People have been chasing the highest bank rates for as long as I can remember. If this is you, then it’s very useful to have a Hub Account with fast ACH transfer speed, high limits capability, and no fees.
I want to give you the best options for your hub account in order to trigger bank bonuses, maintain high interest accounts, and speedy transfers so you can get your cash immediately. Let’s go over my recommendations for finding the best Hub account.
What’s A Hub Account?
A Hub Bank Account is simply a bank account that will make it easy to electronically transfer money into and out of your other accounts. Within your bank account, you can do an electronic funds transfer service that allows you to initiate bank-to-bank transfers(known as ACH transfer). Almost every bank has this ACH transfer capability, however it comes with many limitations.
Best Features Of A Good Hub Account
You want to pick a good Hub account with the best features in order to transfer your money. Whether you are looking for fast speed or high limit, a good Hub account should be completely free.
- Fast ACH Transfers – Most banks take at least 3 business days between the time you initiate the transfer and the time that the money is credited to the destination account. Most ideal transfer speed is 1 to 2 business days.
- Number of Links to External Account – In order to initiate transfers, you must set up a link to an external account. Usual number of links are restricted to only 3, therefore the higher the better.
- Transfer Limit Amount – The amount of money you can do ACH transfers is very important to those chasing interest rate, therefore I find this to be very important.
The above 3 features, in my opinion, are the most important when looking for a good Hub account. However, other features that may be important to you include easy link setup, no loss of interest during transfers, no hold times, linking to both checking and savings account.
Best Hub Bank Accounts
Customers Bank High Yield Savings 5.32% APY
Customers Bank powered by Raisin has a very high interest earning 5.32% APY rate account with no monthly fees, no minimum balances, and $1 minimum deposit. You get 24/7 online access to funds. The Bank gives back to schools and organizations in their local communities.
- High dollar limitations for ACH transfers – When pushing money from Customers Bank to an external account, your daily limit is up to $200K per day. When pulling money from an external account, there is no limit.
- 1 business day ACH transfers speed – The standard transfer speed from Customers Bank to an external bank account is 1 business day. However, you can request a 1 day transfer when initiate an ACH transfer before 7:30 pm ET, Monday through Friday, and your funds will be available the next business day.
- Unlimited External Linked Accounts – You can add unlimited external linked accounts for ACH transfers. This is very helpful for those who are constantly moving money around for the highest interest rate.
(FDIC-Insured)
CIT Bank Savings Connect Account
- High dollar limitations for ACH transfers – When pushing money from CIT Bank to an external account, your daily limit can be as high as $250K per day. When pulling money from an external account, your daily limit is $500K per day.
- 1 business day ACH transfers speed – The standard transfer speed from CIT Bank to an external bank account is 1 business day. However, you can request a 1 day transfer when initiate an ACH transfer before 7:30 pm ET, Monday through Friday, and your funds will be available the next business day.
- Unlimited External Linked Accounts – You can add unlimited external linked accounts for ACH transfers. This is very helpful for those who are constantly moving money around for the highest interest rate.
Opening a CIT Bank Money Market is a soft pull and only $100 minimum.
(FDIC-Insured)
American Express Personal Savings Account
You earn a high interest rate within this account along with no minimum deposits or monthly fees. American Express® High Yield Savings Account has been my favorite Hub account for the last few years. Here’s why:
- No dollar limitations for ACH transfers – When you find a top bank rate account, you don’t want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
- 1 to 2 business days ACH transfers speed – With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
- No loss of interest during transfers – On the day you initiate your transaction on the Personal Savings website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express Personal Savings include Free Wire Transfers, 4 maximum linked accounts, etc.
 With the American Express® High Yield Savings Account: • Earn 3.80% APY as of 12/17/24 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
SoFi Checking & Savings $325 Bonus + 4.60% APY
Set up direct deposit into a SoFi Checking and Savings account to earn $325 bonus and 4.60% APY on your money. Plus, pay no account or overdraft fees, get 2-day-early-paycheck, and more.
- What you’ll get: $325 Bonus + 4.60% APY
- Which account: SoFi Checking & Savings
- 1 business day ACH transfers speed – The standard transfer speed from SoFi to an external bank account is 1 business day.
- Up to 5 External Linked Accounts – You can add 5 external linked accounts for ACH transfers.
- High dollar limitations for ACH transfers – When pushing money from SoFi Bank to an external account, your daily limit can be as high as $1 Million per day. When pulling money from an external account, your daily limit is $100K per day.
Bottom Line
I’ve personally been using Amex Savings , SoFi Checking and Savings, and CIT Bank for my main Hub accounts. Having a good Hub account can also be helpful in triggering direct deposit for bank bonus requirements. For those chasing high interest rate, then I recommend in getting either Amex Savings or CIT Bank to use it as your main Hub account.
Learn more about American Express High Yield Savings and the latest Amex credit card offers here.
See all SoFi Checking & Savings offers here and all other SoFi offers here.
Are you currently using a different Hub account? Let us know why and what features are most important to you?
Yes and its very frustrating that it does not even show pending. No thanks
You’re chasing the highest yields apy for savings account
Thanks for this comment NostraD, I was hesitating about opening a CIT e checkings as a hub, but I think I’m going with Ally now.
I have (or had) accounts with all of the FIs mentioned above. After using them all and doing a LOT of ACH transfers to/from 10+ other FI’s, I find Ally to be the quickest, easiest, and most consistent “ACH Transfer Hub”. While there is an external account limit, TWENTY accounts should be (more than) enough for 95% of users. They also don’t (or very rarely with a newly established external account) place a hold on incoming funds. The user interface for setting up transfers is also excellent, clearly providing upfront “withdrawal” and “funds available” dates and the option to schedule transfers for future dates. — While I love my SoFi & CIT accounts, each of those FIs lack some of the features from Ally I’ve outlined above.
SoFi does that as well. Have you found a better option? I setup an AMX one, but this 4 bank account limit isn’t going to be very helpful for me.
Regarding CIT Bank, as a Hub, you forgot to mention they impose a 5-business-days hold on money you pull in. If you go to CIT and do a transfer in, that transfer won’t be executed until next business day. Then by the time the external bank sends the money, it might not be posted until the 3rd business day at CIT. And then those funds will not be available to use until 5 business days after that. If you initiate this when a weekend is gonna occur, you might have to wait a whopping 9 days. Look, CIT Bank has some great Hub policies, but pulling in money and their terrible Hold time really makes them less appealing, in my opinion.
Anthony, you are awesome! You have the best banking advice article out there and I have read a lot of them recently . Th information about rates backs up my research, thus, I know you are providing the best advice. Thus, we recently followed your Hub Account advice! It has helped us a lot for transferring money around as so many banks have low ACH transfer limits and not the cheapest wire fees. I have confidence in your advice! Keep up the good work! Thanks!
What bank or credit union has the most allowed number of linked ACH accounts, AND what is that limit as to the number maximum?
Did Alliant recently change the maximum number of linked accounts? Last I tried a few months ago it worked, but today when I tried to add another, it said I reached the maximum, without it specifying in the rejection message as to what number is the maximum
What does “chase bank rate” mean? CAn you explain?
Alliant definitely should’ve been higher on the list.
“3 maximum linked accounts, and maximum 6 ACH withdrawals per month” how in the world has the amex savings been your favorite hub option “for years” with these two limitations? in comparison, honorable mention alliant offers unlimited monthly transfers, high daily/monthly transfer limits and, i believe, unlimited linked accounts in addition to their transfers often coding as dd.
What are the other banks that allows next day availability of funds transferred from external accounts
Thanks for this great article !! You hit all the must-have items for a good online bank. Two years ago I checked out about 10 banks and found Ally to be the all-around best, especially their Next Day transfer program. Fyi… one additional item that I researched was the early withdrawal penalty for a 1-year CD. Most penalties were in the range of 60-90 days of interest, but Marcus by Goldman Sachs charges a whopping 270 days of interest as the penalty for early termination of a 1-year CD !! Amazing.
I called both Ally and Amer. exp Both told me that ACH ransfers are usually 3 days but could be faster. Chase is 2 days.
You have to read this for specific bank:
https://www.hustlermoneyblog.com/what-banks-count-as-direct-deposits/
Do these hub accounts also count these ACH transfers as Direct Deposits for most bonus requirements?