Trying to wrap my mind around having three separate banks.

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Questions

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Hello all!

I've seen a lot of talk about having three separate banks (one commercial bank, one CU, one online bank) and using them. Could someone explain how they all work together?

I understand having a commercial bank that has atms/branches where you can withdraw money, and online banks usually serve as HYSA, but where does CU fit into it? If I'm saving money, shouldn't it all go into the HYSA?

I have a commercial bank and a CU, but was exploring options for a HYSA and I've been spinning myself into the ground ever since trying to figure this out.

Thanks!

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moneyman74

Seems complicated. Only use the banks you want to use, no need to have a Credit Union if you don't use it or want it.

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Posted: 8 months ago
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