I have been using Citibank as my primary bank account for a while. It is a big bank with tons of cash and lots of customers and as such it tends to provide services of mediocre value. Banking with Citibank is almost like overpaying for a brand name, just in finance world.
I have speculated about a move for a while and the last straw has been the $23.50 check printing fee Citibank slapped on me last month, so I finally decided to look for greener pastures.
In my search, I have avoided any pure online banks. I want my primary bank to have a local branch for easy access to my money. Also, burned by recent Netbank failure, I wanted it to be a financial institution with solid reputation, a bank I can truly trust.
After some research and your useful tips, I settled on this offer from Washington Mutual and opened an account last week. This checking/savings combo totally blows away anything Citibank currently offers and beats most offers from other banks. Where else can you get 5% APY on your regular savings? And that free overdraft protection can easily save you $25-30 a year depending on your bank. Here are the offer details in brief in case you consider a move as well:
- No minimum monthly balance
- Free checks for life
- No ATM charges on WaMu’s part
- One free overdraft protection per year
- Free outgoing wire transfers
- 5% APY on your savings
- Free online bill pay
Coincidently, Washington Mutual also holds my home mortgage and I find it very refreshing to see my debt as well as my savings in one place. Kind of puts you down a bit. ;-)
What bank do you use? What do you like / not like about it? Please share your own experience in the comments