Fidelity advantages:

1) Unified account
2) Higher yield on transaction-based money market (which can auto-sell to cover transactions, a "semi-sweep")

Schwab advantage:

1) ATM rebates
2) Zero minimum balance

3. Can you get a Fidelity ATM card without the debit feature activated? I am weary of the liability of a debit card tied to a brokerage account (similar concern for the Schwab account).

I don't know, I use my Fidelity CC and Fidelity AMEX Gold. I don't have an ATM card per se. If you DON'T want ATM functionality, it is hard to beat a no annual fee AMEX Gold card.

Thanks! Do they still offer the AMEX gold card? Where do I get more info for it? I cannot find it on the site.

) Higher yield on transaction-based money market (which can auto-sell to cover transactions, a "semi-sweep")

I don't know what is semi-sweep about the core accounts which if you are not in the 15% tax bracket are higher than 4.25% effective yield.

2) Zero minimum balance


There is zero minimum balance on the core accounts which pay at least 4.4% if you are not in the 15% tax bracket.

I think it is misinformation to call Fidelity's core accounts semi-sweep and to imply that they have a minimum.

I will give you that unlimited ATM rebates is a huge Charles Schwab advantage.

Xeon852 said:verruckterBaum said:
I don't know, I use my Fidelity CC and Fidelity AMEX Gold. I don't have an ATM card per se. If you DON'T want ATM functionality, it is hard to beat a no annual fee AMEX Gold card.
I thought the AMEX Gold could be used as an ATM. Cash withdrawals are instant, not deferred debit like purchases, however.

I could be wrong, I thought it was a regular Gold card and you couldn't do PIN transactions like cash withdrawals.

I apologize.

(FWF secret of the day): It isn't available, but if you are actually a customer, have an account, and go to apply for the ATM Visa card. The application is right there to apply for the AMEX. I believe you must be logged in at the time.

verruckterBaum said:I think it is misinformation to call Fidelity's core accounts semi-sweep and to imply that they have a minimum.
I think we misunderstood each other, but I also did make a couple of mistakes.

- The yield Schwab Bank checking is slightly lower than that the tax-equivalent yield on a Fidelity core fund, assuming that you pick a "good" tax-free sweep, and not the crappy FCASH.

- The yield on Fidelity's transaction-based money funds (FSLXX, etc) is also generally superior to Schwab's transaction-based MMFs. Additionally, the Fidelity transaction-based MMFs will work "semi-sweep" in that they will be sold to pay for withdrawals, but not purchased on deposits.

- Reading through Fidelity's fee schedule again, I can't determine what would keep you from keeping a brokerage account with only the core MMF, and no funds, and avoiding all fees.

So, Fidelity has Schwab beat on the yield. Not beat bad, but still beat.

"Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time. Note: Unlimited ATM rebates do not include fees imposed by merchants for POS transactions or currency exchange fees for international ATM withdrawals."


This doesn't sound too promising. Most int'l ATMs I've been to charge a fee of some sort.


Does this mean cash advances from an ATM machine and/or straight up ATM withdrawal?

verruckterBaum said:(FWF secret of the day): It isn't available, but if you are actually a customer, have an account, and go to apply for the ATM Visa card. The application is right there to apply for the AMEX. I believe you must be logged in at the time.

This is true. I just did it a couple of weeks ago, and have received the fee free Gold cards. It is also true that they can be used as ATM cards, though I have not actually done so myself, yet. You have to pay $40 for Membership Rewards, which I didn't, but since all the normal benefits of a Gold card apply, it's pretty nice.

can anyone tell me if this is possible?

Lets say I just withdraw $20.00 from any atm. some atms, especially the ones at casinos have huge rate hikes ive seen $15.00 withdrawal charges. so i withdraw 20.00 only from a casino atm and schwab will pay me back $15.00? NO WAY they will lose so much money! Couldnt schwab's competitors organize all their employees and keep doing this and make schwab go bankrupt? thats probably a long shot but still wouldnt this make schwab lose money?

ShiZZAh said:can anyone tell me if this is possible?

Lets say I just withdraw $20.00 from any atm. some atms, especially the ones at casinos have huge rate hikes ive seen $15.00 withdrawal charges. so i withdraw 20.00 only from a casino atm and schwab will pay me back $15.00? NO WAY they will lose so much money! Couldnt schwab's competitors organize all their employees and keep doing this and make schwab go bankrupt? thats probably a long shot but still wouldnt this make schwab lose money?

Casinos in Las Vegas charge $15 atm surcharges? really? it's that high? yikes...well, if they do, that's very unusual practice..most atms i have seen, charge a maximum of $2 for each withdrawal...and some less...in my area (NYC) we even have alot of 99 cents atm machines...like in Mcdonalds and in our huge chain of Duane Reade drug stores.....