Very interesting. I currently have both TD Ameritrade (My Scottrade account was bought out and converted) and Fidelity. I’ve got both to sort of compare. I’m not a huge trader, so 100 trades a year would be more than I ever would use. I’ve also got a CSP, Freedom, and Premier Checking & Savings with Chase. This will certainly make me consider closing both of my other accounts and going with Chase. Hmmm.
I have a couple credit cards through Chase. The 100 free trades a year is enticing, especially for the small volume trades I would be doing. I currently only max out my Roth IRA each year since I am in school and do not have employer-sponsored plans available. I do not see a reason to split my Roth IRA out any more than I do since I am split between Vanguard and Fidelity. If only Vanguard/Fidelity would move to offering so many free trades.
Unfortunately they still charge $75 to transfer all your funds out of the account
Thank you for posting this. At some level I'm surprised no one made this move previously but for while I've used Fidelity for years now, there's some irritation with it beyond just the 4.95/trade fee.
If I can shuffle money without delay between Chase accounts, and if my trades are now free (and historically I've been around 60 per year, but that's $300/year) and now I can make smaller transactions as a result too... well shoot, I don't see any reason not to try it when it is rolled out. Yeah I probably could've setup direct deposit to Fidelity, but meh, the main credit cards are with Chase.
To that point, they're not wrong on their rationale: over the years Chase has talked to me about CPC for example and I told them I was self-directing in a discount brokerage already, why would I want a higher-cost fee structure? But if they're offering a self-directed account with free trades, well... I'm a small investor but the bulk of my financial life has been held elsewhere for all that Chase is my clearing house for all things financial, maybe that changes.
I'll have to go look at the checking bit but I think all the fees are waived there with linked accounts which the investment ones should be, and one year is enough to try it to see and you're right 2.95 is still 2 bucks cheaper than Fidelity and I think Schwab too... the interesting bit will be if they move to match.
I really like the Fidelity app, TBH I use it for most of my market news at this point as I like their feed, but I put in the application for the Chase You Invest bit and it will probably get approved sometime tomorrow or Wednesday, and it's worth a look see regardless. The pending account does show up in my web interface, and I can navigate around the Chase app though it's all 0's of course at this point with nothing going on... shows up right between my Checking and the first of my credit cards in the account scroll hah.
Yeah, apparently the investment account does qualify. Oddly so would have my mortgage but Chase not only sold the loan but sold the servicing too, lame haha.
2 Qualifying personal investments include the following: Prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify. Investment products and related services are only available in English. JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
Some rumor on DOC that suggests we might see a bonus applied for Sapphire Banking towards the end of the year to encourage people to signup... it looks pretty compelling especially if they're talking CPC-like bonuses (discounted rates) to various loan products.
Given it's sort of unlikely I'm going to be shopping for a conventional loan unless I move out of Cali ever again, and Chase has an excellent jumbo product in my experience, that might be enough reason to leave 75k sitting there anyway. It's an interesting angle reading through their marketing on the new relationship banking they're pushing for "emerging affluent" customers to use their language, but as long as the inventory on a self-directed account is sufficient doesn't really matter where the money is sitting (i.e. Schwab always had more interesting junk bonds than Fidelity did, read as higher interest rates for the exact same company, consistently) and 80% of my portfolio is in equities and I'm sure Chase has that marker covered.