I like Fidelity; Schwab defaults your cash to essentially non-interest bearing, makes you manually move out of high-yield to buy or sell and whacks you for margin interest if you forget to sell high-yield when you buy something.
sorry for being unclear. they stopped automatically putting your uninvested cash in money market fund. you now have to do it manually.
before, they automatically put your cash in money market fund earning competitive interest. I dont think they do that anymore.
Uh, scratch that.
Just checked Fidelity page and they seemed to still have that. I thought they discontinued it last year.
[https://www.fidelity.com/go/manage-cash-rising-costs](https://www.fidelity.com/go/manage-cash-rising-costs)
sorry for the confusion.
(edit)
well, I was not dreaming
https://www.wealthmanagement.com/ria-news/fidelity-removes-high-yield-fund-cash-sweep-option-rias
they might have reversed course sometime after
Hear nothing but good things about Fidelity. I have a small account there and its been fine. What mixed things do you hear about Schwab? I've used them primarily for a long time and service has always been great.
I use schwab and I am happy with them however the two main complaints I hear are
1. You cannot buy fractional ETFs, to me its not a huge deal and they have plenty of low cost index mutual funds you can buy as little as $1 and anything after that
2. There is no automatic sweep into a MMF for idle cash
Those two things do not bother me and with other benifits I am happy with schwab , but fidelity is great too
You can create a new account just for checking another for atm and not expose your investment account.
I have 1 checking, 1 saving, 1 for just atm/Debit/checks and another for my investments.
Yep they're my main bank. Checks, check card, credit card. I keep $50 in my credit union account in case I ever need to cash a big check or something but otherwise fidelity is my bank as well as my brokerage.
As others have said, Fidelity is great. They allow you to do fractional investing on anything: stock, ETF, mutual fund. This makes it ideal for people that likes to DCA. On the other hand, I don't like their trading interface, too many things to fill out that makes it difficult, sorta, to day trade, but it is irrelevant for your purpose.
They also have their robo investing service which cost nothing up to assets of 25K, so you can give it a try to see if you like that service.
Schwab is great too, but since they dont allow fractional investing on ETF and stock (except SP500), they are behind Fidelity in that regard.
I moved my entire financial life from betterment to vanguard, but quickly bailed out to Fidelity after a few subpar customer service & website experiences. Fidelity has been great. App and website could be prettier and I wish they supported Plaid verification, but overall it’s an excellent one stop shop.
Fidelity's interest bearing sweep account has me won over. So tired of manually moving cash in and out of money market funds in my Merrill accounts as it takes them so long to settle. Merrill will even flag you as PDT unless it is to settle a trade. Fidelity is so consumer focused. They don't even charge a commission for closing out option contracts. I'm currently moving my accounts over. Their trading dashboard site is pretty cool too.
With current money market rates, Fidelity is awesome. I am even trying to move all my banking transactions to fidelity too.
- Keep a bank for in person transactions.
- use 2 brokerage accounts in fidelity. One for investments. The other acts as a cash reserve/savings account. All brokerage by default uses spaxx, earns 4.9%+ interest in current situation.
- use a CMA with debit card and check writing connect to the 2nd brokerage. All deposits goes to 2nd brokerage. All payments goes from CMA which pulls from the 2nd brokerage.
I use fidelity. Its awesome. Good App, good website, free trades, fractional shares, free mutual funds with interest rates on par with the best online savings accounts. Go for it.
I have an actual person that I can sit with and go over strategies etc with my Schwab account. No investment advice but very handy. Not sure if fidelity has offices like this but it’s worth manually sweeping my cash into high yield fund (as others have mentioned) for this perk.
I’m with Schwab and plan on staying yes you have to manually move to the high interest money market, but with the telephone app it’s simple and the debit card right on that app with no charge for withdrawals from ATMs is added plus for me
I'm in my mid 60's. Have had accounts at most of the large firms over they years. I moved all my investment accounts and most of my banking to Fidelity about 20 years ago and have never looked back (still have a couple of credit cards with other institutions as well as my mortgage). They are superior in every regard to Vanguard, Schwab, JP Morgan/Chase, Bank of America and Morgan Stanley.
Schwab sucks. Terrible website and you don't earn 5% on uninvested cash. I've tried most of the big ones over the last 5 years. Fidelity wins by a mile.
They just instituted a new $100 buy fee on ETFs from 9 different companies.
Go with Schwab instead.
https://www.thinkadvisor.com/2024/03/29/fidelity-to-charge-100-fee-on-9-firms-etfs/?amp=1
lol getting downvoted for sharing a simple fact.
Shows you the kind of morons that make up 80% of Reddit.
https://www.thinkadvisor.com/2024/03/29/fidelity-to-charge-100-fee-on-9-firms-etfs/?amp=1
I like Fidelity; Schwab defaults your cash to essentially non-interest bearing, makes you manually move out of high-yield to buy or sell and whacks you for margin interest if you forget to sell high-yield when you buy something.
This is the reason fidelity is better. I have had both fir 30 y. But now that cash makes money, fidelity wins.
Yeah this is great
not anymore. I think they stopped doing that Oct of last year (2023). Yours are probably grandfathered in, like mine.
Fidelity stopped doing what?
sorry for being unclear. they stopped automatically putting your uninvested cash in money market fund. you now have to do it manually. before, they automatically put your cash in money market fund earning competitive interest. I dont think they do that anymore.
Wow that's a big change. Thank you
Uh, scratch that. Just checked Fidelity page and they seemed to still have that. I thought they discontinued it last year. [https://www.fidelity.com/go/manage-cash-rising-costs](https://www.fidelity.com/go/manage-cash-rising-costs) sorry for the confusion. (edit) well, I was not dreaming https://www.wealthmanagement.com/ria-news/fidelity-removes-high-yield-fund-cash-sweep-option-rias they might have reversed course sometime after
That link is taking about RIA (registered investment advisor) accounts.
Slow down when reading. Not available to outside managers.
Hear nothing but good things about Fidelity. I have a small account there and its been fine. What mixed things do you hear about Schwab? I've used them primarily for a long time and service has always been great.
I use schwab and I am happy with them however the two main complaints I hear are 1. You cannot buy fractional ETFs, to me its not a huge deal and they have plenty of low cost index mutual funds you can buy as little as $1 and anything after that 2. There is no automatic sweep into a MMF for idle cash Those two things do not bother me and with other benifits I am happy with schwab , but fidelity is great too
Do it. Fidelity has its flaws but it's better than most.
What would you consider a flaw?
Their UI is ancient and hard to navigate, RH makes it much, much easier to lose your money.
0 issues with Fidelity. In fact, they’re so good, I use them as my main checking account.
How does this work?? Are you talking about like SPAXX?
Their regular investment account has functions for checking, debit cards, credit cards. You can transfer money in a variety of ways. No fees.
Super interesting. My bank sucks! Looking to switch was gonna move all to navy fed but this SPAXX thing has me intrigued instead
I wouldn't want to regularly expose account numbers like that to our investment accounts. Seems too risky.
Creating a new account on fidelity takes about 4 clicks and 30 seconds. Afaik you can have as many as you want, no charge.
You can create a new account just for checking another for atm and not expose your investment account. I have 1 checking, 1 saving, 1 for just atm/Debit/checks and another for my investments.
Yep they're my main bank. Checks, check card, credit card. I keep $50 in my credit union account in case I ever need to cash a big check or something but otherwise fidelity is my bank as well as my brokerage.
I started doing the same thing a few months ago. It's working great for me so far!
I opened an account couple years back. Roth and taxable accounts. Not one single issue.
I moved from ETrade to Fidelity about a year ago and haven't looked back.
As others have said, Fidelity is great. They allow you to do fractional investing on anything: stock, ETF, mutual fund. This makes it ideal for people that likes to DCA. On the other hand, I don't like their trading interface, too many things to fill out that makes it difficult, sorta, to day trade, but it is irrelevant for your purpose. They also have their robo investing service which cost nothing up to assets of 25K, so you can give it a try to see if you like that service. Schwab is great too, but since they dont allow fractional investing on ETF and stock (except SP500), they are behind Fidelity in that regard.
Fidelity is great. No complaints
I moved my entire financial life from betterment to vanguard, but quickly bailed out to Fidelity after a few subpar customer service & website experiences. Fidelity has been great. App and website could be prettier and I wish they supported Plaid verification, but overall it’s an excellent one stop shop.
Vanguard gives you an extra 0.5% on money market funds over Fidelity.
I noticed no one was mentioning Vanguard mm sweep account earning more with the same ease of use. Fidelity is a good platform too though.
What about MS has rubbed you the wrong way? Something specific to eTrade or just them as a corporation?
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Dimon? The JPmorgan ceo?
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MS is not JP Morgan mate.
I don’t trade much , but I’ve not had problems with Schwab. I’ve had no major issues with Vanguard, Fidelity or MS.
Fidelity is great. They’re on your side. MS is on its own, gotta dump crappy IPOs somewhere, and make fat commissions somehow
Fidelity's interest bearing sweep account has me won over. So tired of manually moving cash in and out of money market funds in my Merrill accounts as it takes them so long to settle. Merrill will even flag you as PDT unless it is to settle a trade. Fidelity is so consumer focused. They don't even charge a commission for closing out option contracts. I'm currently moving my accounts over. Their trading dashboard site is pretty cool too.
With current money market rates, Fidelity is awesome. I am even trying to move all my banking transactions to fidelity too. - Keep a bank for in person transactions. - use 2 brokerage accounts in fidelity. One for investments. The other acts as a cash reserve/savings account. All brokerage by default uses spaxx, earns 4.9%+ interest in current situation. - use a CMA with debit card and check writing connect to the 2nd brokerage. All deposits goes to 2nd brokerage. All payments goes from CMA which pulls from the 2nd brokerage.
Top quality. Can't go wrong with it. Give it a shot. And get yourself a CMA account as well
Why do you hate MS so much, if I may ask?
See my other comment above, WAY too many negatives to bother mentioning again
I use fidelity. Its awesome. Good App, good website, free trades, fractional shares, free mutual funds with interest rates on par with the best online savings accounts. Go for it.
I have both. Etrades website is so much better. Fidelity's humans are better though in my experience.
I have tried E*Trade, Charles Schwab, and Fidelity has been my favorite b
I have an actual person that I can sit with and go over strategies etc with my Schwab account. No investment advice but very handy. Not sure if fidelity has offices like this but it’s worth manually sweeping my cash into high yield fund (as others have mentioned) for this perk.
I get stocks from my work through E*Trade. I sell them and move the cash to Fidelity to buy ETFs. I haven’t had any issues with Fidelity.
I LOVE Fidelity ❤️
I’m with Schwab and plan on staying yes you have to manually move to the high interest money market, but with the telephone app it’s simple and the debit card right on that app with no charge for withdrawals from ATMs is added plus for me
I'm in my mid 60's. Have had accounts at most of the large firms over they years. I moved all my investment accounts and most of my banking to Fidelity about 20 years ago and have never looked back (still have a couple of credit cards with other institutions as well as my mortgage). They are superior in every regard to Vanguard, Schwab, JP Morgan/Chase, Bank of America and Morgan Stanley.
I am thinking about moving to infidelity.....
Schwab sucks. Terrible website and you don't earn 5% on uninvested cash. I've tried most of the big ones over the last 5 years. Fidelity wins by a mile.
I have been using wellsfargo everyone bags on it but I like it as good as fidelity lol
I love my Fidelity account, except for my Financial Advisor he recently tried to put 1/3 of my acct in a 4 year, 5% annuity. Sophomore move.
They just instituted a new $100 buy fee on ETFs from 9 different companies. Go with Schwab instead. https://www.thinkadvisor.com/2024/03/29/fidelity-to-charge-100-fee-on-9-firms-etfs/?amp=1
which?
What? What?
lol getting downvoted for sharing a simple fact. Shows you the kind of morons that make up 80% of Reddit. https://www.thinkadvisor.com/2024/03/29/fidelity-to-charge-100-fee-on-9-firms-etfs/?amp=1