Chase You Invest for Taxable Account

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keyfort
Posts: 177
Joined: Thu Apr 04, 2019 12:46 pm

Chase You Invest for Taxable Account

Post by keyfort »

What are your opinions on Chase You Invest as the platform for a taxable brokerage account where you want to do it completely yourself? Considering that:

a) Trades are free once you have a high enough balance
b) Apparently Vanguard Admiral shares are available (?!) seems crazy to me
c) Again, with enough invested, there are additional perks from Chase
d) You can walk into any branch, which are everywhere, to talk to someone in person - can't do this with Vanguard

I guess maybe the Vanguard bonds aren't available now I think about it, but would be very interested to hear others' views..
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fortfun
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Re: Chase You Invest for Taxable Account

Post by fortfun »

What are the fees/ERs? If you talk to someone at Chase, they are probably going to try to get you into a product that benefits them. I trust Vanguard and will keep my aftertax investing with them.
Topic Author
keyfort
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Re: Chase You Invest for Taxable Account

Post by keyfort »

As far as I can tell, if you invest in a Vanguard ETF through Chase You Invest.. I mean what fees are there in that? I think it's pretty much free but I'm not sure.
Topic Author
keyfort
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Re: Chase You Invest for Taxable Account

Post by keyfort »

Also I haven't been given the hard sell there and was told I can use You Invest and just leave it at that.
DonIce
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Re: Chase You Invest for Taxable Account

Post by DonIce »

I just moved my account there for the opening bonus. Seems fine so far. Free commissions. The website is a bit primitive but that's no problem for buy and hold investing.
fiddleleaf
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Re: Chase You Invest for Taxable Account

Post by fiddleleaf »

Been with them since last year, lot of misinformation on them so I'll clear it up. VTSAX with no minimum, if you wanted to you could buy $19 worth to start. No trade fees on that, or ETF/Stock trades (I went with Sapphire banking to consolidate), and they have every fund imaginable. I think folks are missing that it's a self managed brokerage account like Merrill Edge, not a managed fee pushing circus
Topic Author
keyfort
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Re: Chase You Invest for Taxable Account

Post by keyfort »

fiddleleaf wrote: Fri May 10, 2019 12:29 am Been with them since last year, lot of misinformation on them so I'll clear it up. VTSAX with no minimum, if you wanted to you could buy $19 worth to start. No trade fees on that, or ETF/Stock trades (I went with Sapphire banking to consolidate), and they have every fund imaginable. I think folks are missing that it's a self managed brokerage account like Merrill Edge, not a managed fee pushing circus
Wow, thank you. Sounds very good.

Is that VTSAX as in the mutual fund, or the ETF?
fiddleleaf
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Re: Chase You Invest for Taxable Account

Post by fiddleleaf »

keyfort wrote: Fri May 10, 2019 3:04 am
fiddleleaf wrote: Fri May 10, 2019 12:29 am Been with them since last year, lot of misinformation on them so I'll clear it up. VTSAX with no minimum, if you wanted to you could buy $19 worth to start. No trade fees on that, or ETF/Stock trades (I went with Sapphire banking to consolidate), and they have every fund imaginable. I think folks are missing that it's a self managed brokerage account like Merrill Edge, not a managed fee pushing circus
Wow, thank you. Sounds very good.

Is that VTSAX as in the mutual fund, or the ETF?
They have both available with no fees. I went with VTSAX but VTI is there too. VTIAX etc. also there with no fees or minimum to invest, I started that one with around $43 since it was a no account and it went through just fine.
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Earl Lemongrab
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Re: Chase You Invest for Taxable Account

Post by Earl Lemongrab »

keyfort wrote: Thu May 09, 2019 8:07 pm d) You can walk into any branch, which are everywhere, to talk to someone in person - can't do this with Vanguard
That's certainly not true. Not only are there no branches in my city, there are none in the entire state.
Dead Man Walking
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Re: Chase You Invest for Taxable Account

Post by Dead Man Walking »

Most Vanguard mutual funds are available on the YouInvest platform. Since I was a Premier account holder, I established a YouInvest account shortly after it was introduced with a beginning balance of $10. Once the account was established, I played around with the platform before I made a significant investment. I prefer mutual funds to ETFs because I prefer to dollar cost average with a dollar amount. After establishing an account, you can go to the Find investments tab and select mutual funds. Under mutual funds, choose the filter for mutual fund providers, scroll down to Vanguard to select one of the 141 funds listed. Over 3,200 funds are available on the platform.

Others have stated that the platform is primitive. Since I research funds using independent sources, I can’t comment about the features of the platform; however, I find it excellent for buying and selling mutual funds. If you are an index fund investor, the platform is as good as any other.

DMW
Topic Author
keyfort
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Re: Chase You Invest for Taxable Account

Post by keyfort »

Sounds pretty good then. I wonder if there'll be a rush on it and they'll make it 'worse' somehow e.g. higher fees
Dandy
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Re: Chase You Invest for Taxable Account

Post by Dandy »

I know nothing about this account. As a general rule big brick banks offerings are usually good for them but not good for their customers. I would look to Vanguard, Fidelity, Schwab, for mutual funds/brokerage accounts. My limited experience is that a good deal from big brick banks is rare but possible so you are wise to get some feed back before jumping in.
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Earl Lemongrab
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Re: Chase You Invest for Taxable Account

Post by Earl Lemongrab »

keyfort wrote: Sat May 11, 2019 3:14 am Sounds pretty good then. I wonder if there'll be a rush on it and they'll make it 'worse' somehow e.g. higher fees
Why does that matter? You just move somewhere else with better pricing. In general, the trend of fees is lower, not higher.
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magicwaltz
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Re: Chase You Invest for Taxable Account

Post by magicwaltz »

I've been using Chase YouInvest as my primary brokerage account for a few months. Although their website provides limited information, their UIs looks better than Vanguard and Fidelity IMHO. As other posts have already mentioned, most of the Vanguard funds and ETFs are available, even the admiral shares. There are also some downsides, some of the admiral funds are incorrectly listed as zero minimum investment. Furthermore, those admiral funds are actually not tradable. For example, when I saw VMLUX and VCLAX have zero minimum investment, I was pretty confused because Vanguard says their minimum investment is 50k. I tried to buy them to see if that's a bug in their system, and an error occurred. I tried again with more than 50k and it still prompted an error. That being said, these admiral funds are actually not tradable, and I don't understand why Chase made them searchable in the first place.
smectym
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Re: Chase You Invest for Taxable Account

Post by smectym »

I'm on the platform. Hate the name "You Invest" but apart from that agree with the positive or reassuring comments above. No hard sell, no hidden fees, no big bank horror story.
classicindexer
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Re: Chase You Invest for Taxable Account

Post by classicindexer »

magicwaltz wrote: Sat May 11, 2019 2:45 pm I've been using Chase YouInvest as my primary brokerage account for a few months. Although their website provides limited information, their UIs looks better than Vanguard and Fidelity IMHO. As other posts have already mentioned, most of the Vanguard funds and ETFs are available, even the admiral shares. There are also some downsides, some of the admiral funds are incorrectly listed as zero minimum investment. Furthermore, those admiral funds are actually not tradable. For example, when I saw VMLUX and VCLAX have zero minimum investment, I was pretty confused because Vanguard says their minimum investment is 50k. I tried to buy them to see if that's a bug in their system, and an error occurred. I tried again with more than 50k and it still prompted an error. That being said, these admiral funds are actually not tradable, and I don't understand why Chase made them searchable in the first place.
Did you try to buy any Vanguard admiral shares that require a $3k initial minimum purchase with less than $3k in You Invest and if so did the trade go through?
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magicwaltz
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Re: Chase You Invest for Taxable Account

Post by magicwaltz »

classicindexer wrote: Sat May 11, 2019 10:00 pm Did you try to buy any Vanguard admiral shares that require a $3k initial minimum purchase with less than $3k in You Invest and if so did the trade go through?
My purchase of VTSAX and VTIAX went through without any issues and hidden fees. I didn't try with less than 3k though as these two funds on You Invest have the minimum investment listed correctly. I only tried those with zero minimum investment because I wanted to see if that's a bug. So some admiral shares are tradable while others aren't.
classicindexer
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Re: Chase You Invest for Taxable Account

Post by classicindexer »

magicwaltz wrote: Sun May 12, 2019 12:22 am
classicindexer wrote: Sat May 11, 2019 10:00 pm Did you try to buy any Vanguard admiral shares that require a $3k initial minimum purchase with less than $3k in You Invest and if so did the trade go through?
My purchase of VTSAX and VTIAX went through without any issues and hidden fees. I didn't try with less than 3k though as these two funds on You Invest have the minimum investment listed correctly. I only tried those with zero minimum investment because I wanted to see if that's a bug. So some admiral shares are tradable while others aren't.
Ok good to know, thank you.
LocusCoeruleus
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Re: Chase You Invest for Taxable Account

Post by LocusCoeruleus »

*+Just did a mock trade for $0.01 for VTSAX and it seems it would go through:

Image
classicindexer
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Re: Chase You Invest for Taxable Account

Post by classicindexer »

LocusCoeruleus wrote: Sun May 12, 2019 8:51 am *+Just did a mock trade for $0.01 for VTSAX and it seems it would go through:

Image
Thank you for checking on that. I think VTIAX is also available with a $0 initial minimum purchase based on a phone call I previously had with You Invest customer service. I found an old copy of the Chase You Invest mutual funds list and a lot of the Vanguard funds do show a $3,000 minimum.
LocusCoeruleus
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Re: Chase You Invest for Taxable Account

Post by LocusCoeruleus »

Just tried a mock trade for tot intl (vtiax) - seems to work for $0.01.

Between this and the above post, here is my $0.02: :happy

Image
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magicwaltz
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Re: Chase You Invest for Taxable Account

Post by magicwaltz »

LocusCoeruleus wrote: Sun May 12, 2019 8:51 am *+Just did a mock trade for $0.01 for VTSAX and it seems it would go through:

Image
I can't remember if the error I saw was before or after I clicked the "Place Order" button. I can't test it now because I already have more than $3k in those two funds (VTSAX and VTIAX), my new order will get through anyway.
classicindexer
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Re: Chase You Invest for Taxable Account

Post by classicindexer »

magicwaltz wrote: Sun May 12, 2019 12:18 pm
LocusCoeruleus wrote: Sun May 12, 2019 8:51 am *+Just did a mock trade for $0.01 for VTSAX and it seems it would go through:

Image
I can't remember if the error I saw was before or after I clicked the "Place Order" button. I can't test it now because I already have more than $3k in those two funds (VTSAX and VTIAX), my new order will get through anyway.
It looked like VTSAX and VTIAX have a $0 initial when I tried a mock invest of $1 (no error about not meeting minimum or fund not being available in my account) and when I called Customer Service a few weeks ago they said the same about the $0 initial for those two funds.
fiddleleaf
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Re: Chase You Invest for Taxable Account

Post by fiddleleaf »

Yes as I've already said, you can buy $1, $34, or $289 to start with VTSAX, VTIAX, VFIAX etc. Many Admiral funds have no minimum at Chase. I don't see why folks would invest anywhere else, honestly.
Cyanide123
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Re: Chase You Invest for Taxable Account

Post by Cyanide123 »

Can you automate things and have monthly mutual fund purchases in fixed amounts automatically on Chase?
classicindexer
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Re: Chase You Invest for Taxable Account

Post by classicindexer »

Cyanide123 wrote: Mon May 13, 2019 8:43 am Can you automate things and have monthly mutual fund purchases in fixed amounts automatically on Chase?
I only have a taxable brokerage and you can’t automate trades. I can only automate a monthly transfer from my Chase Checking or savings into the You Invest cash/sweep account. Then I have to manually buy mutual funds. I think this is the same for IRAs too. Once the money is in the cash account, placing a trade is pretty quick online or via the Chase mobile app.

I called Customer Service and asked about this for an IRA and they said they could setup a monthly automatic transfer and trade on their end and that special type can only be changed over the phone.
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Earl Lemongrab
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Re: Chase You Invest for Taxable Account

Post by Earl Lemongrab »

fiddleleaf wrote: Sun May 12, 2019 10:47 pm Yes as I've already said, you can buy $1, $34, or $289 to start with VTSAX, VTIAX, VFIAX etc. Many Admiral funds have no minimum at Chase. I don't see why folks would invest anywhere else, honestly.
I prefer ETFs, so the fund buying there doesn't matter to me.
ulladulla28
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Re: Chase You Invest for Taxable Account

Post by ulladulla28 »

Just posted this in another thread as well, but FYI, no matter what your cost basis selection - you will not be able to sell specific lots of mutual fund shares on you invest. Per Chase: " Unfortunately, you are not able to select tax lots when selling a Mutual Fund. Sell orders for Mutual Funds are executed as a First In First Out basis."
ma21n2
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Re: Chase You Invest for Taxable Account

Post by ma21n2 »

fiddleleaf wrote: Sun May 12, 2019 10:47 pm Yes as I've already said, you can buy $1, $34, or $289 to start with VTSAX, VTIAX, VFIAX etc. Many Admiral funds have no minimum at Chase. I don't see why folks would invest anywhere else, honestly.
Have things changed since May? Just tried VTSAX and it shows $3000 minimum. Also tried VCADX (CA muni admiral shares)—it shows $0 minimum but then when I try to buy it says you can’t buy them.
sschoe2
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Re: Chase You Invest for Taxable Account

Post by sschoe2 »

I was curious about peoples' experience. I just noticed whenever I look at my transactions now at Chase and I send money to Vanguard there is a now a note to try investing with Chase instead. I have no plans to drop Vanguard but it is nice to have another option.


Here is what it looks like:
Description: VANGUARD BUY INVESTMENT (number deleted) WEB ID: VMC PUR
(+)Try investing with J.P. Morgan

With more information on the (+)
arf30
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Re: Chase You Invest for Taxable Account

Post by arf30 »

Wow, an advertisement in a checking account transaction ledger is something I've never seen before.
DesertMan
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Re: Chase You Invest for Taxable Account

Post by DesertMan »

My primary brokerage is M1 but I also use You Invest to get free checking at Chase. I am impressed with You Invest. Together with Chase Bank, it is a compelling one stop shop for someone who doesn't need fancy brokerage features. There's a great selection of mutual funds including Vanguard Admiral and PIMCO. There are aggressive bonuses to win your business.
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