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?
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?I find value in having a brick and mortar local bank for checking. They can provide services more conveniently than your broker.
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.I find value in having a brick and mortar local bank for checking. ...
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?
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.
That sounds not like me.everything at Fidelity or Schwab. I am very tempted to do this since it is so simple and less paper work.