Author Topic: Anyone use Schwab?  (Read 405 times)

sanmarcomatt

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Anyone use Schwab?
« on: October 01, 2019, 11:47:45 AM »
I was thinking it was time to move some  assets to another brokerage anyway and now Schwab has eliminated commissions on stock/etf trades so I will probably go with them. I doubt I will need the local branch but does anyone have any feedback on them?

fieldafm

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Re: Anyone use Schwab?
« Reply #1 on: October 01, 2019, 12:24:59 PM »
Have been a Schwab client since 2006. What I like about them versus ETrade or Interactive Brokers, is that if I do have a question that requires a broker... I get competent answers and am not getting pushed into something I don't want (say like something that earns a higher commission for the brokerage) or don't feel comfortable with, which unfortunately has been my experience elsewhere.

They also just eliminated the sweep money accounts (which basically begged you to take whatever cash you had and move it to a money market fund outside of Schwab), and replaced them with much better yielding prime money funds. Not quite as good as Goldman Sach's Marcus account, but much more competitive than the old 0.06% rate. 
« Last Edit: October 01, 2019, 12:33:22 PM by fieldafm »

MusicMan

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Re: Anyone use Schwab?
« Reply #2 on: October 01, 2019, 04:11:11 PM »
I've been with Schwab since before the San Marco Publix was even imagined!

I'm staying put. I do use the branch at Town Center.  Satisfied customer. 

Snaketoz

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Re: Anyone use Schwab?
« Reply #3 on: October 02, 2019, 07:46:00 AM »
I'm in the process of moving my holdings into a Fidelity account.  I was with Scottrade/TDAmeritrade.  I keep cash in my account and most brokers pay very little on your cash holdings-a fraction of a percent.  Fidelity pays 1.63%, Schwab pays .15%

fieldafm

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Re: Anyone use Schwab?
« Reply #4 on: October 02, 2019, 07:57:13 AM »
I'm in the process of moving my holdings into a Fidelity account.  I was with Scottrade/TDAmeritrade.  I keep cash in my account and most brokers pay very little on your cash holdings-a fraction of a percent.  Fidelity pays 1.63%, Schwab pays .15%

That used to be the case. Schwab has since added a series of various types of money market funds with yields around 1.8%.

Snaketoz

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Re: Anyone use Schwab?
« Reply #5 on: October 02, 2019, 01:40:47 PM »
I'm in the process of moving my holdings into a Fidelity account.  I was with Scottrade/TDAmeritrade.  I keep cash in my account and most brokers pay very little on your cash holdings-a fraction of a percent.  Fidelity pays 1.63%, Schwab pays .15%

That used to be the case. Schwab has since added a series of various types of money market funds with yields around 1.8%.
That's great.  TDAmeritrade was paying .04%  Once you reach 70 1/2 you have to take a RMA* each year out of your regular IRA.  It's nice to get a decent return on your cash.
*Required Minimum Distribution