This money manager can give you a near-bank experience built off a discount brokerage account. Also, you won’t be able to put all the cash to work because you don’t want to risk a bounced check.
There’s a two-day settlement delay with that mechanism. So, to extract a yield from idle funds, you will be buying and selling money market funds or ETFs.
#FIDELITY SWEEP ACCOUNT FULL#
The securities can be moved in from another brokerage firm.Īdvantages: Chase has a strong branch network with bank services like mortgages, cashier’s checks, safe deposit boxes, wire transfers, credit cards that can be rigged to automatically pay the full balance monthly, notary public, electronic money and bill paying.ĭisadvantages: The sweep money market account attached to You Invest stinks (0.03% interest).
The asset minimum can be met with any combination of savings and checking balances and securities positions. If you have at least $250,000 of assets at Chase you will get: free checking exemption from the limits on the commission-free trading that apply to small fry some frills related to museum tickets a rebate of some withdrawal fees at non-Chase ATMS a closing-cost discount on mortgages, and other goodies. You need to start over by applying online for You Invest. If you already have a JP Morgan Chase brokerage account, it won’t qualify for commission-free trading. To get the most out of Chase, open a new You Invest account. You can link the brokerage account to your checking, transferring idle balances to and from the two accounts. This bank has a nifty deal for active traders: commission-free online trading of stocks and exchange-traded funds. If you’re moving $25,000 commission-free in and out of a $50 ETF that trades at a one-penny spread, your round-trip cost is $5. Bear in mind that, besides any commissions, a round trip in an ETF will cost you the spread between bid and ask prices. In some cases the best way to do this is to buy and sell short-term bond ETFs or money-market funds if so, avoiding commissions is pretty important. Your objective is to have most or all of your cash earning decent money (close to 2%).
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