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Hi, I'm Kevin and I'm an attorney, writer, gig economy expert, side hustler, and the blogger behind Financial Panther. I paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer. I started this blog to share all I know about personal finance, travel hacking, and making more money by side hustling. Click here to learn more about me.
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switching banks

I’m Switching Banks – But Which Bank Should I Use?

Last Updated on October 14, 2021January 22, 2021 33 Comments
This post may contain affiliate links.Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

The most important part of anyone’s money system is their primary checking account. This is the financial inbox of your money system – the main checking account where most of your income goes into and that you pay your bills out of. For the most part, you probably won’t change this bank account very often, but every once in a while, you’ll be in a position where switching banks may be necessary. 

That’s the position that I find myself in right now. For the past five or so years, I’ve used Simple, an online-only fintech bank based out of Portland. Simple was one of the first of what I call the fintech banks – that is, smaller banks with a startup culture that is geared toward mobile and online users. They don’t have physical branches and most of their energy is dedicated to making a banking product with a beautiful app and online interface. 

Unfortunately, Simple recently announced that it would be shutting down operations, which means that I’m now in a position where I’m switching banks and looking for a new primary checking account. There are a lot of options out there when switching banks, so in this post, I thought I’d walk through my choices and give my thoughts about each option, along with the option that I ultimately decide to go with.  

So if I’m switching banks, which bank should I switch to? Well, first, I have three criteria that must be met for me to even consider using the bank.

  1. The bank has to have no fees. This is the most important requirement for me. Some banks have fees that can easily be waived by meeting certain requirements. That’s not good enough in my opinion. If I’m using a bank, I should be able to use it for free, period. This also means that the bank must have no minimum balance requirement – I shouldn’t be forced to keep a certain amount of money in the bank simply to avoid a fee.
  2. The bank has to have a good app and a good online interface. I do all of my banking on my phone or laptop, which makes it incredibly important that any bank I use has an app that both looks good and works well. Some banks do this very well. Most banks do not. 
  3. The customer service has to be decent. I’m a little less picky here, but generally, if I have an issue, I should be able to send a message online and receive a reply promptly. And if I call in, I should be able to get a human on the phone in a relatively short amount of time. 

With all that said, here is how I’m thinking about the different banks that I can switch to. For those of you who don’t want to keep reading, I’ve opted to move my primary checking account to Ally. I find that Ally is generally the best overall bank for most people and in my current situation, it works out well. 

The Four Categories of Banks 

There are a lot of options when it comes to picking a bank. To make things easier, I tend to divide banks into four general categories. These categories include:

  1. Traditional brick and mortar banks
  2. Large online-only banks
  3. Large fintech banks
  4. New, small fintech banks

In the next few sections, I’ll detail how I define each of the different types of banks and give you my list of the banks in each category that I would recommend.

1. Traditional Brick and Mortar Banks

The option most people go with is a checking account from a traditional brick-and-mortar bank. These are the big banks that most of us know about – Chase, Bank of America, Wells Fargo, etc. Traditional brick and mortar banks are what most people use and it’s what I used for most of my life as well. My first bank was Suntrust, then when I moved to Minnesota for law school, I switched over to TCF Bank and used them for about 5 years before I made the switch over to Simple.

I’m too much of a millennial to consider using a brick-and-mortar bank anymore, so this category of banks is not one I would personally consider. To me, there are only three reasons you’d use a traditional brick and mortar bank: (1) you’re already using this type of bank and it’s too much of a hassle to switch; (2) you need to deposit cash regularly; or (3) you simply don’t trust online-only banks. The first two are legitimate considerations. The last one – well, I think phones and the internet are so ubiquitous now that this isn’t a concern but I understand that not everyone is comfortable with not having a physical branch that you can walk into.

That said, I still keep my TCF bank account open because it has no fees and it gives me a bank account that I can use when I need to deposit cash. I typically keep a couple of cents in that account and whenever I need to deposit cash, I can swing by a branch and do that. 

If you are going to use a traditional brick-and-mortar bank, of course, make sure that it’s a free account. There is absolutely no reason you should ever have to pay a bank to have a checking account, especially when there are hundreds of free banking options available. I’m not going to list the brick-and-mortar banks that offer free checking accounts, but you should be able to find one in your area that fits the bill if this is the option you prefer.

Finally, it’s worth talking about credit unions. In general, it seems like credit unions have a better reputation with the public because they’re owned by the members of the credit union and seem to be less profit-driven. If you like your credit union, then that’s great. I haven’t had a good experience with credit unions because I find that their apps and websites are horrible and despite being so friendly, their customer service is often lacking. This makes sense – they typically don’t have the resources to improve in these areas, at least not when compared to the larger banks that have more money or funding. 

2. Large Online-Only Banks 

The second category of banks to consider is what I call large, online-only banks. These are banks that are often as big as the traditional brick-and-mortar banks but operate without physical branches. I think of these large online-only banks as a good compromise for someone who wants good banking technology, but also wants the stability and perceived safety of a large, established bank.

The banks that I like in this category include the following: 

  • Ally
  • Capital One 360
  • Discover
  • Charles Schwab 

All of these checking accounts are 100% free and require no minimum balance. They also all have good apps and good online interfaces.

I have checking accounts open with all of these banks and have never had issues with any of them. Of these banks, Ally is the one I recommend the most. Indeed, it’s the bank that I’m ultimately going to use as my primary checking account once Simple is officially gone.

3. Large Fintech Banks 

The third category of banks would be what I call large fintech banks. These are banks or banking apps that are newer but are also very large companies with valuations of over one billion dollars. Many of these companies will likely go public in the coming years (or at least have ambitions of going public).

The banks that I include in this category include the following:

  • SoFi Money
  • Chime
  • Betterment

Every one of these banks is a solid bank with no major issues. Importantly, all of these banks are 100% free with no minimum balance requirement and can be opened in a few minutes online or with your phone. They’re heavily geared towards mobile users, so they all have very good apps. 

Even if you’re not thinking about using a large fintech bank, you might still want to consider opening these accounts for the following reasons:

  • SoFi Money offers a $50 signup bonus if you open a new account using a referral link and fund it with $500 or more. This is one of the easier bank bonuses to earn and is worth opening to at least get the bonus. You can make more money if you refer friends and family (and you help your friends and family out by helping them get the signup bonus). Here is my referral link for SoFi Money if you’re interested.
  • Chime offers a $75 signup bonus if you open an account with a referral link and do a direct deposit of $200 or more. Any ACH transfer into the account seems to trigger the direct deposit requirement, making this one of the easiest bank bonuses to earn. Like with SoFi Money, it’s a good idea to have this account solely so you can refer people. Here’s my referral link for Chime if you want to get your signup bonus.
  • Betterment is unique among banks because it reimburses all foreign transaction fees and ATM fees. This makes it a really good bank account for people who travel internationally. I have a Betterment checking account that I keep open solely for when I travel. Anytime I go abroad, I move money into this account and then I’m able to access cash wherever I may be in the world. 

4. Smaller Fintech Banks

The fourth and final category of banks is what I call the smaller fintech banks. This is the category that I placed Simple in when I first opened my Simple account many years ago. There are a lot of different and unknown banks in this category, but the ones that I’ve noticed include the following:

  • Wicket
  • One
  • N26

Of these banks, N26 is probably the most interesting to me. They have some interesting features and a good-looking mobile app. They also offer a small signup bonus for new users, which gives another incentive to try them out. 

One fintech bank I did try out was Douugh, but I did not have a good experience with them and do not recommend them at all. The customer service is terrible. They have no phone number you can call, so all you can do is email. And then they take days to respond. If you have any issues, you’re going to be emailing back and forth with them for weeks or months.

Which Bank Am I Switching To? 

When it comes to switching banks, I’ve broken my choices down to four options: Ally, SoFi Money, Betterment, and N26. I think you can’t go wrong with any of these banks.

For my current situation, switching banks to Ally makes the most logical sense. I already have an Ally checking account open and I use Ally for many of my sub-savings accounts. Moving everything to Ally simplifies things a lot. I’ve also been an Ally customer for 5 or more years, so I’m familiar with all of the features and am happy with it. Whenever anyone asks me which bank they should use, I typically recommend Ally because it has a lower learning curve. I think of it as the perfect compromise between a cutting-edge fintech bank and an established major bank. 

Of the other banks, I still keep my SoFi Money account open because it has no fees and I can refer people to the account. My rule is that if a bank gives you a referral link and it’s a free bank, then you always want to keep the account open simply to give yourself the option to refer people. Being able to refer people not only helps you, but it also helps the people you refer. 

With respect to Betterment, I have a Betterment checking account which I leave open solely for when I travel internationally. I’m currently aware of only two banks that have no foreign transaction fees and that reimburse all ATM fees, including international ATMs. Charles Schwab is one of them. Betterment is the other. In the past, SoFi Money also offered this benefit but no longer offers it for new customers. I’d recommend you have a Betterment or a Charles Schwab checking account just for travel purposes.

Final Thoughts On Switching Banks

Switching banks is something that most of us won’t do too often. If you’re in a position where you need to switch banks, it’s helpful to think about all the different types of banks you can choose from. There are a lot of them – far more than I can list in this post. Many of them are good banks. Many are also terrible banks. 

My advice is to go with a bank that works for you and that has no fees. You should pick one bank to be your primary checking account. Whether that’s a traditional bank, a fintech bank, or something in-between is up to you to decide. Just make sure it’s free. I’m going with Ally just because they’re a good compromise between traditional and fintech and I’ve had accounts with them open for a long time.

Hopefully, this post gives you some ideas if you’re in the process of switching banks.

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

  • GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
  • Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
  • SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
  • Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
  • Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
  • Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
  • Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • US Bank Business ($500) – This offer is limited to customers in the following states: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY. This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
  • SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
  • Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • Upgrade ($50) – Upgrade is a free checking account that’s currently offering a $50 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on April 15, 2023. As long as you get your account opened before April 15th, you should be eligible. Here’s a post I wrote with more details: Upgrade $50 Referral Bonus – Step By Step Directions.
  • Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
  • Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
  • Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
  • Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
  • Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
  • US Bank Business. US Bank is currently offering new business customers a $500 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
  • Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

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Filed Under: Bank Bonuses, Money System, Saving

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Comments

  1. EJ says

    January 22, 2021 at 1:55 pm

    I’ve had a schwab account for 10 years strictly for international travel like you mention. I wasn’t aware betterment offered the same no fee atms worldwide and no foreign transaction fees. Good to know.
    Which, of these two, do you like better? Perhaps I’ll switch to betterment.
    Cheers!

    Reply
    • Financial Panther says

      January 22, 2021 at 2:00 pm

      If you have Schwab already for international travel purposes, then definitely no need to switch to Betterment unless you just want to check them out.

      Reply
  2. gofi says

    January 22, 2021 at 2:06 pm

    This is timely. Do you know of any recommendations on the number of bank accounts one should have? Why would people have more than one bank accounts (unless they have lots of money)?

    I used to have ING Direct. I have betterment (thanks on the info on international travel).

    Reply
    • Financial Panther says

      January 22, 2021 at 3:12 pm

      There’s no reason to have multiple checking accounts. I have a bunch because I like to check out different banks or open them for signup bonuses or referral bonuses.

      With savings accounts, I think you should have multiple savings accounts earmarked for your different savings goals.

      ING Direct was my first high-yield savings account, back when online banking was a novel thing. It became Capital One 360 after Capital One bought them.

      Reply
  3. Matt says

    January 22, 2021 at 2:06 pm

    Good insight FP. I decided to go with SoFi Money once Simple shut down. It’s nice that they give you .25% on cash but the downside that I see is they don’t have a traditional savings account. They have savings “vaults” for various goals but it’s the same interest rate as they give on cash and about half of what you’d get with Marcus. Next time I travel abroad I’ll definitely open a Betterment account though! Thanks for that info.

    Reply
    • Financial Panther says

      January 22, 2021 at 3:14 pm

      Yeah, I recommend opening high-yield savings accounts for your sinking funds and short-term type savings goals. Ally, Capital One 360, Marcus by Goldman Sach, and Discover are what I think are best for that type of thing.

      Glad the Betterment info was helpful. It’s worth opening just for that purpose.

      Reply
  4. Stephanie says

    January 22, 2021 at 2:08 pm

    I have a traditional brick-and-mortar bank account because that bank is my mortgage lender and offered an annual “rebate” of each year’s mortgage interest if we did autopay mortgage payments from a checking account at that bank. When the mortgage is all paid off and wrapped up, we’ll close that checking account as well.

    Reply
    • Financial Panther says

      January 22, 2021 at 3:16 pm

      So long as the bank works for you, it’s all good! I had my boring TCF Bank account for years before I decided to make the switch to a cool, fintech bank, mainly because the bank was doing fine for me. Didn’t cost anything, did what I needed it to do.

      Reply
  5. Ken says

    January 22, 2021 at 3:53 pm

    Ally or Alliant. They both work well for bank account bonus DD requirements, and they’re both easy to use, fast, good apps, and good online portals. No minimums on either, both free, and both pay (now paltry) interest.

    Reply
    • Financial Panther says

      January 22, 2021 at 6:51 pm

      Tried to open Alliant recently to get a bonus – instant rejection. They must not like my Chex reports.

      Reply
      • Ken says

        January 23, 2021 at 10:51 am

        Yeah, if you have a zillion accounts opened in the past 12 months many banks don’t like to see that. But plenty of banks aren’t Chex sensitive. Unfortunately, Alliant and Ally both pull Chex. DoC maintains a great list:

        https://www.doctorofcredit.com/banks-credit-unions-dodont-pull-chexsystems

        Reply
  6. Keith says

    January 22, 2021 at 4:30 pm

    Two more reasons why it’s good to keep a (local) brick-and-mortar account open: free notarizing and cashier checks. Most of us don’t need these services very often, but when you do it’s great to get them quickly and no cost. Also if you have kids, most online banks only allow applications for 18+, so having a local B&M bank for them to open their first savings/checking is a good idea.

    Reply
    • Ken says

      January 22, 2021 at 5:59 pm

      @Keith What bank does free cashier checks? When I got mine from BOA they claimed it was free due to Platinum Honors status.

      Reply
      • Keith says

        January 22, 2021 at 8:28 pm

        I have a couple of local banks/credit unions that do it here in Colorado, don’t know if any national banks do it free. Academy bank, Ent credit union, FirstBank.

        Reply
        • Ken says

          January 23, 2021 at 10:51 am

          Ahh, Denver, my old stomping ground.

          Reply
    • Financial Panther says

      January 22, 2021 at 6:52 pm

      Yeah, that’s why I still keep my one free brick and mortar account open.

      Reply
  7. Renee says

    January 22, 2021 at 8:38 pm

    So glad you wrote this post as I have been trying to decide where to move the funds in my Simple account since I got word of their closure.

    Reply
  8. Dan says

    January 23, 2021 at 3:27 am

    There are two reasons I keep a checking account at a “Traditional Brick and Mortar Bank.”

    1) Access to a safe deposit box. If you have a safe at home, you probably don’t need a safe deposit box. Otherwise, a safe deposit box is recommended to reduce the risk that valuable documents and items will be lost to theft or fire.

    2) Special banking services that are inconvenient or impossible to get from on-line or smaller banks. Some of these have been mentioned above. The products & services I have had used in the past include medallion signature guarantees, cashier’s checks, notarization of documents & currency exchange.

    I have an account at a large internet bank but I still maintain the brick & mortar bank for the reasons listed above.

    I’m not sure what features you need from a bank app or website. All I need from my checking account is bill pay, electronic funds transfer & no monthly fees. I used to value multiple ATM locations so I could get cash anywhere but the pandemic has killed my cash spending (cash as in greenbacks). App design & features seem like the shiny baubles of retail banking IMO.

    Reply
  9. Annie says

    January 25, 2021 at 1:30 pm

    Are the new fintech banks always FDIC insured? Seems like that should be priority #1 when looking at these.

    Reply
    • Financial Panther says

      January 27, 2021 at 8:53 pm

      The funds are always held at FDIC insured banks – yes. I’m not even sure if you can have a bank these days that isn’t FDIC insured.

      Reply
  10. David @ Filled With Money says

    January 25, 2021 at 11:08 pm

    I remember when online banks that had no brick and mortar stores could afford to dish out 2% interest rates about 2-3 years ago. Those were truly the good old days. Now we have rock bottom interest rates that benefits the stock market quite significantly.

    Good that you found a bank, getting a bank that you can trust is hard to do these days. The big ones like jP Morgan, Wells Fargo, and BAML give very low interest rates. And even then, they charge exorbitant fees!

    Reply
  11. Ozfer says

    January 27, 2021 at 4:33 pm

    I know this breaks some of the rules but hear me out. Presidential bank offers Advantage online checking. It does require $500 to be fee free but honestly when will you not have $500? It does limit you to 3 free checks per month but seriously I don’t even remember the last time I wrote a check. They have Allpoint ATM for 55k ATMs fee free and reimburse $8 a month in ATM fees. Now here is the good part. On up to $25k you get 2.25% interest. Anything beyond that gets 1.25% interest. It does require 7 monthly withdrawals but this is easily automated as recurring ACH transactions with another bank such as Ally. Also to get the interest you need to direct deposit at least $500 a month but this is no problem for me.

    Reply
    • Ken says

      January 27, 2021 at 5:03 pm

      Their rates have changed.

      Effective December 2, 2020, amounts over $25,000 now paying 0.65%, down from 1.00%. The initial balance up to $25,000 is still the same.

      Reply
      • Ozfer says

        January 27, 2021 at 5:06 pm

        RIP. It’s still seems decent though until they get rid of the 2.25%.

        Reply
        • Ken says

          January 27, 2021 at 5:10 pm

          Still pretty good considering the requirements are easy to meet, and few others are doing 2.25% up to $25k.

          Reply
  12. Peter says

    February 9, 2021 at 2:04 pm

    I hadn’t heard about Simple closing, thanks for the tip. Another fintech bites the dust! I’ve been blogging so long that it feels like more and more of the companies that were around when I first started have gone out of business or been acquired, or something.

    I’ve had a free TCF Bank account for years like you, they’re everywhere here for branches and ATMs, etc in the Twin Cities. I guess they’re actually merging with another bank soon as well, so I may think about switching my main checking account after 15 years. But I also have accounts with Ally, Capital One 360 (formerly ING Direct), Qapital, and a few others. Like you I keep several of these accounts open just to be able to refer other people via my site and collect bonuses, but I’m sure several of them would be decent replacements.

    I like the ease of use of Ally as you mentioned, and they’ve always had good support when I needed it. So I may end up going with their checking as well.

    Reply
  13. Lausanne says

    February 9, 2021 at 4:19 pm

    I’ve been an avid Simple user for the past few years and found this post particularly helpful in introducing alternatives I hadn’t previously considered. I share your affinity for fee-less banking and money app-ing so am finding your reviews especially useful in that respect.

    Reply
    • Financial Panther says

      February 22, 2021 at 9:25 am

      Glad my post was helpful!

      Reply
  14. Megan says

    February 17, 2021 at 2:59 pm

    Fidelity Cash Management is also another great account for international travel. Also those that opened SoFi Money before early June 2020 are also legacied into free international withdrawals.

    I have side by sides SoFi, Schwab and Fidelity several times when traveling (same ATM, same amount, same time) conversion back to USD has always matched to the penny.

    For me the everyday checking accounts for me are now HYCs without debit requirements. 2% Elements and 2.25% Presidential.

    Reply
    • Financial Panther says

      February 22, 2021 at 9:58 am

      Thanks for the tip about Fidelity. I didn’t realize they also offered free international ATMs too. Gives another good option for folks.

      I’ve thought about the high yield checking accounts, but I find it’s not really significant enough for me to make the move to those given their tech downsides I often see. My checking account typically hovers between 1k and 3k, so the interest isn’t that big a deal to me.

      Reply
      • Megan says

        February 22, 2021 at 11:48 am

        I have not had any issues with the tech of either. Though I pick my accounts by the earn rather than the interface and do all my money management/budgeting in hands in tools like YNAB or Quicken.

        Reply
    • Adam C says

      March 18, 2021 at 5:18 pm

      Do you know if you can link fideltiy to netspend accounts?

      Reply
      • Megan says

        March 18, 2021 at 6:03 pm

        I believe so. I haven’t tried as tend to use other accounts as my “hub” banks. I’ll try though and loop back

        Reply

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