Worth switching from Citizens to Amex Rewards Checking / SoFI? (or anything better)?
I’ve been using a basic Citizens Bank checking account since I was a kid (parents opened it), and I’ve just never bothered switching.
Nothing wrong with it, but I’m trying to simplify things and cut down on apps/accounts if possible or switch for something better. Figured it might be worth reevaluating since there are better options now.
I already have an Amex credit card (And Chase CC), and they emailed me about their Rewards Checking. On paper it looks solid, 1% APY + plus a form of cash back on a checking/debt card.
That said, I barely keep money in checking anyway (usually < $200 since I move money around to my HYSA - Marcus), so I’m not sure how much the APY even matters, and I never pay with my debt card, just a simple 50$ internet bill.
For context:
- I never use ATMs
- I mobile deposit a few checks a year
- I never go into a physical bank
- Paycheck goes in, bills / Savings go out
Con:
- Doesn't seem to have overdraft protection, not a huge issue, but has accidentally happened 2x this year, with delays or issues with moving money.
So I’m pretty much an “online-only” user.
Main question:
Is Amex checking actually worth switching to as a primary account, or are there better options I should look at?
I know checking accounts don’t differ that much, but if I can get some interest + simplify things, it seems like a win.
How does it compare to Ally / SoFi Checking > Would Sofi be better if did the checking/HYSA combo I currently use Marcus but seems like this could be an all in 1?