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Your Preferred Checking and Savings

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Super Contributor

Re: Your Preferred Checking and Savings

I bank with a regional bank, 1stBank (FirstBank Holding Corporation). They don't charge me any fees, they have 24/7 customer service right here in CO, and they make technology a high priority (they were one of the first Zelle banks that wasn't a founding member, for example). The only issue I have ever had with them was the system dropped my debit card one time which caused them to convert my checking to a regular checking and ended up closing my savings. A phone call that evening and the branch called me the next day and put everything back with the same account number and everything. Other than that, no issues since I opened the account in 2012. 

My situation doesn't let me have more than $2K in countable assets right now so I don't really keep money in savings. Once I get my current debt load paid down I'll start a little $1K account with DCU @ 6.17%


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 11 of 20
Regular Contributor

Re: Your Preferred Checking and Savings

I am in the middle of my banking transition

 

moved to the US in 2010. Started with Wells.  Have a ' full stack' which is what I call Checking/Savings/CC/LOC

i opened a Chase Joint last year for Rent only

 

i recently picked USBank as my primary.  Opened a Gold Checking Acct.   Then opened a Savings Acct which is a MoneyMarket giving 4%, with no Min amount

 

plan is for the LOC application next March

 

I will shut down my Wells Checking and Savings in Jan, keep the CC and LoC for awhile.  

the UsBank experience has been very positive so far.   

July 31/2019. EX-712. EQ-704. TU-726
Aug 23/2019. EX-709 EQ-710 TU-731
Oct 11 2019. EX-715 EQ-711 TU-732
Message 12 of 20
Regular Contributor

Re: Your Preferred Checking and Savings


@ToxikPH wrote:

@VPExecutive wrote:

@ToxikPH wrote:

I use Chase and Citi. Chase is where my spending money goes to and my car payment. Work only lets me have two checking accounts with DD so I have to take that car payment to another credit union which I would love to get away from because I personally don't like the idea of how small CUs are. Plan on refinancing my car to Chase when my AAoA increases and less inq. Citi gets my debt payoff cash and my savings since the APR is higher than Chase. I really wish I could do one bank but Chase doesn't have a lot of offerings like PLOC, high APR, or money markets.


I don't understand... 


I want the assets of a large corporation so I know the money is safe and a company that's very large wouldn't run the risk of cyber incidents without fixing the damage or stealing the money themselves (What happened to WF). 


This makes absolutely no sense. Your money is insured with NCUA or FDIC. If you think your money is safe in a large bank over a small one, you're sadly missinformed. The only way your money is safe, is if it's insured. 

 

I use NFCU for my main checking and small savings.

Main, long term, savings is with Marcus.

Also another checking and savings with BofA.

 

 

 



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Message 13 of 20
Super Contributor

Re: Your Preferred Checking and Savings


@baker_miller wrote:

I currently use USAA for checking and Marcus for savings, but have been shopping around a bit and am open to suggestions

 

What bank/credit union do you use for checking and/or savings? Why did you choose them?


My favorite checking accounts are the free checking accounts at Langley FCU, Digital FCU, and Hanscom FCU. Each offers very early direct deposit, free billpay, free online transfers, no fees.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 14 of 20
Established Member

Re: Your Preferred Checking and Savings

Ditched BofA and SoFi Money is now my main checking/savings account.

 

1.8% APY, no transaction max, free checks, no fees.

 

Sign up here and earn a $50 bouns after funding your account with only $100. 

Get a $50 bonus when you sign up and fund a SoFi Money account with $100.

https://www.sofi.com/share/money/2679378/
Message 15 of 20
Established Contributor

Re: Your Preferred Checking and Savings

Is there anything specific with USAA checking and savings that you dislike and are looking for in a new financial institution?


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 13k
Message 16 of 20
Established Member

Re: Your Preferred Checking and Savings

I like that USAA processes ACH transfers quickly and has relatively few fees.

I don’t like that their interest rates are virtually 0%, I can’t deposit cash, and their website is pretty clunky.

Ideally I’m looking for competitive interest rates, very few fees, the ability to deposit cash, and good UX.

I haven’t heard great things about Capital One’s banking products, but they check enough boxes that I may need to give them a try.
Message 17 of 20
New Contributor

Re: Your Preferred Checking and Savings


@baker_miller wrote:
I like that USAA processes ACH transfers quickly and has relatively few fees.

I don’t like that their interest rates are virtually 0%, I can’t deposit cash, and their website is pretty clunky.

Ideally I’m looking for competitive interest rates, very few fees, the ability to deposit cash, and good UX.

I haven’t heard great things about Capital One’s banking products, but they check enough boxes that I may need to give them a try.

People don't hold money in a checking account for the interest rate, especially in an environment where interest rates are going in a downward spiral. I would suggest a CD or an investment account if you're worried about losing money to inflation. USAA offers investment services. 

 

Capital One hasn't raised their savings interest rate in years and they don't even reimburse ATM fees... I would look the other way. Their checking account is all marketing. 

 

Another option is Discover Bank... 1% cash back on debit card purchases pretty much no fees (not even overdraft fees). Their website is very nice but ACH's can be slow. 

Message 18 of 20
Established Member

Re: Your Preferred Checking and Savings

Thank you for the thoughtful response! I was referring to savings when I mentioned interest rates. The USAA savings account rate is 0.15% on balances above $10k whereas Cap One 360 Performance Savings is currently offering 1.9% with no minimum balance and the ability to deposit cash in branch (of which there are many in my area). Also considering tossing a bit into NFCU CDs.

 

Good call on Cap One's not reimbursing ATM fees for checking accounts; I think I'll keep USAA for that. I've considered Discover due to their stellar customer support, but I only use a debit card for ATM withdrawals and I place a high value on speed of ACH transfer for primary checking.

Message 19 of 20
New Contributor

Re: Your Preferred Checking and Savings

I mainly use Discover for my checking and savings with them having 1.9% interest rate on savings.  

 

I also have an account with a local credit union I've had for over 15 years which I keep active and mainly deposit money from reselling and the cashback I get from my credit cards into to pay a couple of bills with phone bill, netflix and car insurance. 

 

In the future I will probably switch brokerages over to Schwab and have a checking and savings account with them as well.

 

  

Message 20 of 20
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