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they've won we have some really exciting news and no I'm not talking about the recent rocket launch to space I have something almost as exciting and that is checking and banking accounts wow I am tremendously lame but really I find this absolutely fascinating that people pay for things that they could otherwise get for free with much better perks and interest rates I'm gonna be breaking down my favorite three bank accounts in this video and telling you why you should get any one of them on this list in this video I'm gonna be breaking down my favourite bank account which has free ATM access I'm gonna be talking about a bank account with a four percent interest rate and I'm gonna be talking about a bank account with the signing bonus of two thousand dollars yes I'm serious that is actually real my name is Kevin Conway I make personal finance videos so if you like investing real estate stock market or really anything having to do with money subscribe to the channel and give a quick like to this video if it helped you out in any way now let's get right into it if you guys have any questions at all leave them in the comments below so here's a simple fact of the matter you probably have had Bank of America Chase Wells Fargo or Citibank as your primary bank at one time or another in your life you may even have them right now but I'm here to tell you that there are way way better banks out there that you could get and why because Bank of America Wells Fargo City and those other banks will charge you up to $100 annually just to have an account there and they're gonna pay you near zero and interest and they're not gonna give you any cool perks cash back or anything else like that now before I give you my top three banks let me tell you how I came up with these three normally I rank interest rate among the highest factors in evaluating banks but things have changed dramatically since I last released my bank account review videos back in January that's because the Federal Reserve has cut interest rates to near 0% so by and large all banks are going to be paying very little in interest and there's not going to be a lot of differentiation between the banks so while I still care about interest I also prioritize signup bonuses that you can get with these banks or other perks such as cashback at certain retailers and free Global ATM acts and in order to be on this list all these banks must be FDIC insured that is your deposits are safe because they are backed by the federal government up to the limit of $250,000 or sometimes more these banks must also be free to own no account maintenance fees at all and the rewards program must be simple to understand you must not have to jump through a million different hoops in order to get the perks that I'm gonna list and really any one of these banks is going to be good it just depends on your preference and frankly there's a lot of really good banks out there a lot of good online banks and there's some weird ones too like redneck bank but we're not gonna be talking about that one here so with that let's get right into it first off my favorite bank to go to the simplest one to understand for my day-to-day finances it's called so fie money so fie money is a checking and savings hybrid account that means you can use this account to pay bills to do normal transactions to take cash out and to do your regular banking so if I money is an online account so there are no physical branches anywhere but you can withdraw cash for free at any ATM that accepts MasterCard will also earn a point two percent interest rate on this account which admittedly isn't great but again that's because the Federal Reserve has cut interest rates too near is 0% and the reason why they are paying close to 0% is because the Fed is also paying close to zero percent but by enlarge this account so fie money will go up and down with whatever the Fed does for example when I first got this account the Federal Reserve interest rates were much higher and I was actually earning 2.25 percent on all of my money with no limit at all in my so fie money account I fully expect that when the Federal Reserve raises interest rates you're gonna see so five money's interest rates raise as well additionally there are no foreign transaction fees on this account so if you're using your debit card elsewhere you don't have to worry about incurring foreign transaction fees so if I money also comes with a sign up bonus of $75 just for signing up and doing the criteria in order to meet it and as of right now you have to make two direct deposits of at least $500 or more and use somebody's signup link in order to get that $75 bonus now I have my link in the description you can use it but you do not - just be sure to use somebody signup link somewhere online or go directly to the site if that works as well to get that 75 dollar bonus so if I money also has some good spending and tracking tools if you're gonna be using your debit card on your day-to-day transactions you'll actually be able to see with precision where your money is going and that tool is actually pretty helpful some other good perks of so far money include the fact that you can actually get from now until the end of June twenty percent cash back on all ador - and Netflix purchases and seeing us how everybody is basically forced to be a couch potato right now that's probably gonna come in handy so if my money is also part of sulphite more broadly and you're able to take advantage of some of the great perks of being a sofa member one of my favorites is actually the ability to talk with a real financial advisor for free so you can talk to them about things related to your sofa money account or it could be about other things such as planning to buy a house questions about mortgages or really any of those matters you're able to do so for free this is a great perk because financial advisors are actually pretty expensive and to have this included for free I think is one of the things that separates so if I money I would say the biggest downside to sofa money is the fact that you can't really deposit cash directly with sofa you must deposit it at another bank account and then transfer the money in but you are able to do mobile check deposit and do really quick instant transfers whether it's between your account and another account that you own or between you and a friend you can do peer-to-peer transfers as well so if you're okay with an online bank presence then I would highly recommend sofa I personally have had so five for quite a while now and I've had no issues with it whatsoever it's been very clean the platform's very easy to use and I thoroughly enjoy using sofa now if you want to earn a little bit more interest on money you're gonna be keeping around for an emergency I'd recommend pairing sofa money with an account like Ally Bank or Capital One both of which are free and both of which offer an interest rate right now of about one point two five percent which is very good and it can certainly be a beneficial thing to have if you want to keep your money in emergency fund basis so if I money is best for your day-to-day transactions it's very similar to a checking account but a little bit more flexible and of course when interest rates rise you're gonna see the interest rate on that account rise as well so it could be an all-in-one hybrid account all right so next up on this list is a bank that isn't really a bank after all it is a t-mobile yes the cell phone company they actually have something called t-mobile money and it frankly is a very very good account especially if you are looking for a very simple checking account to earn a high interest rate on t-mobile money while it's limited to only t-mobile customers offers four percent on all balances up to $3,000 so this is gonna be your everyday sort of checking account and you're gonna be earning four percent on all that money and everything above that is gonna earn one percent t-mobile money also has free ATM access at any all point ATM and there's something like 50 or 60,000 all point ATMs basically you can find them anywhere whether it's Target or your local grocery store or a liquor store and those sorts of things you can access cash and you can withdraw cash from t-mobile the biggest downside of t-mobile money is it's a pretty simple pared down account there's really not much else to talk about other than the fact you wearing four percent up to three thousand dollars and get free ATM access but you can't deposit cash directly with t-mobile money there are no physical branches anywhere and the t-mobile stores don't count as physical branches you must deposit your money at another bank and then transfer it over into t-mobile if you do want to have an account that you can actually deposit cash with that earns your very good interest rate again I would recommend Capital One they have physical branches in big cities and they also have those Capital One cafes if you want to know more about Capital One I have an in-depth review which I'll link to this video which I'd recommend checking out but simply put t-mobile money has an interest rate which is really on top of any other interest rate that I've seen right now in any other Bank at 4% I'd say this bank account is best if number one you're already a t-mobile account customer and number two you want a simple checking account you could earn a really good interest rate on to pay your everyday bills but if you need a online savings account to put the rest of your money and I would recommend pairing it with Capital One or Alabang alright moving on to the very last bank account this actually is from Jay Bank now I know what you're thinking I just talked in the beginning of the video about how Chase Bank was one of those banks that's gonna rip you off nickel and dime you not pay you any interest and by and large that's pretty true but rules kind of don't apply the same way if you have a lot of assets here's what I mean right now through mid-august Chase Bank will actually offer customers who sign up to be a chase private client two thousand dollars as a sign of bonus just for transferring two hundred fifty thousand dollars of either money or securities into Chase Bank now that's kind of the key point because they're checking and savings account interest rates are frankly terrible they're basically zero percent so if you're going to take advantage of this I would recommend transferring securities so your regular index fund ETFs or stocks that you hold into Chase Bank to just simply hold them there it's gonna be no skin off your back whatsoever whether it's being held at one brokerage or another and you're going to get two thousand dollars just for transferring that money and leaving in there for 90 days you're also gonna get some really interesting perks I don't list them right here chase private client allows you to have any chase bank account linked to your chase private client account for free and not gonna have any account maintenance fees they're not gonna have any ATM withdrawal fees you're not gonna have any wire transfer fees basically you're gonna get all of those things all in one for free whether you need a cashier's check or a regular check all those perks are gonna be rolled up for free private client customers can also get one eighth of a point or 1/4 of a point off of any mortgage they get originated through Chase Bank this can be especially helpful if you're trying to compete for the very best mortgage rate and you get a bank like Chase Bank to give you a quote with that reduced rate and then you compete it with another online lender or something like that to get the very best interest rate and then pair them off one another that's where it really comes in handy so if you're going to get a home and you have those assets and you can transfer them into Chase it could actually work out to save you a ton of money one of the coolest things of chase private client is actually something called the arts and cultures card you get this just for being a private client and it allows you to get free admission or reduced admission at basically all of the major museums and attractions in the major cities in the country for example in New York City you can be admitted you and a guess to the Natural History Museum for free and in San Francisco you can go to the Museum of Modern Art for free as well and this is obviously not an exhaustive list there's a million different avenues that you can take advantage of by using arts and cultures card but it definitely is a nice perk they could save you 20 40 50 bucks here and there you also get direct access to a banker at Chase Bank that's gonna know your financial situation that can help you plan for things in the future but you know this is kind of one of those perks that I feel a lot of people don't really take advantage of and rightly so you probably don't really need it but it may be a nice thing to have again so fine money has that for free you don't have to have $250,000 to do it but it is a perk that you get with chase private client basically chase private client is like airline elite status for banks and it has a few perks to it it's by and large not great on its own but that $2,000 bonus just for transferring money over there and leaving it for 90 days can be a really nice perk to have so those are the three banks I think are the most interesting out there right now but I want to go into just a few more that are pretty popular online that people have opinions of I just want to touch on them very briefly first off a lie Bank I mentioned it earlier in the video and it's a bank account I actually currently have it's very simple it is a savings account that I leave my money in to get a very good interest rate right now it's about 1.25 percent it's a free account to have and I like it because I could always pick up the phone and talk to a real person at Ally Bank I've had this account for quite a while like five or six years I've had no issues with it whatsoever but it's not really that great other than the interest rate it doesn't have any outstanding perks it doesn't have all of the things that so fie money has or even t-mobile money or chase private client really has but if you pair a lie bank with one of those other banks to get that really good interest rate it could be a pretty nice way to earn a little bit extra money one last banking account they gets talked about a lot is Charles Schwab now I have no issues with Charles Schwab I actually have a Charles Schwab investment account but the checking account is actually not as good today as maybe it was comparatively in the past and the reason is because although it is free to have and you get a little bit of interest and it reimburses your ATM fees all those things are great it doesn't have any extra perks and there's no signup bonus to get Charles Schwab checking and you must have a Charles Schwab brokerage account in order to get the Charles Schwab checking there's nothing really wrong with Charles Schwab checking but there are better banks out there Charles Schwab is definitely much better than the standard brick and mortars of Bank of America and Wells Fargo but it's probably not the best account to get if you're looking to get one or two solid bank accounts so that's about all if I missed anything or you have any questions whatsoever be sure to leave it in the comments below let me know what bank accountant that you have and whether or not you're satisfied with it or if there's an account that I missed please let me know in the comments below if this video helped you out in any way I'd appreciate you just giving it a simple like and subscribing to the channel for more videos like this I'll see you next time thanks