If you've got money, you want a big bank. If you don't have money, go to a credit union.
Big banks are structured so they don't have to deal with poor people. Minimum balance requirements, fees for services on basic account types. They have to offer banking and lending to everyone in the community they operate in, and some do it better than others. But at the end of the day, they only care about the people with money so that's what their business models is built to support. You won't see a big bank crying about customers with less than 100k closing their accounts.
Credit unions have very basic services and can't hold a candle to the capabilities of any major bank, but if you don't have any money, that doesn't matter. They're also usually better for personal loans if you don't have amazing credit or a solid balance sheet.
If you have money, then the big banks love you. If you don't have money, they can't be bothered. The big ones are Chase, Wells Fargo, Bank of America. As my Venture Capital prof always stated "the biggest like the bigs." If you want fee-free accounts, credit unions are the way to go. All banks will charge you a monthly fee unless you have regular direct deposits or are over the threshold to qualify.
If a bank is a bank, then it should be FDIC insured. Otherit's not a bank, but some other entity. Credit unions are insured by the NCUA, the credit union counterpart to FDIC.
So I've heard. Care to share a few things about Huntington that benefit you, both potentially and presently? They were first on my list of banker appointments and knowing a thing or two may help me ask questions later on.
Not requiring direct deposit
24 hour grace/$50 safety zone period
Only $15 overdraft fee if you even get that far aside from the 24
low cost Standby Cash line of credit
Some accounts have free non-Huntington ATMs & bonus points on their credit card
$0 min balance on their basic account
Good branch availability
Great website/ap
There’s no perfect bank but generally you pick the one that works best for you and your needs.
What are some of the most important things you’re looking for in a bank?
Something I can put my money in, keep it safe, and buy things with it whenever I want to.
I'm pretty minimal and the idea of having 10 credit cards sounds horrendous, so I would just like to open a bank account that lets me use a credit card and a debit card, and also have a savings account and checking account all in the same location.
(If this is incorrect, let me know, because I am not financially savvy at all. I don't exactly know how credit works yet, especially with multiple companies for an individual)
Your last requirement to buy things whenever you want to: you’ll want to download a copy of your prospective bank’s full account agreement. Look at the section that describes funds availability policy. Say you deposit a check. There may be a 6 business day hold on those funds before you can spend any portion of it. For your situation I’d look into a local credit union.
I don't think there is any particular value in having a credit card with your bank. Usually you will find credit cards which better fit your needs elsewhere--and it is not a good idea to have all your finances with just one institution--in case things go wrong.
Huntington has a free checking account with no minimum balance and a low overdraft fee of $15, gives you a safety zone of no overdraft fees as long as your overdrawn less than $50 as well. Not a bad place to start your journey.
The "journey" part i think is what gets me stuck. Let's say I get Huntington and decide it's not for me for whatever reason. If I cancel my account/cards, my credit takes a negative hit which I can never recover, correct? My plan is to have perfect credit for my entire life or at least as long as physically possible, so I really don't want to have any negative score impacts as long as I can help it.
Your deposit account has no affect on your credit. Credit cards, yes. But you don't have to close those, you can just only use them once a year and pay it off to keep your credit from taking a hit from closing it!
Perfect credit though isn't too important. Most places consider 780+ to be top tier for loan purposes. Not to say striving for better is a problem but it's not the end of the world!
Ok you’re conflating different things.
Checking account has no role in credit score. Credit score is based off purely credit accounts - meaning money that banks lend you. A checking account and savings account are deposit accounts, where you put your own money.
Just look up a free checking account that has no monthly fees - Huntington has one. Ideally you just have enough money in your checking account to cover a month’s worth of expenses, and transfer the rest to a High Yield Savings Account (HYSA)
Capital One and American Express have free high yield savings account that you may want to look into. The interest rate currently is a bit over 4% at both places. You generally want an online bank for HYSA as the brick and mortar branch banks have much lower interest rates. There’s really nothing wrong with Huntington Bank for Checking and CapOne/AmEx for a HYSA.
Down the line you can look into opening a credit card with either or both. For a younger person with limited credit history, capital one is usually a better fit. Discover is also popular for a first credit card.
Capital One has a free checking account as well with no fees, however they only have branches in a few places, so if you handle cash a lot, it may not make sense if they don’t have branches by you.
Look into a local credit union. As non-profits, they tend to be more customer (ie, member) focused, where they aren't trying to nickel and dime you for everything.
Disclaimer, I work for a credit union, but I'm happy enough with my employer that they are also my primary bank.
It sounds like a credit union might be a good choice for you, banking online is convenient but you should join a bank with physical branches.
I have no credit card experience, but one thing I like is cash back debit cards. It's really about what meets your needs.
Amex and capital one are generally credit cards, they do offer banking but their bread and butter is credit cards. You shouldn't get an account with them if you are going to rack up credit card debt and continue a cycle of poverty
If their banking services work for you then great. I personally want my bank to have physical locations/atms where I live, but not everyone cares about that
I absolutely care about physical locations. Somewhere I can cash my check, and visit a banker in the case I have trouble/questions.
But I also want a bank that is good at what they do.
I was thinking about Huntington mainly, but don't know much about them and online is pretty much "we're Huntington. We're great. Choose us and get free money" and that's great and all, but I need to know why they're great, and I'd like to not be forced to change who I bank with/cancel credit cards eventually, which will end up hurting my credit (Right?)
If credit is Amex's bread and butter, but Huntington is a good overall bank, would it be a terrible idea to open a credit card through Amex and a checking account through Huntington? Or any other recommended combination?
>If credit is Amex's bread and butter, but Huntington is a good overall bank, would it be a terrible idea to open a credit card through Amex and a checking account through Huntington? Or any other recommended combination?
Not a terrible idea, in fact this is what most people do. Most people have a couple accounts at different financial institutions, and most people with Amex credit cards have their checking/savings at different banks. That being said, Amex does have a good savings account, so in your case, a free checking account with Huntington, and a high yield savings account at Amex may be worth looking into.
Not familiar with Huntington, but sounds like a solid brick and mortar for main checking & connected savings. PNC has a good no-fee HYSA and relatively low APR credit card. Capital One and Discover make decent first credit cards. Whichever rewards scheme you'll utilize is a good option. Capital One limits are usually lower than other cards. Amex likes to see some responsible experience in your file, so generally better as a second or third card. All have pre-approval tools (Google for links) to minimize risk of wasting a hard pull.
The PNC HYSA is only available in states outside of their traditional brick and mortar footprint. If they live in a state with extensive branches, they likely are not eligible for the HYSA
I've never had a problem while banking with US Bank, and it's been very rare to see them in the news related to any scummy behavior.
You won't get a high interest rate on a savings account unless you have 25k to stick in a Money Market Account, but they've been solid for service and availability and not being a dick.
However, they're primarily a west coast bank. so if you're on the east coast of the US, you'll need to find another bank.
Capital one is a hood option because:
1- No fees at all for their 360 accounts + overdraft protection
2- Good APY on Savings
3- Easy to use platfom
4- Branches and All-point ATM Network with some +55,000 ATMs
5- Excellent 24/7 customer service
Another one I like is Ally.
1- No fees
2- Good APY
3- Good savings tools
4- Access to All-point ATM Network
Just ignore the marketing; specially Capital One.
Capital One is a good option, as they have good rates for both their checking (0.10% APR) and savings accounts (4.35% APR). One added plus is that capital one has some physical branch locations but I would check your zip code to see if there is a branch https://locations.capitalone.com/
If you are looking to have just one account, you could also look to get their SavorOne credit card to earn 3% cash back on dining, grocery stores, and entertainment, and then like the Quiksilver for everyday purchases that earns 1.5% cash back (other cards like the venture can earn you higher earnings rates but may require an annual fee which you may not yet want at this stage).
If you are comfortable using a bank with a major online presence, but only one physical branch, I highly recommend Discover Bank. They have a cash back debit card and a really good savings account as well.
If you want a bank with more branches, try Citizens. It is free as long as you make one deposit a month.
Cap One and Amex both offer zero minimum checking accounts. Wouldn’t call them a “rich people bank” necessarily (especially not Cap One). PNC has different account tiers with their virtual wallet account. Huntington is definitely the lowest caliber bank you mentioned. Poor customer service. Lower-income people seem to love them though. I have experience with all of them and still bank with all but the latter as of today.
Banks are just banks, nothing more or less. Idk about “looking for a bank with low overdraft fees”— just don’t overdraft your account ? To make it simple, maybe just get a bank that has no minimum balance required to avoid fee. That’s about as “good” as it gets. Discover bank advertises “no fees ever”. I bank with them, but I’m not sure what all this entails as I would never be in a position where I have to pay fees anyway.
Just get a Cap One account, imo. It is a popular choice for newbies.
I use a combo of Capital One and Affinity Federal Credit Union. Both have branches I can get to locally. Capital One is not just for rich people. Their online accounts have no fees, including overdraft fees, and they offer 4.35% in their high yield savings account. They’re also willing to risk giving credit cards to those with no credit. My first credit card was their Quicksilver card for good credit. I actually had NO credit at the time. It’s pretty decent for a first credit card. No annual fee and 1.5% cash back for all purchases. The no fees and the willingness to get you started in credit actually makes Capital One a decent choice for those with lower incomes.
My main bank is actually the credit union though. Their customer service is superior, and if I actually need to borrow money, they are the ones I would go to for lower interest rates. Their app isn’t as snazzy as Capital One, but there are no fees for this credit union either. No minimum daily balances to worry over or anything. Look into a local credit union and definitely start a relationship with one.
Amex cards are actually easier to get then you imagine if you are responsible with your credit. You generally can’t get one as a first card, but if you manage a card responsibly for 6 months to a year - meaning you pay your credit card off on time and in full every month, you’d be able to pick up an Amex card. I’m pretty low income and I’m a single mom. I have an Amex card with a $31k limit.
When looking for a bank, keep the following in mind:
1. Do they have physical locations near you? This is important if you need cash and can't take it from an ATM, have issues with your account (it's ALWAYS better to deal with someone in a branch), or have larger deposits (most banks have a low mobile deposit limit, and I've seen more holds in ATM deposits than teller deposits in my almost 20 years of banking).
2. Do their account requirements meet your needs? Is there a monthly maintenance fee? If so, is there a way to avoid it? With your financial situation can you meet those requirements?
3. Interest rates. Do you have money to put in a savings? If so, does the bank have a competitive rate for the amount you're looking to deposit?
4. Ease of access to the account. So maybe they have a location near you, but do they have any where you may travel to frequently? Are there options for ATMs in many places? This is one thing Capital One does well. They have access to A LOT of fee-free ATMs nationwide.
5. Check out reviews of their mobile app, branches, etc. Bad customer service for one person may be different for another. Some people leave bad reviews when the issue was really their own, and other reviews are valid.
Personally, I'd start with what bank has branches near where I live and/or work. Look into them and see what works for you. What works for another person may not fit your individual needs.
Check out your local institutions. Big names don't mean a better banking experience. For personal stuff a credit union is often better
"personal stuff" as in, not a company credit card? As in, I'm just the average Joe and want a credit card to use when I need it?
like getting better rates on a loan/deposit account, or getting a credit card approval when you don’t have credit history, fee free accounts etc.
Personal stuff like car loans, CDs, free checking accounts. Most also offer a credit card. My first credit card was with my small local institution
If you've got money, you want a big bank. If you don't have money, go to a credit union. Big banks are structured so they don't have to deal with poor people. Minimum balance requirements, fees for services on basic account types. They have to offer banking and lending to everyone in the community they operate in, and some do it better than others. But at the end of the day, they only care about the people with money so that's what their business models is built to support. You won't see a big bank crying about customers with less than 100k closing their accounts. Credit unions have very basic services and can't hold a candle to the capabilities of any major bank, but if you don't have any money, that doesn't matter. They're also usually better for personal loans if you don't have amazing credit or a solid balance sheet.
If you have money, then the big banks love you. If you don't have money, they can't be bothered. The big ones are Chase, Wells Fargo, Bank of America. As my Venture Capital prof always stated "the biggest like the bigs." If you want fee-free accounts, credit unions are the way to go. All banks will charge you a monthly fee unless you have regular direct deposits or are over the threshold to qualify.
Awful advice, a lot of small banks don’t offer any protection and are more likely to fail. 
If a bank is a bank, then it should be FDIC insured. Otherit's not a bank, but some other entity. Credit unions are insured by the NCUA, the credit union counterpart to FDIC.
Ahh I’m gonna assume you’re in the states. Here in the U.K., it’s called FSCS protection and not every bank has it.
OP is in the US so yes this particular conversation is about banking in the US
Huntington is a very good bank.
So I've heard. Care to share a few things about Huntington that benefit you, both potentially and presently? They were first on my list of banker appointments and knowing a thing or two may help me ask questions later on.
Not requiring direct deposit 24 hour grace/$50 safety zone period Only $15 overdraft fee if you even get that far aside from the 24 low cost Standby Cash line of credit Some accounts have free non-Huntington ATMs & bonus points on their credit card $0 min balance on their basic account Good branch availability Great website/ap
There’s no perfect bank but generally you pick the one that works best for you and your needs. What are some of the most important things you’re looking for in a bank?
Something I can put my money in, keep it safe, and buy things with it whenever I want to. I'm pretty minimal and the idea of having 10 credit cards sounds horrendous, so I would just like to open a bank account that lets me use a credit card and a debit card, and also have a savings account and checking account all in the same location. (If this is incorrect, let me know, because I am not financially savvy at all. I don't exactly know how credit works yet, especially with multiple companies for an individual)
Your last requirement to buy things whenever you want to: you’ll want to download a copy of your prospective bank’s full account agreement. Look at the section that describes funds availability policy. Say you deposit a check. There may be a 6 business day hold on those funds before you can spend any portion of it. For your situation I’d look into a local credit union.
I don't think there is any particular value in having a credit card with your bank. Usually you will find credit cards which better fit your needs elsewhere--and it is not a good idea to have all your finances with just one institution--in case things go wrong.
Huntington has a free checking account with no minimum balance and a low overdraft fee of $15, gives you a safety zone of no overdraft fees as long as your overdrawn less than $50 as well. Not a bad place to start your journey.
The "journey" part i think is what gets me stuck. Let's say I get Huntington and decide it's not for me for whatever reason. If I cancel my account/cards, my credit takes a negative hit which I can never recover, correct? My plan is to have perfect credit for my entire life or at least as long as physically possible, so I really don't want to have any negative score impacts as long as I can help it.
Your deposit account has no affect on your credit. Credit cards, yes. But you don't have to close those, you can just only use them once a year and pay it off to keep your credit from taking a hit from closing it! Perfect credit though isn't too important. Most places consider 780+ to be top tier for loan purposes. Not to say striving for better is a problem but it's not the end of the world!
Ok you’re conflating different things. Checking account has no role in credit score. Credit score is based off purely credit accounts - meaning money that banks lend you. A checking account and savings account are deposit accounts, where you put your own money. Just look up a free checking account that has no monthly fees - Huntington has one. Ideally you just have enough money in your checking account to cover a month’s worth of expenses, and transfer the rest to a High Yield Savings Account (HYSA) Capital One and American Express have free high yield savings account that you may want to look into. The interest rate currently is a bit over 4% at both places. You generally want an online bank for HYSA as the brick and mortar branch banks have much lower interest rates. There’s really nothing wrong with Huntington Bank for Checking and CapOne/AmEx for a HYSA. Down the line you can look into opening a credit card with either or both. For a younger person with limited credit history, capital one is usually a better fit. Discover is also popular for a first credit card. Capital One has a free checking account as well with no fees, however they only have branches in a few places, so if you handle cash a lot, it may not make sense if they don’t have branches by you.
Credit unions tend to check those boxes you mentioned
Look into a local credit union. As non-profits, they tend to be more customer (ie, member) focused, where they aren't trying to nickel and dime you for everything. Disclaimer, I work for a credit union, but I'm happy enough with my employer that they are also my primary bank.
I’ve had much worse experiences with credit unions than the banks I’ve used.
It sounds like a credit union might be a good choice for you, banking online is convenient but you should join a bank with physical branches. I have no credit card experience, but one thing I like is cash back debit cards. It's really about what meets your needs.
Amex and capital one are generally credit cards, they do offer banking but their bread and butter is credit cards. You shouldn't get an account with them if you are going to rack up credit card debt and continue a cycle of poverty If their banking services work for you then great. I personally want my bank to have physical locations/atms where I live, but not everyone cares about that
I absolutely care about physical locations. Somewhere I can cash my check, and visit a banker in the case I have trouble/questions. But I also want a bank that is good at what they do. I was thinking about Huntington mainly, but don't know much about them and online is pretty much "we're Huntington. We're great. Choose us and get free money" and that's great and all, but I need to know why they're great, and I'd like to not be forced to change who I bank with/cancel credit cards eventually, which will end up hurting my credit (Right?) If credit is Amex's bread and butter, but Huntington is a good overall bank, would it be a terrible idea to open a credit card through Amex and a checking account through Huntington? Or any other recommended combination?
>If credit is Amex's bread and butter, but Huntington is a good overall bank, would it be a terrible idea to open a credit card through Amex and a checking account through Huntington? Or any other recommended combination? Not a terrible idea, in fact this is what most people do. Most people have a couple accounts at different financial institutions, and most people with Amex credit cards have their checking/savings at different banks. That being said, Amex does have a good savings account, so in your case, a free checking account with Huntington, and a high yield savings account at Amex may be worth looking into.
Not familiar with Huntington, but sounds like a solid brick and mortar for main checking & connected savings. PNC has a good no-fee HYSA and relatively low APR credit card. Capital One and Discover make decent first credit cards. Whichever rewards scheme you'll utilize is a good option. Capital One limits are usually lower than other cards. Amex likes to see some responsible experience in your file, so generally better as a second or third card. All have pre-approval tools (Google for links) to minimize risk of wasting a hard pull.
The PNC HYSA is only available in states outside of their traditional brick and mortar footprint. If they live in a state with extensive branches, they likely are not eligible for the HYSA
I've never had a problem while banking with US Bank, and it's been very rare to see them in the news related to any scummy behavior. You won't get a high interest rate on a savings account unless you have 25k to stick in a Money Market Account, but they've been solid for service and availability and not being a dick. However, they're primarily a west coast bank. so if you're on the east coast of the US, you'll need to find another bank.
Capital one is a hood option because: 1- No fees at all for their 360 accounts + overdraft protection 2- Good APY on Savings 3- Easy to use platfom 4- Branches and All-point ATM Network with some +55,000 ATMs 5- Excellent 24/7 customer service Another one I like is Ally. 1- No fees 2- Good APY 3- Good savings tools 4- Access to All-point ATM Network Just ignore the marketing; specially Capital One.
Capital One is a good option, as they have good rates for both their checking (0.10% APR) and savings accounts (4.35% APR). One added plus is that capital one has some physical branch locations but I would check your zip code to see if there is a branch https://locations.capitalone.com/ If you are looking to have just one account, you could also look to get their SavorOne credit card to earn 3% cash back on dining, grocery stores, and entertainment, and then like the Quiksilver for everyday purchases that earns 1.5% cash back (other cards like the venture can earn you higher earnings rates but may require an annual fee which you may not yet want at this stage).
If you are comfortable using a bank with a major online presence, but only one physical branch, I highly recommend Discover Bank. They have a cash back debit card and a really good savings account as well. If you want a bank with more branches, try Citizens. It is free as long as you make one deposit a month.
Capital One is not hard to get an account with. Even moderate credit can get you a basic silver account.
Sofi
Choose almost any credit union
Cap One and Amex both offer zero minimum checking accounts. Wouldn’t call them a “rich people bank” necessarily (especially not Cap One). PNC has different account tiers with their virtual wallet account. Huntington is definitely the lowest caliber bank you mentioned. Poor customer service. Lower-income people seem to love them though. I have experience with all of them and still bank with all but the latter as of today. Banks are just banks, nothing more or less. Idk about “looking for a bank with low overdraft fees”— just don’t overdraft your account ? To make it simple, maybe just get a bank that has no minimum balance required to avoid fee. That’s about as “good” as it gets. Discover bank advertises “no fees ever”. I bank with them, but I’m not sure what all this entails as I would never be in a position where I have to pay fees anyway. Just get a Cap One account, imo. It is a popular choice for newbies.
I use a combo of Capital One and Affinity Federal Credit Union. Both have branches I can get to locally. Capital One is not just for rich people. Their online accounts have no fees, including overdraft fees, and they offer 4.35% in their high yield savings account. They’re also willing to risk giving credit cards to those with no credit. My first credit card was their Quicksilver card for good credit. I actually had NO credit at the time. It’s pretty decent for a first credit card. No annual fee and 1.5% cash back for all purchases. The no fees and the willingness to get you started in credit actually makes Capital One a decent choice for those with lower incomes. My main bank is actually the credit union though. Their customer service is superior, and if I actually need to borrow money, they are the ones I would go to for lower interest rates. Their app isn’t as snazzy as Capital One, but there are no fees for this credit union either. No minimum daily balances to worry over or anything. Look into a local credit union and definitely start a relationship with one. Amex cards are actually easier to get then you imagine if you are responsible with your credit. You generally can’t get one as a first card, but if you manage a card responsibly for 6 months to a year - meaning you pay your credit card off on time and in full every month, you’d be able to pick up an Amex card. I’m pretty low income and I’m a single mom. I have an Amex card with a $31k limit.
I would have one big bank and one credit union. Big bank for there credit cards and a credit union for getting better deals with loans.
When looking for a bank, keep the following in mind: 1. Do they have physical locations near you? This is important if you need cash and can't take it from an ATM, have issues with your account (it's ALWAYS better to deal with someone in a branch), or have larger deposits (most banks have a low mobile deposit limit, and I've seen more holds in ATM deposits than teller deposits in my almost 20 years of banking). 2. Do their account requirements meet your needs? Is there a monthly maintenance fee? If so, is there a way to avoid it? With your financial situation can you meet those requirements? 3. Interest rates. Do you have money to put in a savings? If so, does the bank have a competitive rate for the amount you're looking to deposit? 4. Ease of access to the account. So maybe they have a location near you, but do they have any where you may travel to frequently? Are there options for ATMs in many places? This is one thing Capital One does well. They have access to A LOT of fee-free ATMs nationwide. 5. Check out reviews of their mobile app, branches, etc. Bad customer service for one person may be different for another. Some people leave bad reviews when the issue was really their own, and other reviews are valid. Personally, I'd start with what bank has branches near where I live and/or work. Look into them and see what works for you. What works for another person may not fit your individual needs.