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Ask an expert: How Do I set up my Bank Accounts? Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make sound financial decisions without hesitation. Although our site does not feature every business or financial product available on the market however, we’re confident that the advice we provide and the information we offer and the tools we develop are objective, independent simple, and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the places they are featured on the site) However, it doesn’t affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners are not able to promise us favorable reviews of their products or services. . Ask a Nerd: How Should I Setup my Bank Accounts? Having the right combo of bank accounts will help you manage your money more effectively by making use of the various benefits. By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered finances for individuals since the year 2013 with a particular emphasis on deposit certificates and other topics related to banking. His work has been featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location is Berkeley, California. Dec 9 2022. Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with two years of experience in newsrooms. She was most recently with U.S. News & World Report. She started her journalism career working at The Washington Post and later worked for Roll Call, McClatchy-Tribune and The Seattle Times. Sara has been on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:

. Many or all of the products featured here are from our partners who compensate us. This impacts the types of products we review and where and how the product appears on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here is a list of . The investing information provided on this site is for solely educational purposes. NerdWallet is not a broker or advisor. or brokerage services neither does it suggest or advise investors to buy or sell particular securities, stocks or other investments. The first banks are your savings and checking accounts. Just as you would have a different arrangement for your home, or even move to your new residence the way you manage your bank accounts could need to be changed as time passes. If you’re anything like me and have accounts with the same bank that your parents used to use perhaps there’s been enough change in your daily life to think about the possibility of a change to a bank that would better fit your needs. Let’s find the appropriate type of bank and best combo of accounts and tools for you. What bank accounts are best suitable for me? There’s no need to spend a lot of time on this one. Checking accounts are used for expenditure, while savings accounts are meant to help you save funds and earning interest. However, you may require additional or specialized accounts, so ask yourself do I want to share my finances with someone else? If yes, then you could want joint accounts. Do I want some savings out of reach? Certificates of deposit are a form of savings account that do just that, and they can earn you a high guaranteed rate. Do I want a greater rates of savings or lower charges? Online banks offer and , generally, with no charges and minimal opening requirements. The best rates are above 3 percent. These accounts could be an addition to your primary accounts. >> COMPARE: Savings Cash Management CD Checking Money Market Member FDIC SoFi Checking and Savings APY 3.75 Percent SoFi Members with direct deposit may receive up to 3.75% per year in annual percentage returns (APY) for savings accounts (including Vaults) and 2.50% APY on check balances. The minimum direct deposit amount that is required to earn the 3.75 percent APY on savings, and 2.50% APY for checking balances. Members without direct deposit will get 1.20% APY on all account balances of savings and checking (including vaults). Interest rates are variable and can change at any point. 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 percentage yield) with $0 minimum balance to earn the APY stated. Accounts must be in positive balance in order to be open. APY is valid until 02/07/2023. Min. balance for APY Cash accounts are $0 and 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 cash accounts combine features and services that are similar to checking, savings and investment accounts into one package. Cash management accounts are generally offered by non-bank financial institutions. on Wealthfront’s website Wealthfront Cash account APY 4.05% min. balance for APY $1 on Betterment’s website Betterment Cash Reserve – Paid Non-Client Promotion APY 4.00% Annual percent return (variable) is at 02/06/2023. Min. balance of $0 for APY $0 CDs (certificates of deposit) are a type of savings account that has an unchanging rate and term generally, and have higher rates of interest than traditional savings accounts. CDs (certificates of deposit) are a type of savings account that has an unchanging rate and term, and usually have higher interest rates than regular savings accounts. CDs from CIT Bank APY 4.60% Term 1.5 year Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.40% 4.40% APR (annual percentage yield) at 01/25/2023. Term 1 year Checking accounts are utilized for cash deposits on a regular basis as well as withdrawals. Checking accounts are utilized for day-to-day cash deposits and withdrawals. FDIC SoFi Checking and Savings APY 2.50% FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including vaults) and 2.50 percent APY on their checking balances. No minimum direct deposit amount that is required to be eligible for 3.75 percent APY on savings, and 2.50 percent APY on checking balances. Direct deposit members will get 1.20% interest on balances in checking and savings (including vaults). Rates of interest are subject to change and subject to change at any point. These rates 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. Use Your Axos Visa(r) Debit Card to make 10 transactions each calendar month (min three dollars per purchase) or sign up for Account Aggregation/Personal Financial Manager (PFM) within Online Banking to earn 0.30% APY. Keep an average daily balance of $2,500 within the Axos Managed Portfolios Invest Account for 0.20% APY. Maintain a daily average amount of $2,500 in An Axos Self-Directed Trading Invest Account to earn 0.20% annual percentage yield. Utilize Your Rewards Checking Account for your full monthly Axos customer loan payment and earn 0.15% annual percentage yield. Monthly fee of $0. Money market accounts pay rates that are similar to savings accounts, and come with certain checking features. Market accounts earn rates that are similar to savings accounts, and come with some checking features. FDIC UFB Best Money Market Member FDIC UFB Best Money Market APY 4.21% Min. balance for APY $0 Members FDIC Discover Bank Money Market Account APY 3.20 Percentage Min. amount for APY $1 How many banks should I have? The short answer is that it’s dependent on the situation. The best number is “the most minimal number of accounts needed to reach your goals and to support your household,” says Derek Brainard, National director of financial education at the nonprofit AccessLex Institute. “Two is the bare minimum, but lots of people are able to go over that just for sheer organization’s sake.” A variety of deposits can aid you in balancing your budget by effectively using an online version of this , that typically involves placing money into envelopes that are earmarked for specific bills or goals. Instead, you could have savings accounts to meet each goal or checking account for different types of expenses, which might be way better in comparison to ATM cash withdrawals, and also using envelopes. But this setup may not be for everyone. “Do multiple accounts give you security or stress?” says Saundra Davis, executive director and founder of Sage Financial Solutions, a San Francisco Bay Area-based non-profit. Davis holds eight banks accounts. These include personal and business checking accounts as well as a savings account to cover regular expenses, and a savings account for emergencies (commonly known as an ). “How we live our lives should be reflected in how we manage our money,” she says. What is the best type that I should use for my bank? It’s also a matter of personal preference, however you might not have a clear idea of the options available to you . Let’s go over a few types of banking institutions. The bank vs. Credit unions Both provide similar accounts, but banks are businesses for profit, whereas credit unions are cooperatives that are not for profit that require membership on the basis of geography or other factors. Banks, especially the biggest are more likely to offer modern technology for online banking. But you might get lower fees and higher prices in loans and savings, in general in credit unions. Brick-and-mortar bank vs. an online banking institution A brick-and mortar bank is a network of branches and ATMs plus in-person support to address urgent issues or to use specialty services, such as cashier’s check or signing legal documents using a notary. While an online bank typically doesn’t have physical locations and services, it does offer significantly higher rates for savings accounts and lower charges than traditional banks. The brokerage investment or brokerage firm is able to manage banking as well as investing, if you’re looking for that convenience. The equivalent of a bank account for a company is often a that usually provides protection for funds over the federal deposit insurance limit of $250,000 per account. This insurance enables you to recover funds if the bank fails. Combining types You can have your funds at multiple institutions, and in fact, you might gain from it. I have an old-fashioned bank, which is the same as my parents’, however I keep cash in there mostly to pay credit card bills quickly. This year, I opened an account with a high yield with a sign-up bonus, and later ended up admiring the bank’s check account for its debit card with no foreign transaction fee. I might switch to be fully digital, but what if I need to use an in-person facility I haven’t needed yet -like paying a check in excess of my online bank’s limit for mobile check deposits, or speaking with an officer from the bank’s lending department in a branch when applying for a future loan? Keeping both institutions gives me access to different benefits and services. What tools can I use? Many banks offer tools to aid with account management, including alerts to help you budget or detect fraud, as well as automated transfers that transfer a portion of your monthly earnings from your checking account to savings frequently. The main benefit of automatic transfers is the ability to automate your decision to save frequently, says Brainard. “The one drawback is that it reduces cash flow flexibility.” So make sure your balance in your checking account is enough to cover monthly bills so you can avoid back-andforth transfers. Although automatic transfers do have their place however, I’ve come to realize that the peer-to-peer payment system Zelle has a use case that my other transfer apps Venmo and Cash App don’t. Since Zelle is embedded in many banks’ apps which includes the two banks I use, I joined both in my Zelle Accounts (one to each of my banks) and have been able to send nearly instant transfers for free between the two accounts. This is better than waiting for the one to three business days I had to wait when making these transfers. Like similar apps such as Venmo however Zelle’s primary danger is that you can’t cancel a transfer once it’s made, even if you transfer funds to the incorrect person. Transaction alerts are another feature which can assist you in budgeting or spot fraud. they’re sent as emails or text messages. The most frequent alerts are for withdrawals or deposits over a certain amount, balances that drop below a certain threshold, as well as upcoming payment reminders. I’m a credit card user and have alerts for nearly every purchase just in case I spot an error I did not do. How often should I review my banking setup? Dana Twight, certified financial planner and founder of the Seattle-based firm Twight Financial Education, recommends checking your bank’s configuration every 2 to 3 years. If your income fluctuates, your needs may change. Other reasons for switching banks or accounts could be an important life event. Getting married might mean opening joint accounts. Also, having a child or adopting one may require the opening of new accounts. Getting a mortgage or starting a business may lead you to an alternative bank or credit union that has lower loans than your current bank. The bank you are with is no longer serving your requirements. The bank could begin charging fees to an account, or customer support isn’t assisting you in resolving important issues. You want to help an institution in line with your beliefs. Some credit unions and banks like banks, have a significant role within their communities and also advocate for social changes. “Banking at a Black-owned institution is important to me, but they don’t have the same backing and infrastructure that a large bank has,” Davis says. “I know I pay a fee every month to sit my money there and I do it because it matters for me.” About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Its work was highlighted by USA Today and the Los Angeles Times. On a similar note… Find a better savings account See NerdWallet’s top picks for high-yield online savings accounts. Go deeper into Banking Make smarter money decisions – straight to your inbox Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more value from your money.

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