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Banking & Investments - One Stop Shop
Old 05-20-2022, 07:25 PM   #1
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Banking & Investments - One Stop Shop

Hi All,

Been a lurker here for years. Real quick question: What does everyone use for managing all of your money?

DW and I feel like we have money spread out all over the place, separate 401ks (Can't do much about that), but 2 separate banks, multiple trading platforms (TDA/Fidelity), multiple ESPP companies, Treasury Direct, etc

What do you all use to try to consolidate some of these accounts going into retirement? Its becoming unbearable to manage for us.

Thanks!
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Old 05-20-2022, 08:30 PM   #2
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We consolidated everything at Schwab and all equity into one fund. Very liberating.
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Old 05-21-2022, 07:34 AM   #3
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BANK CASH, 05% (3 banks and Discover, will consolidate to 2 banks)
SCHWAB, 15% (fun stuff)
SCHWAB IRA, 25% (consolidated 401k's)
SCHWAB S/D, 02% (inherited)
ANNUITIES, 03% (going to cash this year and next)
VANGUARD, 38% (my SEP and 2 Roths)
EQUITABLE, 12% (will rollover to SCHWAB or Vanguard)

That's six institutions, but will be just 4 in a year or two.
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Old 05-21-2022, 07:39 AM   #4
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I like to keep a few things separated.

All investments at VG
All banking at USAA (transaction processing)
CCs not connected to our bank.
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Old 05-21-2022, 07:55 AM   #5
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Major Bank: checking and small savings acct, Visa CC
Credit Union: saving acct./Visa CC
Investment company: brokerage and IRAs

Try to keep it as simple as possible
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Old 05-21-2022, 08:10 AM   #6
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Bank of America/Merrill Lynch for 99% of our stuff. One stop shop.

Pro: Good to have it all consolidated in one place and take advantage of the full relationship benefits
Con: Get aggravated at the "soulless" experience and the politics of BofA
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Old 05-21-2022, 10:00 AM   #7
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We currently are using Fidelity as a one-stop-shop - with the exception of credit cards at numerous places. Used to have cash at Ally, but spent a lot of it and moved the rest to Fidelity where it's MM fund (SPRXX) is approaching .50%. Fidelty's CMA account works very well as a main checking account.
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Old 05-21-2022, 11:32 AM   #8
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Originally Posted by PatrickA5 View Post
We currently are using Fidelity as a one-stop-shop - with the exception of credit cards at numerous places. Used to have cash at Ally, but spent a lot of it and moved the rest to Fidelity where it's MM fund (SPRXX) is approaching .50%. Fidelty's CMA account works very well as a main checking account.
CMA? Can you write checks and bill pay through Fidelity?
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Old 05-21-2022, 12:02 PM   #9
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I moved my account from Morgan Stanley to Fido when I found out they
were charging me $175 to maintain the account.

I moved DW's account from UBS to Fido because UBS was a PITA to get anything done. In the process, I switched her out of some funds with ER's.
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Old 05-21-2022, 12:03 PM   #10
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Quote:
Originally Posted by madatrub View Post
CMA? Can you write checks and bill pay through Fidelity?
I think that's pretty common. I have checking at Schwab Bank. They have bill pay, free transfers between internal and external accounts, debit card with all ATM fees reimbursed worldwide and no Foreign Transaction Fees. They have no-cost overdraft protection, too, where they will draw from the cash balance in a taxable brokerage account. They also offer an Amex card but I don't carry one because mechants hate them and many won't even accept one.

Fido is probably more or less the same. This is a petty competitive market.
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Old 05-21-2022, 12:10 PM   #11
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Originally Posted by OldShooter View Post
I think that's pretty common. I have checking at Schwab Bank. They have bill pay, free transfers between internal and external accounts, debit card with all ATM fees reimbursed worldwide and no Foreign Transaction Fees. They have no-cost overdraft protection, too, where they will draw from the cash balance in a taxable brokerage account. They also offer an Amex card but I don't carry one because mechants hate them and many won't even accept one.

Fido is probably more or less the same. This is a petty competitive market.
thank you! and thanks to all!
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Old 05-21-2022, 02:28 PM   #12
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Fidelity for us.

Cash Management Account: checking, bill pay, instant free wires out, great places to stash cash, great online interface, refund all ATM fees.

2% cash back credit card: love it.

Brokerage: one of the best

401k is also there.
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Old 05-21-2022, 02:41 PM   #13
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Fidelity brokerage, plan on closing bank accounts soon & moving everything from that bank over to Fidelity as well.

Will keep smaller accounts & SDB at the large state credit union that I've had for 30+ years.
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Old 05-21-2022, 02:52 PM   #14
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Brokerage, banking, credit card - Fidelity. Super easy and powerful consolidation.
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Old 05-21-2022, 04:09 PM   #15
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With banking I'm concerned about consolidating and being over the FDIC insurance limit. If you hold money in a personal account and in a revocable trust account where you are both trustee and beneficiary, do you have two separate entities, each protected up to the $250,000 FDIC insurance limit?
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Old 05-21-2022, 04:47 PM   #16
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We had everything at our bank pre retirement.

We were not happy with the fee for service investment advice, the advisors (too much change, too inexperienced, did not listen, etc). We were not happy with the bank service change and interest rates. We were not happy with our broker either.

So we fired both. Consolidated our investments, shopped for a new investment advisory firm. Ten years later...very happy should have done it sooner. Took us six months or so to shop until we both agreed on the firm and and the person.

The bank...now we only have a seniors no fee cheque account. Low balance. All HISA funds kept in a high interest internet bank. And a bank safe deposit box. Even dropped the banks credit card offerings. Prior to that....low interest rates, high S/C's.
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Old 05-21-2022, 05:41 PM   #17
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I use B of A for cash, Merrill Lynch for equities and Fidelity for bonds.

Also a Treasury Direct for I Bonds.
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Old 05-21-2022, 05:48 PM   #18
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Schwab for IRA, ROTH, Brokerage account, brokerage account checking......38 consecutive years of great service.

PenFed for 2% CC, small savings account.

JP Morgan Chase for local checking (free because I am a veteran).

ALLY for SS auto deposits and MM checking.

Treasury Direct for I bonds.
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Old 05-21-2022, 05:50 PM   #19
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All stock investments, MYGA's at Fidelity.
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Old 05-21-2022, 06:13 PM   #20
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Quote:
Originally Posted by OldShooter View Post
We consolidated everything at Schwab and all equity into one fund. Very liberating.
we did the same thing only at JPMorgan. all IRAs and post-tax investments. we kept our three consumer bank accounts as is.
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