Author Topic: Could case be made for Schwab as "single institution" for your finances?  (Read 940 times)

FrugalFisherman10

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I have been thinking recently about how to consolidate my financial accounts and financial institutions I have relationships with. For simplicity's sake.

I have two former emplyoer 401ks that I have left with those financial institutions. I have a few "extra" accounts here and there that I opened for one purpose or another (schwab checking has no ATM fees for example). In the end, I have roughly 15 financial accounts across Fidelity, Schwab, Vanguard, Wells Fargo, Chase (Credit card), Amex (Credit card), and Bank of America (Credit card).

Ultimately it works for me..doesn't feel that complicated I guess, but damn, that seems like a lot.

Institution   Account Type
Fidelity   Former employer 401k
Fidelity   Taxable brokerage account (shares from former Employer ESPP)
Fidelity   Current 401k with employer
Schwab   Other former employer 401k
Schwab   Checking account (no ATM fees)
Vanguard   Roth IRA
Vanguard   Traditional IRA
Vanguard   Brokerage (Taxable Account)
Wells Fargo   Platinum Savings
Wells Fargo   Preferred Checking
Wells Fargo   Way2Save Savings
Wells Fargo   Free Credit Card they gave me (longest credit line on my report)
Chase   Southwest Card
Bank of America   Free Credit Card (gets 3% back for online purchases)
American Express   Delta Credit Card - free, never use this

My initial idea was to "roll over" my former employer 401ks into my Traditional and/or Roth IRAs held at Vanguard, thereby eliminating an account at Fidelity and an account at Schwab.
But I'd still have the relationship with Schwab if I kept the checking account there that I have open, for the perk of no ATM fees whenever I need it (which is pretty rare. Like as rare as needing a card with no Foreign transaction fees)
And I'd still have the relationship Fidelity since my current employer's 401k is being adminstered there. AHH!

This got me thinking, perhaps I should focus all my accounts into Schwab...hmm..yesss
They are the only one I currently have a relationship with that I could hold all my investment accounts AND my personal banking accounts (checking/savings) with.

They have low cost index funds available, and i could have a Roth IRA (and rollover amounts into it), a Traditional IRA, Brokerage account (actually they already have one open for me ..how convenient..eye roll), AND...AND do all my personal banking!...
The catch - they don't have ATMs everywhere you could deposit cash into 

So I would still need a relationship with some bank that has brick and mortars, like Wells Fargo...and of course I'm still going to have the credit card accounts.

What say you? Anyone else go all Schwab?

MDM

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #1 on: September 04, 2020, 11:18:12 AM »

cchrissyy

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #2 on: September 04, 2020, 11:52:28 AM »
I agree Schwab can do it all, and I'm very happy with their service as a bank as well as on the investing side.

regarding cash, how important is that capability really? I know everybody is different but speaking for myself the only time I might receive enough to put in the bank is at the holidays and frankly, if i don't deposit it the amount is low enough that in only a month or two i can give it all to the cleaning lady, to my kids as lunch money, to restaurants or shops that prefer cash.

FrugalFisherman10

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #3 on: September 08, 2020, 11:05:27 AM »
I agree Schwab can do it all, and I'm very happy with their service as a bank as well as on the investing side.

regarding cash, how important is that capability really? I know everybody is different but speaking for myself the only time I might receive enough to put in the bank is at the holidays and frankly, if i don't deposit it the amount is low enough that in only a month or two i can give it all to the cleaning lady, to my kids as lunch money, to restaurants or shops that prefer cash.
Agreed - it's super rare for me as well. it happened somewhat recently for me, and it was like $400, so I wanted to get it deposited, but yeah I guess I could have just spent that down in other ways.
I am single and don't have a cleaning lady or kids, so it wouldn't have been those types of expenses. But still, just seems weird to me to maybe live a life where I wouldn't be able to deposit cash if I wanted to.

FrugalFisherman10

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #4 on: September 08, 2020, 11:06:10 AM »
See also Fidelity as a one stop shop - Bogleheads.org for another option.
Thanks for pointing me to this. This seems awesome. Going to look into the same question as my post above, about whether I can deposit cash somehow with fidelity if I ever needed to

SpareChange

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #5 on: September 08, 2020, 03:43:03 PM »
I do something like this at TD Ameritrade, which is in the process of being acquired by Schwab. Everything except my 403b is located there. Technically my HSA is through Lively, but all the money is at the associated TD account, so I rarely log in there. I use my taxable account for checking. Don't really ever have cash to deposit. Overall it's been a good experience, but I have a tendency to overvalue simplicity :). 

MDM

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #6 on: September 08, 2020, 03:53:07 PM »
See also Fidelity as a one stop shop - Bogleheads.org for another option.
Thanks for pointing me to this. This seems awesome. Going to look into the same question as my post above, about whether I can deposit cash somehow with fidelity if I ever needed to
For us, the closest Fidelity or Schwab office is a half hour drive.

We'll keep our checking account at the local credit union (5 minute drive) that also offers free notary and Medallion signature guarantees to members.  Physical cash flows can occur at the credit union or local ATMs, while the credit union account is linked electronically to the brokerages.

bloodaxe

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Re: Could case be made for Schwab as "single institution" for your finances?
« Reply #7 on: September 26, 2020, 03:30:54 PM »
See also Fidelity as a one stop shop - Bogleheads.org for another option.
Thanks for pointing me to this. This seems awesome. Going to look into the same question as my post above, about whether I can deposit cash somehow with fidelity if I ever needed to

I use Schwab. To deposit cash, I get a money order at Walmart and then deposit it using the Schwab app.