Author Topic: Switching Checking from Citibank... where to go?  (Read 2516 times)

dfree86

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Switching Checking from Citibank... where to go?
« on: November 15, 2014, 02:48:11 PM »
Hi Guys,

Quick questions. We're shoring up and consolidating some accounts (my wife and I), and I was looking for some input about what to switch to from Citibank. Here's our current accounts picture:

USAA
Main Joint Checking (from which we pay all bills)
Husband Personal Checking
Husband Personal Credit Card

CITIBANK
Wife Personal Checking
Wife Personal Credit Card


CHASE
Joint Credit Card (Sapphire Preferred)

NYC LOCAL CREDIT UNION
Savings Account w/ about $13k in it (1.2 APY)

VANGUARD
Conservative 70/30 Allocation (House Fund, deposit $2k each month)

TIAA-CREF
Husband's 401K (approx. $35k)

T. ROWE PRICE
Wife's 401K (approx. $5k)


I'm basically happy with the whole picture except for the Citibank accounts which aren't really doing anything for us. I want to switch my wife over to a different checking/credit account that will give us some benefits (2x points on specific types of purchases, good signing bonus, etc.) It also needs to be a bank with physical branches in NYC. We love the Chase Sapphire Card so that's the way I'm thinking of going at the moment.

Does that sound like the right choice? Are there any perks to signing up for a Chase checking and/or personal CC for my wife since we already have the Sapphire Preferred (in my name, she's an authorized user).

Should we try Capital One instead? There are some ATMs/branches here in NYC, I think.

Any input would be much appreciated! Thanks!

GizmoTX

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Re: Switching Checking from Citibank... where to go?
« Reply #1 on: November 15, 2014, 02:57:35 PM »
I know some banks are now giving bonuses to having both checking & credit cards with them, but we've always kept them separate. Currently we're using Wells Fargo for physical checking, & Schwab for online checking, brokerage, & IRAs. We have credit cards with Citibank, Capital One, BankAmerica, & Barclay. No experience with Chase.

frugaliknowit

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Re: Switching Checking from Citibank... where to go?
« Reply #2 on: November 15, 2014, 03:45:33 PM »
If you're looking for high interest as a perk and reimbursement for ATM's, you might visit kasasa.com.  You can get very high yields for jumping through hoops like X number of debit card transactions per month.  Personally I layer savings and checking in these accounts for superior yields (my yield is about 2.75%).  It is a fair amount of management and is not for everyone.

dfree86

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Re: Switching Checking from Citibank... where to go?
« Reply #3 on: November 16, 2014, 07:22:47 AM »
Any other bids here? Thanks! What do you guys know about the Chase vs capital knew checking accounts? Isn't there something with how the Chase checking accounts/debit cards work with Sapphire regarding points?


chasesfish

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Re: Switching Checking from Citibank... where to go?
« Reply #4 on: November 16, 2014, 08:08:44 AM »
Why specifically do you need a branch?  Bank accounts are becoming a commodity.

La Bibliotecaria Feroz

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Re: Switching Checking from Citibank... where to go?
« Reply #5 on: November 16, 2014, 08:17:33 AM »
Our checking account is 1700 miles away at our old Virginia Credit Union. We just mail in the odd check. Also, credit unions often participate in service centers--haven't needed one here yet, but we used one once or twice in Pennsylvania to get a cashier's check or deposit a wad of cash.

It's linked with an Ally savings account. IME the best way to get the most from a checking account... is to have as little money as possible in it!

Davids

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Re: Switching Checking from Citibank... where to go?
« Reply #6 on: November 16, 2014, 08:57:23 AM »
For a simple checking account, pick one that gives you the best bonus for signing up and has no fees.