This is what I have done for years. My checking account is a small local mutual bank that provides me with a great account with no fees (in addition to things like ATM reimbursement). I then use an online High-Yield Savings Account for short term savings and some emergency money (I used to keep quite a bit there - but moved into some Money Markets when rates became competitve again). My checking account is my hub for all bill-pay, investments, etc. I currently use Marcus for my HYSA (in the past I have used Barclays, Synchrony, and Ally - they are all similar).I didn't realize that I could link a remote high yield account with a checking account that is local.I should qualify that sometimes I need to deposit cash or get cash. I can't do that with Fidelity or Vanguard or Ally if they aren't local.
What's the point of asking if you want a local bank?
So look at smaller Credit Unions and Mutual-owned banks in your area. They are better deals than the big boys (BOA, CapOne, Santander, etc.) in my experience (no fees and no account minimums - typically all you need is direct deposit set up).
Statistics: Posted by SmileyFace — Wed Feb 21, 2024 1:13 pm — Replies 29 — Views 2007