Hey, We’ve covered credit cards. Now let’s talk about something just as foundational: your bank accounts. You probably already have a checking and savings account—but if you’ve never really chosen your bank intentionally or thought about how your banks are set up, this email’s for you. Let’s get your money in a setup that actually works for you—not against you. |
🏦 Online-Only vs. In-Person Banks: What’s Best? Not all banks are created equal. The best bank for you depends on how you like to manage your money and what features you value most. Here’s when to go digital—and when a physical branch makes sense. 💻 Go With an Online-Only Bank If You... |
Want better savings rates
Online banks typically offer higher interest—think 4–5% compared to the near-zero rates at most big-name banks. No physical branches = lower overhead = more money in your pocket.Don’t need in-person help
If you manage everything through your phone or laptop, online banks offer intuitive apps, fee-free accounts, and often reimburse ATM fees nationwide.Value tech-first tools
You’ll get sleek mobile platforms, budgeting tools, and 24/7 customer service via chat or phone—great for people who like things efficient and digital.
🏢 Stick With a Traditional Bank If You...
Deposit cash regularly or need in-person support
Whether you're a small business owner or just prefer face-to-face help, physical branches make complex transactions (like loans or large deposits) easier.Have existing loans or accounts
Keeping your mortgage, checking, and credit cards under one roof can simplify things—and sometimes unlock better rates or perks.Prefer that personal touch
Fraud disputes, financial planning, or tricky questions may feel more manageable when you can walk in and talk to a real person.
💡 Quick Online Bank Myth-Busting
❌ Myth: “Online banks aren’t safe.”
✅ Truth: Reputable online banks are FDIC-insured up to $250,000—just like traditional banks. Your money is protected.
❌ Myth: “I won’t be able to get cash.”
✅ Truth: Most online banks partner with large ATM networks (like Allpoint or MoneyPass) and often reimburse out-of-network fees (mine does).
❌ Myth: “Support is worse.”
✅ Truth: Many online banks offer 24/7 support via chat or phone. Still, if you prefer face-to-face help for complex issues, a local branch might feel more comfortable.
You don’t have to pick just one. That brings us to this 👇
💡 Keep Checking and Savings at Different Banks One of my favorite money habits? Separating checking and savings across banks. Why it helps: |
Out of sight = out of mind. You’re less likely to dip into savings for impulse spending.
You can choose the best of both worlds. Use a local bank for daily checking, and a high-yield online bank for savings.
It builds a boundary. Which makes it easier to follow through on your goals.
Automation helps even more: set up a recurring transfer from checking to savings each month—no mental energy required.
🚨 Where Should You Keep Your Emergency Fund? An emergency fund is one of the most important pieces of a calm financial life. But where you store it matters just as much as having one. Here’s what to look for: ✅ Accessible—but not too accessible ✅ FDIC-insured ✅ Earning decent interest Best option: A high-yield savings account at a reputable online bank like Ally. These typically offer strong interest rates, no fees, and simple transfers within 1–3 business days. 🔥 A Slightly Spicier Take If you have a solid buffer and some financial discipline, it’s okay to get creative. Personally, I keep most of my emergency fund in a Floating Rate Treasury Fund—a low-risk, higher-yield alternative to a savings account. It’s not instant-access like a bank account, but it typically earns more and the interest is exempt from state taxes. If a true emergency hit, I could float expenses on a credit card while moving the funds over—giving me flexibility without sacrificing returns. This isn’t a fit for everyone, but it’s a strategy worth exploring if you’ve already got your basics covered. Ask me how it works! |
🔎 A Few Banks I Like Online-Only Banks (great for savings, low fees, and simplicity): |
Charles Schwab Investor Checking – No fees, no minimums, free checks, and unlimited ATM fee reimbursements worldwide. A no-frills option backed by a reputable institution.
Ally Bank – High interest rates, no monthly fees, and a helpful “buckets” system to organize your savings goals. Great for emergency funds.
Laurel Road – Strong APY and rewards, especially solid if you’re also looking to refinance student loans.
Banks with Physical Branches (best if you need in-person service):
Chase – Widely available with lots of ATMs and branch locations. Easy to use with solid digital tools.
Local Credit Unions – Often overlooked, but these offer great customer service, competitive rates, and a more community-focused approach. Tech may be a bit limited depending on the institution.
🚫 Skip Wells Fargo – Long track record of unethical practices. Please. Just. Don’t.
💼 My Personal Setup (In Case You're Curious)
I use Charles Schwab for my main checking (no fees, no ATM charges), Ally Bank for high-yield savings (great for savings goals), and a Floating Rate Treasury Fund for my emergency fund (slightly higher yield, still accessible). I also keep a small Chase account for in-person banking when needed.
The common thread? No fees. No gimmicks. Just systems that work with me—not against me.
Need Help Picking a Setup? If your current banking system feels scattered—or you’re not sure where to start—I can help you build something that feels calm and clear. 📩 Just reply to this email with your question, or book a 1-on-1 coaching call if you want a personalized walkthrough. Here’s to making your money system feel as intentional as you want your life to be, |
P.S. Some links may be affiliate links, meaning I earn a small commission. No extra cost to you, and I only share what I trust! |
