What bank is best? It’s not a simple question. Where you keep your money is almost as important as having it after all! There are so many accounts, credit cards, and banks and figuring out which ones to use can be a challenge. Since I often get asked what bank I use, what credit cards I like, and similar questions, I knew it was time to put together a post. In the past I’ve shared what’s in my handbag, and what I have in my wallet, but today I’m sharing a different kind of post-what accounts I use and recommend for banking, credit cards, etc.
We have a LOT of accounts. It’s not simple, but it works for us. I manage our accounts using Personal Capital. It’s a great way to get a snapshot of all your accounts in one place.
- Checking: Target Credit Union. See why I recommend credit unions here. They are a great local credit union, and while you may not have them in your area you most likely have a great local credit union nearby.
- Savings Accounts: Target Credit Union. Savings is important, and we take advantage of our bank’s offerings by having a number of savings accounts including: a high rate ‘super saver’ account, a holiday savings account, an emergency savings account, and several other savings accounts with specific goals.
- Mortgage: Target Credit Union. Another great credit union product. They were wonderful to work with and our mortgage interest rate is great.
- 401k: Fidelity Investments. My husband’s employer chose the manager of the 401k. Fidelity offers a robust backend and a great app. My 401k (for self-employed people) is through Vanguard. I’m a big fan.
- Roth IRA: Vanguard. I rolled over a Roth 401k from my former employer into a Roth IRA.
- Main Credit Cards:
- Other Credit Cards:
- Discover: For their extra Cashback categories.
- Chase Disney Visa: Get discounts at Disney and earn 2% on Disney purchases. I signed up for this one this year to get a $200 statement credit. I used it to pay for my recent trip to earn 2% on all purchases.
- UPromise: Great for earning points. Up to 10% for shopping online, 5% for eligible restaurants, and more. Used in conjunction with rewards program on top of it it’s a great way to earn on everyday spending–learn more here. We use this occasionally when shopping online or for qualifying restaurants. Note: you can use this card to get Cashback as opposed to using their college savings program.
- American Express: No fee, flexibility with payments, and 1% rewards on everything (2% when shopping online through their portal). Not in use.
- Investments: Vanguard and USAA.
Why so many credit cards?
I am a personal finance blogger, so why so many credit cards? We have had two of them for over ten to fifteen years, while the rest are for a variety of rewards, bonuses, or 0% interest promotions.
When I say something is “not in use” I mean that I don’t regularly use it for expenses or bills. I do however use it once a month or so to pay some small bill like our Netflix account so the account isn’t deactivated.
I keep my business funds separate. They are stashed in a credit union account as well. It’s a great way to keep money in the local community and their customer service and rates can’t be beat. My business accounts are a little more straightforward. I have a solo 401k-which allows me to save a great deal for retirement. Additionally, I only have one business credit card for now (though I’m in the market for another).
- Business Checking: Target Credit Union business checking
- Business Savings: Target Credit Union business savings
- Solo 401k: Vanguard
- Business Credit Card: Chase
The kids have savings accounts to start, and then they graduate to a prepaid spending card (like SpendSmart), and finally I move them to a checking and savings account. I chose to use USAA because they have no fees and make it easy to deposit checks via their mobile app.
- Checking & Savings: For kids that are older (14 and up) we use and recommend USAA.
You’ll notice we’re missing some things you might have including college savings (more on that soon) and any number of accounts you might have that are more specific to your finances.
While I like and recommend the accounts that we use, I know that everyone has their own needs and financial goals. Some of our accounts (such as health insurance) are not chosen by us, but rather by my husband’s employer so we make the best of what we’re given.
I would love to hear about what accounts, companies, credit cards, and banks you use.