New Banking Options???

[Anonymous]

I’m looking for new places to bank with. I currently have a basic PNC account that I got when I was 15. It’s the only one I’ve had. Then, in January I got a secured card from Discover. While I’m waiting on my first official FICO score, I wanted to search for a new bank(s). It’s a very extensive and overwhelming process. I’m also starting a business soon, and that’s even more complicated. So, this is what I’m looking for:

Personal -
I know I want a personal checking and savings account. Something that I can keep my day-to-day spending in. I would like a no-fuss depositing and transfer process in order to transfer any thing I make into the account. I would love savings as well, because I will be getting my first Car and apartment soon and in general, putting money aside for emergencies/bigger purchases is a must for me. (One of the things I like about PNC is that it has “reserve” and “growth” accounts inside of the savings portion of the account, so you can decide where your money goes.) With that being said, I would like to find a bank that offers great cashback for day-to-day purchases. I go to the grocery store and shop for clothes, etc. very often and I’m an Amazon freak. In my search I’ve seen cards that even offer cashback or perks for things like concerts, basketball tickets/games, etc. I’m still young and will be doing a lot of that, so that would be awesome! Very attractive to me.

Business -
As far as business goes, I know I will be making purchases such as online monthly subscriptions, paying an accountant, and eventually paying employees down the road. (Early next year - 2019.) For now, I’m hoping to keep my business expenses and profits separate from my personal, in order to make tax time cleaner and so I can keep track of everything. For the business account and related credit cards, I’m interested in unlimited deposits with no additional fees, low maintenance costs, an account that can grow with me as the months and years go by, and I would like card options that give travel miles as perks. Because I know I will be traveling a lot, especially in the next year, a card that allows me to rack up big miles with purchases would be awesome. Also, an account that allows me to use systems like Square and add cards for my employees, would be a big bonus.

Long-Term-
Thinking long-term, for financial health I would like to open a high yield savings account. I know there are a lot of options, mostly online, but I can’t seem to get the info straight.


So far I have considered:
Discover - Personal Checking/Savings
Chase - Personal/Business
BOA - Business
AmericanExpress - Business
Ally - High-Yield Savings
Barclays - Business/High-Yield Savings

Since I’m young any suggestions or additional pointers you guys can offer me would be greatly appreciated. I’ve been going back and forth for a few weeks now, and figured there’s nothing wrong with asking for help. This is also my first post so if it’s too long and detailed (Lol), or in the wrong section let me know!


Thanks.

[Anonymous]

I'm confused with what kind of information you're asking for. It seems like you're looking for a new checking/savings account, but then you go off on how you want rewards for everyday purchases. You have two choices for a true cash back checking account -- Discover and AMEX Serve (which isn't really a true checking account). Each one of these accounts will give you 1% cash back on all of your debit card purchases, and both include a way to transfer money in and out of the account. 

[Anonymous]

I’m looking for banks with cards and rewards in the areas I need them. There were three areas I’m looking for in regards to setting up accounts: Personal checking/savings, business, and high yield savings. I know all accounts and credit cards are not the same, so I would like to find places that I can bank with that also have cards that already offer the type of rewards I’m looking for.

[Anonymous]

Alliant Credit Union offers a 1.70% savings APY, and the checking offers a 0.65% APY. In addition to that, ATM fee refunds are credited within a couple of days. If you're interested in combining your checking, savings, and credit card accounts - go with them. If your credit is good, you can apply for their Visa Signature card which pays 3% cash back in the first year, and then 2.5% back after that. 

With that said - Alliant doesn't offer business checking accounts, so you would need to look elsewhere for that. I would find a local credit union that has a good reputation for that kind of banking. 

[pipeguy]

On the personal side I'd go with a major credit union such as DCU, NFCU, Penfed, Apple, etc (lots of good small credit unions too, but the bigger ones offer better rates (sometimes) and credit products most of the times such as high limit credit cards). As far as a local bank one that you have built a relationship with especially for "business". 

Personally, I have checking accounts with BB&T, Capital One, DCU, and NFCU  technically I have one with Congressional FCU and Penfed too but I don't use them. All have local branches except DCU but that's not an issue at all.  I have bank cards from all of these other than PenFed (used to), Cap-1 I have the GM Card and Cabella's but I closed my Cap-1 branded card products, by far the highest credit lines are with NFCU, but both of my car loans are through DCU. 

Our paychecks are direct deposit to DCU, Cap-1 and NFCU (mostly Navy for savings). If I had to pick just two, which I will have to do when I retire next year and move to a low traffic no snow location, it would and will be NFCU and DCU.

[Anonymous]

I'm in the process of opening a Pnc checking account... Not to keep but because they are offering $300 bonus to do so...

[Anonymous]

I have personal banking with PNC and business banking with PNC for last 12-15 years.

Have a Personal PNC credit card, Biz credit card.

I deposit biz cash at my local branches.

I use ADP for payroll and Fidelity for retirement acct since 2014

Just in the last 15 months, I opened for my biz, AMEX, Chase credit cards for rewards.

Also recent, disco hy savings (1.65% currently)

And wf checking and cc for sub and fun...

ALso just started testing waters for new bank accounts for sub specifically.

PNC has never done me wrong. And I will switch the second ANY bank with my money does me wrong.

[Cookiegrabber]

There are a lot of things you want, and some banks can do them all, but I no single financial institution will do them all best since each institution pushes a single growth area at a time.

I can't say anything for Alliant since I don't have an account with them, but Discover's 1% cash back on debit purchases works well for personal checking, and their 24-hour support line is top notch. They also give you free checks (singles, not duplicates, unfortunately). Only issue I have with them is that some places don't take Discover so I end up having to pull out a Visa with no cash back. ::sadface::

For business, like others said, consider going local. Stable with perks is great, but if you had to choose between the two, it'd be stability. It's often easier to get things done face to face with a decent institution than online or over the phone with a good one (though not always the case). If there's a problem, it's more effective to sit and talk with a manager than to be some nobody screaming on the phone, more so if you're in a smaller town where you'll see tellers become supervisors and managers and you get to see each others' faces age, haha. If there's a bank or CU nearby with smart, responsible people and good, fast service, you're blessed for that alone, whatever the "rewards" they offer.

[Anonymous]

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@Cookiegrabber wrote:

There are a lot of things you want, and some banks can do them all, but I no single financial institution will do them all best since each institution pushes a single growth area at a time.

I can't say anything for Alliant since I don't have an account with them, but Discover's 1% cash back on debit purchases works well for personal checking, and their 24-hour support line is top notch. They also give you free checks (singles, not duplicates, unfortunately). Only issue I have with them is that some places don't take Discover so I end up having to pull out a Visa with no cash back. ::sadface::

For business, like others said, consider going local. Stable with perks is great, but if you had to choose between the two, it'd be stability. It's often easier to get things done face to face with a decent institution than online or over the phone with a good one (though not always the case). If there's a problem, it's more effective to sit and talk with a manager than to be some nobody screaming on the phone, more so if you're in a smaller town where you'll see tellers become supervisors and managers and you get to see each others' faces age, haha. If there's a bank or CU nearby with smart, responsible people and good, fast service, you're blessed for that alone, whatever the "rewards" they offer.

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Time to acquire a Visa and/or MasterCard with Rewards then there would be no need for a sad face!

[Gmood1]

Ally is a terrific online bank with lightning fast ACH deposits.

No business, but the personal savings and checking are high yield.

I recently joined Redneck bank. They offer flexible checking/ money market accounts with some of the highest yields out there. 2.5% on checking up to $10,000 with 10 debit transactions and 2% on Money Market up to $50,000.. This is the only bank out of the 20 plus I've had, that you call and a person answers. No computers or switch boards answering their phones during normal banking hours. The debit card is cool as well. 😂

https://redneck.bank/accounts