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Bank Accounts - How Many Do You Have?
Old 01-22-2019, 11:49 AM   #1
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Bank Accounts - How Many Do You Have?

Just curious, how many different bank or S&L accounts do you have? My daughter mentioned in passing that my wife and I seem to have a lot of bank accounts. Am I out of the norm?

3 checking, 3 CD's and 1 Money Market for a total of 7.
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Old 01-22-2019, 11:57 AM   #2
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2 checking (1 B&M, 1 online), and 1 online savings plus my FIDO joint brokerage acct with cash management.
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Old 01-22-2019, 11:58 AM   #3
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Two checking, two savings, one TSP, one IRA.
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Old 01-22-2019, 12:04 PM   #4
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3 "banks"... CU we have had accounts with for 33 years but now 25 miles away, bank with branch at our closest gas station/grocery store and Discover Bank for cash in our retirement account.

3 accounts with the CU... 2 checking and 1 savings... 1 account each with the other 2 banks... so 5 accounts in all.

The CU checking account is our main bill paying account, the other checking account is rarely used as is savings account. The closest bank is mainly for ATM/cash withdrawals and an occasional deposit where we receive a physical check.

Discover Bank is because for the longest time MM yields were pathetic and online savings account yields were much better... now that MM accounts are more competitive I could close that in favor of VMMXX but I'm keeping it only in case the situation reverses back to what it was before.

I could consolidate some but what we have now is manageable since 3 of the 5 accounts have minimal balances and activity and are effectively dormant.... so only 2 of the 5 have any regular activity.
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Old 01-22-2019, 12:09 PM   #5
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One checking, my Vanguard IRA, and a Simple IRA for my pt job. I simplified.
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Old 01-22-2019, 12:13 PM   #6
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One B&M bank with checking, savings and HELOC, one Credit Union with checking & savings, Ally online for emergency fund, and Vanguard for our IRA's. So, I guess that's 4?
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Old 01-22-2019, 12:17 PM   #7
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Less is more to me. We have three, considering dropping to two - BnM checking, online savings and brokerage. My wife’s 401k will rollover soon, we’re depleting our HSA as fast as possible, and I’m ready to sell off my iBonds (not worth having IMO).
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Old 01-22-2019, 12:18 PM   #8
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I do everything through a cash management account at my brokerage, so I guess one? Maybe by the OP's definition, none.
I like the power and simplicity of consolidation. Makes record keeping and tax time pretty simple.
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Old 01-22-2019, 12:20 PM   #9
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I have 3 financial accounts:

1 credit union with Checking, MM and a couple of CDs.

1 Vanguard account with a Cash Advantage account, IRA and mutual funds and
1 Ally account with a savings, checking and a CD ladder.

So only 3 places but a LOT of different accounts within them.
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Old 01-22-2019, 12:30 PM   #10
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We have a checking account at Wells Fargo that we rarely use. We keep it just for the occasional B&M service discussed in another recent thread (notary, large cash withdrawal/deposit, etc).

Most of our normal banking activity utilizes our Fidelity cash management account, including checking, bill-pay, direct deposit, ATM, check deposit, and cash-back CC. Not sure I'd call that a "bank account" though. It's a Fidelity brokerage account with all cash management features enabled.

We have an online savings account at Ally where we keep a small cash allocation as part of our investment portfolio.

I guess that's 3... or maybe 2. I could probably consolidate everything to the Fidelity CMA, but what we have is easy to manage.
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Old 01-22-2019, 12:31 PM   #11
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I have only one bank account, a Schwab high yield investor checking account. I do also have a Fidelity cash management account that has some of the same features as a bank checking account but it is not a bank account and I do not have checks for that account and I do not use it as a checking account.
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Old 01-22-2019, 12:31 PM   #12
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(3) accounts at local CU where we pay bills and use ATM. Money market account for savings through Capital One. Cash account at Fidelity to buy sell stocks. Ira with Fidelity and (2) Roths with Fidelity. So(5) I guess.
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Old 01-22-2019, 12:36 PM   #13
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Old 01-22-2019, 12:38 PM   #14
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4 institutions.
2 online savings
1 B&M savings
1 Checking
2 TIRA
1 401K
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Old 01-22-2019, 12:44 PM   #15
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We have a lot these days - 2 standard banks, 4 credit unions, 3 online savings accounts. So that’s 9. Multiple accounts at those institutions.

Plus we have 2 brokerages that also provide us checking/cash management and associated ATM cards. Multiple accounts at each brokerage too.

We ended up with several credit unions for different CDs and/or credit card offers.

We also have funds/CDs across multiple online banks to stay under FDIC limits.

We’ll simplify one day, maybe one standard bank, one brokerage, one high yield savings (depending on limits) and drop the credit unions.
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Old 01-22-2019, 12:46 PM   #16
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Quote:
Originally Posted by JustCurious View Post
I have only one bank account, a Schwab high yield investor checking account. I do also have a Fidelity cash management account that has some of the same features as a bank checking account but it is not a bank account and I do not have checks for that account and I do not use it as a checking account.
It actually is a bank account. If you look it up you can see which bank (or banks) they are using to hold your account.
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Old 01-22-2019, 01:04 PM   #17
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Old 01-22-2019, 01:19 PM   #18
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Quote:
Originally Posted by audreyh1 View Post
It actually is a bank account.
Not according to Fidelity...

What is the FidelityŽ Cash Management Account?
The FidelityŽ Cash Management Account is a brokerage account,1 for your everyday spending and short-term investing needs with all the benefits of a traditional checking account including:

https://www.fidelity.com/cash-manage...gement-account
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Old 01-22-2019, 01:20 PM   #19
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Local Credit Union: 2 savings, 2 CD's
Local B&M Bank: Checking, Savings
Online MM account
Brokerage: After tax, 2 tIRA's, 2 RothIRA's

So I guess that is 12?

FWIW, the CU savings accounts only have a few bucks (required to open the CD accounts)
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Old 01-22-2019, 01:44 PM   #20
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It depends upon your definitions.
1. We have no business relationship with a bank.
2. We do have accounts with our excellent credit union (DCU.org).
3. Our credit union allows us to have sub-accounts, so:
a. For me
Checking
Savings
House
Escrow
Vacation
Dave's Stuff
b. For wife
Checking
Savings
Clothing
Vacation
c. For both of us
Business checking
B savings
B taxes
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