But anyway, the High Yield Investor Checking! When I learned I was moving to Manhattan for grad school four years ago, the first thing I did was ditch my local/regional bank account in favor of an online bank that had good reviews (my old bank was TD Banknorth, which ironically had a branch two blocks from me in New York, but Schwab was still the way to go). The name invites misconceptions, so let me dispel them:

1) You do not need to be a High Yield individual to have this checking account. No minimum balance, ever, not even to start, and no fees.

2) You do not need to be an Investor to have this checking account. You do need to open a brokerage account with Schwab, but you never need to have money in it, ever. No minimums or fees.

Here is what you do get:

1) ATM reimbursement (like Ally). When I lived in Manhattan and my friends had to race all over to get to that one BofA ATM ten blocks from where we were doing the things, I could step into the bodega or anywhere nearby and use the ATM (after determining to my satisfaction that there was no card skimmer thing) smug in the knowledge that I would be reimbursed. The satisfaction was even more smug at the big bank ATMs where my friends were getting hosed for $3 or $5 a pop. The ATM game in New York where there are ATMs everywhere except when you need a particular brand of ATM is no longer torture with this account.

2) CHECK DEPOSIT WITH MY PHONE. There are very few brick and mortar Schwab brokerages out there compared to banks, so I used to have to mail in my check deposits (not such a big deal, and they were always processed quickly). These days, someone writes me a check and I can have the money on its way via Schwab’s app to my account in less than a minute (and if it’s during business hours, it’ll be in the account in minutes).

3) Great customer service, free checks, good online account management.

4) Real interest on checking account balance. Back when I opened the account and there was such a thing as interest rates above zero, I got a crazy rate of return for checking (around 3-5% back then, it varied with the LIBOR of course). Now it’s miniscule, but I live with the hope that someday the economy will recover enough to get interest rates back.

It’s the best, you guys, especially in NYC.

The only downside, of course, is that it is near impossible to deposit checks. I usually give the money to a friend or parent and they transfer the money to my account.

I’m also currently struggling with a two chequing accounts dilemma but mine is entirely due to my bad decision to put my paycheques into the wrong account. whyyyy do banks have to hold cheques and transfers and things for so long.

But ridiculous banking contortions, Logan. I have been there. Hiking two miles in a WNY blizzard to beg to cash in a CD early so I could buy books for that semester particularly stands out.