Where do you bank and why? 2024 Edition

[Fubs]

I use Fidelity, Schwab, Discover and US Bank.

At Fidelity, I have their CMA, multiple brokerages I use specifically for savings, fixed income (T-Bills) and investments, as well as a personal HSA, employer 401K and their 2% cashback Visa. I use them as my primary checking and savings, because their CMA offers unlimited ATM fee reimbursement worldwide, they automatically liquidate MMFs when your cash balance is insufficient (unlike Schwab) and they have free domestic wires. I also use them for T-bill auto-rolls because unlike Schwab, they will keep your money fully invested whereas Schwab will let your T-bill mature first, then renew on the next weekly auction. Their HSA is also the only personal HSA that has no admin fee, fees to invest nor require a minimum cash balance, thus making it the best personal health savings account administrator.

At Schwab, I have their investor checking, multiple brokerages I use specifically for savings and investments, as well as a i401K, Roth IRA and employer HSA. I could consolidate and migrate most of my investment accounts to Fidelity, but I like to have redundancy in case I'm ever locked out of my Fidelity account. Furthermore, Schwab's i401K offers Roth contributions, while Fidelity's does not. Plus I'm still working, so who knows which brokerages future employer 401Ks will use, so I may have to re-open at Schwab anyways. I keep a portion of my emergency fund here and use them as my preferred travel debit card. While the Fidelity CMA offers unlimited ATM fee reimbursement worldwide, it's only for Visa and STAR ATMs. Furthermore, Schwab's debit have no foreign transaction fee and investor checking debit is through Schwab Bank, whereas the Fidelity CMA uses multiple partner banks. Based on the experience of this poster, they ended up in fraud limbo because Fidelity and the two partner banks are each pointing fingers at the other on whom should be responsible reimbursing him. This is also why I opted for a Schwab Investor checking versus having debit card and check writing enabled on the Schwab One Brokerage, though the other reasons are that only the investor checking has bill pay and is compatible with Zelle, which the FIdelity CMA is not compatible with.

At Discover, I have a checking and savings and credit card and use them as another backup. I technically don't need them because I have Schwab, but I keep them because their debit offers 1% cashback and in case interest rates favor HYSAs again, I have a place to put my cash savings. Also I already had their credit card and didn't want another separate login to manage.

Lastly as US Bank I have their checking and Cash+ card. I went with US Bank because I wanted access to a local branch so I can more easily deposit cash, wire money, get cashiers checks and have access to a safety deposit box and free notary. While any local credit union would suffice, US Bank waives the fee for their smartly checking if you also have their branded credit card. This lets me have access to a near nationwide network of bank branches and also consolidates not having to manage another login account due to already having their credit card.

[tj]

I use Fidelity, Schwab, Discover and US Bank.

At Fidelity, I have their CMA, multiple brokerages I use specifically for savings, fixed income (T-Bills) and investments, as well as a personal HSA, employer 401K and their 2% cashback Visa. I use them as my primary checking and savings, because their CMA offers unlimited ATM fee reimbursement worldwide, they automatically liquidate MMFs when your cash balance is insufficient (unlike Schwab) and they have free domestic wires. I also use them for T-bill auto-rolls because unlike Schwab, they will keep your money fully invested whereas Schwab will let your T-bill mature first, then renew on the next weekly auction. Their HSA is also the only personal HSA that has no admin fee, fees to invest nor require a minimum cash balance, thus making it the best personal health savings account administrator.

At Schwab, I have their investor checking, multiple brokerages I use specifically for savings and investments, as well as a i401K, Roth IRA and employer HSA. I could consolidate and migrate most of my investment accounts to Fidelity, but I like to have redundancy in case I'm ever locked out of my Fidelity account. Furthermore, Schwab's i401K offers Roth contributions, while Fidelity's does not. Plus I'm still working, so who knows which brokerages future employer 401Ks will use, so I may have to re-open at Schwab anyways. I keep a portion of my emergency fund here and use them as my preferred travel debit card. While the Fidelity CMA offers unlimited ATM fee reimbursement worldwide, it's only for Visa and STAR ATMs. Furthermore, Schwab's debit have no foreign transaction fee and investor checking debit is through Schwab Bank, whereas the Fidelity CMA uses multiple partner banks. Based on the experience of this poster, they ended up in fraud limbo because Fidelity and the two partner banks are each pointing fingers at the other on whom should be responsible reimbursing him. This is also why I opted for a Schwab Investor checking versus having debit card and check writing enabled on the Schwab One Brokerage, though the other reasons are that only the investor checking has bill pay and is compatible with Zelle, which the FIdelity CMA is not compatible with.

At Discover, I have a checking and savings and credit card and use them as another backup. I technically don't need them because I have Schwab, but I keep them because their debit offers 1% cashback and in case interest rates favor HYSAs again, I have a place to put my cash savings. Also I already had their credit card and didn't want another separate login to manage.

Lastly as US Bank I have their checking and Cash+ card. I went with US Bank because I wanted access to a local branch so I can more easily deposit cash, wire money, get cashiers checks and have access to a safety deposit box and free notary. While any local credit union would suffice, US Bank waives the fee for their smartly checking if you also have their branded credit card. This lets me have access to a near nationwide network of bank branches and also consolidates not having to manage another login account due to already having their credit card.

What exactly do you use your debit card to purchase at 1% cash back?

[Fubs]

I use Fidelity, Schwab, Discover and US Bank.

At Fidelity, I have their CMA, multiple brokerages I use specifically for savings, fixed income (T-Bills) and investments, as well as a personal HSA, employer 401K and their 2% cashback Visa. I use them as my primary checking and savings, because their CMA offers unlimited ATM fee reimbursement worldwide, they automatically liquidate MMFs when your cash balance is insufficient (unlike Schwab) and they have free domestic wires. I also use them for T-bill auto-rolls because unlike Schwab, they will keep your money fully invested whereas Schwab will let your T-bill mature first, then renew on the next weekly auction. Their HSA is also the only personal HSA that has no admin fee, fees to invest nor require a minimum cash balance, thus making it the best personal health savings account administrator.

At Schwab, I have their investor checking, multiple brokerages I use specifically for savings and investments, as well as a i401K, Roth IRA and employer HSA. I could consolidate and migrate most of my investment accounts to Fidelity, but I like to have redundancy in case I'm ever locked out of my Fidelity account. Furthermore, Schwab's i401K offers Roth contributions, while Fidelity's does not. Plus I'm still working, so who knows which brokerages future employer 401Ks will use, so I may have to re-open at Schwab anyways. I keep a portion of my emergency fund here and use them as my preferred travel debit card. While the Fidelity CMA offers unlimited ATM fee reimbursement worldwide, it's only for Visa and STAR ATMs. Furthermore, Schwab's debit have no foreign transaction fee and investor checking debit is through Schwab Bank, whereas the Fidelity CMA uses multiple partner banks. Based on the experience of this poster, they ended up in fraud limbo because Fidelity and the two partner banks are each pointing fingers at the other on whom should be responsible reimbursing him. This is also why I opted for a Schwab Investor checking versus having debit card and check writing enabled on the Schwab One Brokerage, though the other reasons are that only the investor checking has bill pay and is compatible with Zelle, which the FIdelity CMA is not compatible with.

At Discover, I have a checking and savings and credit card and use them as another backup. I technically don't need them because I have Schwab, but I keep them because their debit offers 1% cashback and in case interest rates favor HYSAs again, I have a place to put my cash savings. Also I already had their credit card and didn't want another separate login to manage.

Lastly as US Bank I have their checking and Cash+ card. I went with US Bank because I wanted access to a local branch so I can more easily deposit cash, wire money, get cashiers checks and have access to a safety deposit box and free notary. While any local credit union would suffice, US Bank waives the fee for their smartly checking if you also have their branded credit card. This lets me have access to a near nationwide network of bank branches and also consolidates not having to manage another login account due to already having their credit card.

What exactly do you use your debit card to purchase at 1% cash back?

I typically use it when paying estimated taxes. The fee to pay by debit is a flat $2.14 versus 1.82% with credit. I've contemplated applying for the PayPal cashback card that gives 3% cashback through PayPal purchases, but kind of don't want another credit card to manage.

[tj]

I use Fidelity, Schwab, Discover and US Bank.

At Fidelity, I have their CMA, multiple brokerages I use specifically for savings, fixed income (T-Bills) and investments, as well as a personal HSA, employer 401K and their 2% cashback Visa. I use them as my primary checking and savings, because their CMA offers unlimited ATM fee reimbursement worldwide, they automatically liquidate MMFs when your cash balance is insufficient (unlike Schwab) and they have free domestic wires. I also use them for T-bill auto-rolls because unlike Schwab, they will keep your money fully invested whereas Schwab will let your T-bill mature first, then renew on the next weekly auction. Their HSA is also the only personal HSA that has no admin fee, fees to invest nor require a minimum cash balance, thus making it the best personal health savings account administrator.

At Schwab, I have their investor checking, multiple brokerages I use specifically for savings and investments, as well as a i401K, Roth IRA and employer HSA. I could consolidate and migrate most of my investment accounts to Fidelity, but I like to have redundancy in case I'm ever locked out of my Fidelity account. Furthermore, Schwab's i401K offers Roth contributions, while Fidelity's does not. Plus I'm still working, so who knows which brokerages future employer 401Ks will use, so I may have to re-open at Schwab anyways. I keep a portion of my emergency fund here and use them as my preferred travel debit card. While the Fidelity CMA offers unlimited ATM fee reimbursement worldwide, it's only for Visa and STAR ATMs. Furthermore, Schwab's debit have no foreign transaction fee and investor checking debit is through Schwab Bank, whereas the Fidelity CMA uses multiple partner banks. Based on the experience of this poster, they ended up in fraud limbo because Fidelity and the two partner banks are each pointing fingers at the other on whom should be responsible reimbursing him. This is also why I opted for a Schwab Investor checking versus having debit card and check writing enabled on the Schwab One Brokerage, though the other reasons are that only the investor checking has bill pay and is compatible with Zelle, which the FIdelity CMA is not compatible with.

At Discover, I have a checking and savings and credit card and use them as another backup. I technically don't need them because I have Schwab, but I keep them because their debit offers 1% cashback and in case interest rates favor HYSAs again, I have a place to put my cash savings. Also I already had their credit card and didn't want another separate login to manage.

Lastly as US Bank I have their checking and Cash+ card. I went with US Bank because I wanted access to a local branch so I can more easily deposit cash, wire money, get cashiers checks and have access to a safety deposit box and free notary. While any local credit union would suffice, US Bank waives the fee for their smartly checking if you also have their branded credit card. This lets me have access to a near nationwide network of bank branches and also consolidates not having to manage another login account due to already having their credit card.

What exactly do you use your debit card to purchase at 1% cash back?

I typically use it when paying estimated taxes. The fee to pay by debit is a flat $2.14 versus 1.82% with credit. I've contemplated applying for the PayPal cashback card that gives 3% cashback through PayPal purchases, but kind of don't want another credit card to manage.

Interesting. I don't think I knew that the IRS accepted discover. Or that discover offer cash back on those debit purchases. That's good to know.

[djmbob]

With USAA, but I just sent a letter to the CEO with concerns about their recent and past problems. Been with them for over 45 years. Will stay with them for insurance, but questioning the banking side, although I have not had any problems with them. Perhaps because I am a retired Colonel. I understand they treat officers a bit differently.
Cheers,
Ray

[jebmke]

With USAA, but I just sent a letter to the CEO with concerns about their recent and past problems. Been with them for over 45 years. Will stay with them for insurance, but questioning the banking side, although I have not had any problems with them. Perhaps because I am a retired Colonel. I understand they treat officers a bit differently.
Cheers,
Ray

I've been with USAA for a number of years. What problems have you experience with their checking account, if any?

[_nvrltthmknwyrnxtmv]

The paycheck is deposited into a local bank account, primarily used as a pass-through account, with a maintained balance of $100. The day after each deposit, funds are transferred to a credit union that operates without local branches and investment accounts.

This setup ensures access to a local bank if needed while using the credit union as the main online bank. It also creates a buffer between the employer and main banking activities, providing flexibility to manage money without involving them.

At the credit union, to maximize interest earned, all but $200 are kept in high-yield savings, all purchases are made with credit cards and paid off from the savings account.

[captain chauncey]

Paychecks first land at SoFi Savings. The change in Reg D allowing you to operate out of the savings account with decent interest makes it favorable. From there, Schwab pulls a monthly autoinvest, and all bills are paid. Roughly quarterly, any additional buildup is swept out.

Schwab is where all non-401k investments are. I have, but don't typically use, the checking account there, out of a desire to keep checking further away from investments. However, I will fund it when abroad to withdraw cash if needed, and defund it on return.

MMF's are held at Merrill Edge/BofA - this is simply to keep Platinum Honors at BofA.

Chase owns my mortgage, so I use a checking account with them to automatically DD the money for the monthly payment so it's just a side process that takes care of itself.

I also have a couple old, parked accounts that I don't use but cost nothing to keep open: USBank (due to a credit card relationship), USAA (insurance is through them).

[Tabulator]

My credit union checking account hub is Navy Federal. I'm going to stick with them since they have really good customer service.

Does Navy Federal have good service in branches, on the phone, or both? If the service was good in the past, have they maintained the same level of service in recent years?

[tomd37]

NFCU has outstanding telephone customer service 24 hours per day. I cannot mention branch customer service as the nearest to me is 85 miles away at Fort Campbell KY, but my 63 years membership with NFCU would tell me their branch services are excellent also. In my opinion their service has never waivered, but rather improved as they have become the largest credit union in the world.

[Tabulator]

Amex Rewards checking has the fastest ACH of anything I've ever seen

Does it still not offer bill pay?

[tj]

Amex Rewards checking has the fastest ACH of anything I've ever seen

Does it still not offer bill pay?

No idea. I haven't used it other than to collect a sign up bonus. Has super fast ACH though.

[Tabulator]

Schwab's interface is getting worse and worse, though.

What's wrong with Schwab's interface?

[cheesepep]

Actually, it was my mistake. I had my browser screen slightly reduced in size for whatever reason and the Schwab interface went from clickable links in a horizontal direction to a bunch of drop down menus, which irked me. I made my browser window slightly larger and all went back to normal.

[bearwithbear]

Discover debit card has a $3,000 monthly limit
"
Start earning 1% cash back today
On up to $3,000 in debit card purchases each month
"
From the Disover website

Bear