So I'm categorizing my accounts, and I've come to the conclusion that I have way more bank accounts than I need. These are just checking and/or savings, and I have accounts with 8 banks.
1. Chase- primary checking account with all my bill pays and direct deposits. Premier plus tier, no fees
2. PenFed credit union- checking account with $3 in it and savings with $300. Just sits there.
3. Local credit union- savings with the same $5 I opened it with 10 years ago.
4. Local credit union 2- this is my emergency fund. Has about $10,000
5. Local credit union 3- I don't even remember opening this account, but I apparently have it with $25
6. 5/3 bank- had this account since I was a kid. It's got $5-600 in it. I make a deposit ea few times a year.
7. USAA- checking and savings. I've got just over $700 in that savings and a couple hundred in checking. I use it to pay my car insurance. That's about it.
8. Navy federal credit union. Opened it long ago. Switched to USAA and just left it open. I think there's about $40 in that account.
My thought is to keep chase just because it's free checking and I have all my bill pay set up there. I have no loyalty to them, and they're honestly not terribly convenient for me, but it's simple and they have a good bill pay system.
PenFed I'm thinking I will keep as a car savings account
Credit union 1 I'm thinking I will close.
Credit union 2 will stay as my emergency fund. It's crappy .1 rate, but $10,000 doesn't get enough interest to make it worth moving. It's not conveniently located, but close enough that in an emergency, I could get there.
Local credit union 3 to be closed.
5/3 bank- could probably close this one too. It's old, but it serves no real purpose
USAA- make this into a vacation savings account?
Navy federal- close it? Everyone loves navy federal, but they've never really stood out to me. Savings rate is 0.25%
Am I overthinking all of this? This will still leave me with four banks, which may still be more than I need.