alternatively, is having a savings with one company but a checking with another company a bad idea?

Checking:
A local brick and mortar with a zero fees checking account that actually has check writing privileges is best. Any issues or if I need a cashiers check or something I can just walk in and do business.

Savings:
Online high interest savings for the rest. I'd recommend Barclays or Synchrony bank.

.. and no it's not a bad idea to use different banks. You can wire the money back and forth from your checking account for free up to 6 times a month with both savings accounts I mentioned.

>>1224014
What about sending money from checking to savings? Is this an unlimited & no-fee type of transaction? Also is it a 2-day process or instant, and does that vary by whether it's same-company or not?

You setup funding sources in the savings account using your checking routing and account number. The transfer is initiated from the savings account end as an ACH transaction. A withdrawal basically which incurs no fee on either the checking or savings end.

Time wise it's the same as any other ACH transaction - 2 or 3 days. Most savings accounts have a hold they place for a few business days after they receive the deposit before it's available to be withdrawn or to start accruing interest.

>>1224044
Oh and no it's not unlimited. Up to six times a month for savings accounts before you incur a fee. That's a FED rule not a bank policy so you'll encounter that across the board at any US bank.

>>1224123
i think u have that backwards
read my post again more carefully
i hope im not wrong

>>1224127
i mean i know it's 6 times transfer out FROM savings
but im asking about transferring from checking INTO savings

>>1224127
>>1224131
I get what you're asking. 6 total is your limit - in or out, any combination of the two. Per Barclays terms:

>During any calendar month or statement cycle of at least four weeks, you may make no more than six (6) transfers and withdrawals, or a combination thereof, to another account of yours with us, or directly to us, or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by draft, or similar order made by the depositor and payable to third parties.

>>1224140
oh okcool thanks scro

>>1223766

Start reading bankaholic every few days OP

>>1224123
>>1224127
>>1224140
>>1224229
It is only OUTGOING transfers FROM a savings account. You can make as many deposits or crediting transfers to a savings account without incurring fees.

Source: I work for TD bank as a teller and have done more than 6 deposits/ingoing savings transfers and Wikipedia
>In consumer banking, "Regulation D" often refers to §204.2(d)(2) of the regulation, which places a limit of six withdrawals or outgoing transfers per month [1] from savings or money market accounts via several transaction methods
>The number of deposits or incoming transfers into savings or money market accounts is not limited.

Mostly older people have nothing but a savings account and use an ATM card or just make Bi weekly withdrawals

>>1225804
Yeah I kinda thought so, thanks.
Fuck that other guy for spreading misinformation out of ignorance.