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?