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Ask a Nerd: How Can I Set Up My Bank Accounts? Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. While our website does not include every company or financial product available on the market however, we’re confident of the advice we provide and the information we offer and the tools we develop are independent, objective easy to use and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the site), but it doesn’t affect our recommendations or advice that are based on hundreds of hours of research. Our partners do not promise us favorable review of their services or products. . Ask an expert: How Do I Set Up the Bank Accounts I Have? The right combination of bank accounts can help you manage your money better by making use of the various benefits. This article was written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, banking ethical, deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a particular emphasis on deposits and certificates as well as other banking-related topics. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. Dec 9 2022, 2022 Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with more than two decades of experience working in newsrooms, including U.S. News & World Report. She started her journalism career with The Washington Post and later worked at Roll Call, McClatchy-Tribune and The Seattle Times. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been mentioned by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She graduated in the U.M.’s Philip Merrill College of Journalism. Email:

. A majority or all of the products featured here are from our partners, who pay us. This impacts the types of products we feature and where and how the product appears on a page. However, this doesn’t affect our assessments. Our views are our own. Here is a list of and . The information on investing provided on this page is for informational purposes only. NerdWallet does not provide advisory or brokerage services, nor does it recommend or suggest investors buy or sell particular securities, stocks, or other investment options. The first homes of a banking relationship are your savings and checking accounts. Just as you would organize your home differently or move into your new residence the way you manage your bank accounts could require changes in time. If you’re anything like me, and still have accounts at the same bank that your parents used to use, maybe enough has changed in your life to consider the possibility of a change to a bank that would be better suited to your needs. Let’s determine both the right kind of bank as well as the most suitable combination of accounts and tools for you. Which accounts for banks are right suitable for me? It’s probably not necessary to think too hard on this issue. Checking accounts are used for spendingmoney, while savings accounts are for saving funds and earning interest. You may need other or specialized accounts, so consider whether you plan to share my financials with someone? If so, you might need joint accounts. Do I need to put to save money that isn’t accessible? Certificates of deposit are a kind of savings account that do exactly that and can earn you a high percentage of guaranteed interest. Do I want a higher rates of savings or lower charges? Banks online offer generally, with no charges and minimal opening requirements. The best rates are over 3 percent. These options might be supplemental to your primary accounts. >> COMPARE: Savings Cash Management CD Checking Money Market Member FDIC SoFi checking with Savings and with APY 3.75 percent SoFi customers who have direct deposit are eligible to get up to 3.75% annually in percentage return (APY) for savings accounts (including Vaults) and 2.50% APY on checking balances. The minimum direct deposit amount required to qualify for the 3.75% APY on savings and 2.50% APY for checking balances. Direct deposit members will earn 1.20 percent interest on balances in checking and savings (including vaults). Interest rates are variable and may change at any time. The rates listed are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY: $0 Member FDIC Marcus by Goldman Sachs Online Savings account with APY 3.50 percent 3.50% APY (annual percent yield) with a balance of zero to earn the APY stated. Accounts must have a positive balance in order to be open. APY valid as of 02/07/2023. Min. balance for APY The cash accounts provide a range of services and features similar to checking, savings and/or investment accounts into one. These accounts for managing cash are typically offered by non-bank financial institutions. These accounts offer features and services similar to savings, checking or investment accounts into one package. The cash management account is generally provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Account APY 4.05% Min. amount to APY $1 on Betterment’s website Betterment Cash Reserve – Paid non-client promotions APY 4.00 percent annually percentage return (variable) is as of 02/06/2023. Min. balance to be used for APY $1 CDs (certificates of deposit) are a kind of savings account that comes with a fixed rate and term generally, and have higher rates of interest than traditional savings accounts. CDs (certificates of deposit) are a kind of savings account with a fixed rate and term, and usually have more interest rates than traditional savings accounts. CIT Bank CD APR 4.60% 1.5% Term 1.5 Years Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% The APY (annual percent yield) at 01/25/2023. Term One year checking accounts are utilized for day-to-day cash deposits and withdrawals. Checking accounts are utilized for cash deposits on a regular basis as well as withdrawals. Member FDIC SoFi Savings and Checking APY 2.50% SoFi members with direct deposit are eligible to get up to 3.75 per cent annually in percentage return (APY) on savings balances (including Vaults) and 2.50 percent APY on their checking balances. No minimum amount of direct deposit needed to earn the 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Members without direct deposit will receive 1.20 percent APY on all account balances of savings and checking (including vaults). The rates of interest are variable and may change at any time. The rates listed are current at 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Upgrade Rewards Checking APY N/A Monthly fee $0 Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Member FDIC Axos Bank(r) Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Make use of your Axos Visa(r) Debit Card for a total of 10 transactions each month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) within Online Banking to earn 0.30 percent APY. Maintain an average daily balance of $2,500 in the Axos Managed Portfolios Invest Account in order to receive 0.20 percent APR. Maintain an average daily balance of $2,500 per month within the Axos Self Directed Trading Invest Account to earn 0.20% APR. Utilize Your Rewards Checking Account for the full month’s Axos Consumer loan payment to earn 0.15% annual percentage yield. Monthly fee $0 Money market accounts pay rates that are similar to savings accounts and include some checking features. Money market accounts have rates that are similar to savings accounts and have certain checking features. Members FDIC UFB Best Money Market APY 4.21 Percentage Min. balance for APY zero Members FDIC Discover Bank Money Market Account APY 3.20 percent Min. amount for APY $1. How many banks should I have? The short answer is that it’s dependent on the situation. The ideal amount is “the most minimal number of accounts needed to reach your objectives and support your family,” says Derek Brainard who is the national director of financial education for the non-profit AccessLex Institute. “Two is the bare minimum, however a lot of people exceed that just for sheer organization’s sake.” Multiple deposits can aid you in balancing your budget effectively by using an online version of this , that typically involves placing money into envelopes that are earmarked for specific bills or goals. Instead, you can have a savings account to meet each goal or checking account for different types of expenses, which might be way better in comparison to ATM cash withdrawals and using envelopes. But this may not be suitable for all. “Do multiple accounts give you security or anxiety?” says Saundra Davis, executive director and founder of Sage Financial Solutions, a San Francisco Bay Area-based nonprofit. Davis has eight bank accounts, including personal and business checking accounts, a savings account for regular expenses, and a savings account for emergencies (commonly called an ). “How we conduct our lives should be reflected in how we manage our money,” she says. What’s the ideal type of financial institution for me? This is also dependent, but you might not know all the options available to you . Let’s look at a few types of banking institutions. Bank vs. credit union Both offer identical accounts, however banks are businesses for profit, whereas credit unions are not-for-profit cooperatives which require membership based on the location of the institution or other variables. The largest banks, in particular are more likely to offer modern technologies for banking online. But you might get lower fees and higher rates for loans or savings on average, at credit unions. Brick-and-mortar bank vs. online bank A brick-and mortar bank is a network of ATMs and branches, as well as personal assistance to deal with emergencies or for specialty services, such as cashier’s checks or signing legal documents using notaries. Although an online bank generally doesn’t have physical locations and services, it does offer much higher rates on savings accounts and fewer charges than traditional banks. Bank accounts at a brokerage investment or brokerage firm can handle banking as well as investing, if you’re looking for the convenience. A firm’s bank account equivalent is often a that usually provides protection for funds over the federal maximum of deposit insurance of $250,000. This insurance allows you to get funds back if the bank fails. Combining types You can have your funds at more than one bank, and in fact, you could gain from it. I have a traditional bank, the same one as my parents’, however I keep cash in there mostly to pay off credit card debt promptly. The year 2015 was the first time I opened an interest-free savings account which offered a sign-up offer and then ended up admiring the bank’s check account for its debit card with no foreign transaction fee. I may switch to being completely on the internet, however what if I need to use an in-person facility I’ve never needed -like paying a check in excess of the limit of my online bank’s checking out on the go or speaking to a bank’s lending officer at a branch when applying for a loan? Keeping both institutions gives me access to a variety of perks and services. What tools can I make use of? There are many banks that offer features that may help with the management of your accounts, such as alerts that assist you in planning your budget or to detect fraud, as well as automated transfers to move some of your monthly income from your checking account to savings frequently. A major benefit of an automatic transfer is to automate your good decision to save regularly, says Brainard. “The only con is it restricts your cash flow.” Make sure that your account balance is enough to cover each month’s bills, so that you don’t have to make back-and- transfers. While automatic transfers aren’t a bad thing, I’ve realized that the peer-to peer payments system Zelle can be used in a way that the other transfer applications Venmo and Cash App don’t. Because Zelle is integrated into a variety of banks’ apps which includes the two banks I use, I joined in both of my Zelle Accounts (one per bank) and I’ve been able send almost instant transfers to both of the two accounts. This is better than waiting for the one three to four business days I used to do for these transfers. Like similar apps such as Venmo, though Zelle’s biggest risk is that you generally cannot cancel a transaction once it’s sent — even if you send funds to the wrong person. Transaction alerts are another feature that can help you budget or identify fraud. they’re sent as emails or text messages. A few of the most common alerts include withdrawals or deposits that exceed an amount, amounts that fall below a set threshold, as well as upcoming payment reminders. I’ve got credit card transaction alerts for all purchases just in case I spot one I didn’t make. How often should I review my banking arrangement? Dana Twight, certified financial planner and owner of the Seattle-based firm Twight Financial Education, recommends evaluating your banking setup every two to three years. If your income is fluctuating and your requirements change, you may need to make changes. Other reasons to switch accounts or banks could include an important life event. The wedding ceremony could require opening joint accounts, or adopting or having a child could mean the opening of new accounts. Getting a mortgage or starting your own business could lead you to the opening of a new credit union or bank that offers less expensive loans than your current bank. A bank that isn’t meeting your requirements. A bank might start charging fees to your account, or customer service isn’t assisting you in resolving important issues. Wanting to support an institution based on your values. Certain credit unions and banks like banks, play crucial roles within their communities and also advocate for social change. “Banking through a black-owned bank is essential to me, but they don’t have the same foundation and infrastructure that a large bank has,” Davis says. “I am aware that I have to have to pay a monthly fee to keep my money in the bank and do that because it matters to me.” The author’s bio: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work of Spencer Tierney has been featured in USA Today and the Los Angeles Times. In a similar vein… Find a better savings account See NerdWallet’s recommendations for the top high-yielding saving accounts online. Explore Banking further Find more money-saving strategies – straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics that matter most to you as well as other methods to help you get more value from your savings.

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