Looking for a new Bank.

[PyRo189]

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

[ToxikPH]

I personally would recommend Chime, Ally, or Schwab. I've used all three and all of them have their perks. Chime you can get paid two days early (for me this was Tuesday). Ally has great savings rates and I've heard good things about CSRs. Schwab is great for traveling due to no atm fees and it's super easy to invest on the side especially with new $0 trades!

[VPExecutive]

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@PyRo189 wrote:

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

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SoFi is another one you can look into. 

Fidelity is another...Technically it's called a CMA but it's basically a checking account with investment capabilities. 

Discover Bank is a third alternative. 

I've never understood why the average person signs up for a Bank of America checking acount when a Merrill Lynch CMA is free. It's like turning down free first class tickets and opting to ride in coach for $50. 

[Overmedicated]

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@VPExecutive wrote:

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@PyRo189 wrote:

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

---

SoFi is another one you can look into. 

Fidelity is another...Technically it's called a CMA but it's basically a checking account with investment capabilities. 

Discover Bank is a third alternative. 

I've never understood why the average person signs up for a Bank of America checking acount when a Merrill Lynch CMA is free. It's like turning down free first class tickets and opting to ride in coach for $50. 

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The average person lives paycheck to paycheck.  Not everyone is fortunate enough to have money left over to invest.

[VPExecutive]

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@Overmedicated wrote:

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@VPExecutive wrote:

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@PyRo189 wrote:

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

---

SoFi is another one you can look into. 

Fidelity is another...Technically it's called a CMA but it's basically a checking account with investment capabilities. 

Discover Bank is a third alternative. 

I've never understood why the average person signs up for a Bank of America checking acount when a Merrill Lynch CMA is free. It's like turning down free first class tickets and opting to ride in coach for $50. 

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The average person lives paycheck to paycheck.  Not everyone is fortunate enough to have money left over to invest.

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You don't need to invest with a CMA... It just has investment capabilities, otherwise, it functions like a normal checking account. 

[Anonymous]

Do you have any other requirements or interests? There are enough great third party services (Personal Capital, YNAB, Mint, Clarity, and others) that you can probably find the budgeting tools you want without needing them to be integrated into your bank’s app.

Personally I look for quality of support, rates on lending services, and interest rates on deposit accounts.

[Anonymous]

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@VPExecutive wrote:

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@Overmedicated wrote:

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@VPExecutive wrote:

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@PyRo189 wrote:

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

---

SoFi is another one you can look into. 

Fidelity is another...Technically it's called a CMA but it's basically a checking account with investment capabilities. 

Discover Bank is a third alternative. 

I've never understood why the average person signs up for a Bank of America checking acount when a Merrill Lynch CMA is free. It's like turning down free first class tickets and opting to ride in coach for $50. 

---

The average person lives paycheck to paycheck.  Not everyone is fortunate enough to have money left over to invest.

---

You don't need to invest with a CMA... It just has investment capabilities, otherwise, it functions like a normal checking account. 

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Because they're not free...

"Account fees at a glance
Through the CMA Annual Account Fee Waiver Program,16 you have
the opportunity to benefit from annual account fee waivers for
your CMA account(s) and CMA SubAccount(s). The annual account
fees will be automatically waived for the calendar year if you
have $250,000 or more in eligible Merrill Lynch statement-linked
assets17 and meet certain qualification criteria at the time your
accounts are reviewed. Otherwise, there is a $125 annual account
fee for each CMA account and a $25 annual account fee for each
CMA SubAccount. Additional fees may apply for certain account
services; please refer to the account agreement for details."

The average person doesn't have $250K lying around...

I do see that Fidelity is free with no minimum, however. I would feel kind of stupid going for a CMA with my $18K income though.

[Anonymous]

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@PyRo189 wrote:

As stated in title I am trying to get some insight into switching banks. I currently use BofA and now that I am not a  employee of their's the perks and account isn't that great anymore. I am wanting to go more to Neo-Bank(Digital Only) Preferrably but would love insight into a bank with a amazing mobile app. Looking for a bank with budgeting ect built into app or if you have suggestions let me know.

Thanks.

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Ally and Capital One are two of the highest rated mobile apps around.

[VPExecutive]

https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/MerrillLynchSelf-DirectedCMAAccountAgr...

Check page #11.

[Anonymous]

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@VPExecutive wrote:

https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/MerrillLynchSelf-DirectedCMAAccountAgr...

Check page #11.

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Then they need to update https://www.ml.com/content/dam/ML/pdfs/ml_cma-fact-sheet.pdf because that's where they take you when you click that you want CMA under Working With Us > Solutions (which is one serious cluster*bleep* of a page to begin with) and it clearly says that there are fees.