What pairs nicely with Schwab for simplicity sake

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
guppyguy
Posts: 609
Joined: Tue Jan 30, 2018 3:24 pm

What pairs nicely with Schwab for simplicity sake

Post by guppyguy »

If you had all of your assets (including banking) at Schwab except for credit cards, what additional accounts would or are you pairing with Schwab as a “one stop shop”???

Criteria:
Couple nearing retirement
Cash back only CC, NOT churning or chasing points
Minimal number of accounts for tracking expenses
Simple and automated as much as possible
Only two credit cards, one primary the other backup
“maybe” adding an additional checking/savings/brokerage

Options considered:
USBank 4% combo
FIDO CMA+2% joint CC
Alliant 2.5% plus something else
WellsFargo with WellsTrade
Chase Sapphire suite

(We already have parts of these options but are unsure about what needs to go). I am a recovering over optimizer.

Yes, I know there are a lot of correct answers out there , which is why there also seems to be no obvious answer. Asset allocation was an easier quest :D We want to stay centered around Schwab as much as possible.
chinchin
Posts: 1205
Joined: Tue Nov 14, 2017 7:02 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by chinchin »

What's wrong with Schwab's credit cards?
not financial advice
Topic Author
guppyguy
Posts: 609
Joined: Tue Jan 30, 2018 3:24 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by guppyguy »

chinchin wrote: Sun Feb 02, 2025 9:19 pm What's wrong with Schwab's credit cards?
Do you use them solely?
I don’t think the benefits outweigh the Platinum card for our lifestyles and the 1.5% investors card seems a little low. Also, what if AMEX is accepted? Maybe I’m missing something.
UpperNwGuy
Posts: 10129
Joined: Sun Oct 08, 2017 7:16 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by UpperNwGuy »

My banking is split three ways between Schwab and two credit unions. I have credit cards at both credit unions. I also have credit cards at Chase, but no checking/savings accounts.

My advice to you would be to find a good credit union to pair with Schwab.
User avatar
cchrissyy
Posts: 2600
Joined: Fri May 05, 2017 10:35 pm
Location: SF bay area

Re: What pairs nicely with Schwab for simplicity sake

Post by cchrissyy »

local credit union
60-20-20 us-intl-bond
Mike Scott
Posts: 3925
Joined: Fri Jul 19, 2013 2:45 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by Mike Scott »

A local bank linked to online accounts seems useful to me. I only hold Schwab accounts because of their AMEX card links, Schwab would be the first brokerage to go if I were consolidating accounts to Vanguard and Fidelity.
NYCaviator
Posts: 2994
Joined: Sat Apr 09, 2016 5:06 pm
Location: NYC

Re: What pairs nicely with Schwab for simplicity sake

Post by NYCaviator »

chinchin wrote: Sun Feb 02, 2025 9:19 pm What's wrong with Schwab's credit cards?
They aren't bad, per se, but Amex isn't as widely accepted as Visa/MC, and their cash back card is mediocre at 1.5% cash back. The platinum can be okay, but it's not a great every day card. And I think most people convince themselves they're getting great value by using all of the coupons to offset the annual fee, but few people would really use all of those credits if it weren't for the card.
PaunchyPirate
Posts: 1289
Joined: Sun Nov 30, 2014 6:58 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by PaunchyPirate »

I like simplicity where I can.
All my investments (taxable and IRAs) are at Schwab.
Fidelity for my HSA.
PNC Bank for Checking/Savings and local bank access.
Second checking account at Schwab (linked to a taxable brokerage account) - only used for international ATM cash (no fees).

Currently using 4 credit cards:
1. Wells Fargo Autograph - restaurants and travel for 3% - primary international card (no fee).
2. PNC Cash Unlimited - 2% cash back on everything else - secondary international card (no fee).
3. Citi DoubleCash - 2% cash back - used for recurring subscriptions only.
4. Capital One Quicksilver - 1.5% cash back - only keep around as a 3rd backup for international travel (no fee).
User avatar
jeffyscott
Posts: 14545
Joined: Tue Feb 27, 2007 8:12 am

Re: What pairs nicely with Schwab for simplicity sake

Post by jeffyscott »

We're doing the Schwab + US Bank combo. One mutual fund is held at USBI to achieve the $100K+ balance, it's a Roth that will likely be untouched in our lifetimes. This simplifies and improves both credit card use and cash management, the two weak points at Schwab. Also adds a second source from which to obtain funds, in the unlikely event of some issue at Schwab.

The smartly savings account pays 3.5% interest and can essentially be used as a checking account for all purposes other than actually writing paper checks. With the somewhat competitive interest rate, I don't feel the need to minimize the balance to the extent that I did with Schwab checking. When we need to write a paper check, we can transfer the amount needed to Schwab and use the large supply of checks that we have for that account. Also for additional cash holdings you can use a treasury MMF at US Bank with 0.08% ER, GABXX (VUSXX is also available), though this doesn't work for us since our account is a Roth.

Though we don't do so, we could use the 4% card for everything. We still use a different card for 5% at grocery stores and use the Costco Visa for gas at Costco. The former only adds maybe $25-30 per year to our rebates and the latter is just for the easier purchase process at the Costco pumps (it only adds maybe $3-4 to our rebates).

I also considered doing something similar with B of A preferred rewards. But that doesn't really seem to simplify cash management or credit card juggling. Also US Bank has many local branches while B of A has none in my area. Prior to the advent of the smartly card, I thought we might move cash management over to Fidelity, with no changes to our credit card usage (we were mainly using 3 cards to get 5% on grocery stores, 3% on travel and restaurants, and 2% on everything else).

I had looked at the Alliant 2.5% card, but with the cash requirements that earn near 0%, there would be little or no advantage over a 2% card for us (with the 3 card system that I mentioned above).

I'm not familiar with the Wells or Chase set ups.
User avatar
BrooklynInvest
Posts: 1514
Joined: Sun Jul 28, 2013 9:23 am

Re: What pairs nicely with Schwab for simplicity sake

Post by BrooklynInvest »

My investments are with a favorite low cost provider. My checking and such is with a megabank - local offices plus good digital service and tools. I transferred a few legacy ETFs to the megabank brokerage account to get fees waived.
Lastrun
Posts: 2117
Joined: Wed May 03, 2017 6:46 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by Lastrun »

guppyguy wrote: Sun Feb 02, 2025 9:02 pm If you had all of your assets (including banking) at Schwab except for credit cards, what additional accounts would or are you pairing with Schwab as a “one stop shop”???
........
Options considered:
USBank 4% combo
.....
OP, do you have US Bank branches near you? The reason I ask is that this seems like an interesting option.

Otherwise, to me, this just becomes another online bank that your already have with Schwab.

I am happy with my Fidelity/BofA-Merrill combo that gives me two banks (essentially) and brokerages, but I do not view it as the be-all/end-all. Lots of good options out there to combine with Schwab including megabanks and local credit unions.

But I think what I appreciate is that if either set of accounts became FUBAR, my wife could go into a branch and get things sorted out. Presumably you have this with Schwab and it would be nice to have it with your paired institution.

I would rather have 20 accounts at two institutions (credit cards included) than 12 accounts at ten institutions---for me as I age, my wife, and my heirs.
User avatar
LadyGeek
Site Admin
Posts: 101081
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: What pairs nicely with Schwab for simplicity sake

Post by LadyGeek »

I had first merged this thread into Schwab as a one stop shop. Upon member request and further review, that was incorrect. The thread is now back as a stand-alone discussion. Sorry about that.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Topic Author
guppyguy
Posts: 609
Joined: Tue Jan 30, 2018 3:24 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by guppyguy »

Lastrun wrote: Mon Feb 03, 2025 9:13 am
guppyguy wrote: Sun Feb 02, 2025 9:02 pm If you had all of your assets (including banking) at Schwab except for credit cards, what additional accounts would or are you pairing with Schwab as a “one stop shop”???
........
Options considered:
USBank 4% combo
.....
OP, do you have US Bank branches near you? The reason I ask is that this seems like an interesting option.

Otherwise, to me, this just becomes another online bank that your already have with Schwab.

I am happy with my Fidelity/BofA-Merrill combo that gives me two banks (essentially) and brokerages, but I do not view it as the be-all/end-all. Lots of good options out there to combine with Schwab including megabanks and local credit unions.

But I think what I appreciate is that if either set of accounts became FUBAR, my wife could go into a branch and get things sorted out. Presumably you have this with Schwab and it would be nice to have it with your paired institution.

I would rather have 20 accounts at two institutions (credit cards included) than 12 accounts at ten institutions---for me as I age, my wife, and my heirs.
Live in TX so no USB branches near me. To be honest, I've only stepped into anything like a local bank once in the last years, and that was Schwab to deposit a large check. So I'm not sure the local bank piece is an entire necessity. It is a nice thing to have, though. (There are a lot of USB branches where I travel weekly, however.)
radiowave
Posts: 3400
Joined: Thu Apr 30, 2015 5:01 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by radiowave »

Fidelity CMA with the Elon card is a nice combo, plus you can keep your cash in the short term treasury mm fund FLDXX.

or

Bank of America Platinum Honors and Merill Edge?

Have you consider electronic bill pay and ease of paying off the credit card? Have you considered a backup e bill pay?
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
MtnTravel
Posts: 596
Joined: Sat Mar 12, 2022 7:26 am

Re: What pairs nicely with Schwab for simplicity sake

Post by MtnTravel »

Get a simple 2% cash back Mastercard or Visa and call it a day. Capital One or Citi. Having multiple cards for different spend categories defeats the purpose of simplifying.

BofA is an option, but I just got rid of them because their customer service was awful. It wasn't worth the extra cash back for me to have to deal with them.
tashnewbie
Posts: 4548
Joined: Thu Apr 23, 2020 12:44 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by tashnewbie »

I agree with just getting a 2% (or 2.5% with Alliant) credit card and calling it a day.

If you're a recovering optimizer and are itching to do more, look into the 4% US Bank set up.
GaryA505
Posts: 3875
Joined: Wed Feb 08, 2017 1:59 pm
Location: New Mexico

Re: What pairs nicely with Schwab for simplicity sake

Post by GaryA505 »

radiowave wrote: Wed Feb 05, 2025 6:46 am Fidelity CMA with the Elon card is a nice combo, plus you can keep your cash in the short term treasury mm fund FLDXX.

or

Bank of America Platinum Honors and Merill Edge?

Have you consider electronic bill pay and ease of paying off the credit card? Have you considered a backup e bill pay?
I looked at that and really wanted to make it work with BofA/Merrill. One problem I ran into was that Merrill can't sweep cash into a money market fund. You have to do that manually.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
snic
Posts: 1305
Joined: Wed Jun 28, 2023 11:37 am

Re: What pairs nicely with Schwab for simplicity sake

Post by snic »

"What pairs nicely with Schwab?"

Fava beans and a nice chianti?

(Sorry, couldn't resist.)

Why do your credit card accounts have to have anything at all to do with your brokerage or bank accounts? Simplicity is nice, but at some point the disadvantages outweigh the benefits. Decide what your credit card optimization strategy is (cash back? points to redeem for travel? points to exchange for airline or hotel points?) and choose the best card or set of cards for that.
"Financial ignorance is expensive."
rich126
Posts: 4957
Joined: Thu Mar 01, 2018 3:56 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by rich126 »

I like multiple accounts for almost everything.

Schwab + Fidelity
Ton of credit cards

Credit cards really depend on your spending. Do you spend a ton at grocery stores? Then look for something that might give you 5-6% back.
I personally get a lot of value out of American Express Platinum card despite the high AF. Last year I figured with the various benefits I got back over $1,000 despite not using it for a lot of my spending. It really depends on usage (groceries, lots of traveling, high gas usage, etc.)

We basically gave up banks for the last 18 months and use Schwab for our checking account and it has worked well. No ATM fees (all get reimbursed) and no issues with depositing checks online.

Having said that, I think at times I do need a physical bank to get things such as cashier's checks. I recently opened a Navy Federal account since there is a branch not far from us.

(I said basically up above because I do have another credit union but they have no branches out west so I only keep a small amount in it because if I close it, I won't be able to reopen it and it used to have some nice perks when I lived near one.)
----------------------------- | If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
3000
Posts: 431
Joined: Sat Aug 17, 2019 9:08 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by 3000 »

I am a recovering over optimizer.
Haha. I am too.

Is having to deposit cash something you may have to deal with?

I have State Dept FCU's 2% cash back Visa and a free checking account from them. The checking account allows me to deposit cash at any CO-OP ATM from other credit unions. With the Visa it is easier to get the cash back as a statement credit. You can get the money as a deposit but you have to enter the account number in the rebate site each time.

You can also do a similar setup with PenFed. Their Unlimited 2% cash back with PenFed Honors Advantage Visa requires you to have an open checking account with the CU and the Free Checking account is an option to meet the requirement. Also PenFed offers an online savings account which is currently paying 2.90% - I know not great but it is better than what State Dept pays.

I recommended State Dept and PenFed because FIDO CMA+2% joint CC was an option.
Topic Author
guppyguy
Posts: 609
Joined: Tue Jan 30, 2018 3:24 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by guppyguy »

3000 wrote: Wed Feb 05, 2025 1:47 pm
I am a recovering over optimizer.
Haha. I am too.

Is having to deposit cash something you may have to deal with?

I recommended State Dept and PenFed because FIDO CMA+2% joint CC was an option.
Don't have to deposit cash.

Currently trying to fit Schwab + FIDO + USB 4%.....which "checking" account should be the central one.........

Well at least I've gone from fiddling with asset allocation/value tilt to something else! :)
3000
Posts: 431
Joined: Sat Aug 17, 2019 9:08 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by 3000 »

guppyguy wrote: Wed Feb 05, 2025 1:58 pm
3000 wrote: Wed Feb 05, 2025 1:47 pm

Haha. I am too.

Is having to deposit cash something you may have to deal with?

I recommended State Dept and PenFed because FIDO CMA+2% joint CC was an option.
Don't have to deposit cash.

Currently trying to fit Schwab + FIDO + USB 4%.....which "checking" account should be the central one.........

Well at least I've gone from fiddling with asset allocation/value tilt to something else! :)
I use Fidelity's CMA and their 2% Visa and have been happy with them. The CMA with SPAXX (Government Money Market Fund) as the account's core position is paying 4.03% APY currently. Fidelity's Bill Pay service is top notch, I schedule payments (which are all electronic) for my bill's due date unless the the due date falls on a weekend or holiday and my payments are as masked as received on the due date. The CMA's debit card refunds ATM fees and the refund posts to your account after it settles.
Topic Author
guppyguy
Posts: 609
Joined: Tue Jan 30, 2018 3:24 pm

Re: What pairs nicely with Schwab for simplicity sake

Post by guppyguy »

3000 wrote: Wed Feb 05, 2025 2:09 pm
guppyguy wrote: Wed Feb 05, 2025 1:58 pm

Don't have to deposit cash.

Currently trying to fit Schwab + FIDO + USB 4%.....which "checking" account should be the central one.........

Well at least I've gone from fiddling with asset allocation/value tilt to something else! :)
I use Fidelity's CMA and their 2% Visa and have been happy with them. The CMA with SPAXX (Government Money Market Fund) as the account's core position is paying 4.03% APY currently. Fidelity's Bill Pay service is top notch, I schedule payments (which are all electronic) for my bill's due date unless the the due date falls on a weekend or holiday and my payments are as masked as received on the due date. The CMA's debit card refunds ATM fees and the refund posts to your account after it settles.
Yeah, I definitely like the automation of that.

The problem piece is I've got the USBank 4% set-up processing and am trying to decide whether to fund the 100K at the USB brokerage with VTI or VUSXX. If VUSXX in USB brokerage I would do all of my banking thru USB (Savings at 3.5%). Otherwise, I would just park 100K of VTI with them and keep minimal cash there. I would then do the CMA+Brokerage (SPAXX+T-Bill auto-roll) at FIDO.

It's not numbers at this point, its automation and monthly workflow. For example, I really don't like the limit on how little you can ACH push out of USB weekly (3K)...they don't seem to play nice with other combos.
zero_coupon
Posts: 911
Joined: Sun Jun 05, 2022 5:26 am

Re: What pairs nicely with Schwab for simplicity sake

Post by zero_coupon »

rich126 wrote: Wed Feb 05, 2025 1:35 pm We ... use Schwab for our checking account and ... no issues with depositing checks online.
Can checks be deposited via the website (upload images), or must this be done via the app?
NYCaviator wrote: Mon Feb 03, 2025 7:28 am Amex isn't as widely accepted as Visa/MC, and [Schwab's] cash back card is mediocre at 1.5% cash back. The platinum can be okay, but it's not a great every day card.
What's the application process like for Schwab Amex cards? Is it completely independent of Schwab? In particular, does Amex acknowledge that Schwab has already verified its customers, thereby eliminating the need for additional verification requests, as described here: https://www.reddit.com/r/amex/comments/ ... tter_from/
Post Reply