How many of you have gone to a one stop shop for your investments and banking? Like

[DrRoy]

We have Fido and Chase. Occasionally we need a local bank branch to get something done.

 

[MBAustin]

As part of working on our estate plans this year, we moved two traditional IRAs (both started in the 1980s) from the mutual fund companies they were with into our Vanguard accounts, and also moved some stock I inherited from Computershare to Vanguard (interestingly, much easier than changing the account at Computershare). Still have some $$ with Schwab and checking/MM at BoA as well as an HSA at HealthEquity. But much simpler and more flexible for rebalancing all around.

 

[Ramen]

Bumping this thread to ask about going the other direction, from all in one to maybe two or three. From the previous replies, I see a case can be made for going either way!

For many years I've had everything at Schwab -- brokerage and checking. Only my credit card is separate.

Now I'm pondering going back to having a local checking account for all of my daily and monthly spending money. Instead of feeding my Schwab checking account with monthly brokerage transfers, I would feed the local checking account.

This new account would come with a credit card from the local bank, giving me a backup, which I haven't had in decades.

All of this would contradict my usual approach of keeping things as simple as possible.

This thought started with my idea to get just a second credit card for online shopping and apps only, perhaps with a lower limit.

For ages, I've been using virtual account numbers (VANs) for this after having my card number stolen and used for a $500 spree. But VANs are a hassle to generate and keep track of. With a separate online shopping card, I could worry less about a single card being compromised and potentially stranding me while a new card is sent.

Just thinking out loud here. Looks like I'm in the minority having such a simple setup for the past 10-15 years. But maybe it's worth the extra logins to have some redundancy?

 

[Montecfo]

I find value in having a brick and mortar local bank for checking. They can provide services more conveniently than your broker.

I have one and have a standby HELOC there as well. My mortgage is with a different institution, a practice I also favor.

 

[PatrickA5]

Bumping this thread to ask about going the other direction, from all in one to maybe two or three. From the previous replies, I see a case can be made for going either way!

For many years I've had everything at Schwab -- brokerage and checking. Only my credit card is separate.

Now I'm pondering going back to having a local checking account for all of my daily and monthly spending money. Instead of feeding my Schwab checking account with monthly brokerage transfers, I would feed the local checking account.

This new account would come with a credit card from the local bank, giving me a backup, which I haven't had in decades.

All of this would contradict my usual approach of keeping things as simple as possible.


Just thinking out loud here. Looks like I'm in the minority having such a simple setup for the past 10-15 years. But maybe it's worth the extra logins to have some redundancy?

I used to have a FIDO one-stop-shop. Earlier this year, I decided to go back to a B&M bank for everyday spending. Now, all of my retirement investments are at FIDO and all of my daily spending money flows through Chase. I went ahead and set up a Chase brokerage account so my spare cash-flow money could still get decent interest (SPRXX).

I still have the $50K at Ally - which will be going back to FIDO after the bonus. DW still has an outside 401K that will also be moved to FIDO early next year. At that point, we'll be a real two-stop-shop.

 

[Midpack]

I find value in having a brick and mortar local bank for checking. They can provide services more conveniently than your broker.

We do as well for checking only, but I often wonder how long before the big banks decide we’re not worth having as a customer. We’re required to keep a balance greater than $1500 but there are no fees, we have debit cards, access to brick-n-mortar and ATM locations all over, very handy autopay controls for bill paying and all sorts of online services. Nothing in it for them that I can see?

 

[OldShooter]

I find value in having a brick and mortar local bank for checking. ...

Yes, we are 100% at Schwab except for DW's Wells Fargo checking account. This is handy when have need to get or deposit cash and gives us a second debit card for use at ATMs when we travel. Technically it is a joint account, as is my checking account at Schwab, but neither of us do anything with the other's account. I don't think she is paying any fees at Wells.

 

[523HRR]

Schwab + Fidelity + TD Ameritrade + Vanguard

 

[Badger]

Vanguard
Schwab (was TD Ameritrade a week ago)
Local CU

Cheers!

 

[jazz4cash]

We do as well for checking only, but I often wonder how long before the big banks decide we’re not worth having as a customer. We’re required to keep a balance greater than $1500 but there are no fees, we have debit cards, access to brick-n-mortar and ATM locations all over, very handy autopay controls for bill paying and all sorts of online services. Nothing in it for them that I can see?

That’s how I feel. I consider banking and brokerage separate skills and prefer to have an institution that prioritizes each activity. My brick and mortar that I almost never step into has incredible billpay. I did need a 10k certified check recently and they charged me $15. Not too happy about that.

 

[Qs Laptop]

Fidelity for all retirement and investment accounts. Use a local bank for checking and small savings accounts.

It is easier to have all the retirement and investment accounts in one place.

This will be my status after I bring my final TD Ameritrade account over to Fidelity. I am waiting for my last stock sale from yesterday to settle and then will bring it over before TD migrates to Schwab.

 

[matjung]

everything at Fidelity or Schwab. I am very tempted to do this since it is so simple and less paper work.

That sounds not like me.
I play multiple strategies at multiple shops. If one shop pisses me off, it is easier to move my assets away.

 

[foxfirev5]

Fidelity
Vanguard
Treas Direct
Ally Bank
Local B&M
Empower - Old RMSA account
Optum HSA Acct
ViaBenefits HRSA Acct

The only simplification I see the eventual closing of the last three accounts as funds are depleted. I'll keep Fido and VG for brokerage and two banks linked to Treasury direct as long as I have that account. All in all it's pretty simple.

 

[FloridaJim57]

IRA with Vanguard, checking and savings with Bank of America. That's it.

 

[rayvt]

Hard to see keeping everything at one place, not when they all will pay you a bonus of several hundred dollars to open an account and/or move money.


We keep $500 to $1000 at several local B&M banks, just because we can walk in and get cash immediately. And because you can get services like guaranteed signature, deposit box, etc.

 

[Sanstar]

USAA for banking and insurance.
Fidelity for investments.
One SW Chase card for day to day expenses for SW mileage. Paid in full before due date each month so no fees or interest charges.

 

[MSDalt]

BofA / ML

We have accounts at several brokerages to take advantage of the best at each.
Although I am not fond of the brokerage restrictions at ME, we have linked our brokerage account with a BofA checking account and maintain sufficient balances to achieve Platinum Preferred status ($100K, as I recall).
Consequently, our no-fee BofA credit card is eligible for 75% extra bonus rewards. We select a spending category each month to receive a 3% reward on expenditures. With the 75% bonus, that provides a total 5.25% cash rebate for up to $2,500 in purchases each quarter.
We have not found a better rebate program for a credit card.

 

[big-papa]

Happy with my credit union for banking.

Been consolidating everything else over the years, slowly, to Fidelity. The only things not there yet are:

Corporate sponsored HSA at HealthEquity - this is where my withholdings from my paychecks land, but I immediately move them over to my Fidelity HSA. Will close it upon retirement in a few months.

Vanguard/TD Ameritrade - corporate sponsored 401K with brokerage option. Upon retirement and after all of the true-ups are done, will move all of this over to my rollover IRA at Fidelity. This won't be completely done until summer 2024.

TreasuryDirect for Ibonds and T-Bills - self explanatory

Before all of this, the following over the last several years

Former employer moved a deferred comp account I had from one custodian to Fidelity a couple of years ago, but final payout happened in early 2022, so that one's done.

I closed a taxable account I had at Vanguard several years ago to consolidate.

I closed a taxable account I had a Schwab about a decade or so ago to consolidate.

Totally comfortable with everything at Fidelity.

Cheeers.

 

[smalltownguy1]

Schwab since I was 20 (52 now) only thing I don’t have atSchwab is thrift savings program from military service.
I do have a local bank so when I get a small check I can cash it-keep it opened as I have to have an account to keep my safety deposit box .