Second checking account choice?

[KTP]

We have been thinking about getting a second checking account for security (not having all eggs in one basket). I use Wells Fargo for primary and do not plan to change that because we are grandfathered in for 100 free trades a year in the associated Wells Trade account (they no longer offer that deal for new customers). I would keep direct deposit at WF too.

I know there are some interest checking accounts that have special rules, like 10 debit card transactions a month or similar and you get 3% on the first $10,000. I am more interested in free checking with few rules, but I don't care if the minimum balance is quite high. Being national (or even international) would be a big plus.

Chase?

[disneysteve]

I don't understand the need for more than one checking account (unless one is personal and one is business or something like that). As long as your balance doesn't exceed FDIC limits, there is no particular security risk to worry about. I think you would just be unnecessarily complicating things for yourself. I've had the same one checking account for 30 years.

[KTP]

As long as your balance doesn't exceed FDIC limits

Getting up against this, also if an account is hacked and frozen for a few days it would still allow access to some money in the other account.

[Goldy]

I have been very happy with our ally account. We have a Wells Fargo account that our direct deposit goes into and the money is automatically moved to ally twice a month to take advantage of the higher interest rate. Ally has a wonderful perk of no ATM fees and they reimburse you for any local charges. I couldn't be happier with them.

[disneysteve]

As long as your balance doesn't exceed FDIC limits

Getting up against this

In that case, opening a second account serves a good purpose.

May I ask why you have close to $250,000 in a checking account?

[KTP]

Checking, saving, a few CDs, and a WellsTrade brokerage account.

I am actually thinking money in the broker account is not covered by FDIC anyway even if it is held in cash.

All the accounts there are linked though, so a hacker gaining access to one has the others at their fingertips. Scary stuff.

It looks like if you plop 15k in a Chase account you get premier interest checking with free checks, no fee, 4 uses a month of non Chase ATM, and even a free small safety deposit box. I will have to check ALLY too though.

[Petunia 100]

Checking, saving, a few CDs, and a WellsTrade brokerage account.

I am actually thinking money in the broker account is not covered by FDIC anyway even if it is held in cash.

All the accounts there are linked though, so a hacker gaining access to one has the others at their fingertips. Scary stuff.

It looks like if you plop 15k in a Chase account you get premier interest checking with free checks, no fee, 4 uses a month of non Chase ATM, and even a free small safety deposit box. I will have to check ALLY too though.

I would think you could get a much better rate for your CDs with an online bank.

[disneysteve]

I would think you could get a much better rate for your CDs with an online bank.

Rather than opening another checking account (unless there is really some reason that you need to have two checking accounts), why not just move some money elsewhere? Either buy a CD or move your savings account. Go to bankrate.com to check rates. Keep whatever you need to keep at Wells Fargo to still qualify for the free trades but move the rest elsewhere.

[btctony]

I would think you could get a much better rate for your CDs with an online bank.

I agree. I just moved all of my savings from Chase to Capital One 360, because of a bonus and 0.75% rate. Chase Savings pays 0.01%. It looks like Ally has 0.85% for savings. They also have 0.98% on 1/yr CDs.

[Rogerthat11]

We have been thinking about getting a second checking account for security (not having all eggs in one basket). I use Wells Fargo for primary and do not plan to change that because we are grandfathered in for 100 free trades a year in the associated Wells Trade account (they no longer offer that deal for new customers). I would keep direct deposit at WF too.

I know there are some interest checking accounts that have special rules, like 10 debit card transactions a month or similar and you get 3% on the first $10,000. I am more interested in free checking with few rules, but I don't care if the minimum balance is quite high. Being national (or even international) would be a big plus.

Chase?

Finding an account that doesn't have fees or a lot of rules isn't easy, they will all claim these things. The most important thing is once you find the right bank, you also have a banker that would reverse charges for you that were incurred by accident or something you didn't plan on because of new policy changes.

[GrimJack]

I opened a second checking/savings account with BECU because of their 5% interest on the first $500 in each account. When I went to Argentina, I only used my credit union card because it limited my losses if someone stole my wallet. To be sure, getting 5% was also a big draw.