So... now that I just joined NFCU I am a member of three credit unions (+ two banks) and my wife is a member of two credit unions. Each one has a savings account and in some cases a checking account as well. Now, I'm wondering what the best strategy is for maintaining the account balances. Should I be maintaining a certain minimum balance in each account? Or, when it comes to getting credit products later, do they not care? While we have a comfortable amount of near liquid assets we keep <$10K in actual cash. I could simply spread this out among the different accounts but ~$1K in each of nine accounts is not convenient. If I ever needed $3K in a hurry I'd have to go to three different accounts.
Each CU was joined with a specific purpose of wanting one of their credit products down the road. So, I want to make sure I'm not reducing my odds of getting said credit by keeping <$200 in some of the accounts.
All good info. Thanks to all.
I transferred $100 when I opened the accunts. Thanks to the info in thisd thread I'm just going to split it between the two accounts and let it be. I was hoping this would be the case because I wanted to avoid putting too much in there since their rates are pretty abysmal.
One other thing that usually prevents any kind of adverse action, and often qualifies you for perks, is to have direct deposit with a lender. Some of them don't set a minimum $ amount, some do (and even if they do it usually isn't terribly high). If your employer makes it possible to divide your direct deposit by % or flat $ amounts, you can get the perks of several institutions simultaneously.
