Charles Schwab, Chris, Schwab discussed on How to Money
Now. We're back from the break and always cries that amount of people that don't know. They shouldn't be banking with one of the big banks, and that they should instead be banking with an online bank or potentially even a brokerage account. That's what this next question's about. Hey! Guys named Chris. I'm living in Baltimore Maryland right now, but hopefully you know later in the summer move back to the Washington DC area where I'm from a pretty new listener love. Your podcast and I just had a question I've been doing research into my checking account and I'm thinking I wanNA, make a change right now. Just in a capital one three sixty account and I'm thinking about making a change to Charles Schwab. High yield checking account Would you recommend a high yield checking account and you know what's the difference between a high yield checking accounts just the run of the mill checking account that most of us use thanks guys. Hey, Chris for the question and let's talk about checking and savings accounts as well. That's not something you specifically. But. We're GONNA. Make sure that we we touch on that as well, but you mentioned Schwab they particular. You know they do have one of the best banking options out there, not necessarily because of the rates, but because their benefits are so solid. You know I think. Schwab actually started the the no fee. ATM withdrawals, so if you do tend to grab cash frequently, this is a huge perk. You also won't incur any monthly fees like you would. With most of the banks, a lot of the banks, these days are making sure that they're taking care of all the fees for you and Schwab in particular. They have no foreign transaction fees. If you'RE GONNA, use their debit card either so this is a legit great option. If you're going to be looking to get money out of ATM overseas Yemen, most people don't think about investment companies for banking, right? We're typically. Inundated with ads for the big banks, which is why most people and going there, and maybe sometimes spending some time on Youtube or Hulu? You might see an ad online bank, and you're like okay. Maybe I'll check that out, but most people avoid them, but you never see ads. It seems like for the brokerage companies that have actually really good banking services, and Schwab is one of fidelity's another so fine wealth front kind of newer players in the space to and they've got great options as well so matt I think you and I. Both think that more people should consider actually doing banking with the company that they. They through totally man, and also I'm expecting to see maybe even more innovation coming from some of these online companies right as more players enter the market. They're all looking to to get everyone's attention that right like they want their business. They WANNA. Stand out exactly and so I'm hoping to see some really cool stuff in the future when it comes to some of these online banks, some of these brokerages as well but Chris talk specifically about the rate, if the perks of that Schwab account if that works well for you, then make that happen, but it's definitely worth noting that the current rate on Schwab's. Investor Savings Account. It's almost a full one percent less than the capital one through sixty performance savings account. You.