tenant13
Full time employment: Posting here.
Let me start with: I like bank bonuses. It's free money if done right.
So when a few months ago Chase ran a promotion for Private Banking (2k for moving 250k in new money) I moved 150k of Marcus cash to Chase and my entire Brokerage account from Schwab (around 200k). I told the investment advisor at Chase to keep his hands off Schwab stuff so it remained in an unmanaged separate account. But at this point he strong armed me into letting him manage the rest of the money for - you guessed it: 1% lol. I figured that I'll be ok since it was either a pile of cash at Marcus at 1.7% or whatever he could produce + that 2k bonus.
So now the bonus posted and I'm considering my options. I probably let him play for a year to be nice and then either move everything to Schwab or at least to the unmanaged account within Chase. The thing is, in order to trade in this "unmanaged" account you actually have to call him and tell him what to do - then he makes a trade and charges a commission. As if it's 1970. Crazy and it would have been a no brainer to get out of that if it wasn't for the fact that I do like Private Banking benefits.
So finally we get to the question: has any of you figured out the best/cheapest way of retaining those benefits? Does YouInvest qualify for maintaining that 250k balance? If not, my "solution" would be to keep 250k in something simple that can just sit there (it already is mostly Apple that I bought ages ago). So whatever trading I decide to do is minimal.
So when a few months ago Chase ran a promotion for Private Banking (2k for moving 250k in new money) I moved 150k of Marcus cash to Chase and my entire Brokerage account from Schwab (around 200k). I told the investment advisor at Chase to keep his hands off Schwab stuff so it remained in an unmanaged separate account. But at this point he strong armed me into letting him manage the rest of the money for - you guessed it: 1% lol. I figured that I'll be ok since it was either a pile of cash at Marcus at 1.7% or whatever he could produce + that 2k bonus.
So now the bonus posted and I'm considering my options. I probably let him play for a year to be nice and then either move everything to Schwab or at least to the unmanaged account within Chase. The thing is, in order to trade in this "unmanaged" account you actually have to call him and tell him what to do - then he makes a trade and charges a commission. As if it's 1970. Crazy and it would have been a no brainer to get out of that if it wasn't for the fact that I do like Private Banking benefits.
So finally we get to the question: has any of you figured out the best/cheapest way of retaining those benefits? Does YouInvest qualify for maintaining that 250k balance? If not, my "solution" would be to keep 250k in something simple that can just sit there (it already is mostly Apple that I bought ages ago). So whatever trading I decide to do is minimal.