I've been using local credit unions for ages but moving for grad school, internships, new jobs, etc. I think I need something with a wider reach. In particular I'd like something with decent interest rates as I'll be making more money than ever before and I'd like it to grow as much as possible.
What banks are worth checking out, which suck and which ones do people recommend?
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Chase
Don't pick your bank based on interest rate. You can have a separate savings account through Marcus, Capital One, etc. for that. Pick your bank based on ATM locations (if your city has a bunch of Wells Fargo ATMs they may not be a bad choice), and if a bank has a no ATM Fee policy (Ally I believe does this?) they might be a good choice. That's pretty much it.
Your checking account is for collecting your paycheck and withdrawing cash. Credit card can (and should) be done separately to maximize the number of points you get. Savings account can / should be done separately to maximize the interest rate on your cash.
But also, don't hold all your savings in cash. I did that when I started working and it was stupid. Just invest gradually over time
Very helpful, thanks. I think Ally is probably a good choice as they have very good savings rates and refund ATM fees to make up for not having physical branches.
Navy Federal Credit Union
They have good car insurance rates and mortgage rates too. I don't qualify for Navy Fed but I'm considering a mortgage with Pen Fed, which is somewhat similar.
Chase. You want as a wide of a nationwide ATM network as you can get. And then get a separate high yield savings account (HM Bradley gets you 3% which is my pick rn). But as said said above, only use that for your emergency fund. Don't save everything in cash. Cash is trash. Invest.
I'd also then get a separate checking account from Fidelity or Charles Schwab for when you travel internationally to withdraw without FX or ATM int'l withdrawal fees or if you can't find a Chase ATM nearby domestically. I keep grand in there in case I'm not near a Chase ATM and don't want to get gouged by fees (looking at you, Vegas casino floor ATMs with your asinine $6 fees).
I had never heard of HM Bradley before but 3% is insane. Is there a catch?
They’re relatively new so it’s probably just an intro to build a user base which will eventually go away as I doubt it’s sustainable. But it requires you save at least 20% of your deposits which is easy enough. FDIC insured.
https://www.businessinsider.com/personal-finance/hmbradley-checking-savings-account-review
Cash is indeed trash
My bank (NFCU) is on the CO-OP ATM network. The network has 30,000 ATMs. Chase has about 16,000 ATMs.
https://www.co-opfs.org/Solutions/Engage/CO-OP-ATM-Network
But, I hardly use ATMs anymore.
Bank: Chase
Card: AmEx
Overseas: HSBC
and I am dabbling with Revolut and Monzo to see how they are, so far, so good!
Also: I use pre-paid products for online shops I don't trust fully.
Brokerage/Checking (w/ debit card) through Schwab, credit cards through Chase, savings account through Marcus.
I think Chase has the best credit cards and programs, Amex has some good stuff and are probably on better footing to compete now that the CSR is a $550 AF. For the others, there are other options that are just as good (aka Fidelity and Vanguard for brokerage, and Ally or other high-yield savings accounts). Plus Schwab debit card has zero ATM fees anywhere, so I don't need to worry about being "in network" so to speak.
Serious question : are you guys using savings accounts? I don’t have one and don’t feel any need to
I think once you have a nice chunk of money it's good to put it in a high yield savings account so that it starts gaining interest. If you have money just sitting there, there is literally no reason not to have it gain interest at the same time.
Bank of America. Don't care about saving account rates at all because I just invest my money instead through Merrill. Been with them forever, have no desire to change. Use AmEx for credit cards. Big fan of them as well.
Same here. I use BofA checking/savings + Premium Rewards credit card (also have travel rewards one) + Merrill. The relationship bonus at $100k+ (which is calculated across your entire relationship including Merrill!) makes all of their products more appealing. For example with my credit card I get 2.625% cash back on everything and 3.5% on travel/dining, with a $95/year fee and $100 TSA credit (making the card practically free).
Yep exactly. I feel like people sometimes trash BofA but I think as a long term banking platform, they're quite solid. I've been eyeing one of their cards to complement my AmEx for a while now.
Navy Fed
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