Many Americans are content to work with one national bank or local credit union at a time for their financial needs. However, others consider what accredited financial counselor Janeil Pierre calls a “multi-bank strategy” to better diversify their banking setups.
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What’s a multi-bank strategy? And what types of banking combinations are worth exploring for your unique financial situation? Take a look — you might be inclined to try out a new banking strategy.
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Why Should You Consider a Multi-Bank Strategy?
Your ideal banking setup, according to Pierre, needs to fit with your financial goals. This includes considering the role your spending habits play in the short and long term, the products offered and interest rate preferences.
Banking customers have plenty of options available to them, from national banks to local credit unions, and they don’t necessarily need to settle for just one. By employing a multi-bank strategy, she said, customers are able to combine the advantages and perks offered by each institution to better maximize the benefits they receive.
Now that you have a better idea of what a multi-bank strategy is and how it works in favor of your money, which common bank combinations are worth looking into?
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Traditional Bank and Credit Union
- Try this pairing: Bank of America and Navy Federal Credit Union. Combined, Pierre said, they are highly accessible and provide customers with excellent lending options.
If you currently bank at a traditional bank or credit union, consider pairing up with the one you’re not banking at on the national or local level. This gives customers access to physical branches, better loan rates and top-notch customer service.
“Credit unions, being member-owned, typically offer higher interest rates on savings and lower rates on loans than major banks,” she said. “A traditional bank provides nationwide access, a wider range of services and cutting-edge financial products.”
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Big Bank and Neobank
- Try this pairing: Chase and Chime. Customers will be able to utilize Chase’s ATM networks and financial products while enjoying the fee-free experience, early direct deposit and automated savings features found at Chime.
If you want to dip your toes into online banking, consider a multi-bank strategy that combines a big bank, which offers a traditional suite of financial services, with a neobank, where you can bank conveniently online and may even pay fewer fees.
“A big bank gives you access to in-person services, while a neobank can provide higher savings yields, faster transactions and digital-first financial tools,” Pierre said.
High-Yield Online Bank and Local Credit Union
- Try this pairing: Ally Bank and a credit union local to your area. According to Pierre, this combination is ideal for customers who need access to in-person services and want strong savings returns.
If you’re looking for a banking combination that allows you to maximize savings and receive competitive loan rates, consider exploring banking with a high-yield online bank and a local credit union. (If Ally isn’t an option, Pierre recommends checking out Marcus by Goldman Sachs.)
Banking at a high-yield online bank, Pierre said, allows you to earn much more interest on your savings than you would receive from a traditional bank. At the credit union, customers seeking loans will be able to receive better loan terms as well as personalized customer service.
Business Bank and Personal Bank
- Try this pairing: Wells Fargo (business) and Capital One 360 (personal). Pierre said this is a great setup for business owners who wish to maintain easy-to-manage personal banking alongside robust business solutions.
Entrepreneurs and freelancers, this multi-bank strategy might just be exactly what you’re looking for. Pierre recommends this combination for self-employed individuals who need to separate their finances to better simplify taxes, improve their cash flow management and build business credit.
“A business-focused bank offers specialized services like payroll processing and merchant services, while a personal bank allows easy access to personal finances,” she said.
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And the Best Bank Combination Is …
You might have found your new banking strategy based on the four options outlined above — or maybe you are deciding to stick with your current bank(s).
Ultimately, while a banking combination can give you the best of both worlds, the “best” option depends on your own individual finances, goals and needs. Remember to take this into consideration and learn more about the different types of advantages and benefits provided by various financial institutions and how they can best benefit your money.
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This article originally appeared on GOBankingRates.com: 4 Bank Combinations That Are Best for Your Money
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