WCI #439: Where to Bank and How to Save for Big Purchases

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Oct 2, 2025

Listeners dive into whether to switch to a local bank after moving. They explore the best options for saving for big purchases, emphasizing money market funds over traditional savings accounts. There’s helpful advice on managing 401(k) rollovers when changing jobs, and how to handle gifted single stocks like Apple. The challenges of aging loved ones and their driving abilities prompt thoughtful conversation. Lastly, advice around Public Service Loan Forgiveness ensures listeners are making informed financial decisions.

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ADVICE

Keep Both Local And National Accounts

Keep a convenient local checking account for in-person needs like notary and talking to bank staff.
Keep a national/online account for continuity and convenience rather than moving everything to a local bank.

ADVICE

Park Cash In High-Yield Money Markets

Put liquid savings and emergency funds in high-yield venues like brokerage money market funds rather than low-rate local savings accounts.
Use Vanguard, Fidelity, or Schwab money market funds to earn ~4% while keeping funds very liquid and safe.

ADVICE

Let Mortgage Needs Dictate Local Banking

Prioritize finding a good physician mortgage lender and follow their account requirements if needed.
Open a local bank account only if the lender requires it; don't let mortgage relationships drive where all your assets sit.

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Today we are answering a variety of listener questions. We start out talking about if it is important to have a bank with a branch where you live. If you live in a smaller town should you move from a national or online bank to a smaller local bank or credit union? We then talk about how to save up for big purchases. If you have a big cost coming up like buying a house or a boat where should that money sit while you save up? We then spend some time talking about what to do with your retirement accounts when you move states. We answer a question about diversifying out of Apple stock, then discuss the challenges around what to do when your parents should no longer drive their car. Finally we discuss if you should try to get PSLF.

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The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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00:00 WCI Podcast #439 02:01 Where Should You Bank? 11:03 Best Place to Keep Cash 17:07 Switching Jobs & Moving 26:22 Capital Gains in a UTMA 31:00 When to Give Up Driver's License 34:00 PSLF vs. Paying Off Student Loans