Lots of good content in this thread though some is dated.
Original post from robronson
(aka ‘TripleB’)
In the past, opening a bunch of new bank accounts in a short period time was not a problem. In modern days, it can lead to adverse action as data mining/aggregation is more widespread, government anti-money laundering rules are stricter, and banks view this as risky behavior. Further, the account opening bonuses for many banks are becoming either non-existent, or much smaller. Thus, it may make sense to pre-plan opening a smaller number of bank accounts as small bonuses become available, not for the meager bonus money, but for access to the account. This could be for rate-chasing purposes or for access to best-in-class products one institution may offer over another.
For example, NFCU offers amazing 0% fee BT deals. They also, on occasion, offer a small bonus to sign up ($20 I think). It’s a good idea to have an NFCU account (if you’re eligible), but if you don’t need one right now, it makes sense to wait for the next $20 account opening promo, and then just sit on that account until the next BT deal. That allows you to maximize the bonus while spacing out the account opening to look less suspicious.
Another example is Barclays. They seem to offer really high CD rates. I’m not currently in the market for a CD, but I may be next year, so I’m looking for any small bonus to open an account with them. I’m in no rush to do so, because I am at least 1 year out from needing to buy a new CD, so I have the luxury of waiting for the small bonus, and spacing out the account opening from other accounts.
The purpose of this thread is two fold:
- To discuss whether this is a worthwhile strategy.
- To make a list of banks and credit unions for us to keep an eye for bonuses that might not be worth the Chex inquiry/hard pull for the $20 bonus, but might be worth having the account for actual use, and free money is free money.
If the consensus is this a good idea, we can keep the quick summary updated with links to other FWF threads as small bonuses arise for any worthwhile banks/CUs.
I’ll start:
Alliant Credit Union - offers a meager signup bonus on occasion. Has decent rates on HSAs and checking/savings account. Used to be one of the highest rates of any bank, has gone down over time, but is still very respectable and in the top quartile.
Navy Federal Credit Union - amazing credit card BT deals. Offer an obscenely high credit limit to people who probably don’t deserve it, which could be you.
Quick Summary
Alliant CU (credits:
robronson
[OP],psm321
,SpeedingLunatic
,loheiman
, )
decent rates on HSAs and checking/savings account
1-day ACH transfers
generous limits (ACH limits?)
Ability to easily create numerous sub-accounts (each with its own unique account number)
Ally (credits:
fish777
,scottybweyy
, )
1% ATM fees worldwide
high end of the list for interest on savings accounts.
Bank of America (credits:
bharatiya
,qcumber98
, )
Free checks
excellent customer service
convenient B&M locations without lots of people in line all the time.
great online billpay
Travel Reward CC with EMV chip & no forex fee
<censored, not relevant >
Barclays (credits:
robronson
[OP], )
high CD rates
Digital FCU (
credits
:stiltner
, )
Free FICO scores
High CLs - $50,000
Fidelity (credits:
qcumber98
,fish777
, )
Free checks
excellent customer service
no ATM fees
convenient B&M locations without lots of people in line all the time.
1% ATM fees worldwide
First Republic Bank (credits:
fish777
, )
(no fees) foreign ATM access
Lake Michigan CU (credits:
Argyll
, )
VISA 3% gas, 2% groceries, 1% everything else
Checking 3% APY up to $15K
NFCU (credits:
robronson
[OP],jaytrader
, )
can’t beat $0/0% BT offers with SUPER high credit limits
Possible occasional $20 sign up bonus on BT offers
PenFed CU (credits:
wraithtech
, )
good mortgage rates
PSECU (credits:
jaytrader
, )
PLOC/VISA combo for utilization padding ($20k max shared line between PLOC/VISA but shows up as two accounts ($40k) on your reports)
PSECU is also good if you’re ineligible for NFCU
They offer $0/2.99% BT offers to their PLOC/VISA for typically 24 months (renews every two years for a December 31 expiry date for the next two years out)
Pro tip: “pay” your checking account from the PSECU BT request form and you’ll just get cash-money.
Redneck Bank (credits:
burgerwars
, )
debit card with smiling horse (seriously?)
Schwab (credits: TravelerMSY,
loheiman
, )
checking account with (no fees/rebates) foreign ATM access
no currency exchange fees
great customer service
SF Fire CU (credits:
loheiman
, )
ATM rebates worldwide
No Currency exchange fee
Free Coinstar machines in branch
United Nations FCU (credits:
burgerwars
, )
chip/EMV credit card