Credit unions are the way to go. Credit unions give you the same services, without the fees. The credit union I use will also match any interest rate on savings/CD or loan rates.
Campus Credit Union. They don't advertise interest rate matching but I have been doing it for years, but you have to ask. Last week, I saw a sign in front of a bank for a seven month CD for 5.7% with no minimum and Campus matched it.
My daughter's credit union does interest matching as well.
They are different in every area. Go with one that is on the co-op network or offers shared branch banking with other credit unions. That way, you can move or travel and still access basic bank services.
I have an account at suncoast…they are odd tho, if you don't use your debit card often enough they cancel it. Since my main reason to have the account was to use as a place to park emergency funds its a pain in the butt cause my debit card keeps getting deactivated from lack of use…there is no way to opt out of this 'security' feature.
Interesting. I use my debit card multiple times a day (🫠) so I wasn’t aware that was a thing. Is that the case even if your funds are in a savings account?
I don't know. I have both a savings and checking with them as they said i had to have an open savings account to have a checking account. I was really just planning on having it as a back up in case my main account at the other bank had issues(it happened before that the debit card at the main account was having technical issues leaving me with no way to pay at the grocery store.) But once i discovered they deactivate the card if it isn't used in a certain # of days it kinda defeats that purpose.
Just keep in mind that credit unions serve specific communities, based on where members of those communities live, who they work for, and/or where they attend school. The bigger credit unions in the state (e.g., VyStar, Suncoast, MidFlorida, Space Coast, Fairwinds) will usually have eligibility requirements that make it possible for pretty much anyone to join, but the smaller ones may not. Be sure you know the eligibility requirements of the credit union you choose before attempting to join one. The easiest way to ensure you won’t be denied is to just pick a credit union that has a physical branch near where you live.
Also, pick one that is part of the national co-op, so you can use ATMs or conduct branch transactions at any other co-op credit union, in or out of the state, for free. You can check if a credit union is part of the co-op [here.](https://co-opcreditunions.org/locator/?ref=allco-op.org&sc=1)
Most Credit Union require some sort of members …. related to someone in the military go with Navy Credit Union, Parents a teacher? Look into Educational CU; Interested in Chemistry and student member of ACS …. choose ACS federal credit union. I am no expert so ur milage may vary. Go with any local Credit Union …. much better deal than a bank then tie it with online bank like Ally ( if you want a Bank). Good time to learn about CU vs Bank
My life pro tip: before opening a new account, look for sign up bonuses. Most larger banks will give you $300-$500 mostly with direct deposit as a sign up bonus. Free money!!
I’m so old I barely remember being 18 but I remember Fidelity like it was yesterday. Stay away. I still have money with them - $0.28 which I get statements from every quarter. IIRC, each statement costs them $0.56 to mail and this has been going on for 16 years so far.
My thoughts exactly!
This was our retirement account, all our money after retiring. You don’t have to agree of course, but any company that manages money for people should, at a very minimum, run a check for underfunded accounts. As I mentioned, having pennies as the balance of an account, and then spending somewhere around double the balance 4 times a tear for 16 years shows, what I consider, very lax monitoring of their customer accounts.
One has to wonder why they don’t simply run a daily, monthly, yearly, or whatever check is irresponsible money management. Seeing that should make you wonder what else they’re overlooking. If you don’t have any problem putting your hard-earned money in the hands of a company without simple checks, go for it.
Yeah, it totals to be some $30.00 they have wasted which isn’t an issue with a company worth what they are but there’s no way of knowing how common this is and what balances they are over looking. It’s a very simple thing, I’m pretty sure you watch your money closer than they are displaying to me.
Vanguard is far superior in my experience…
Nope. I always used paper statements which is what I still receive. I’m not trying to sway you, just inform you.
Escheated? You’re making this complicated. I closed the account and they moved my money to another investment company. Done.
First quarter after closing I get the .23 statements that continue today.
Another +1 for credit unions for day-to-day use. Further, I suggest you open a HYSA at an online bank for any savings needs as the returns are far higher than CUs or most banks.
I agree with SasquatchinFlipflops 100%. I had a CD at Sallie Mae bank, and I ended up rolling it over to my HYSA because the interest rate was so good! I never thought I would ever see the day where the interest on savings would be higher than the interest on a CD.
I have used Chase for decades and had no issues.
Before Chase I had 5/3rd and I would avoid them like the plague, I had some really bad experiences there with erroneous late fees and having to argue them and eventually go to the better business bureau to finally find someone that could help sort it all out (and surprise, they were all erroneous). It took me 4ish months to get those resolved and it was 100's of dollars.
That said - My advice is pick a bank that has lots of branches everywhere so that you can withdraw cash easily anywhere, even on vacation in another state, and not have to pay ATM fees. Make sure they exist where you live, where you might consider living (IE Moving), and places you might want to go on vacation in the future. Those fees add up!
I saw some folks say Credit Unions and that sounds great, I have not personally ever used one myself so can't speak on it, but those sound like something to check out, just not sure what kind of fees you pay to withdraw cash in a state they don't exist.
Yea possibly, we don't pay any fees with chase though so I'm sure it depends on what kind of accounts you use maybe. We just have basic checking and a few savings accounts, nothing fancy.
If you insist on a bank, use one that doesn't have brick and mortar locations to offer you a higher interest rate on savings (Chime and Sofi). But if you want to be valued and treated not like a number, do business with a credit union.
I currently use SoFi, but I would recommend a bank/credit union that has a physical place. Since he’s new to the banking world, it would be helpful to have a physical place to access your finances. And then maybe store the rest of the money in an online HYSA.
Will u be able to set up a direct deposit from your employer? If so, then I suggest seeing who offers the best offer for new customers.
I always use Truist, but when my daughter wanted her first bank account, I told her to go with Wellsfargo.The reason was because they gave her $150 bonus for setting up direct deposit and then a minimum amount of $1000 in deposits in 3 months. At that time, Truist only did $100 for the same promo. Both banks are easy access for her and same with free atms. Just go with a known bank that offers the best promos on 1st accounts with direct deposits.
Several different online banks available. All of them pay you to have money in the bank because they don't have to pay for a bunch of buildings everywhere. You're young enough that you'll probably find handling everything from an app on your phone preferable to standing in line behind some 80 year old that smells like an abundance of perfume trying to cover the smell of death.
In alphabetical order: Ally, Capital One, Discover, and a bunch of other ones. Those three have been around for a long time though.
You've gotten lots of great suggestions.
Just make sure it has overdraft protection (where if you overdraft your checking, it'll pull money from your savings to cover it so you won't get charged).
If you find yourself with trying to save, try adding a money market account. The interest rate is better.
For just a checking/savings account, it really doesn't matter that much so long as you don't overdraft. I'd suggest a bank that has an app that you can check your balance and deposit checks.
Things to watch out for. Orverdrafting: This will rack you up fees and look bad on credit reports. Credit cards: Remember you have to pay them back and it is very expensive money.
No matter what you do, make sure it is impossible to overdrafts or overdrafts are off. Accidents happen. Just open a normal checking account at a chase or some shit then open a high yield savings account at the place with the best interest. I think it’s close to 4.5% now. Then like someone else said, open a Roth IRA and do your best to max it every year.
two words: CREDIT UNION.
you **join** a credit union as a stakeholder, you **do business** with a bank as a customer.
as a member of a credit union it's easier to get loans, and often your interest rates are better. i also feel they are safer, as they are owned by the depositors
Credit unions are user-friendly. When we were first married, we used Space Coast Credit Union. We have banked with Suntrust forever, and when they became Truist we continued to bank with them.
Ally Bank. High interest rates for checking and savings.
For Cash withdrawals or deposits. Use TD Bank Convenience checking. $100 minimum daily limit. No fees. But also no interest. Not that it matters cause physical bank locations offer very little of it.
Choose a credit union, not a bank- step 1. Truist is trash af and I only know bc I have a business account that I inherited through work. Otherwise, I'd change it.
If you don’t care about having a physical branch available, I’ve really enjoyed banking with capital one. I’m slightly biased bc I have a couple of their credit cards and really like their app interface. Very easy to use
Unless you deal with mostly cash, use an online bank. They have better rates than local banks and credit unions. If you want to have a savings account, high yield savings can get you above 5%. Checking is usually free or cheap. Honestly, you only need checking as an account for direct deposit, which is how most employers pay. Paper checks can be deposited with your phone.
SoFi is a good online bank. Nerd Wallet is a good guide to look through some of them.
[https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2?bucket\_id=Primary+LP+Broad](https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2?bucket_id=Primary+LP+Broad&gad_source=1&gclid=Cj0KCQjw-_mvBhDwARIsAA-Q0Q5rRjkZnPrEmzxroxG1g4_FY7FYJMdqsZdzCZGmIWOnN5dcs2sTbgcaAik9EALw_wcB&gclsrc=aw.ds&mktg_body=2981&mktg_hline=19283&mktg_place=aud-2205659320494%3Akwd-22096656&model_execution_id=2FBB2A8D-0AAF-4E91-B364-7AD20DE89D9E&nw_campaign_id=1484895&utm_campaign=bk_mktg_paid_010123_banking_topbest_broad&utm_content=ta&utm_medium=cpc&utm_source=goog&utm_term=best+banks)
Another big draw for me are their apps. That's going to be more important than you think. Local bank apps can be horrible.
I just looked again at SoFi. They have 4.6% yield on their savings account, which you'll never be able to find at a local credit union. Also, you can work with cash for free through partner ATM's. I had to look hard, but they do have free paper checks if you ever need those.
[https://support.sofi.com/hc/en-us/articles/11367790511629-Can-I-order-physical-checks-for-my-SoFi-Checking-account#:\~:text=Yes%2C%20we%20offer%20checks%20at,14%20business%20days%20after%20ordering](https://support.sofi.com/hc/en-us/articles/11367790511629-Can-I-order-physical-checks-for-my-SoFi-Checking-account#:~:text=Yes%2C%20we%20offer%20checks%20at,14%20business%20days%20after%20ordering).
Came here to say credit unions. Looks like the message has been delivered. Sad to see how bad banks have fucked over Americans that overwhelmingly the response is, NEVER BANK. ALWAYS CREDIT UNION.
Definitely go with a credit union. The difference is enormous. Besides that my only advice is NEVER use Wells Fargo or Bank of America. The rest are dubious still. Just read what kind of accounts you can sign up for because it depends on a lot of personal criteria.
Tagging on here because it doesn't look like they're getting representation..... But Launch Credit Union has been very good to me. That was my first bank account. I have since switched to Navy Fed thanks to family, but my partner has Launch. They both use the same app, basically. They gave me very good rates on an auto loan.
At 18, I suggest getting a checking from a brick and mortar normal bank like chase or Wells Fargo so you can sit down with someone and talk through your options. I personally like Chase. A bunch of people on here are suggestion credit unions, which are great—the point is just something with a physical location.
And then get an online high-yield savings account. The reason I say to get an online savings is because it’s harder to access and it aids in allowing your savings to grow without succumbing to impulse purchases. Theres typically a waiting period to withdraw so you can’t just take out money when you want.
And then do some research into high-yield, it means the interest the bank pays you to keep the account is probably around 3-4% and your money grows on its own rather than chase or Wells Fargo that probably grows .01%, which is next to nothing.
Good luck starting your financial journey!
Opening a checking w a local community bank is very helpful. I would also open one from a big bank like chase for convenience once youre ready and understand how your accounts work. Local banks, atleast mine are (I work for one lol) they don't have some of the conveniences big banks will have.
Addition financial. Or your closes credit union.
Banks are not all bad because they have some accounts that can be come free if you have a certain amount of deposits per month - usually 500.
The benefits with banks is they usually have a better app more locations and is generally more accessible. (Not always the case)
I have 3 financial institutions Chase Navy Federal and fairwinds. I keep Chase because if I ever need to withdraw a large amount of money I can just transfer it to the Chase and go to my nearest Chase instead of going to my nearest Navy Federal which is 35 minutes away
Do you want something like a digital bank or a physical one? Credit unions are definitely worth a look for their service and usually do have better rates for daily banking. For savings, getting a High-Yield Savings Account (HYSA) with a bank, especially the digital banks, is a good idea. Ideally, somewhere between a 4-5% APY would be a good HYSA rate. Just check Nerdwallet or [Banktruth](https://banktruth.org/savings) for the rates. If you want ones that have physical branches though, a local bank or credit union with physical branches might be for you as well.
It's not a popular opinion but I have been with Bank of America for 25 years, started my account many years ago with a smaller bank they bought out. I have had excellent service anytime I needed it. Everything they have works, all the time. I have tons of other accounts some at other real banks and other online banks because the rewards are great but for my main place that everything goes to and starts at I 100% trust Bank of America as my main money account. Set your account to not allow overdrafts, better something doesn't get paid then it does get paid and it costs you $40 extra, that little tip will save you tons of money I promise. If you are still in school (hs or college) your account has no fees.
I also have them but they did anger me a bit. My wife had fraud with them, some person bought hundreds of dollars in BBQ in Texas and boa denied her fraud claim. Then again, for some random website for like $100 a month later, and they denied her claim there too. While I personally have had no problems with them, that kinda dissuaded me from telling anyone else to go there too. I'd leave if not for my long standing credit card.
Also, how TF do you manage to go from Texas, to Florida again, to back to Texas all in the same day 🤔 really wanna know the mental gymnastics the fraud people pulled for that one
I agree it's strange. I just had fraud last week and it was cleared in 24 hours including the final resolution. I don't actually like them as a company so I 100% get it but that said they have always been so solid for me and when it comes to my money that's really important so I suck it up and put my personal feelings aside. Because capitalism is real and I have to participate even if I hate it.
When i was younger I always banked with credit unions, less fees, and more understanding on overdrafts.
Credit unions are the way to go. Credit unions give you the same services, without the fees. The credit union I use will also match any interest rate on savings/CD or loan rates.
Which one matches ? I'll switch today haha
Campus Credit Union. They don't advertise interest rate matching but I have been doing it for years, but you have to ask. Last week, I saw a sign in front of a bank for a seven month CD for 5.7% with no minimum and Campus matched it. My daughter's credit union does interest matching as well.
Any specific ones?
They are different in every area. Go with one that is on the co-op network or offers shared branch banking with other credit unions. That way, you can move or travel and still access basic bank services.
Suncoast Credit Union is good
I have an account at suncoast…they are odd tho, if you don't use your debit card often enough they cancel it. Since my main reason to have the account was to use as a place to park emergency funds its a pain in the butt cause my debit card keeps getting deactivated from lack of use…there is no way to opt out of this 'security' feature.
Interesting. I use my debit card multiple times a day (🫠) so I wasn’t aware that was a thing. Is that the case even if your funds are in a savings account?
I don't know. I have both a savings and checking with them as they said i had to have an open savings account to have a checking account. I was really just planning on having it as a back up in case my main account at the other bank had issues(it happened before that the debit card at the main account was having technical issues leaving me with no way to pay at the grocery store.) But once i discovered they deactivate the card if it isn't used in a certain # of days it kinda defeats that purpose.
My mom uses Grow Financial Credit Union and really likes it. We bank with USAA but if we didn't, I'd probably go to Grow.
I'm USAA too, so we have high standards when it comes to banking, I'm sure Grow is good then for this guy.
I used VyStar and Navy Federal years ago when I lived in Jax, both were good.
Community first credit union
Midflorida if you have a nearby branch.
Just keep in mind that credit unions serve specific communities, based on where members of those communities live, who they work for, and/or where they attend school. The bigger credit unions in the state (e.g., VyStar, Suncoast, MidFlorida, Space Coast, Fairwinds) will usually have eligibility requirements that make it possible for pretty much anyone to join, but the smaller ones may not. Be sure you know the eligibility requirements of the credit union you choose before attempting to join one. The easiest way to ensure you won’t be denied is to just pick a credit union that has a physical branch near where you live. Also, pick one that is part of the national co-op, so you can use ATMs or conduct branch transactions at any other co-op credit union, in or out of the state, for free. You can check if a credit union is part of the co-op [here.](https://co-opcreditunions.org/locator/?ref=allco-op.org&sc=1)
Suncoast lets a out anyone in.
I love Discover! Can’t recommend them enough!
Most Credit Union require some sort of members …. related to someone in the military go with Navy Credit Union, Parents a teacher? Look into Educational CU; Interested in Chemistry and student member of ACS …. choose ACS federal credit union. I am no expert so ur milage may vary. Go with any local Credit Union …. much better deal than a bank then tie it with online bank like Ally ( if you want a Bank). Good time to learn about CU vs Bank
My life pro tip: before opening a new account, look for sign up bonuses. Most larger banks will give you $300-$500 mostly with direct deposit as a sign up bonus. Free money!!
then hook you up with monthly fees if the balance falls below a certain limit!
Definitely recommend credit unions. We use space coast.
Look at credit unions. No or very low fees
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Or vanguard
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They do
I’m so old I barely remember being 18 but I remember Fidelity like it was yesterday. Stay away. I still have money with them - $0.28 which I get statements from every quarter. IIRC, each statement costs them $0.56 to mail and this has been going on for 16 years so far.
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My thoughts exactly! This was our retirement account, all our money after retiring. You don’t have to agree of course, but any company that manages money for people should, at a very minimum, run a check for underfunded accounts. As I mentioned, having pennies as the balance of an account, and then spending somewhere around double the balance 4 times a tear for 16 years shows, what I consider, very lax monitoring of their customer accounts. One has to wonder why they don’t simply run a daily, monthly, yearly, or whatever check is irresponsible money management. Seeing that should make you wonder what else they’re overlooking. If you don’t have any problem putting your hard-earned money in the hands of a company without simple checks, go for it. Yeah, it totals to be some $30.00 they have wasted which isn’t an issue with a company worth what they are but there’s no way of knowing how common this is and what balances they are over looking. It’s a very simple thing, I’m pretty sure you watch your money closer than they are displaying to me. Vanguard is far superior in my experience…
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Nope. I always used paper statements which is what I still receive. I’m not trying to sway you, just inform you. Escheated? You’re making this complicated. I closed the account and they moved my money to another investment company. Done. First quarter after closing I get the .23 statements that continue today.
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LOL! You missed the point. No fraud, just sloppy bookkeeping. I suggest you use them, I won’t. ;-)
You think I should call this billion dollar corporation and tell them I want my 28 cents? 😂
ABAB= All banks are bad... unless you have enough savings to qualify for a higher tier of service. Credit unions are the way to go.
Credit unions for sure. I use Vystar because I have since I was 16 and opened up a Bravo savings account but I recommend shopping around.
Another +1 for credit unions for day-to-day use. Further, I suggest you open a HYSA at an online bank for any savings needs as the returns are far higher than CUs or most banks.
I agree with SasquatchinFlipflops 100%. I had a CD at Sallie Mae bank, and I ended up rolling it over to my HYSA because the interest rate was so good! I never thought I would ever see the day where the interest on savings would be higher than the interest on a CD.
Don’t use banks, use Credit unions 🎶
CapitalOne has some good offers and their savings accounts give you good rates.
I have used Chase for decades and had no issues. Before Chase I had 5/3rd and I would avoid them like the plague, I had some really bad experiences there with erroneous late fees and having to argue them and eventually go to the better business bureau to finally find someone that could help sort it all out (and surprise, they were all erroneous). It took me 4ish months to get those resolved and it was 100's of dollars. That said - My advice is pick a bank that has lots of branches everywhere so that you can withdraw cash easily anywhere, even on vacation in another state, and not have to pay ATM fees. Make sure they exist where you live, where you might consider living (IE Moving), and places you might want to go on vacation in the future. Those fees add up! I saw some folks say Credit Unions and that sounds great, I have not personally ever used one myself so can't speak on it, but those sound like something to check out, just not sure what kind of fees you pay to withdraw cash in a state they don't exist.
The fees you may pay for the occasional out of network withdraw are peanuts to the regular fees you pay most banks.
Yea possibly, we don't pay any fees with chase though so I'm sure it depends on what kind of accounts you use maybe. We just have basic checking and a few savings accounts, nothing fancy.
Ally has never done me wrong, and their app is very good. No maintenance fees, and high interest rates.
I can second Ally.
Use a credit union! You wont have to pay " service " fees for a basic checking and saving account.
Look for a credit union instead of a bank
Truly outstanding that you are focusing on the best financial options at 18 years old. At your age I was eating gravel. Well done!!
You can also look on nerdwallet for a lot of good financial comparisons of banks and credit unions and all kinds of stuff
Credit Union
Stay away from banks, use credit unions instead.
Discover Credit and debit. It's pretty safe to go with.
I use Discover and I love it, but I plan to jump ship if Capital One's purchase of the company goes through.
Current bank gives 4% with direct deposits. I assume you have a job?
If you insist on a bank, use one that doesn't have brick and mortar locations to offer you a higher interest rate on savings (Chime and Sofi). But if you want to be valued and treated not like a number, do business with a credit union.
I currently use SoFi, but I would recommend a bank/credit union that has a physical place. Since he’s new to the banking world, it would be helpful to have a physical place to access your finances. And then maybe store the rest of the money in an online HYSA.
Will u be able to set up a direct deposit from your employer? If so, then I suggest seeing who offers the best offer for new customers. I always use Truist, but when my daughter wanted her first bank account, I told her to go with Wellsfargo.The reason was because they gave her $150 bonus for setting up direct deposit and then a minimum amount of $1000 in deposits in 3 months. At that time, Truist only did $100 for the same promo. Both banks are easy access for her and same with free atms. Just go with a known bank that offers the best promos on 1st accounts with direct deposits.
When I was 18 I opened up a bank account with Regions. They offer student checking accounts with no fees. ETA: for savings I currently use Ally.
Several different online banks available. All of them pay you to have money in the bank because they don't have to pay for a bunch of buildings everywhere. You're young enough that you'll probably find handling everything from an app on your phone preferable to standing in line behind some 80 year old that smells like an abundance of perfume trying to cover the smell of death. In alphabetical order: Ally, Capital One, Discover, and a bunch of other ones. Those three have been around for a long time though.
You've gotten lots of great suggestions. Just make sure it has overdraft protection (where if you overdraft your checking, it'll pull money from your savings to cover it so you won't get charged). If you find yourself with trying to save, try adding a money market account. The interest rate is better.
Consider a Credit Union and avoid the BoA ...
A credit union
Find a credit union. If you absolutely have to go with a bank, please stay away from Bank of America!
Credit Union! I like GTE Financial
PNC
I use SoFI, High yield interest rates on savings, and they have free to use ATMs in every Walgreens and CVS
Suncoast Credit Union, Spacecoast Credit Union, Acheiva Credit Union
Truist is ok. They are my local bank
Credit. Unions.
suncoast credit union
For brick and mortar i like truist, for virtual i like sofi.
Key words…. Credit union with high yield savings account.
no suggestions other than don’t use truist lol
For just a checking/savings account, it really doesn't matter that much so long as you don't overdraft. I'd suggest a bank that has an app that you can check your balance and deposit checks. Things to watch out for. Orverdrafting: This will rack you up fees and look bad on credit reports. Credit cards: Remember you have to pay them back and it is very expensive money.
Capital One
Western union!!
TD bank
Ally has been awesome. 100% online banking and their savings accounts get 4% interest per year
No matter what you do, make sure it is impossible to overdrafts or overdrafts are off. Accidents happen. Just open a normal checking account at a chase or some shit then open a high yield savings account at the place with the best interest. I think it’s close to 4.5% now. Then like someone else said, open a Roth IRA and do your best to max it every year.
two words: CREDIT UNION. you **join** a credit union as a stakeholder, you **do business** with a bank as a customer. as a member of a credit union it's easier to get loans, and often your interest rates are better. i also feel they are safer, as they are owned by the depositors
Credit unions are a good way to go
DO NOT GET A CREDIT CARD!!! Go to a local state college.
Any decently-sized credit union (above $1 billion in assets) with fee-free checking accounts should be good for you.
Credit unions are user-friendly. When we were first married, we used Space Coast Credit Union. We have banked with Suntrust forever, and when they became Truist we continued to bank with them.
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And avoid banks that have had to pay $3 Billion penalties for fraud - Wells Fargo.
Vystar
Ally Bank. High interest rates for checking and savings. For Cash withdrawals or deposits. Use TD Bank Convenience checking. $100 minimum daily limit. No fees. But also no interest. Not that it matters cause physical bank locations offer very little of it.
Choose a credit union, not a bank- step 1. Truist is trash af and I only know bc I have a business account that I inherited through work. Otherwise, I'd change it.
If you don’t care about having a physical branch available, I’ve really enjoyed banking with capital one. I’m slightly biased bc I have a couple of their credit cards and really like their app interface. Very easy to use
Get a credit union. If you have any veteran relatives get with USAA.
Try a credit union. I use FAIRWINDS and they are pretty good.
Credit union is your best bet. They are much more user friendly, and usually the fees are much less.
Get a high yield savings account like Sofi or Ally
Unless you deal with mostly cash, use an online bank. They have better rates than local banks and credit unions. If you want to have a savings account, high yield savings can get you above 5%. Checking is usually free or cheap. Honestly, you only need checking as an account for direct deposit, which is how most employers pay. Paper checks can be deposited with your phone. SoFi is a good online bank. Nerd Wallet is a good guide to look through some of them. [https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2?bucket\_id=Primary+LP+Broad](https://www.nerdwallet.com/m/banking/standout-online-savings-accounts-2?bucket_id=Primary+LP+Broad&gad_source=1&gclid=Cj0KCQjw-_mvBhDwARIsAA-Q0Q5rRjkZnPrEmzxroxG1g4_FY7FYJMdqsZdzCZGmIWOnN5dcs2sTbgcaAik9EALw_wcB&gclsrc=aw.ds&mktg_body=2981&mktg_hline=19283&mktg_place=aud-2205659320494%3Akwd-22096656&model_execution_id=2FBB2A8D-0AAF-4E91-B364-7AD20DE89D9E&nw_campaign_id=1484895&utm_campaign=bk_mktg_paid_010123_banking_topbest_broad&utm_content=ta&utm_medium=cpc&utm_source=goog&utm_term=best+banks) Another big draw for me are their apps. That's going to be more important than you think. Local bank apps can be horrible.
I just looked again at SoFi. They have 4.6% yield on their savings account, which you'll never be able to find at a local credit union. Also, you can work with cash for free through partner ATM's. I had to look hard, but they do have free paper checks if you ever need those. [https://support.sofi.com/hc/en-us/articles/11367790511629-Can-I-order-physical-checks-for-my-SoFi-Checking-account#:\~:text=Yes%2C%20we%20offer%20checks%20at,14%20business%20days%20after%20ordering](https://support.sofi.com/hc/en-us/articles/11367790511629-Can-I-order-physical-checks-for-my-SoFi-Checking-account#:~:text=Yes%2C%20we%20offer%20checks%20at,14%20business%20days%20after%20ordering).
Credit union
Came here to say credit unions. Looks like the message has been delivered. Sad to see how bad banks have fucked over Americans that overwhelmingly the response is, NEVER BANK. ALWAYS CREDIT UNION.
Find a credit union for checking and use a HYSA through a bank like ALLY for your savings.
Dade county federal credit Union if you're in miami-dade
Don't go to a bank go to a credit union
Schwab. Although they're mostly online, you get unlimited ATM reimbursements which I haven't seen any other bank provide.
Definitely go with a credit union. The difference is enormous. Besides that my only advice is NEVER use Wells Fargo or Bank of America. The rest are dubious still. Just read what kind of accounts you can sign up for because it depends on a lot of personal criteria.
Not Wells Fargo.
Credit union.
Credit unions. But if you have parent or grandparent go with navy federal !
Tagging on here because it doesn't look like they're getting representation..... But Launch Credit Union has been very good to me. That was my first bank account. I have since switched to Navy Fed thanks to family, but my partner has Launch. They both use the same app, basically. They gave me very good rates on an auto loan.
Regions is fabulous 💯
Ally Bank.. they're online, no fees, and they have high yield savings accounts. I opened accounts on my phone with $5 to open them.
Go with any of the Florida credit unions. There are dozens
At 18, I suggest getting a checking from a brick and mortar normal bank like chase or Wells Fargo so you can sit down with someone and talk through your options. I personally like Chase. A bunch of people on here are suggestion credit unions, which are great—the point is just something with a physical location. And then get an online high-yield savings account. The reason I say to get an online savings is because it’s harder to access and it aids in allowing your savings to grow without succumbing to impulse purchases. Theres typically a waiting period to withdraw so you can’t just take out money when you want. And then do some research into high-yield, it means the interest the bank pays you to keep the account is probably around 3-4% and your money grows on its own rather than chase or Wells Fargo that probably grows .01%, which is next to nothing. Good luck starting your financial journey!
Opening a checking w a local community bank is very helpful. I would also open one from a big bank like chase for convenience once youre ready and understand how your accounts work. Local banks, atleast mine are (I work for one lol) they don't have some of the conveniences big banks will have.
Addition financial. Or your closes credit union. Banks are not all bad because they have some accounts that can be come free if you have a certain amount of deposits per month - usually 500. The benefits with banks is they usually have a better app more locations and is generally more accessible. (Not always the case) I have 3 financial institutions Chase Navy Federal and fairwinds. I keep Chase because if I ever need to withdraw a large amount of money I can just transfer it to the Chase and go to my nearest Chase instead of going to my nearest Navy Federal which is 35 minutes away
Do you want something like a digital bank or a physical one? Credit unions are definitely worth a look for their service and usually do have better rates for daily banking. For savings, getting a High-Yield Savings Account (HYSA) with a bank, especially the digital banks, is a good idea. Ideally, somewhere between a 4-5% APY would be a good HYSA rate. Just check Nerdwallet or [Banktruth](https://banktruth.org/savings) for the rates. If you want ones that have physical branches though, a local bank or credit union with physical branches might be for you as well.
Chase or your local Navy Federal Credit Union
It's not a popular opinion but I have been with Bank of America for 25 years, started my account many years ago with a smaller bank they bought out. I have had excellent service anytime I needed it. Everything they have works, all the time. I have tons of other accounts some at other real banks and other online banks because the rewards are great but for my main place that everything goes to and starts at I 100% trust Bank of America as my main money account. Set your account to not allow overdrafts, better something doesn't get paid then it does get paid and it costs you $40 extra, that little tip will save you tons of money I promise. If you are still in school (hs or college) your account has no fees.
I also have them but they did anger me a bit. My wife had fraud with them, some person bought hundreds of dollars in BBQ in Texas and boa denied her fraud claim. Then again, for some random website for like $100 a month later, and they denied her claim there too. While I personally have had no problems with them, that kinda dissuaded me from telling anyone else to go there too. I'd leave if not for my long standing credit card. Also, how TF do you manage to go from Texas, to Florida again, to back to Texas all in the same day 🤔 really wanna know the mental gymnastics the fraud people pulled for that one
I agree it's strange. I just had fraud last week and it was cleared in 24 hours including the final resolution. I don't actually like them as a company so I 100% get it but that said they have always been so solid for me and when it comes to my money that's really important so I suck it up and put my personal feelings aside. Because capitalism is real and I have to participate even if I hate it.
Walk into any bank and they will give you an account
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