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Recommend me a bank ?
August 21, 2023 at
04:07 PM
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Schwab is an internet only bank. Schwab reimburses you for all ATM withdraw fees (including international) & has a $0 minimum balance requirement (no minimum balance charge). Electronic funds transfers are also free. They also provide free paper checks and has free bill pay.
https://www.schwab.com/checking
Fidelity does not offer checking but has a Cash Management Account. It's a brokerage account that functions similarly to a checking account without the same regulations as a bank and is not FDIC insured. The main advantage is that you can own money market funds (earning 5%) and are liquidated on as needed basis. Also, its debit card or ATM cards have no fee for withdraws. They also provide free paper checks and has free bill pay.
https://www.fidelity.co
A discussion of Schwab vs Fidelity can be found here, https://www.bogleheads.org/forum/viewtopic.php?t=398168#:~:text=Schwab%20is%20best%20if%20you,your%2... [bogleheads.org]
I have a few credit unions where I have parked $5-15, simply to get access to high CD rates should I ever need them. For e.g., I've never banked physically at Agfed CU but have found the 'add money anytime' feature of their Asset Builder share certificates very useful to lock in interest rates when rates are sliding downwards. Signup bonuses for credit unions tend to be lower than at banks, though $50 or more is occasionally available, such as https://www.agfed.org/membership/...-a-member/
Rates (scroll down to see Asset Builder): https://www.agfed.org/savings/savings-rates/
If physical locations and ATMs are important, I would look around for when Wells Fargo or other nationwide banks are doing bonuses.