stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,610
Hi All,
We currently have accounts with Fidelity, Vanguard, BB&T, and Navy Federal CU. Also an account with local PenFed CU only for access to their safety deposit boxes.
BB&T was because we used it when we lived in Virginia, and when pulling the plug and moving to Florida, BBT was available in Florida, as well. All non-rental income goes into BB&T and most bills (mainly credit card) are paid via BBT automatically. Funds left over (hard to break the saving habit) go to Fidelity via funds transfer. No issues with this process. If I eliminated one financial institution it would be BB&T because they pay no interest on checking, have uncompetitive CD rates, and have nothing I need locally.
NFCU is used for rental income, just as a basic way to keep this income stream separate. NFCU has very good CD rates in normal markets, and has many local branches, but has no safety deposit boxes. I would be OK shifting the rental income and maintenance account to another institution, but would keep NFCU for the better CD rates and availability of branches.
Fidelity is our go to for investing - they hold all our mutual funds except Vanguard. I like their service and their offerings. If we further simplify, then would want Fidelity to be the core institution. My rep there says they can set up separate Cash Management accounts.
Vanguard is OK, and we maintain some IRA accounts (about 30% of all IRA) there, but I find their processes a bit clunky.
So:
- since BB&T does not offer anything we need that Fidelity cannot supply, we don’t need them (gold star signature thing?)
- since we can have multiple separate account structures with single login at Fidelity, don’t need that function at NFCU
- since Vanguard is only long term IRAs, and I can track that via Fidelity’s system, I don’t need to do anything there
- keep local PenFed CU for the safety deposit box
Does this sound reasonable? Any issues - other than the PITA to shift auto payment stuff to Fidelity?
As always, thank you for your thoughts.
We currently have accounts with Fidelity, Vanguard, BB&T, and Navy Federal CU. Also an account with local PenFed CU only for access to their safety deposit boxes.
BB&T was because we used it when we lived in Virginia, and when pulling the plug and moving to Florida, BBT was available in Florida, as well. All non-rental income goes into BB&T and most bills (mainly credit card) are paid via BBT automatically. Funds left over (hard to break the saving habit) go to Fidelity via funds transfer. No issues with this process. If I eliminated one financial institution it would be BB&T because they pay no interest on checking, have uncompetitive CD rates, and have nothing I need locally.
NFCU is used for rental income, just as a basic way to keep this income stream separate. NFCU has very good CD rates in normal markets, and has many local branches, but has no safety deposit boxes. I would be OK shifting the rental income and maintenance account to another institution, but would keep NFCU for the better CD rates and availability of branches.
Fidelity is our go to for investing - they hold all our mutual funds except Vanguard. I like their service and their offerings. If we further simplify, then would want Fidelity to be the core institution. My rep there says they can set up separate Cash Management accounts.
Vanguard is OK, and we maintain some IRA accounts (about 30% of all IRA) there, but I find their processes a bit clunky.
So:
- since BB&T does not offer anything we need that Fidelity cannot supply, we don’t need them (gold star signature thing?)
- since we can have multiple separate account structures with single login at Fidelity, don’t need that function at NFCU
- since Vanguard is only long term IRAs, and I can track that via Fidelity’s system, I don’t need to do anything there
- keep local PenFed CU for the safety deposit box
Does this sound reasonable? Any issues - other than the PITA to shift auto payment stuff to Fidelity?
As always, thank you for your thoughts.
