Given how easy e-transfers are, I opted to bag my Schwab account (which was giving me about 3% on my MMA and had an expense ratio of more than 0.5% on my index fund) and now have my money in three places:
For checks & ATM access, I use Wainwright, which is a few blocks from my house & supports a lot of local business. No interest on money in there, but no fees, and I don't keep much in there beyond what I need for bills & spending money each month
For my liquid funds, everything's at Orange ING, I can transfer easily between them & Wainwright, and they're paying 4.5% on my savings account, and 5% on my CD ladder
For my brokerage and retirement accounts, I'm at Vanguard, because they have the lowest expense ratios, under 0.2% for the accounts I'm interested in
I have my paycheck direct deposited into Wainwright, and have autotransfers each month into Orange & Vanguard, so it's no more trouble than having all three at the same place. Well, yeah, quarterly I do a transfer out of Orange into Wainwright to cover expenses like property taxes, water bill, etc, but I think the 5 minutes I spend online every three months is worth the noticeable amount it's adding to my bottom line compared to having everything at the same place.
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Date: 2007-04-14 12:20 pm (UTC)- For checks & ATM access, I use Wainwright, which is a few blocks from my house & supports a lot of local business. No interest on money in there, but no fees, and I don't keep much in there beyond what I need for bills & spending money each month
- For my liquid funds, everything's at Orange ING, I can transfer easily between them & Wainwright, and they're paying 4.5% on my savings account, and 5% on my CD ladder
- For my brokerage and retirement accounts, I'm at Vanguard, because they have the lowest expense ratios, under 0.2% for the accounts I'm interested in
I have my paycheck direct deposited into Wainwright, and have autotransfers each month into Orange & Vanguard, so it's no more trouble than having all three at the same place. Well, yeah, quarterly I do a transfer out of Orange into Wainwright to cover expenses like property taxes, water bill, etc, but I think the 5 minutes I spend online every three months is worth the noticeable amount it's adding to my bottom line compared to having everything at the same place.