How many bank accounts do you have?

July 11, 2015 06:30AM

Hello,

I have seen many shops for opening back accounts that pay pretty well. How many of you sign up for bank accounts just to do shops at that bank? How do you get around the monthly fees if you have 5-6 or more accounts? I was thinking of opening few more accounts. I currently have 7 and only one of them has a monthly fee which I usually get very easily around, so I was wondering if it would be wroth it to open up few more. Do those shops usually get bonused very well? I saw a shop that usually paid $35 but the bonus was $65. Should I wait till the end of the month before applying for those? Thanks

Edited 1 time(s). Last edit at 07/11/2015 07:36AM by sofi.

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July 11, 2015 08:36AM

I have 8, including my "real" one. I do teller shops for 4 of the others. I have the other three in case there is a shop for existing customers. Some have very low minimum balances to waive the fees. For another, I just have to make one electronic transfer in per month, so I just move money from paypal. I would open another if I could do teller shops.

I live in an area with a lot of shoppers, so I don't see many bonuses for the shops I am willing to do (easy ones).

July 11, 2015 02:46PM

I opened a Woodforest account but ended up closing it because the shops were only paying $10.00. I opened a TD Bank account which I'm really glad I did because their shops get heavily bonused at times. I think the minimum balance is $100 so I just leave that in there.

July 11, 2015 03:14PM

I have two personal ones (one for my home in IL and one for my home in FL), a Woodforest one that I opened on a shop but now use for my craft business, and then three others that I opened for the SPG shops where they monitor them forever but you can't use them. I just keep all the info/check packages from them in the folders the bank gave me when I opened the accounts and I don't mess with them at all (as per the shop arrangement). I might look into a TD because one of those is opening across the street from us in FL...I don't have those in my part of IL.

Liz

July 11, 2015 04:47PM

I Have three accounts. One is the account that I use for all my household bills. The second at the same bank is where I deposit all my checks and Pay Pal checks from MS. The third one is at a TD bank and I use that for the TD teller shops and one MS company. I also use a debit card for most of the expenses incurred from MSing since the money is returned to that account,.
When I do a dinner shop or one that is over $50, I use a credit card for the points or cashback and then when the bill comes in, I pay it and then if they pay by check, put the money in the household account or if by pay pal I transfer the money to the account where I paid the bill.

July 11, 2015 06:16PM

Open savings accounts, no fees, easy.

July 11, 2015 06:28PM

Some savings accounts have fees if the balance drops below a given threshold. Nothing is easy. But there is usually a way to avoid fees on both checking and savings accounts, but the minimum balances or the number of debit transactions per month (10 seems to be a common number) or a requirement for direct deposit may make it tough. I am "lucky" to be youth-challenged, and that often means free accounts or reduced minimums, etc.

Shopping South Jersey, Southeast Pennsylvania, and Delaware above the canal since 2008

July 11, 2015 07:05PM

I should probably see if they offer student accounts. My current bank had an option for that and there are no fees associated with it.

July 12, 2015 03:59AM

I have accounts at two banks. One I shop, the other I don't. I suppose I could have more, I just don't see the advantage in my area.

Happily shopping Rhode Island and nearby Massachusetts and Connecticut

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