So I'm about to start my first job post-undergrad, and having started playing the points/miles game, I was wondering whether I should also be thinking about my checking/savings account. Ie, certain credit cards are better than others, but is the same true for checking/savings? If so, what are some good ones?
Choosing a Bank Account?
- Thread starter Kevin Lu
- Start date
You may need more than one. I find that having a branch nearby is helpful for certain transactions, but online only banks pay better interest.... I use a mix of Citibank and Ally for my banking. Though I also have accounts with a number of other banks for business banking, and other things.
I would be careful of Chase if you plan to bring MS into your primary bank, as they have been reported to be sensitive to volume of transactions (too many/much deposits of cash/MO etc).
The key for me is finding a national bank that has a branch near home/work so that if you need it today it is convenient, but if you move house or job in the future it isn't hard to get a new branch.
MilesJunkie
Level 1.66 Member
The two prominent banks with tons of branches around LA are WF and BofA - both very good for depositing MOs once seasoned.
As most people will suggest, don't shit where you eat.
In other words, if you have a main bank account that you want to keep the relationship with, whether due to proximity or longevity or simply because you like dealing with them, steer any MS related activity away from it.
This is useful twofold, first being the obvious for shutdowns, and secondly in order to properly sandbox your activities for purposes of loans, extension of credit, and more than anything else your (or your SO's) sanity as the inflow and outflow from our 'regular' activities can be a bit mind-boggling if you're not on top of it.
In other words, if you have a main bank account that you want to keep the relationship with, whether due to proximity or longevity or simply because you like dealing with them, steer any MS related activity away from it.
This is useful twofold, first being the obvious for shutdowns, and secondly in order to properly sandbox your activities for purposes of loans, extension of credit, and more than anything else your (or your SO's) sanity as the inflow and outflow from our 'regular' activities can be a bit mind-boggling if you're not on top of it.
MilesJunkie
Level 1.66 Member
IMHO, for checking accounts those two are the best for MO ATM deposits. Make sure you season them properly for at least 3 months before ramping up serious volume...
Specifically they're best for:
1A. BofA ATMs - speed, cash handling, MO acceptability, volume
1B. WF ATMs - MO acceptability, volume
BTW, bill pay thru BofA is quite awesome to tie all your other external checking accounts.
Specifically they're best for:
1A. BofA ATMs - speed, cash handling, MO acceptability, volume
1B. WF ATMs - MO acceptability, volume
BTW, bill pay thru BofA is quite awesome to tie all your other external checking accounts.
I can't really state on what's the best but I can give you an idea of how we do it at home:
Charles Schwab checking - Online based, completely fee free, use any ATM and CS will pay you back. Free checks, debit card and you can move money to a brokerage acct if you want to buy stocks (optional, you don't have to). I've set up 3 of these accounts to keep track of different type of expenses.
Ally Savings - Online based. .99 interest and good interface
Wells Fargo - Just a brick and mortar one that I'm keeping around in case we need to deposit cash or I need something from a physical bank. I like using their bill pay options too.
So basically we have 5 accounts... which is maybe a good way to spread out some MS deposits but we really haven't had to do that yet.
Charles Schwab checking - Online based, completely fee free, use any ATM and CS will pay you back. Free checks, debit card and you can move money to a brokerage acct if you want to buy stocks (optional, you don't have to). I've set up 3 of these accounts to keep track of different type of expenses.
Ally Savings - Online based. .99 interest and good interface
Wells Fargo - Just a brick and mortar one that I'm keeping around in case we need to deposit cash or I need something from a physical bank. I like using their bill pay options too.
So basically we have 5 accounts... which is maybe a good way to spread out some MS deposits but we really haven't had to do that yet.
MilesJunkie
Level 1.66 Member
I think I've heard Schwab does a hard pull for a checking account? If so, I'd rather not...
You are correct, I should have mentioned that. However when I opened all 3 accounts I only had 1 pull. For me it was worth it to not deal with any more bank fees
BYOB.PSL
irl is good
I have three checking accounts: two long time accounts with local Illinois banks, and one with Chase that I began in January after receiving a signup bonus offer. I intended to close that one after the penalty period elapsed, but I've found the Quickpay feature to be very convenient for reimbursements of group expenses (e.g. I rented a vacation house with some friends and a couple of them paid me back via Quickpay rather than a check).
As for savings, we hold a 0.99% interest account with Ally.
As for savings, we hold a 0.99% interest account with Ally.
My preference is to use local banks. I like having a brick and mortar branch around just in case I need something done urgently like a bank balance confirmation. I used https://www.checkingfinder.com/ to find something close to me that refunds my ATM use at other bank's ATMs and pays decent interest. I recently used my Wells Fargo card abroad and they charged me for using their card at a non-WF ATM in addition to the charge by the ATM. If I recall they also charged me a foreign transaction fee when I used my card as credit.
Phantom707
Gold Member
One thing that others haven't mentioned is the possibility of closed membership financial institutions, such as a credit union. They often offer competitive interest rates and features such as ATM reimbursement since they often don't have many physical locations. On that note, check if you are potentially eligible for a bank such as USAA or Navy Federal Credit Union. Both are well known for their customer service, and the former is also renowned for insurance program offerings. Even if you've never served in the military, a family member may have, thereby extending eligibility to you.
milesman99
Level 2 Member
I would recommend opening a account with one of the local credit union, because they offer competitive loan rates which are better that the rates of big 5
somdave2005
Level 2 Member
Agree with this. I have Citibank for physical branch and Schwab checking for most of other checking needs ( free checks, free ATM withdraws including international ATMs for foreign currency). I have accounts in other banks like Umpqua that I do my MS in.
patrickdomingo
New Member
I haven't done any MS or anything, but I have great experience with Schwab and Capital One 360. 360 Savings accounts are awesome as you can open as many as you want, it's great for Savings goals. I have 360 checking as well, and I have no complaints with it either.
El Ingeniero
Level 2 Member
Jeez, I can't believe anyone hasn't mentioned this, but the first consideration is that you don't get charged for having an account with them under any circumstances. Large outfits tend to have bloated cost structures due to executive compensation plans and the continual need to meet Wall Street expectations, and checking/savings is a secondary line of business with brokerages, so don't bother with them.
I would recommend a credit union with good online reviews and branches convenient to home and work.
I would recommend a credit union with good online reviews and branches convenient to home and work.