Which Banks To Link To Reward Checking?

linmarie | Jul 21, 2010 | 13 posts since 2010

I'm want to set up a high-yield checking account. I currently have checking accounts at both Chase & Wells Fargo. Are these good banks to link to the high-yield accounts? Has anyone experienced any fees, such as setting up automatic monthly payments to yourself at the high-yield account?

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Answers

Alan | Jul 21, 2010 | 33 posts since 2010

I would rate Alliant Credit Union as an excellent choice for a 'hub' bank/cu to link to other accounts such as Reward Checking. Alliant continues to pay 1.50% on its checking account, has no limit on the number of banks/cus which can be set up for ACH, and has the fastest ACH transfers around. ACH transfers initiated before noon Chicago time are completed that day. Many other banks/cus take 3 days to complete a transfer.

leef | Jul 21, 2010 | 22 posts since 2010

I did a one-time ACH transfer from Chase to another account last week for the first time and it went fine, with no fees. It took 2 days to post into the receiving account. The Chase interface offers recurring transfers; I haven't tried that yet, but I'd guess it would work the same way. The set-up for linking the receiving account was very standard (using test deposits) and presented no issues.