.
- SoFi Banking- Even though I'm mostly retired due to disability, I do work 8-10 hours a week to stay busy and I doubt I could physically work more than that anyway. I don't need the money because I make more than enough in Social Security so this goes entirely to my 401k/a self-directed IRA. I do keep a little in this asccount but not much.
- Fidelity CMA/Brokerage account set-up. I have some residual income I get deposited here. I keep about 3 months income here (not including accounts I invest with) and this is my main "bills which are best (or can only be) paid via a bank debit and not a credit card. Things like rent and utilities.
- I also have "pairings" I use to pay off my other (non-NFCU) credit cards. So CapOne savings and checking, Discover savings and checking. In a few cases, I have to get creative with the pair- my US Bank checking account is free because I have a CC with them. I'm not going to open a US Bank savings account since it's either pay a fee or keep $300 in an account paying 0.01% interest. I have a HYSA elsewhere and that's mostly what pays my US Bank card. Sounds complicated, but it's actually easy budgeting. I just keep $1000 in each savings account and whatever I use, I pay back when I get paid through NFCU. I know what card to use based on the reward structure of the card- that's how I budget. If I have to spend more than $1000 in one pop (other than rent) it gives me pause and I have to think about whether I need it or want it really bad.
If that sounds complicated be glad I'm not going into my investment accounts...
Thanks for sharing! Not complicated at all. I like reading how those with much experience manage their finances. It's posters like you and many others with financial knowledge that helped me get mine in order. So I really appreciate it.