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Thinking about Banking Differently

March 19th, 2019 at 04:16 pm

So it's Spring Break!! D had to go to the UK to see his parents, but there wasn't enough for all three of us to go, and F has soccer and track anyway, so she and I are having a staycation.

Try explaining that to my clients, though! I've had to do at least some work every day. Thankfully, I can do some work while F is at practice. And she is also working on a musical about the suffrage movement (no, not for school; yes, she is a super focused person), so I try to do work while she's doing that.

I still haven't finished our taxes (I probably have one more hour to finish up - grrrrr).

And I am trying to figure out a workable banking system for us. My local bank is being bought by another bank, and I am seeing some really annoying changes. I have a business online account with Barclays and personal accounts with Capital One 360. I am thinking of opening an account with HBSC because they have an opening bonus, sweep money into there to earn some interest, and then using it to move money back and forth from our personal account so we earn some interest on the money we don't need right away. Specific categories we let build up are: household repairs/projects, vacations/rewards, camp. I could sweep in a lot of money, and return it to our account as necessary so that the bricks-and-mortar bank will act only as a check-writing bank. Have any of you done this?

5 Responses to “Thinking about Banking Differently”

  1. creditcardfree Says:

    Is there a reason you want to have a physical branch? We have not had a physical bank branch since 2006. We have three online banks we do business with, one is our primarily for checking and receiving direct payroll deposits.

  2. mumof2 Says:

    yes we have online accounts as well and we find it much cheaper and easier

  3. Buendia Says:

    Can I ask what banks you are with? (the only reason we have a physical bank is for our safe deposit box and getting things notarized).

  4. creditcardfree Says:

    @Buendia, we are with USAA, Navy Federal Credit Union, and FNBO Direct. Our daughter uses Capital One 360 in addition to USAA. We don't have a safe deposit box and only needed a notary once in the last 13 years. We were able to use a branch of USAA that happened to be in that town, but most of the time we aren't near any branches.

  5. rob62521 Says:

    We are older and we prefer physical banks, but have discovered that credit unions are pretty amazing. We started with a credit union a number of years ago and have different accounts -- home improvement (regular savings), Christmas Club, vacation, and money market. But, we aren't loyal to a bank or credit union. If we find a better deal somewhere else, we move our money.

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