- Centurion Member
- Posts: 639
- Joined: Sat Aug 24, 2013 8:45 pm
- Location: Grand Forks, ND
I was just approved for a Chase Freedom as well and looked into the 10% bonus (because 5.5% sounds really attractive), but unfortunately there is no Chase presence in the state I live in and so they won't allow me to open an account there- although I could get "creative" and say I have a second address in Florida (since I still have a Florida DL). To me, it's not really worth it.
As Member said, you can have as many checking accounts as you can handle, but do your homework. I have three and this is how I handle it: (1) Charles Schwab Bank is my primary account and has no fees and offers interest. I also get reimbursed for any ATM withdrawals from this account, but that is rare. Most of my money gets direct deposited here. No fees here so I don't have to worry about doing anything special. (2) Wells Fargo- I get a small amount direct deposited here. I avoid a checking account fee by making at least 3 credit card purchases per month. (3) Bank of America- I used to also have a small amount direct deposited here, but now I only add a $1 or two here and there(via ACH transfer) to avoid having the account looked at as a dormant/inactive account. This was actually a special account BoA offered for a short time (called eChecking) where the account was free as long as you don't do transactions through a local branch (which is easy for me since I am 1000 miles from the nearest branch). They don't offer this account anymore, but I have been grandfathered in, so although I'm not happy with Bank of America, I keep this open because they don't offer things totally free very often and so I'll keep this open in case I decide to "reactivate" my relationship with BoA someday.
Looking at Chase's banking website, there is a free student checking account which seems to not have very many hoops to jump through, so you could probably swing two checking accounts without having to pay fees.
It's all a matter of how much you want to complicate things... Including savings, money market, and brokerage accounts(but not including retirement accounts), I have 11 different accounts at 8 different places. I don't pay a dime to store money, but I have to use mint.com and personalcapital.com to track everything including my credit card accounts.
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450