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Schwab checking as primary account?

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Regular Contributor

Schwab checking as primary account?

I’ve been doing a lot of reading up on this forum and changing my finances and finance accounts around that I had before getting Into the community.

 

I’m currently using a BOTW account as a primary and I have a schwab investor checking that I fund by direct debits from my BOTW checking as a way to squirrel away alittle money with every paycheck. 

 

Ive been considering switching completely just because my Local BOTW branch employees are pretty much useless and are very clueless other than deposit and withdraws.

 

Does anyone use schwab investor checking as their primary account?

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Message 1 of 17
16 REPLIES 16
Established Contributor

Re: Schwab checking as primary account?

Do not have Schwab.

However all online banks have pros and con's compared to brick and mortar institutions.   Most online banks have nice bill pay services, large ATM networks, lower fees and better interest rates.   They also have no in-person-assistance.  Hard or impossible to deposit cash.  Do not support wire transfers or let you have a safe deposit box.  Free notary services, coins to checking machines, etc.

 

Depending on you and your needs, you might be Ok.

There are very good credit unions in most areas that cost less, and have better service than major banks.

I like having both, but did move to a CU from a bank.

I also have a family that needs the coin machine, cash deposits, etc.

 

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Message 2 of 17
Senior Contributor

Re: Schwab checking as primary account?

I use a Schwab checking account for bill pay and direct deposit. I like the CC ebills feature which most issuers support (but not Chase or Cap1).

Hard to really call it a checking account when I still have check 1001 after five years! I did write a few checks from a Chase account, though.

I rarely receive or spend cash. Fidelity has me on a $500k mobile check deposit limit, so I don't really need a brick and mortar bank for that.

The interest rate is quite low, but ~2% elsewhere isn't so great, either, and I like to have the funds available for investment. It's also nice to earn a little interest without micromanaging brokerage/checking/savings accounts across several banks. I gradually closed my other checking and savings accounts to simplify (Chase, Citi, Discover, Wells).
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Message 3 of 17
Moderator Emeritus

Re: Schwab checking as primary account?

I haven't used them recently but previously I had zero problems with using Schwab as my primary financial clearing house.

 

They're solid, if you don't need to deposit cash regularly should be fine, and their debit card is still one of the best in the world if you travel... so much so Chase copied it for their Sapphire/CPC benefits.




        
Message 4 of 17
Frequent Contributor

Re: Schwab checking as primary account?

I have a Schwab account and really like it.

Only downside is depositing cash. If this isn’t a frequent need, no big deal then. There are several work arounds for this problem - open a free account with a local bank for cash deposits and ACH the cash to Schwab or get a money order and then deposit it electronically through the Schwab app.
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Message 5 of 17
Frequent Contributor

Re: Schwab checking as primary account?

remember!

HP to open checking and brokage one accounts

Message 6 of 17
Regular Contributor

Re: Schwab checking as primary account?

Thanks for all the replies. While I do have a schwab branch near me it seems they aren’t super common. I may just end up switching to DCU since their co-ops and ATMs are virtually everywhere

Daily Drivers: Uber Visa, BOTW World Cash Back, And Citi DC
Sock Drawer: AMEX: BCE, ED, Cash Magnet. Discover: It, Miles. Citi: Simplicity. BBVA: Clear Points.
Message 7 of 17
Moderator Emeritus

Re: Schwab checking as primary account?


@BabyFaceNelson wrote:

Thanks for all the replies. While I do have a schwab branch near me it seems they aren’t super common. I may just end up switching to DCU since their co-ops and ATMs are virtually everywhere


Don't get me wrong as I like DCU too and co-op may be a thing if you need to deposit cash, but the ATM bit is irrelevant: Schwab debit cards are feeless basically used literally anywhere that supports Visa.  

 

I'd argue as a result Schwab ATM access dwarves the CU co-op network.

 




        
Message 8 of 17
Senior Contributor

Re: Schwab checking as primary account?


@Revelate wrote:

@BabyFaceNelson wrote:

Thanks for all the replies. While I do have a schwab branch near me it seems they aren’t super common. I may just end up switching to DCU since their co-ops and ATMs are virtually everywhere


Don't get me wrong as I like DCU too and co-op may be a thing if you need to deposit cash, but the ATM bit is irrelevant: Schwab debit cards are feeless basically used literally anywhere that supports Visa.  

 

I'd argue as a result Schwab ATM access dwarves the CU co-op network.

 


Is it a Schwab branch that offers banking services? Or just brokerage customer service?

 

A lot of discount brokerage branches don't accept deposits.

Spend: BofA Premium, BBP, Schwab Platinum, Freedom, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: CSR, BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), Virgin Atlantic.
Message 9 of 17
Moderator

Re: Schwab checking as primary account?

Fidelity cash management account is another option as well and no HP.  Free atm use worldwide as well

Message 10 of 17
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