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Thinking of trimming down accounts

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Regular Contributor

Thinking of trimming down accounts

I feel like I have too many bank accounts so I'd like to trim 1 or 2 of them down. At the same time I consider it the perfect amount. Leave them alone or close something?


Chase- Main bank. Bill pay and deposits and credit card payments. Everything.

Capital One 360 Checking- My secondary. Rarely used but I really like how it is connected to Chase with Zelle and no ATM charges make it great overseas. Which my use of it spikes to every few days during a trip.

Redneck Bank and Live Oak Bank- Purely savings. Two because I don't want to keep all my savings in one account. Deposits monthly.

Discover- Checking, Savings, Credit Card. The savings I use it for vacation fund. So once a month deposit. Rarely (a few times a year) use the Checking. To pay those vacation bills from the attached savings. After the loss of benefits the Credit Card is only used a few times a year for age padding. It is towards the oldest in my spectrum but not the oldest.


I also have a standalone buffer account that is connected only to eBay and PayPal.


Chase Hyatt | Chase Freedom | Amex ED | Amex Hilton | Amex SPG | Discover IT Miles | Citi MileUp
Message 1 of 4
Valued Contributor

Re: Thinking of trimming down accounts

I just went on a clean sweep this weekend, kind of. I closed 4 USAA savings accounts and spread the money with 4 new high yield savings accounts (Citi 2.36, Amex 2.10, Marcus 2.15 and PenFed 2.0).

I then closed checking accounts at US Bank, Chase, Wells Fargo, Navy Federal and PenFed. I moved all that cash to a new Redneck Checking acct.

I still have USAA as my main bank and don’t plan on leaving them. Same as your setup my international account is Schwab - huge fan of them. It might not be so much that you have too many, but maybe just consolidate and upgrade to accounts that make you a bit of money in the process.

I’d rather check on accounts that have a greater return for doing nothing that just having it sit somewhere.
Message 2 of 4
Established Contributor

Re: Thinking of trimming down accounts

Following...I’m actually in the same exact boat and trying to figure out if I can simplify. In some ways, I figure if there is no penalty for minimal use of an account that still serves some purpose, it’s probably ok to keep. But if it’s too cumbersome to keep up with or there’s some redundancies, trimming the fat makes more sense.

Aug 2019:

Message 3 of 4
Regular Contributor

Re: Thinking of trimming down accounts

I'm probably "stuck" keeping with what I got. I looked into Citi but with no branches around me to take cash deposits I have to keep Chase. It's like I close something to replace it with another bank and I'm back where I started.

Chase Hyatt | Chase Freedom | Amex ED | Amex Hilton | Amex SPG | Discover IT Miles | Citi MileUp
Message 4 of 4
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