Author Topic: What mix of accounts do we need?  (Read 955 times)


  • 5 O'Clock Shadow
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What mix of accounts do we need?
« on: November 12, 2019, 09:06:15 AM »
I've been reading through the forums and trying to figure out how I need to change our accounts to make the most of our savings/investments.
It sounds like Vanguard and Fidelity accounts are popular among Mustachians. I'm willing to switch, but I'm hoping to have the fewest number of accounts possible (or at the fewest number of providers--a bunch of Fidelity accounts would be ok).

Here's what we have:

Bank of America: Checking and Savings
We would be willing to change this, but would need a good reason, because I have a lot of bills coming out of this checking acct automatically. 

etrade: IRAs (my Roth IRA, DH's roth IRA and his rollover Traditional IRA) I also need to open a traditional IRA and fund that instead of the roth.
All these accounts are in VFIAX. Would there be an advantage in moving these to Vanguard or Fidelity?

Fidelity: 401k, mostly in FXAIX
This is just where DH's employer has 401Ks. It's a brokeragelink account where we can invest in anything Fidelity offers.

We don't have a choice about HSA Bank, but I can transfer the balance to a Fidelity HSA to invest it. Otherwise, HSA Bank would require us to open an account with TD Ameritrade in order to invest.

Schwab: brokerage acct and investor checking
The user interface for Schwab drives me nuts. We really only use this to transfer funds from Germany, because they give a great exchange rate. We don't use the brokerage account.

We need to add a traditional IRA for me, and a brokerage account that we'll actually be using. We also need to open savings accounts for our three kids.
Is there anything we can switch around to make things simpler in the long run? DH will likely stay at his job until FIRE, so we'll have the HSA Bank and Fidelity 401k accounts because that's what his employer offers.


  • Walrus Stache
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Re: What mix of accounts do we need?
« Reply #1 on: November 12, 2019, 11:03:23 AM »
I personally would consolidate all non-work related investment accounts to either Vanguard or Fidelity. Both for ease of use, and also because you're probably paying extra fees having the etrade account. Look into what either would do re the Germany stuff, if you can get rid of Schwab that would be easier in the long run for you.

I have Vanguard (IRA and Roth IRA), prudential (work 401k), Optum (work HSA), Chase (checking/savings), Ally (better savings). I previously consolidated 2 other HSAs into the Optum, mostly just to get it all in one place.

RE moving HSA stuff - there's some tricky IRS rules about direct transfers, so look those up.