16 thoughts to “Cheat on Your Bank—It’s Not Your Girlfriend”

  1. I feel this post completely. I have four banks. Bank A is brick-and-mortar for all my going-into-a-branch-type, basic checking needs (which are becoming fewer and fewer but are still not zero), Bank B is for my HYSA, Bank C is for my IRA (and the checking account that feeds it that’s also my one-month cash reserve in case something goes wrong at Bank A), and Bank D is an international account in another currency that I transfer money into when I visit family in a country where paying with credit cards isn’t as reliably a thing. Each has a purpose and they vary wildly in amounts because those purposes have wildly varying requirements. And it works! As long as each bank has a purpose, I don’t think it’s really that confusing.

  2. Thanks for this article! I’ve been feeling a little guilty, as I just opened up a second savings account, at a different (gasp) bank. My primary savings account is with a high-interest online bank, but I got an offer from another high-interest online bank, for $350 whole dollars if I move $25K over and keep that minimum for 4 months. Not a bad deal!
    One point I’d like to make for the consolidation side: there’s less to keep tabs on, which can be a bonus if years go by and you literally forget about some accounts. Sounds like I might be swimming in money; I’m not. Just saying I found it easier when I consolidated my IRA, Roth, and individual investment accounts under one roof…

  3. Looks like I currently have 13 banks. And that’s down from past years when I was chasing those sweet sweet bank account sign up bonuses.
    Can’t wait to get rid of this mortgage so I can close my account with the local credit union that pays me nothing on the money they require me to keep with them to be a member.

  4. Certified Gen Z here,
    I use 2 “banks”- one is my hometown’s locale credit union that all my major savings are in, and another is a large corporation bank with locations all over.

    While it’s a pain to move money from the credit union cause I’m not living at home with family any more, having the second account was necessary for college, and allowed me to get my first student credit card at 18. (It also came in handy when my family was traveling at Christmas a while back and relatives gave my family cash for gifts- more than my parents felt comfortable carrying on them. Large bank had an ATM in the next town over, and we safely deposited it there, and withdrew it when we were home)

  5. I have multiple accounts at multiple banks too!

    But speaking of Fidelity… I recently had a free consultation through work regarding retirement and due to my youthfulness (I’m under 30 still) one of the things he recommended to fill the gap between my pension and what I will supposedly need in retirement was a IUL policy with cash benefits. I know you guys are team Roth IRA, but I was wondering if you gals had any ideas or knowledge around those as well. It seems like a good product, but most of what I can find has a sales-pitch vibe to it.

  6. Don’t completely write off local federal credit unions. Ours has brick and mortar branches with terrific personnel, several ATMs, no fee checking, better-than-banks savings accounts, and a new cash reward credit card. It’s not my only bank, but it covers a lot of bases quite well.

  7. Cheating on your bank is the only way to go…why should you be captive to a place paying you 0.5% on your savings when they turn around and lend it at 8%? Online banks have their purpose, as do national banks and credit unions. Plus, checking up on bank account opening bonuses is an easy way to get hundreds or thousands a year without much work.

    1. Amen, brother! I’ve yet to dive into making money through bonuses, but I am always looking for a good deal. If a bank’s fees are too high, I have no problem cheating on them.

  8. I have 4 banks by these standards. My cash savings/checking are all at a local credit union. They definitely incentivize having more accounts with them–literally you get more “profit payout” once a year the more different type of accounts you have (savings, checking, loan, retirement, etc).

    I also have 2 credit card “banks”, and 1 retirement “bank” (also Vanguard).

  9. Another reason to spread your savings (in the form of savings accounts or CDs, not retirement) among different banks is FDIC insurance. FDIC insures your deposits at member banks (basically any reputable bank) up to $250,000 per depositor per institution. So if you had $250k in cash savings at one place (lol how), it would be smart to park your next $250k in cash savings somewhere else. Okay, maybe this doesn’t apply to you, but it might apply to your parents with lots of cash savings, etc.

    FDIC insurance is important in the unlikely event a bank fails (it does happen!). I’d love to see BGR do an explainer of the FDIC and other federal regulators and how they affect normal people’s lives!

      1. LOL Y’all are my favorite, thanks for helping me feel less weird about having multiple banks!! Might be open to another one soon!

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