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Flopcandy OP t1_je2vnr8 wrote

Reply to comment by fly_eagles_fly in [Beginner] In my location, my bank (PNC) has a savings account interest rate of 0.03%. Capital One is 3.4%. American Express is 3.75%. Is there any reason not to switch to one of those? by Flopcandy

In fact, I'm not sure when I'd ever need a physical branch to walk into.

But if I did-- Is it okay to keep most of my money in an online bank & transfer it to my PNC account whenever I need a brick-and-mortar? Like is that legal/will there be random charges for this/etc

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neuro_turtle t1_je34f09 wrote

I do exactly this between PNC and Ally - it’s not a problem on the PNC side. Just be aware that a lot of online banks with high interest rates have limits on the number of transactions/month. Ally’s limit is 6. So instead of direct depositing into Ally and transferring out, I direct deposit into PNC then transfer a post-bills lump into Ally.

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fly_eagles_fly t1_je2y6vj wrote

Absolutely this is a okay. Just be sure you are not going to be charged any account fees with PNC.

I personally have a free local account with my local CU and bank with Ally.

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