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Bank Like A Boss: 3 Simple, Unconventional Strategies to Get the Most Out of Your Banking

You want to bank like a boss?

Good, me too.

Here’s the good news. Once you apply the boss banking strategies, you’ll turn your financial wishes into financial realities. Guaranteed!

You’ll be able to take that dream vacation you’ve always wanted. You’ll be able to buy that fancy car you’ve been eyeing for years. You’ll be able dump the debt that drowns your financial growth.

Here are the three simple, unconventional strategies you can (AND SHOULD) apply today to revolutionize your banking and get the most out of your money!

#1: Use Two Different Banks

The first step to banking like a boss is to open accounts with two different banks.


You’ll use one bank for cash operations (checkings) and the other for cash holdings (savings).

Now 99% of people only have an operating bank, which is why so many people fail to save for their financial goals. When your “savings” is sitting right next to your spending money, then your spendings will almost always swallow your savings.

There are many other advantages like earning higher interest and decreasing impulsive spending by using two banks, but we’ll dig into those other benefits later.

With that said, let’s look more into what each bank type is used for.

Operating Bank

Your operating bank serves all of your cash flow needs. This is the bank you’ll use to deposit all of your income and pay all of your bills. This is where you’ll have your primary checking account.  

Your operating bank also serves as your cash allocator. From this bank, you’ll allocate money to all of your financial goals (e.g., vacations, retirement, big purchases, charity, etc.), which accounts will be housed in your holding bank. And YES, you should have this done AUTOMATICALLY! More on that in a second.

Here’s a visual:



Best Operating Banks

Generally, the best operating banks are credit unions. The credit union I use and recommend is Mountain America Credit Union

Here are the primary reasons I use Mountain American as my operating bank:

  1. No fees 
  2. Rewards program for credit card and checking account
  3. Access to cash
  4. NCUA Insured (similar to FDIC insured but NCUA’s for credit unions)
  5. Ability to build banking and business relationships

The two most important factors in considering which bank to select as an operating bank are (1) no fees and (2) a good rewards program. You shouldn’t have to pay any fees for a checking account and it’s always a plus when you make money (get rewards) for simply living your life. I recommend taking free money nearly every chance it’s offered!

Use this link to open an account with Mountain America and get $100 bonus today! If you use this link, it helps me out too 🙂

Holding Bank

Instead of intermingling your savings with your general spending money in your operating bank (where it inevitably gets spent) it’s important to set this money aside in its own, separate bank.

Your holding bank serves four primary purposes:

  1. Saving for your intermediate financial goals such as a down payment, vacation, car, wedding, etc.
  2. Saving for your emergency fund
  3. Earning more money with higher interest rates
  4. Decreasing impulsive spending

Best Holding Bank

There are plenty of good banks to save with, but after evaluating many options the best bank to help you reach your financial goals is Capital One 360. This is the holding bank I use and recommend.

Here are the reasons why I use Capital One 360:

  • Ability to use sub-savings accounts—more to come on this!
  • No fees, no minimums.
  • Good interest rates. I get 1.00% compared to the 0.10% most other places are offering.
  • You can do everything online with an ultra-simple interface.
  • Links to your operating bank’s checking account
  • FDIC Insured
  • Great customer service.

I’ve used Capital One 360 since 2012 (previously ING Direct) and have only had positive experiences.

Use this link to get $25 for free when you open a Capital One 360 account today! If you use this link to open an account it will help me too 🙂

As an added bonus, Capital One 360 will give you $25 if you sign up for a checking account too. I have a checking account with them that I do not use, but I cashed in on the opportunity to score free money!

#2: Use Sub Accounts For Each Financial Goal

The second step to banking like a boss is to set up sub-savings accounts. This is one of the strongest and most beneficial banking strategies we can use.

This is an essential step in converting your financial wishes into financial realities.

For every savings goal you have, you should have a separate savings account. For example, if you want to go on a family vacation, you should have a family vacation account. If you want to buy a boat, you should have a boat savings account. If you want to buy a car, you should have a car account. You get the point.



One savings account we should all have is an emergency fund. An emergency fund improves our financial security and serves as our go-to source of cash when emergencies arise. You should stockpile about 3-6 months worth of expenses into this account.

Using different sub accounts for each savings goal we have enables us to earmark our money and spend it as we see fit. When we put our money in a specific account, then it gets used for a specific purpose—it doesn’t just get blown and wasted.

Using sub accounts and designating how our dollars will be spent is one of the most powerful strategies we can apply in becoming masters of our money!

Note: Your retirement savings and investments should be held with a brokerage firm outside of your operating and holding banks. I recommend Vanguard, Fidelity, or Charles Schwab. All of them have low cost index funds that have a strong performance record. 

The investment and retirement options offered through your bank are normally expensive mutual funds with slouchy track records.

Click here to learn the best way to invest for long time horizons. 

#3: Automate Your Accounts

The third step to banking like a boss is to automate your savings.

At the first of every month, money from my operating bank is automatically funneled into each of my sub-savings accounts within my holding bank. Now that these transfers are in place, I’m getting closer to each of my savings goals automatically, month after month, without having to remember to set money aside!

This is precisely how people get rich automatically. When you don’t see the money—when it’s automatically withdrawn from your checking account and pushed into specific savings goals—you will never miss it. You will however, be amazed at how fast you’re accomplishing your saving goals.

Automating your savings is precisely how you can guarantee you’ll be able to take your family on vacation or buy that fancy car.

How To Setup Automation That Guarantees Success

Setting up this automation process isn’t difficult at all. In fact, with my credit union and my Capital One 360 account, automating all of my savings goals is just a few clicks away. 

In order to determine the amount of your automatic transfers, simply back into what your monthly savings need to be.

For example, let’s say in 3 years you want to take your family on a vacation that will cost $5,000. That means you need to save $1,667 a year or about 140 bucks a month.

If you automate your savings, and have $140 automatically transferred from your checking account to your vacation fund every month, then I guarantee that you’ll have $5,000 three years from now.

Awesome how that works!




Well, there you have it. Now you know how to bank like a boss! Use these three simple strategies to revolutionize your banking, get the most out of your money, and guarantee saving success for your financial goals.

Action Steps

Knowing how to bank like a boss is different than actually banking like a boss. Take action!

Open an operating bank for immediate cash needs. I use and recommend Mountain America. Use this link to get $100 when you open an account. (Affliate link)

Open a separate bank to hold your savings. It’s simple. I use and recommend Capital One 360. Use this link to get $25 for free when you sign up. (Affiliate link)

Create sub-savings accounts for each of your intermediate financial goals within your holding bank.

Automate! The key to guaranteeing you’ll have enough saved for your financial goals, is automating your savings.  

Please share! If you found this content to be valuable, then please share it with your friends and help us spread the word on how to achieve financial freedom!

Please comment! Please let me know what you think—what you liked, what you didn’t, any questions you have, or future topics you would like to see discussed. I want this to be about YOUR financial freedom! I want to provide answers to what YOU need help with!

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