Best Single Entity for Investments + Cash + Banking

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
Holden42
Posts: 17
Joined: Sun Oct 20, 2019 9:49 am

Best Single Entity for Investments + Cash + Banking

Post by Holden42 »

I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?

My current thought from most likely to least likely below. Would love your feedback:

Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris

Thanks!
retired@50
Posts: 3667
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Best Single Entity for Investments + Cash + Banking

Post by retired@50 »

I can understand the desire to want this kind of simplicity, I'm just not sure it's realistic. I've narrowed my list to two entities by using a "best of breed" approach, a credit union for high yield checking, large ATM network, and cash back credit card, and Vanguard for all investments. I guess if you can write down one username and password, you could write down two... Best of luck.
This is one person's opinion. Nothing more.
livesoft
Posts: 73523
Joined: Thu Mar 01, 2007 8:00 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by livesoft »

Chase You Invest
WellsTrade/WellsFargo
Bank of America / Merrill Edge
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
anon_investor
Posts: 3752
Joined: Mon Jun 03, 2019 1:43 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by anon_investor »

Fidelity might come close but not perfect as Vanguard's sweet/money market funds are better, and Fidelity may lack a couple features of a real bank.
snailderby
Posts: 1260
Joined: Thu Jul 26, 2018 11:30 am

Re: Best Single Entity for Investments + Cash + Banking

Post by snailderby »

There's a thread on using Fidelity as a one stop shop. See viewtopic.php?f=2&t=266538.
arf30
Posts: 745
Joined: Sat Dec 28, 2013 11:55 am

Re: Best Single Entity for Investments + Cash + Banking

Post by arf30 »

If you need physical branches your options are basically BofA, Chase, Wells, Citi. If not, Schwab or Fidelity (their offices don't do banking).
ERguy101
Posts: 158
Joined: Sat Jul 04, 2015 11:09 am

Re: Best Single Entity for Investments + Cash + Banking

Post by ERguy101 »

I use Fidelity for everything.
HomeStretch
Posts: 5197
Joined: Thu Dec 27, 2018 3:06 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by HomeStretch »

As another poster said, Fidelity is likely a close fit but Vanguard has better money market funds and more tax efficient total market mutual funds. Unfortunately Vanguard does not have a cash management account so it cannot handle your banking/bill pay.
ARoseByAnyOtherName
Posts: 1000
Joined: Wed Apr 26, 2017 12:03 am

Re: Best Single Entity for Investments + Cash + Banking

Post by ARoseByAnyOtherName »

You could easily cover all bases with two accounts:

1) Bank of America - a single checking account only with a minimal amount of cash only. Use for cash deposits, anything you might need to walk into a real bank branch for.

2) Fidelity - use for everything else including most cash management with a CMA. You get physical branches and great customer service.

Yes, Vanguard does have slightly better money market rates than Fidelity. You can easily look at your typical cash balance and see how much you stand to gain over Fidelity.

On the other hand Vanguard has legendarily poor customer service and little to no physical branches.

I use the BoA / Fidelity combo above. Sadly I also have accounts with other institutions because of work and other circumstances. I would love to consolidate everything with Fidelity, and actually will one day as soon as I possibly can.
User avatar
Nate79
Posts: 6543
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: Best Single Entity for Investments + Cash + Banking

Post by Nate79 »

We use Schwab. Excellent service and products. The only issue is they do not offer auto sweep to a money market fund but that's a minor detail to me.
fuddbogle
Posts: 58
Joined: Fri Jun 21, 2019 8:35 am

Re: Best Single Entity for Investments + Cash + Banking

Post by fuddbogle »

You can get many Vanguard funds, including MM, through Chase You Invest. Otherwise, Fidelity would be a good option.
aristotelian
Posts: 8282
Joined: Wed Jan 11, 2017 8:05 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by aristotelian »

Merrill Edge + BofA CC is tough to beat. Platinum Rewards bonus on the credit card is probably the single most valuable perk.

Schwab is pretty great for flawless customer service and free ATM withdrawals worldwide.

Fidelity has the best cash management account with interest.

Vanguard has the best mutual fund selection.

M1 has a cool platform.

Tough to pick just one!
User avatar
whodidntante
Posts: 9293
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: Best Single Entity for Investments + Cash + Banking

Post by whodidntante »

Holden42 wrote: Fri Oct 25, 2019 6:08 pm Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris
This is like one of those lists where you are supposed to identify the item that does not below. And it's BMO Harris. :happy

Though if you want a mortgage and a credit card and cash deposits, good luck getting that at some of these places. Please list your requirements.
User avatar
JoMoney
Posts: 9920
Joined: Tue Jul 23, 2013 5:31 am

Re: Best Single Entity for Investments + Cash + Banking

Post by JoMoney »

Vanguard really doesn't offer much in the way of "banking" features, but they have great index funds and probably the best money market fund.

My work 401k is administered by Fidelity, so if I really wanted to consolidate to one, that would be where I had to go... despite that, I really am happy with Fidelity's CMA account for ATM, Bill-Pay, direct-deposit, and other "banking" needs. The refunds on ATM fees and super quick ACH/direct-deposits is hard to beat. Their money-market fund interest rates aren't the best, but aren't bad. Fidelity also has a 2% cash back bonus Visa card and having the CMA account gives me an eligible account to get that bonus.
I don't think I would mind consolidating everything to Fidelity, but I don't see any particular reason to give up my Vanguard account, especially since I prefer their funds.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
User avatar
ruralavalon
Posts: 19741
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: Best Single Entity for Investments + Cash + Banking

Post by ruralavalon »

retired@50 wrote: Fri Oct 25, 2019 6:20 pm I can understand the desire to want this kind of simplicity, I'm just not sure it's realistic. I've narrowed my list to two entities by using a "best of breed" approach, a credit union for high yield checking, large ATM network, and cash back credit card, and Vanguard for all investments. I guess if you can write down one username and password, you could write down two... Best of luck.
That's our approach as well.

We use Vanguard for all investing accounts (joint taxable, 2 Roth IRAs, and my rollover IRA), and a bank with a branch near our home for banking functions (credit cards, debit cards, joint checking account).
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
isira
Posts: 42
Joined: Fri Nov 16, 2018 10:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by isira »

I suppose if I were to consolidate with 1 financial institution, I'd go with Chase Sapphire Checking/Private Client + Chase You Invest + Chase Trifecta Credit Cards.

Personally, I use Schwab as my primary banking and investments and BofA/Merrill Edge with Platinum Honors Preferred Rewards status for in person banking needs and to maximize my credit card cash back potential as I don't care for travel points.
pyld76
Posts: 289
Joined: Thu Feb 09, 2012 4:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by pyld76 »

Holden42 wrote: Fri Oct 25, 2019 6:08 pm I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?

My current thought from most likely to least likely below. Would love your feedback:

Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris

Thanks!
If you don’t require the ability to get large sums of cash (eg, more than a ATM daily max) or deposit cash, Fidelity is the answer. They have better money market rates than Schwab and e-trade. They have a real cash management account, which vanguard has abandoned.

If you do require large cash deposits or withdrawals, pick a local bank or credit union and pair that with Fido.

The caveat to all this is the money market fund, where VG is likely going to be the better deal by default. If Abby Johnson really wanted to knife VG, this is where they’d deploy the next “loss leader.”
Workable Goblin
Posts: 100
Joined: Fri Mar 01, 2019 8:37 pm
Location: Honolulu, HI

Re: Best Single Entity for Investments + Cash + Banking

Post by Workable Goblin »

aristotelian wrote: Fri Oct 25, 2019 10:22 pm Merrill Edge + BofA CC is tough to beat. Platinum Rewards bonus on the credit card is probably the single most valuable perk.
From what I can tell, though, their really lousy cash management options undermine it. Savings account at less than 0.1% interest? I'd have to be charging a looooot of stuff to that credit card to make up for how bad that is compared to a good HYSA or money market fund elsewhere. Does BoA let you buy decent money market funds in your Merrill Edge account, at least?
MotoTrojan
Posts: 10709
Joined: Wed Feb 01, 2017 8:39 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by MotoTrojan »

snailderby wrote: Fri Oct 25, 2019 6:34 pm There's a thread on using Fidelity as a one stop shop. See viewtopic.php?f=2&t=266538.
+1. The only drawback of Fidelity is no brick & mortar bank to walk into for cash deposits/withdrawals so I still have a Wells Fargo account.

I love the CMA account; checking and savings all in one (linked brokerage, CMA is always at $0) with decent interest. I recently moved almost all my investments over as well (still have an M1 Roth), which was quite seamless.
tfunk
Posts: 27
Joined: Sat Apr 02, 2016 11:50 am

Re: Best Single Entity for Investments + Cash + Banking

Post by tfunk »

I would not really want to have just one account for various reasons. Currently I have Vanguard, Chase, Fidelity, and E Trade.

The original poster asked what would be a good account if he only had 1. In that case, I would pick Chase Private Client from this selection.

YouInvest is now available and is a discount broker.
All my Visa Chase credit cards and checking account show up upon sign on - they can be set for autopay so you do not forget
Free domestic and international wire transfers if needed
On line bill pay.
Many physical locations for notary, etc.
Pretty good web site.

Like I say, I do not want to use only one company but if I had to, it would be Chase.
Sage16
Posts: 115
Joined: Sun Mar 27, 2016 11:06 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by Sage16 »

We keep our investment accounts at Vanguard and use ACH to move funds as needed between Wells and Vanguard, and we can get a transfer in 2 business days. We regularly use the services of a brick and mortar bank so dropping that is not an option for us.

HOWEVER.....

I also keep an investment account at Wells Fargo with just enough to get their perks for a PMA checking account AND as a backup in case Vanguard ever has a cyber issue and I can't get to funds for an extended period of time. I just learned and tested that I can purchase and sell for free in my Wells brokerage account, Vanguard Prime MM fund but not the other Vanguard MM funds. It does take 2 days to settle but you get Vanguard MM rates and all the benefits of a brick and mortar bank. I believe Chase YouInvest has a wider option of Vanguard MM funds available but haven't tested it.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.
UpperNwGuy
Posts: 4346
Joined: Sun Oct 08, 2017 7:16 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by UpperNwGuy »

Seems like a lot of folk on this board want to simplify their lives to an extraordinary degree. I'm retired and bank with two credit unions and invest at three brokerages. Dealing with multiple institutions is really not that complicated, and it causes me no stress. However, I would find it stressful to have to identify the best all-in-one solution for my financial life — because none of these institutions is the best at everything.
bikechuck
Posts: 835
Joined: Sun Aug 16, 2015 9:22 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by bikechuck »

Holden42 wrote: Fri Oct 25, 2019 6:08 pm I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?



YIKES! ... you have a much higher risk tolerance than I do. I spent the past 27 years of my career working for a well managed company that offered a 24/7 online service. We put a TON of effort into redundancy, back-up systems etc but we, as all companies do, had occasional outages due to system failures.

I would never risk having a period of time where I had no access to any of my funds because I can easily mitigate that risk by not having all of my eggs with a single provider.
clammyhands
Posts: 28
Joined: Sat Oct 19, 2019 9:36 am

Re: Best Single Entity for Investments + Cash + Banking

Post by clammyhands »

I recently consolidated all my investment accounts with Fidelity once I moved my HSA there. It has been great so far. I still have a checking account for my cash/emergency fund that gets 3% interest which doesn't have an alternative that I can find.
Ferdinand2014
Posts: 1746
Joined: Mon Dec 17, 2018 6:49 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by Ferdinand2014 »

Holden42 wrote: Fri Oct 25, 2019 6:08 pm I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?

My current thought from most likely to least likely below. Would love your feedback:

Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris

Thanks!
Fidelity. I have had everything with them for 22 years. CMA, 529, IRA, SEP, brokerage, Treasury bills at auction. I currently pay $0 for my treasury bill auctions on auto roll, no fees of any sort on my accounts and an expense ratio of .015 on my only current mutual fund - FXAIX (Fidelity 500 index). That works out to about $150 a year on 7 figures of investments. Excellent customer service. Great website. Brick and mortar if you need it.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
Ferdinand2014
Posts: 1746
Joined: Mon Dec 17, 2018 6:49 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by Ferdinand2014 »

JoMoney wrote: Sat Oct 26, 2019 12:04 am Vanguard really doesn't offer much in the way of "banking" features, but they have great index funds and probably the best money market fund.

My work 401k is administered by Fidelity, so if I really wanted to consolidate to one, that would be where I had to go... despite that, I really am happy with Fidelity's CMA account for ATM, Bill-Pay, direct-deposit, and other "banking" needs. The refunds on ATM fees and super quick ACH/direct-deposits is hard to beat. Their money-market fund interest rates aren't the best, but aren't bad. Fidelity also has a 2% cash back bonus Visa card and having the CMA account gives me an eligible account to get that bonus.
I don't think I would mind consolidating everything to Fidelity, but I don't see any particular reason to give up my Vanguard account, especially since I prefer their funds.
I assume you have mostly VFIAX. FXAIX is darn good as well.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
isira
Posts: 42
Joined: Fri Nov 16, 2018 10:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by isira »

Workable Goblin wrote: Sat Oct 26, 2019 11:58 am
aristotelian wrote: Fri Oct 25, 2019 10:22 pm Merrill Edge + BofA CC is tough to beat. Platinum Rewards bonus on the credit card is probably the single most valuable perk.
From what I can tell, though, their really lousy cash management options undermine it. Savings account at less than 0.1% interest? I'd have to be charging a looooot of stuff to that credit card to make up for how bad that is compared to a good HYSA or money market fund elsewhere. Does BoA let you buy decent money market funds in your Merrill Edge account, at least?
Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
User avatar
anon_investor
Posts: 3752
Joined: Mon Jun 03, 2019 1:43 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by anon_investor »

Over the past year I have started to consolidate my investment/banking accounts. At least for me and my needs, I have found it optimal to have 3. I thought about trying to consolidate to one but just could not find 1 place that gave me 100% of what I wanted.

-Vanguard for retirement/taxable brokerage. I much prefer Vanguard funds and like mutual funds to better than ETFs, Vanguard is the best place to have traditional Vanguard mutual funds. Plus the money market funds are much better than other places, including the default sweep account - Vanguard Federal Money Market Fund.

-Ally Bank for FDIC insured high yield savings, CDs and even a checking account. Since transfers between your own accounts at Ally Bank is instantaneous, I literally can have access to all the cash in my savings accounts and CDs via my checking account (debit, ATM, check, ACH) in seconds, so a great place to keep emergency fund cash, keep only $1 in checking, the rest in savings or CDs.

-Very low minimum balance checking account at a local brick and mortar bank. I only keep the minimum balance to avoid a monthly fee. I keep this account for the few things only a local brick and mortar bank can offer me: notary services, medallion signature guarantee, cash deposit, etc.
User avatar
indexfundfan
Posts: 3086
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Best Single Entity for Investments + Cash + Banking

Post by indexfundfan »

isira wrote: Sat Oct 26, 2019 10:13 pm
Workable Goblin wrote: Sat Oct 26, 2019 11:58 am
aristotelian wrote: Fri Oct 25, 2019 10:22 pm Merrill Edge + BofA CC is tough to beat. Platinum Rewards bonus on the credit card is probably the single most valuable perk.
From what I can tell, though, their really lousy cash management options undermine it. Savings account at less than 0.1% interest? I'd have to be charging a looooot of stuff to that credit card to make up for how bad that is compared to a good HYSA or money market fund elsewhere. Does BoA let you buy decent money market funds in your Merrill Edge account, at least?
Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
Can you purchase these money market funds online from Merrill Edge without calling in? Are there any short term redemption fees?
My signature has been deleted.
edge
Posts: 3495
Joined: Mon Feb 19, 2007 7:44 pm
Location: NY

Re: Best Single Entity for Investments + Cash + Banking

Post by edge »

She can’t. Too much of fidelity profit is from cash.
pyld76 wrote: Sat Oct 26, 2019 11:41 am
Holden42 wrote: Fri Oct 25, 2019 6:08 pm I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?

My current thought from most likely to least likely below. Would love your feedback:

Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris

Thanks!
If you don’t require the ability to get large sums of cash (eg, more than a ATM daily max) or deposit cash, Fidelity is the answer. They have better money market rates than Schwab and e-trade. They have a real cash management account, which vanguard has abandoned.

If you do require large cash deposits or withdrawals, pick a local bank or credit union and pair that with Fido.

The caveat to all this is the money market fund, where VG is likely going to be the better deal by default. If Abby Johnson really wanted to knife VG, this is where they’d deploy the next “loss leader.”
pyld76
Posts: 289
Joined: Thu Feb 09, 2012 4:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by pyld76 »

edge wrote: Sun Oct 27, 2019 7:59 am She can’t. Too much of fidelity profit is from cash.
Got a source for that? I’m unaware they break that out anywhere and would be fascinated to read it.

That’s a charge usually leveled at Schwab, who pays like what, 20bps on sweep? Fido is maybe 20-30bps off vanguard already, miles less profitable than Schwab.
User avatar
NewMoneyMustBeSmart
Posts: 417
Joined: Sat Jun 01, 2019 10:28 pm
Location: Midwest

Re: Best Single Entity for Investments + Cash + Banking

Post by NewMoneyMustBeSmart »

I've tentatively decided to use TD for 'everything' - but it's not listed in many things above as a great choice.

Can anyone suggest why TD is deficient compared to the others?
-- | Few are those who see with their own eyes and feel with their own hearts - Einstein
isira
Posts: 42
Joined: Fri Nov 16, 2018 10:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by isira »

indexfundfan wrote: Sun Oct 27, 2019 7:56 am
isira wrote: Sat Oct 26, 2019 10:13 pm
Workable Goblin wrote: Sat Oct 26, 2019 11:58 am
aristotelian wrote: Fri Oct 25, 2019 10:22 pm Merrill Edge + BofA CC is tough to beat. Platinum Rewards bonus on the credit card is probably the single most valuable perk.
From what I can tell, though, their really lousy cash management options undermine it. Savings account at less than 0.1% interest? I'd have to be charging a looooot of stuff to that credit card to make up for how bad that is compared to a good HYSA or money market fund elsewhere. Does BoA let you buy decent money market funds in your Merrill Edge account, at least?
Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
Can you purchase these money market funds online from Merrill Edge without calling in? Are there any short term redemption fees?
Yes, you can buy/sell into a money market fund using the Mutual Funds Trader. Short-term redemption fees do not apply to money market funds.
User avatar
indexfundfan
Posts: 3086
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Best Single Entity for Investments + Cash + Banking

Post by indexfundfan »

isira wrote: Sun Oct 27, 2019 12:47 pm
indexfundfan wrote: Sun Oct 27, 2019 7:56 am
isira wrote: Sat Oct 26, 2019 10:13 pm
Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
Can you purchase these money market funds online from Merrill Edge without calling in? Are there any short term redemption fees?
Yes, you can buy/sell into a money market fund using the Mutual Funds Trader. Short-term redemption fees do not apply to money market funds.
Thanks. It looks the best non-sweep options are PVOXX and TMCXX. Do you buy any of them? I guess these have floating NAVs?

I'm going to try to buy one of them next week in my IRA.
My signature has been deleted.
isira
Posts: 42
Joined: Fri Nov 16, 2018 10:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by isira »

indexfundfan wrote: Sun Oct 27, 2019 12:59 pm
isira wrote: Sun Oct 27, 2019 12:47 pm
indexfundfan wrote: Sun Oct 27, 2019 7:56 am
isira wrote: Sat Oct 26, 2019 10:13 pm
Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
Can you purchase these money market funds online from Merrill Edge without calling in? Are there any short term redemption fees?
Yes, you can buy/sell into a money market fund using the Mutual Funds Trader. Short-term redemption fees do not apply to money market funds.
Thanks. It looks the best non-sweep options are PVOXX and TMCXX. Do you buy any of them? I guess these have floating NAVs?

I'm going to try to buy one of them next week in my IRA.
Yes, my personal rationale is here, but it is for a taxable account subject to California tax laws.
User avatar
indexfundfan
Posts: 3086
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Best Single Entity for Investments + Cash + Banking

Post by indexfundfan »

isira wrote: Sun Oct 27, 2019 1:06 pm
indexfundfan wrote: Sun Oct 27, 2019 12:59 pm Thanks. It looks the best non-sweep options are PVOXX and TMCXX. Do you buy any of them? I guess these have floating NAVs?

I'm going to try to buy one of them next week in my IRA.
Yes, my personal rationale is here, but it is for a taxable account subject to California tax laws.
Thank you. It looks like I already asked some of the questions in that thread, but because I did not act on it, it did not register in my mind, and I asked them again! :oops:
My signature has been deleted.
delamer
Posts: 10590
Joined: Tue Feb 08, 2011 6:13 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by delamer »

bikechuck wrote: Sat Oct 26, 2019 1:34 pm
Holden42 wrote: Fri Oct 25, 2019 6:08 pm I'd like to simplify and hold all my accounts with one entity: ETF's, Stocks, cash reserves, plus do my banking with that same entity, bill pay, auto deposit from W2 job, etc. If I get hit by a bus (as they say), wife can log into 1 place and have easy access to it all; plus easier reconciliation at year end.

Suggestions?
YIKES! ... you have a much higher risk tolerance than I do. I spent the past 27 years of my career working for a well managed company that offered a 24/7 online service. We put a TON of effort into redundancy, back-up systems etc but we, as all companies do, had occasional outages due to system failures.

I would never risk having a period of time where I had no access to any of my funds because I can easily mitigate that risk by not having all of my eggs with a single provider.
I agree with the above.

Given the risk of your personal account being hacked or a temporary institutional system failure, at a minimum I’d separate my investment accounts from my primary day-to-day banking. I also think it is a good idea to have a secondary bank (which could be at a place like Schwab or Fidelity).
Workable Goblin
Posts: 100
Joined: Fri Mar 01, 2019 8:37 pm
Location: Honolulu, HI

Re: Best Single Entity for Investments + Cash + Banking

Post by Workable Goblin »

isira wrote: Sat Oct 26, 2019 10:13 pm Merrill Edge has decent money market funds, but the good ones require 100k to open the fund and you can deposit/withdraw any amount afterwards.
And, of course, I don't have $100k lying around...bleh. Guess I'll stick with Schwab, then.
student
Posts: 5215
Joined: Fri Apr 03, 2015 6:58 am

Re: Best Single Entity for Investments + Cash + Banking

Post by student »

Given your criteria, I think only regular banking groups have all your wants. Since you said banking needs, I assume all aspects including safe deposit box. Among the banking groups, I will have to go with BoA/ME due to preferred rewards.
sfmurph
Posts: 105
Joined: Mon Aug 12, 2019 8:15 pm

Re: Best Single Entity for Investments + Cash + Banking

Post by sfmurph »

whodidntante wrote: Fri Oct 25, 2019 11:03 pm
Holden42 wrote: Fri Oct 25, 2019 6:08 pm Etrade
Schwab
Fidelity
Vanguard
Chase
BMO Harris
This is like one of those lists where you are supposed to identify the item that does not below. And it's BMO Harris. :happy

Though if you want a mortgage and a credit card and cash deposits, good luck getting that at some of these places. Please list your requirements.
I imagine that you're in the BMO Harris region, which is why you'd have that listed. For example, folks west of the Mississippi could consider Bank of the West / BancWest. I imagine that there are other all-in-one regional banks, but again, it depends on personal priorities (safe deposit box, money market rates, fund access, ETF trade costs, local cash access, etc.)
Post Reply