Is there a bank/broker that offers no credit cards? Are ally.com and vanguard.com good choices?

I'm considering debt settlement, and have been advised to open a bank/brokerage account not owned by one of my creditors. To play it safe, I'd like to find one that offers NO credit cards whatsoever.

Are ally.com and/or vanguard.com good choices? Notes:

  • In some cases, it's easy to identify bank affiliation. For example, I have a Compass credit card, so a Compass bank account wouldn't work.

  • In other cases, however, it's quite difficult. For example, I have a Capital One credit card, so ING Direct won't work, since ING Direct is now owned by Capital Group.

It's the second case I'm worried about. Do ally.com/vanguard.com issue credit cards through some other affiliated company? If so, what are some good non-credit-card-issuing banks?

  • 1
    Have you considered a credit union? – user4127 Mar 9 '12 at 19:34
  • nmefcu.org is a local credit union, but I have a credit card from them as well. – barrycarter Mar 9 '12 at 21:55
  • What about looking into a different credit union? – user4127 Mar 9 '12 at 22:02
  • Are you sure Vanguard offers the services you need? They have a number of low-cost ETFs and mutual funds, but if you're looking for a checking or savings account, they may not be a fit. – ejs Apr 11 '12 at 2:02

I'd say look around your town and find a local bank. As in, a small regional bank. There are thousands of them, so it shouldn't be too hard to find.Then call and ask if they offer a credit card. Some do, some don't. Any national-scale or international bank will, though, as far as I know.

  • "There are thousands of them" ... I'd laugh if it weren't so sad. Most "local" banks I've found (in Albuquerque at least) are owned/operated by the big national banks. – barrycarter Mar 9 '12 at 21:56
  • 1
    @barrycarter here's a list of 380 of them that are listed on the stock exchange. google.com/finance?catid=56630876 – Patches Mar 9 '12 at 22:10

To answer your question, ally.com is a great option. They offer great rates, dead simple application and management website and have great customer support to boot.

From a quick look at their wiki, it doesn't seem like they would venture into credit cards.

  • Ally is a rename of GMAC. They offer credit cards, as do almost all banks. – duffbeer703 Apr 11 '12 at 14:19

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