topic Re: Deposit Account Consolidation in Personal Finance

Deposit Account Consolidation

dukembams — Mon, 19 Aug 2024 01:19:21 GMT

My wife has opened her own business recently which has decreased what I budget as our "guaranteed" income. This has made things a little more tight financially speaking and I am consolidating our household deposit accounts into one account to better track cash flows. I am getting rid of Duke University FCU because I will not be utilizing it and if you do not have direct deposit, they charge you a fee. I am really down to 2 FI's that I am currently with...NFCU and Schwab.

If you had to choose one of the two to have all of your deposits, which would you choose and why?

Re: Deposit Account Consolidation

FicoMike0 — Mon, 19 Aug 2024 01:49:36 GMT

No experience with schwab. I use fidelity. Do you use schwab investment products? That might make the difference.

Myself, I keep accounts at several fi open, but I mostly use fidelity cma.

Re: Deposit Account Consolidation

dukembams — Mon, 19 Aug 2024 01:53:32 GMT

I do not use Schwab's investment products. I have a 401(k) with my employer which is a government entity. All I have used is their investor checking.

Re: Deposit Account Consolidation

SouthJamaica — Mon, 19 Aug 2024 03:30:38 GMT

@dukembams wrote:
My wife has opened her own business recently which has decreased what I budget as our "guaranteed" income. This has made things a little more tight financially speaking and I am consolidating our household deposit accounts into one account to better track cash flows. I am getting rid of Duke University FCU because I will not be utilizing it and if you do not have direct deposit, they charge you a fee. I am really down to 2 FI's that I am currently with...NFCU and Schwab.

If you had to choose one of the two to have all of your deposits, which would you choose and why?

I would never choose any one institution to have all of my deposits. I feel it's safer to diversify.

Re: Deposit Account Consolidation

ptatohed — Mon, 19 Aug 2024 04:49:17 GMT

What are the APYs for the institutions you are considering?

Re: Deposit Account Consolidation

FicoMike0 — Mon, 19 Aug 2024 22:15:04 GMT

I agree with @SouthJamaica , I even have brokerage accounts with both fidelity and robinhood. I look for no min, no fee accounts.

I also agree with @ptatohed , I like a nice apr. I get 5% at both fidelity and robinhood. I do have several accounts I opened for subs that don't pay much interest. My worst offender is wells, no interest and min balance or dd to stay fee free. I like their credit card and website features, I'll Probably close the checking.

Fidelity also allows me to link all my other banks for ach, none of my other banks do.