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CUDAcores89

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About CUDAcores89

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    CUDAcores89
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  1. From a person who is an avid churner of bank accounts and credit cards, here are 5 banks/credit unions I can easily recommend to people to use for your daily expenses. I believe I am qualified to say this because I have and have had bank accounts at all the major banks because well, I churn them. Here are my favorite 5 bank accounts to use as your main bank.

     

    Note: This list only applies to US citizens. If you are a US citizen, having a credit report will also make it significantly easier to open these online accounts since they will check your information against your credit report. Now you do not need a credit report to open these. You can always send in copies of verification documents to the bank so they can verify your identity, but this can take weeks. If you have a credit report, some of these accounts can be opened in minutes.

     

    These are ordered from my least to most favorite for everyday use. By default, none of these accounts have monthly maintenance fees, but all of them are online only and this can make it tricky to deposit cash (except for one which i'll name later):

     

    5. Discover bank:

     

    I had an account with them for awhile but I closed it because I moved to ally bank. I do still recommend them however:

     

    The good:

    • No monthly fees
    • Ability to connect an unlimited number of external bank accounts
    • Free electronic bill pay
    • Can attach a savings account that earns 2.1% interest
    • Free checks
    • Free replacement card
    • They have a debit card that earns 1% cash back on all purchases up to $30 a month. I use credit cards for everything so this was a waste to me.

    The bad:

    • Has $30 overdraft fees, but can be automatically pulled from a savings account.
    • ACH transfer clearing times can end up being very slow. Sometimes it might take up to 3 days till money is available in your account.
    • Can't deposit cash.
    • Do not reimburse ATM fees (the rest of the banks on this list do).
    • Discover cards aren't accepted everywhere

    Worth mentioning but I have moved away from these guys.

     

    4. Ally bank

     

    Ally bank has been around for awhile and they are a REALLY good choice if you are a churner (like me) but a so so choice compared to everything on this list. If I was to rank these accounts according to the best accounts for churning, ally bank would be first. Except they don't have every single feature that you can get from the accounts below the list:

     

    The good:

    • No monthly fees
    • Checking account earns 0.1% interest
    • Ability to connect up to 20 external bank accounts
    • Free electronic bill pay
    • Ally bank will reimburse all ATM fees charged by out of network ATMs by up to $10 a month
    • Can attach a savings account that earns 2.2% interest
    • They use zelle. If you don't know what zelle is, it's just a really fast way to transfer money between multiple banks in minutes instead of days.

    Because of point 3 and 4 alone, ally bank is the single best hub account a churner can get. For daily use, the other accounts below are better.

     

    The bad:

    • Still has overdraft fees, but can be automatically pulled from a savings account.
    • Replacement debit card fee
    • No free checks
    • ACH transfer clearing times can end up being very slow. Sometimes it might take up to 3 days till money is available in your account.
    • Can't deposit cash.

     

    3. Sofi Checking:

     

    you might want to look at this one. Sofi is new to the checking account game, but they have some really compelling options.

     

    What I like:

    • No monthly fees
    • Earns 2.25% interest with no requirements. I cannot find any checking account on the market earning a better rate than that.
    • No ATM fees, ever. Sofi will not charge you an ATM fee and if the ATM owner charges a fee, Sofi will reimburse the fee back to your account.
    • Free checks.
    • Free replacement card.
    • Free bill pay software

    What I do not like about Sofi:

    • ACH pulls (not pushes) are VERY slow.
    • Can only link up to 3 external accounts
    • Still has overdraft fees
    • Free replacement debit card
    • No way to deposit cash.

     

    Fidelity also offers a "cash management" account that can be opened by anyone as long as you also open a brokerage account (you can keep $0 in the brokerage account).

    They are very nearly the perfect checking account.

     

    2. Fidelity Checking:

     

    What I like:

    • No monthly fees
    • No overdraft fees. Any ACH push or pull that would plunge your account into the negative is simply denied (no other bank on this list has this feature).
    • Can use an attached brokerage account as backup funding if your checking account ever goes into the negative.
    • FDIC insured up to 2.5 million by spreading deposits across multiple banks.
    • Can earn 1.5% interest by by placing some of your cash into the fidelity SPRXX Money market fund. Basically you get 1.5% interest on your checking account.
    • No ATM fees, ever. Fidelity will not charge you an ATM fee and if the ATM owner charges a fee, fidelity will reimburse the fee back to your account.
    • It's a brokerage, so you can also buy stocks, bonds, and other securities on the same platform.
    • Can link an unlimited number of bank accounts
    • Excellent fast and free bill pay software
    • Free checks!
    • Free replacement card.

    What I do NOT like about fidelity:

    • ACH pulls (not pushes) are VERY slow. As in if you try to pull money from an external bank account into fidelity, it can take several days. Push money into your fidelity account from your bank if you can.
    • I can't link every one of my bank accounts. No idea why.
    • No way to deposit cash.

    And finally my favorite bank, or should I say credit union:

     

    1. Alliant Credit union:

     

    What I like:

    • No monthly fees
    • Will pay up to $20 a month of your ATM fees
    • Can attach as many external account as you like
    • Earns 0.64% interest on the checking account just by doing one activity every month. Transferring $1 into the account and back out will work.
    • Here's why this one is first: you can deposit cash into the account. If you didn't know, credit unions operate on something called co-op or a shared branch network, where as long as your credit union is part of co-op, you can do business at any other credit union ATM including making deposits. This means you can make cash deposits at another local credit unions ATM for free. My local credit union has checking accounts but it comes with monthly fees (eww). Alliant credit union is a way to bridge this gap.
    • Check deposits, cash deposits, and ACH pulls and pushes clear EXTREMELY fast. I have mobile deposited a $2000 check and the entire amount was available to use immediately. All other banks on this list let the check clear before giving you your money.
    • Free bill pay

    What I don't like about alliant:

    • They have overdraft fees, but you can set a savings account that earns 2.1% as a backup funding source.
    • No free checks
    • Bill pay is free but its always done by check, which can take weeks. Checks can also get lost.
    • Replacement card fee

    the following accounts are also good and are honorable mentions because they also have no monthly fees as well:

    Capital one 360 checking

    Simple checking

    American express bluebird (prepaid card)

    Chime bank (prepaid card)

    Simple bank

    Charles schwab checking

    TIAA Bank

    AXOS Bank

    Aspiration Checking

    Consumers Credit Union

     

    There are probably many, many more free checking account options I haven't named here.

     

    My point is don't go do business with big banks like wells Fargo and chase for your daily checking needs. Get a credit card from them. but don't hold a checking account. Checking accounts can be found free online almost anywhere.

     

     

     

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