Best Banks as Hub Account for ACH Transfers

Hub AccountPeople 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

American Express Personal Savings Account

You earn a high interest rate within this account along with no minimum deposits or monthly fees. Amex Personal Savings 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, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.

American Express Personal Savings
With the American Express® Personal Savings Account:
• Earn 2.10% APY on your deposits. Your Personal 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.
• No monthly fees, no minimum balance.
• 24/7 Account Access

Ally Bank Online Savings Account

(click on Open Account below)- Nice interest earning account with no monthly fees, no minimum balances, and no minimum deposits.

  • High dollar limitations for ACH transfers – When pushing money from Ally Bank to an external account, your daily limit can be as high as $150K with a maximum limit of $600K per month.  When pulling money from an external account, your daily limit is $250K with a maximum limit of$1 Million per month.
  • 1 business day ACH transfers speed –  The standard transfer speed from Ally to an external bank account is 3 business days. 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.
  • 20 External Linked Accounts – You can add up to 20 external linked accounts for ACH transfers. This is very helpful for those who are constantly moving money around for the highest interest rate.

Ally Bank also give you the option to open an Interest Checking account with no limit on the number of ACH transfers(All Savings & MMA have a maximum of 6 withdrawals per month).

Honorable Mentions

Alliant Credit Union

Fidelity SmartCash

Bottom Line

I’ve personally been using both Amex Savings and Ally Savings 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 Ally Savings to use it as your main Hub account.

Are you currently using a different Hub account? Let us know why and what features are most important to you?

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