I looked for a thread but couldn't find it; but has anyone done any looking into this product that was announced a week ago by Chase?
https://accounts.chase.com/sapphire/brand
Admittedly deposit rates still are pretty lackluster, but I stumbled across this on their You Invest free trade announcement and the CPC-like benefits look enticing if I can just leave a self-directed brokerage or retirement account there to meet the $75k... would not be difficult and I wouldn't be opposed to just transfering over one of my Fidelity accounts.
Really the only knock I had on CPC was the fact it was a managed service and I'm a little opposed to those on general principal, but when we are talking 100 free trades and even then 2.95/trade after that, well I'm not really actively trading much at the moment but realistically I'd probably save $300/year or thereabouts just by moving my Fidelity accounts entirely.
Anyway wanted to see if anyone else had looked at it, I may go down and talk to someone at one of the CPC branches just to see what they say for giggles over a late lunch or whatever.
That's an interesting bit of information Lurker, thank you.
I don't think I'm going to get to be able to talk to them today, well maybe, late lunch and there's a branch nearby there... but between the fact that my trades get non-trivially cheaper, and I can move money back and forth between my Chase checking account which my paycheck runs through and my investment account and apparently Intra-bank is way faster to transfer and settle than any experience I've had with Fidelity... I'm not certain it makes any rational sense to keep anything at Fidelity at this point.
I'd qualify CPC if I moved everything over after the absurd runup I had this year in my brokerage account (31% YOY like what the actual F) and to your point maybe I should talk to them too about that if I'm moving the bulk of my financial assets to Chase and just compare and contrast.
Yeah think I will go have the conversation today after lunch.
@Lurker22 wrote:Intrabank transfers are optional not not automatically setup (which seems silly) but yes transfer is same day when enabled
Yeah, I did go to talk to the CPC individual at one of the local Chase branches today; he actually took a note when I told him that it basically funded and settled day of for my transfer from a Chase checking account. That is an obvious selling point to me anyway, and apparently to him too. I don't know when exactly it went through, but I do know it was settled 27 minutes before market close... and my transfer to Fidelity would barely have even begun by that point and normal ACH timers.
Turns out I should've been looking at this from the other direction: Sapphire Banking like CPC gets free trades on You Invest period apparently: falls into the "or more" portion of "100 free trades or more" apparently.
In talking to the banker they were trying to go two fold: capture some folks like me, and also keep some people in the fold after selling their house and transferring their 300k capital gains or whatever into a Vanguard account with their cost structure. Also looks like they're taking a swipe at Schwab's most excellent debit card services too, which to date if you travelled internationally it was the only way to fly and basically dupicated the no fee and no exchange fee structure. Good call on that one Chase!
What wasn't known was on the loan side, I'd read something online but it wasn't known in bank (actually I was the first person to talk to him about it) if it was like CPC or not vis a vis CPC can get rate discounts and also has their own set of mortgage underwriting for example (and I have nothing but good things to say about Chase's handling of my own non-CPC mortgage back in 2015 anyway).
Some limitations on the You Invest side: their fixed income is a bit lame. Minor detail you can't do fixed income on the mobile app which is a first world problem to be sure, but more to the point, you can't search by corporate name in any shape, form, or fashion or by CUISP, and everything is IG: no chasing high returns here unlike Schwab or Fidelity. Also derivative trading appears to be a non-starter.
So basically for me, I'd take the brokerage account where I do really nothing but equity trades (I'd lose some option capability but that's not the end of the world for me), and leave the main IRA with Fidelity where I can do junk bonds and some other option trading.
I'm not seeing much reason not to do it frankly: I save some money in transaction costs, and I can more easily shuffle money around between my non-retirement brokerage account and the rest of my life. As is I don't see any reason to ever initiate an ACH going to Fidelity again with that Intra-Bank transfer capability enabled, and that's if I don't move the current brokerage account and maybe my wayward Roth IRA out of Wealthfront.
