I don't know too much about banks and banking. But to start off, I have a Chase checking account my parents opened for me since 7-8 years ago.
Now that I'm working, I'm helping my parents buy a house. I want the mortgage and housing transactions to occur in a separate account, but I'm not sure if I should open a separate checking account on my Chase account, or open one at a different bank like BoA, Wells Fargo, Citibank, etc.
Also I have to mention that this new checking account will receive cash deposits each month, for the housing payments. So it would be ideal to have a convenient local branch to commute to i.e., Chase, BoA.
The reason I ask is because I've heard that it's generally better to have separate checking accounts at different banks. But I don't know what reason behind it is, and what I've heard might be wrong.
I've done some research comparing these banks but didn't learn much about the benefits besides sign up bonuses, and account maintenance fees. It seems like the rates are somewhat similar, and are not very comparable.
I just want to know what is the best option I have. Should I open another checking account via Chase, or at another bank. If the latter, then which bank is the most reputable or just better for my situation. Also any suggestions is welcomed.