First the facts....sorry for the long winded background...
My rebuild from 2018 to present has gone well and by August/September of 2020, the 3 charge off accounts settled in 2019 will fall off completely.
I have (3) active CC accounts, USAA Classic, 2400 CL, a long standing account more than 20+ years, also checking, savings, and a CD. I keep a small balance in checking and use the savings account to dump payments I am receiving from others for personal loans I have made. Its makes it easy to track receipt of those payments as it is the only thing going into the account.
NFCU Cash Rewards CC, 25k CL, acquired around Sept 2019, also have checking, savings, and a 5 year SSL paid down to < 8% since about the same time. I keep a small balance in checking that I use to make $1 per month payments on the SSL and the savings to dump monthly payments I am receiving from a small business startup loan I made to family member.
AMEX Blue Preferred, 5000 CL, acquired November 2019.
I am self employed and have my business accounts with Wells Fargo. I am not a big fan of credit products from WF but I have good relationships with the managers and other staff at the two locations I visit.
I also have long standing banking relationship with a local credit union, Allied. Checking/Savings, no credit products at this time. I mainly use this account for monthly household expenses and my daughter has acccess to the account for college living expenses.
So this means I have active banking relationships with (4) institutions, Allied FCU, Wells Fargo, USAA, and NFCU. I also have two investment accounts, one long term, one shorter term for stock and option plays that I undertake from time to time.
At my current FICO level, I have started receiving unsolicited offers for Chase Freedom Unlimted, Saphire Reserve and I have contemplated adding to my portfolio of cards through Chase family... just waiting to build score 740+ first.
In 2019, I acquired a new to me vehicle (2016 F150), paid cash I "borrowed from myself" after saving for it over the last 4 years. I sold my old truck and want to put the cash received from that into a separate account and also make monthly deposits into same account as another means of "forced savings" to replenish the 25k I drew out.
I have been contemplating opening check/savings accounts with Chase as a means of building a banking relationship there prefacing my seeking credit from them in the future. This is where I would dump the remaining balance owed to myself for the truck purchase.
I like the idea of having specific accounts (mainly savings) as a means of tracking regular loan payments I am recieving or making to myself.
Having it setup this way makes it easy for me to track and also gives me a sense of well being after all the overwhelming debt ridden years and negative cash years I lived through to get to this point in my life.
My wife on the other hand doesn't really grasp the reason why I have so many different banking relationships.
At one level I wish one of the institutions I currently bank with had a means to have "sub accounts" within savings so that different deposits could be designated and tracked over time.
What do others think about establishing a 5th "normal banking" relationship, in this case Chase?
Am I going overboard here in terms of active banking accounts and relationships?
I look forward to feedback from the community. If you read this far, collect your prize from a forum moderator.
What is the forum prize?
@satio wrote:What do others think about establishing a 5th "normal banking" relationship, in this case Chase?
Am I going overboard here in terms of active banking accounts and relationships?
Do what's right for you.
I like to diversify. I like HYS High Yield Savings accounts. The more, the merrier.
Chase doesn't care if you have a banking relationship unless you become at least a private client, and even then, if you don't have a lot of money with them, it still won't help you.
@Remedios wrote:As someone who's banked with Chase for over 15 years, unless you're planning on throwing lots of 0's in there, dont bother. There is nothing they can do for your money in terms of checking/savings that stashing it in a mattress wont. You'd probably get better interest on savings by keeping money in mattress.
Chase will approve you without a banking "relationship".
While those can help, it's not something that happens over night or a course of a year.
Appreciate the insight. In the case of NFCU I think having funds on deposit makes a difference. In the case of Chase, WF, and other mainline institutions, I'm sure you are right... they really don't care.
I might be better off just finding some higher yield savings option or sub till such time as I build it back and move it over to investments.
Or my mattress as you say.
Bank of the america and US bank are the only two that I've dealt with where they mention a banking relationship with, when it comes to other products they offer. Most FI's could care less. lol
Go here https://www.depositaccounts.com/savings/ to find the highest rates on returns offered.
Your wife would go crazy trying to figure out my reasoning. 4 bank accounts seems normal to me. Some of us here have 20 or more. lol
Whats one more?