Have to get a new Checking Acount/Debit Card - what to get?

[dfree86]

Hey Guys,

So my wife and I live in NYC and we both use USAA for checking accounts. My wife also has a local Citibank checking account and that's the one we're looking to close. We recently opened up a Chase Sapphire Preferred Card as our primary Credit Card and I'm wondering if it makes sense to have our new Checking Account/Debit Card also be Chase.

Basically, we need one account that his a physical branch here in NYC and I figure it might as well be Chase since we have the Sapphire Preferred Card too.

Does that make sense? What Checking Account/Debit Card would you recommend? Thanks!

[johnny847]

I recommend an online only bank like Charles Schwab or Ally. They will reimburse any ATM fees incurred by using any other bank's ATM. This way, you never have to open a new bank account because you move somewhere else.

Neither of these banks have any minimums or fees.

However, no online bank that I am aware of allows for cash deposits, so if you need this feature, an online bank account cannot be your only account.

Charles Schwab also has no foreign transaction fees and reimburses ATM fees worldwide, making it perfect for obtaining foreign currency fee free while abroad.


I can't remember if the Chase Sapphire Preferred has the relationship bonus with Chase checking accounts. I know the Freedom does, but that is ending this year (if you have a Chase checking account open in December 2015, then in January 2016 you will receive a 10% bonus on all points earned from the Chase Freedom in 2015).
Other than that bonus that is ending this year (which may not even apply to the CSP), I am not aware of any relationship bonus for having a Chase bank account while holding a Chase credit card.

[firewalker]

I can only add that, if you do a fair amount of "old school" in person banking, look for banks in your path of travel. It is for personal convenience and going out of your way will not fill that bill.

[ves]

Chase running bonus promotions for new total checking accounts anywhere from$150-300..u can easily find those coupons in ebay too.
and chase quickapay is best service to transfer fund to other bank account , no cost.

[dfree86]

Thanks! Yeah it's really just a question of having some local bank in case we have to deposit a large amount of cash or just need something local. Any other ideas?

[johnny847]

Ah in that case I'd just go with a local credit union

[dhlogic]

Thanks! Yeah it's really just a question of having some local bank in case we have to deposit a large amount of cash or just need something local. Any other ideas?

You can deposit cash at various UPS stores around the country with USAA.

https://www.usaa.com/inet/pages/usaa_easy_deposits_main

[dfree86]

Are all those CHASE Total checking coupons on Ebay legit? Is there anything I should watch out for before buying one?

[gomike]

Thanks! Yeah it's really just a question of having some local bank in case we have to deposit a large amount of cash or just need something local. Any other ideas?

Chase will close your account if you deposit large amounts of cash.

[Ricky]

I use Schwab. Free checks, free foreign transactions, ATM reimbursements. The only issue is lack of physical location but this generally isn't an issue for me anyway. If I absolutely need to deposit cash I just give the cash to a family member and have them write me a check which I deposit with my phone.

They are also good about waiving fees with the few moments I became absent minded with overdrafts.

They're my primary brokerage too though so it's just more convenient as well.

Why do you necessarily need a physical branch?

[chicagomeg]

Is the Capital One NYC Cafe convenient for you?
http://cafes.capitalone360.com/new_york/

If so, I'd sign up w/them. Then you can make cash deposits at their ATM & still have all the benefits of an online bank.

[ves]

dfree86 , it worked for me got 200 for total checking account july 2014. and note bank include the bonus in 1099 int.

[dfree86]

Is the Capital One NYC Cafe convenient for you?
http://cafes.capitalone360.com/new_york/

If so, I'd sign up w/them. Then you can make cash deposits at their ATM & still have all the benefits of an online bank.

What benefits would that include, the Online banking I mean? If we were to do Capital One 360 we would only be getting the 20% APY interest since the amount we keep in there would be small. At that rate, we might as well open the Chase Total Checking and get the initial $300 bonus. Makes more sense, right?

[chicagomeg]

Is the Capital One NYC Cafe convenient for you?
http://cafes.capitalone360.com/new_york/

If so, I'd sign up w/them. Then you can make cash deposits at their ATM & still have all the benefits of an online bank.

What benefits would that include, the Online banking I mean? If we were to do Capital One 360 we would only be getting the 20% APY interest since the amount we keep in there would be small. At that rate, we might as well open the Chase Total Checking and get the initial $300 bonus. Makes more sense, right?

I guess it depends on how much money you keep in the account. Their checking rate is only .2% but the savings is .75%. That will eventually outweigh the inital $300 bonus from Chase, but how long it will take depends on your balance. The other thing I like is the account is 100% free with no minimum balance and no direct deposit requirement. And, if you travel, no forex fee on withdrawals at a foreign ATM is a nice perk. For us, it's the right balance of the benefits of online accounts & brick and mortar, all at the same bank.

[johnny847]

Is the Capital One NYC Cafe convenient for you?
http://cafes.capitalone360.com/new_york/

If so, I'd sign up w/them. Then you can make cash deposits at their ATM & still have all the benefits of an online bank.

What benefits would that include, the Online banking I mean? If we were to do Capital One 360 we would only be getting the 20% APY interest since the amount we keep in there would be small. At that rate, we might as well open the Chase Total Checking and get the initial $300 bonus. Makes more sense, right?

I guess it depends on how much money you keep in the account. Their checking rate is only .2% but the savings is .75%. That will eventually outweigh the inital $300 bonus from Chase, but how long it will take depends on your balance. The other thing I like is the account is 100% free with no minimum balance and no direct deposit requirement. And, if you travel, no forex fee on withdrawals at a foreign ATM is a nice perk. For us, it's the right balance of the benefits of online accounts & brick and mortar, all at the same bank.

Note the OP specifically asked for a checking account, not a savings account.

Well considering you need a balance of at least $50k to reach the 0.74% rate on the checking account, even if we were to assume for a second that the OP wants to maintain $49,999.99 in the account (which I doubt), then it would take 2.994 years to accumulate $300 of interest in the account. Any less than this amount (most probably true), and it will take longer. And while it's doubtful that the interest rate will remain the same over the next three or so years, it's highly likely that the OP will not be able to accrue $300 of interest from capital One's 360 in under six months, the minimum time required to gather the Chase signup bonus and close the Chase account without any fee.

And mlipps, you're excluding the possibility that OP could open the Chase account, fulfill the terms of the signup bonus, and then close the account and just use Capital One 360 (I chase bank signup bonuses like this).

If you want to look at the Capital One 360 savings account vs $300 signup bonus, then if we were to assume the OP will maintain about $15k in the savings account (again, no idea how accurate this is), it would take 2.65 years to accumulate $300 of interest at 0.75%.


I can attest to using one of those Chase coupons on eBay before. Just one data point here, but better than nothing I suppose.

[beeth_oven]

I'm in NYC, as well. Used to have Chase, but their fees got to be annoying, so I switched to Charles Schwab and never looked back. Having ATM fees being reimbursed is pretty great, since sometimes you can't find a Chase when you need it. I usually get at least $15 in fees back a month.

[Sibley]

I have a Chase checking account. Because I have direct deposit, there are no fees. Infrequently, I deposit cash/checks. I write one check a month (I wish I could make that electronic, but no luck).

I use their online bill pay, and their pay a person feature. I've had no problems with them. There are two branches near my home, and one across the street from work. Every time I've had to go in or call Chase they've been fine.

I don't know if I'd like them if my situation changed a lot, but right now I'm perfectly happy.