Young Adults Locked Out of Flexible Banking
Young people, often with irregular income or international needs, are frustrated by slow transfer times, limited access, and complex banking requirements. They seek flexible, accessible solutions to manage their savings and payments, often exploring alternatives to traditional banks due to these limitations. Many are also looking for ways to maximize interest rates.
SOURCES (60)
“The actual amount will go to personal preference and anticipated need. When you first open the account, deposit a little more than the minimum required just to be sure everything is working and you can move the money. It can take a couple business days…”
“My bank (USAA) is fully online, and I love it. The red flag is that Chime isn't a bank, and is in China. Don't do it. No fees? What's the reason to change?”
“I started banking at Capital One Bank for a single reason: I can be in up to 10 states a week and if I ever come across cash to deposit (I don’t lol) I liked that I can “deposit” it to my account at thousands of retail locations across the country. What I didn’t expect was to really like Capital One. Turns out that I do. A lot. As others have said, Chime isn’t a bank. ETA: since I am in so many different places, I also like that they’re part of Allpoint, so it’s super easy to find a surcharge fr”
Why not use a high yield savings account? Are CDs paying more than 4.2%?
“Hi, there. So I feel like I have taken all the steps I can and am ready to start posting on OF but the banking part is driving me crazy. Paxum and Cosmo won’t work for regional reasons - but I have set up a business LLC and want to do a business checking account for ACH deposits from OF and all I can find is contradictory information of what bank is safe/good to use for OF. Would love any advice y’all can provide - and excited to start posting I have been dreaming about doing this for way too lo”
“Thinking about opening a CD account. Are they FDIC insured? Any feedback is always welcomed. submitted by /u/4kings [link] [comments]”
“I'm 20 years old, recently out of debt, and want to ask what second checking account I should open. I currently use the credit union in my town, but I dont wanna keep all my money in one bank in case of emergencies. The banks I have near me are the following: Chase bank Wells Fargo Citi bank Bank of America I'd like to keep a second brick-and-mortar bank just in case, because in some areas I travel to and need cash, there isn't always a credit union atm for me, and I don't wanna”
“Hello I'm an 18yr old who's about to go off to college and I want to start looking into saving. I currently bank with Cal Coast Credit Union and Chase bank. I have a thousand dollars saved and was looking into a savings account that will let my money earn money. Everyone online says to open a HYSA right away so you can earn money but I'm confused on which bank to use for that or if that's a good idea for me right now. With Chase and CCCU they don't really have a savings accou”
“I currently have my checking and direct deposit in a local credit union, but I keep seeing ads and promotional products for chime and I'm wondering if having my checking in a fully online bank is a good idea? And if so should I fully close out my current bank or are there reasons I should keep it open, I'm not paying any annual fees or such to keep it open if that helps submitted by /u/Synestia125 [link] [comments]”
“go to a different bank and open an account There are several online banks you can do this with, too”
“At 18 I'd keep it simple: geta no-fee checking account that's convenient for you and put your college savings somewhere earning a decent APY. For your first credit card, don't worry about getting anything fancy, just avoid annual fees and pay the statement balance in full every month.”
“I've just turned 18 a couple of months ago, I was having a difficult time choosing a bank to open a savings account. I also plan to open a RD a lil later. I wish to get some advice from people from different parts of India. submitted by /u/AggressiveDoctor219 [link] [comments]”
“Looking for something that automatically split 50K into 5 CDs of 10K each, with 6M, 12M, 18M, 24M, 36M to get those rates. I know we can do that one after other as well. submitted by /u/Grouchy-Bullfrog-293 [link] [comments]”
“Yeah, I do mobile all the time but I hate having to use my moms login to transfer lol”
“My local CU is giving low rates for my savings. I want to use Capital One but they don’t allow minors to do external transfers so I have to use my moms login. My local CU’s money market is free and gives free checks, every time I wanna move money to savings, can I just write myself a check and mobile deposit it? Edit: i have a job and get paid every 2 weeks so i just wanna know is writing these free checks every 2 weeks tedious or stupid submitted by /u/IncomeLongjumping401 [link] &#”
“My local CU is giving low rates for my savings. I want to use Capital One but they don’t allow minors to do external transfers so I have to use my moms login. My local CU’s money market is free and gives free checks, every time I wanna move money to savings, can I just write myself a check and mobile deposit it? submitted by /u/IncomeLongjumping401 [link] [comments]”
“I use Forbirght which seems to have a higher APY than most https://www.forbrightbank.com”
“Hi, I’m 16 with Capital One and my local CU, CU have a savings and a money market account, below is a tiered balance and I have about $1.7k in savings and I want to know if I should get a different account at 18, I used to use Capital One’s 2.50% account but I hate depositing cash and withdrawing cash in a store because it makes me feel unsafe. I also got my parents credit cards and HELOCs at the credit union as well. I’ll also post their fee schedule here, of course blocking the name out. I lik”
“Hi, I’m 16 with Capital One and my local CU, they have a savings and a money market account, below is a tiered balance and I have about $1.7k in savings and I want to know if I should get a different account at 18, I used to use Capital One’s 2.50% account but I hate depositing cash and withdrawing cash in a store because it makes me feel unsafe. I also got my parents credit cards and HELOCs at the credit union as well. I’ll also post their fee schedule here, of course blocking the name out. I l”
“I had a decent amount of cash but I live nowhere near my bank or an atm with a deposit function, so I put it all on a prepaid visa because I can't use cash online. I was unaware that you can't use prepaid cards almost anywhere either (mastercard removed the function to add a zip and address on their site for some reason and their support number literally just goes silent indefinitely after saying it will connect you to an operator). Is there any way that I can get this prepaid money to e”
“Recommend an online bank that won’t charge service fees if OP doesn’t regularly contribute.”
“Even with personal bank accounts, both parties just have to sign. So if you put it in your bank, you’re the last person to sign. Her bank, she’s the last endorsement.”
“The time we moved to a different city/state we opened an account at a local bank. Easy. And it made life easier. Set up external transfers that handled most stuff. Kept our old bank because we knew we would move back. Closed the new bank account t when we moved back.”
“Hi everyone, could anyone tell me were to go so that I an ask a question in banking please? Thanks so much!! I feel rediculous needing to ask.”
“You can create a new account in the app. Provided you and your mom have separate logins, she will not see the new account. You can spend or withdraw from the old account and deposit any new money into the new account. You can later submit a form to remove your name altogether from the shared account or ask them to close it. Change your password. Keep the new card with you. Or get a post office box. Reddit is full of parents who take advantage of their adult childrens' finances so things coul”
Just get an online bank account. Or I use Capital One. No fees.
“I had to bring my husband into add him to my savings account and we’ve banked with BOA for decades.”
“Regardless of whatever bank you bank at, you can open up a new account with just your name on it that she won’t be able to see/have access to, but it might be worthwhile opening up a checking and savings account at a different bank anyways just to separate it from her influence even more.”
“You won’t get a card for just a savings account, they’re more for checking accounts. Depends on the bank. Citizens offers cards for savings accounts.”
“Take your ID to a new bank or CU and open an account. Ideally one that will setup paperless from the start, and one that will print your debit card on-site. This avoids mail giving away your secret. Do NOT open a new account at NFCU. She could manage to get access to it. She's not supposed to have access, but it can happen.”
“You need a checking account. Not a savings account You should also go to the bank and ask them to remove your mother, since you’re no longer under 18”
“Secret from family: Yes. Go to existing bank, open new individually-owned Checking and Savings accounts and make sure during the setup process that only you are authorized to access and no other account owners are added. If after the fact, anyone is added without your permission, then the banks KYC/AML (Know your coroner/anti money laundering) protocols have failed. Make complaint to NCUA and CFPB. Transfer monies from old, joint account(s) to new account. Have discussion about contribution to h”
“If you go with a checking account, many attach a savings account automatically, though be sure to ask if you can pick up your card in person & have access to a mobile app/ website.”
“Most of our savings is in USAA which is getting us barely any interest. We do also have some savings in Fidelity SPAXX. Need some solid recommendations on HYSA! A few notes- - I could move all of it into SPAXX but am concerned it’s not FDIC? - Don’t want monthly fees or deposit requirements etc. drop it and leave it! - my 3 kids also have saving accounts in usaa. Also not getting really any interest. Would like to move these accounts as well to HYSA as well. Help! submitted by /u/Mos”
“Credit unions do have better rates on loans, and even credit cards - lower rates fir loans and lower interest on credit cards too!”
“Interest rate may be higher in one bank over the other, however the other may allow you to take out more from the atm per day.”
“Hello! I currently use a PNC virtual wallet account, that I’ve had since I opened an account, but I’ve become really unhappy with the customer service and support. I was looking for some advice or leads on a (preferably) national chain bank to switch to? Things I’m interested in : 1. Customer service and support overall most important 2. I am not high income, so low fees and benefits would be preferred 3. I currently live in New York City, but I am planning to go for my Masters program in London”
“Usually they are different departments. I have both Chase and WF cards but do not bank with them. I doubt they care. Some banks have perks that apply. I think my US Bsnk Visa has no annual fee because I have a checking account. Etc.”
“Myself and girlfriend who are living in Canada…. are looking to open a joint saving account and seeing what the best options are and which bank to go with. Just wondering what some peoples opinions are and what you have if you are in a similar situation. Looking for the best possible interest rates with low or no account fees. Thanks for any replies have a wonderful day ! submitted by /u/Academic_Winter9786 [link] [comments]”
“Fiance and I are looking to start a joint checking account and want to know the best options for us. We live in NJ, make between 55-80k a year each. I would kinda like a bank with an actual brick and mortar store so there's ATMs to go to and face to face communication, but not a deal breaker if there's a really good online bank. I bank with Wells Fargo, he banks with TD, and with both have a United Mileage card through Chase. Actually, we kinda have a joint credit card already. he has a”
“I recommend credit unions. They have lower credit card rates , and less or no fees. They have lower standards than banks when it comes to qualify for loans. My credit card is 11.9 percen6 interest at my credit union.”
“My mom opened a joint bank account for me when I was a minor and I'm 18 now and want my own account. I hear stories about how people still got their money stolen by their parents because they somehow had access to their account even though it they don't have a joint account anymore. How possible is this? Is it still a good idea to open my own account under the same company my mom uses? submitted by /u/Extension-Voice-1651 [link] [comments]”
“If I close them and move my direct deposits to another bank, will Chase or Wells Fargo close my accounts because I closed my checking account with them? No. Wells will let you close online with a couple of clicks. Has anyone done this before? Several times with Wells and Chase no less.”
“Out of the big 4 or 5 Id leave wells alone. Theyre the equivalent of Kia or Mitsubishi when it comes to big banks. Try Chase , BoA, or Maybe TD or US Bank. Otherwise go with a local bank or credit union.”
“BMO and Comerica/Fifth Third I believe are the only big-ish banks in the LA area that do not have any minimum requirements for their free checking. Also, with BMO and Fifth Third, you can use the ATMs in CVS/Walgreens/Target without paying a fee since they are a part of the Allpoint ATM network. I have accounts with both banks and my only pet peeve is that Fifth Third does not give you the ability to lock your debit card. Credit unions, online banks, and smaller banks could also work since they”
“I would look at the major banks in your area, as well as credit unions, and see which has the best account options that fit your needs. Low/no minimum balance, free atmosphere charges, etc. I personally use a local credit union that ive had for 30 years, and love it. The employees get to know you, and they offer the same (and sometimes better) benefits than a major bank”
“Currently looking to do a balance transfer and I’m stuck between the two. The diamond preferred seems to be better up front but I’m wanting to hear from others who have a bit more experience with balance transfers to be safe. submitted by /u/UndyinglFate [link] [comments]”
“If you live in greater LA, I do believe Los Angeles Federal Credit Union offers a checking account with no minimum balance required”
“I haven't considered it as a realistic option, online it says up to 3 months, but personal accounts say it could take up to a year just to receive the deposit after sending it in. I will if theres no other way though.”
“Myself and girlfriend who are living in Canada…. are looking to open a joint saving account and seeing what the best options are and which bank to go with. Just wondering what some peoples opinions are and what you have if you are in a similar situation. Looking for the best possible interest rates with low or no account fees. submitted by /u/Academic_Winter9786 [link] [comments]”
“There are plenty of USAA ATM locations that will take cash deposits; I see dozens in Boston as a "northeast" data point (mostly Target and Walgreens). Admittedly I've never liked depositing cash at an ATM, but you could look at a credit union account too (generally fee free, no minimum balance - and you can use shared branching to deposit funds basically anywhere).”
“Break A large bill - probably as a 1 time courtesy... just don't go in when they are super busy. Multiple large bills - good luck.”
“I worked for a neobank for 4 years (Simple). They were an overlay for The Bancorp Bank and then switched to BBVA. They went out of business in 2021 and transferred all their accounts to BBVA and then PNC Bank. Account holder funds are held by the bank so that they're FDIC insured; the day to day operations and customer service are handled by the overlay. There are basically 4 different kinds of banks... the "big banks" Wells Fargo, B of A, Citi, Chase, which I see a lot of complain”
“No they’re not “safe.” These FinTech companies love to say they’re “just like banks” and do so because it makes you trust the branding that comes with the word “bank.” They’re very careful to not say that they are “financial institutions” though because that’s the proper term. Overall these “neo banks” have a lot of perks to them, but you REALLY need to understand what you’re doing with them. For example I use Marcus, but I do that because it’s wholly backed by Goldman Sachs. I personally do not”
“Some banks are better than others, and some credit unions are better than others, but none are truly "bad" and none of them are actively scamming people. Your boyfriend might be referring to checking account fees, overdraft fees, and other fees, which are often higher at banks than at credit unions, but some banks also have low or no fees. Pros/cons: Credit unions are non-profit, so they usually have low fees and good rates. For example, most credit unions do not charge a monthly fee f”