I switched my car insurance a while back, mostly for the reasons many of you have shared here. Now, I’m thinking about changing banks too, but I’m stuck on where to go. The bigger banks like Chase or Bank of America don’t interest me much. Maybe AMEX is an option? I’ve also looked into online-only banks offering a high-yield savings account, but I’m still undecided. What banks have you switched to and what made them better for you? I can’t do Navy Federal, and I’m not a fan of local credit unions.
I’ve heard good things about Ally and Discover recently. I know Ally well from working in auto loans—decent rates and excellent customer service. I’ve also seen Discover improve its offerings in areas like SBA and PLOC. Maybe check those out?
I went with Charles Schwab.
I switched to Chase, and they gave me a $900 bonus for opening a checking and savings account. I took the bonus and moved the money out of the savings later.
I also switched to Schwab. Funny enough, I already had an account with them since USAA sold its brokerage to Schwab. I got frustrated with USAA’s decline in banking services and moved my checking there. Each time I had an issue, I called Schwab, and I always got connected to a real person who was able to fix things right away. That’s something USAA stopped offering.
I’ve been with E*Trade for years, and I’ve been very happy with their services.
How are you eligible for USAA but not Navy Fed? I thought USAA had stricter membership rules.
Vernon said:
How are you eligible for USAA but not Navy Fed? I thought USAA had stricter membership rules.
I filed for Chapter 7 bankruptcy when I was younger, and it discharged $1k in unsecured NFCU debt. They banned me after that. It was a mistake I learned from.
@Logan
Got it. What kind of features are you looking for in your next bank? Do you need in-person branches, high interest rates for savings, or something like a loan in case of a government shutdown?
Chase is solid overall, but their cards look similar. If you have multiple accounts, it’s hard to tell them apart unless you get a themed card.
AMEX is good for high-yield savings and customer service.
Schwab offers great customer service for investments, so I imagine their banking service is good too.
I had terrible support from Ally when I tried setting up an account, so I closed it fast.
There are also some credit unions that might work for you if you don’t mind them, like SDFCU or Interior FCU.
@Vernon
This is really helpful, thank you. I don’t work for the feds. I’ve been frustrated with USAA’s car insurance and how they handled a recent claim. Plus, the new bill pay limitations with joint account holders really got on my nerves. I feel like the company is slipping.
For my next bank, I want high-yield savings, easy remote deposits and transfers, and minimal ATM fees. I do like that USAA still gives free checks since I still use them occasionally.
Vernon said:
How are you eligible for USAA but not Navy Fed? I thought USAA had stricter membership rules.
I’d say that happens more often than you think, right?
Why don’t you want a credit union?
Oli said:
Why don’t you want a credit union?
The credit unions near me have old technology and haven’t kept up with their best features. I also prefer fully online banking for the ATM fee rebates.
Have you thought about PenFed credit union?
Check out NASA Credit Union.
I just moved all my banking to Sofi. Their savings account offers 4% HYSA, and I can separate my savings into ‘vaults’ to help budget for specific goals. So far, it’s been easy and I’ve enjoyed the experience. I’ve been with USAA for over 20 years and needed a change. I’m also considering changing my insurance.
I switched to Wealthfront. I use YNAB for budgeting, and I tend to keep a lot of cash in my checking account. Wealthfront’s cash account is like a HYSA but as a checking account, so I don’t have to move money between accounts. I earn 4% without doing anything. I also kept my USAA checking so I can still withdraw from ATMs for free.
I use Bask Bank for my HYSA. I’m also looking at their interest checking account, but my wife is concerned because we don’t have an easy way to deposit cash. While there’s a PNC nearby for ATM withdrawals, depositing cash is a hassle. That’s why I’m looking into a local credit union that has a good interest-bearing checking account, but you need to use direct deposit and make 10 debit card transactions per month.
@Nico
Yeah, depositing cash is definitely a pain. I had the same issue. I looked at a local credit union with similar requirements, but I rarely use my debit card. I mostly use my American Express to rack up miles.
@Logan
I use Discover for cash back, so I rarely use my debit card too. I don’t like when transactions show up out of nowhere in my checking account. I’m thinking of signing up for a few low-cost subscriptions (like 99 cents for iCloud storage) and linking them to my debit card.