Dues wrote:Hey Guys,
I know I'm late to the party for this post but I'm wondering why people like schwab so much here? I started a post recently in off topic about high % interest savings accounts and browsing the forum found this. Looking at their website it looks like they only offer .15% interest rates however I found other places that offer anywhere from .85% to 1%
Just curious why people prefer the .15% schwab offers as there must be something I'm missing and another benefit they offer.
I didn't sign up for the interest rate- I save that for my high yield savings account.
It's a combination of several things really; I haven't heard of any negative elements in the company, and it's certainly one I feel comfortable putting my money into.
And like many other online banks, there are no minimums, free ATM usage anywhere (w/ fees reimbursed of course), etc. I don't think I had anywhere to go but up from leaving Chase, since my company doesn't do direct deposit.
Some online banks don't allow you to deposit checks via smartphone for free, but Schwab does, another bonus for me.
Plus, you are required to open a free brokerage account in addition to the checking at this time (though there's no obligation to even use it), but I was beginning to look into stocks/etc anyway.
If I had to do it again though, I would try USAA if not for Schwab, as I hear their customer service is stellar as well.