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| Monday, August 27, 2007 |
| Brokerage Checking Account Rate Wars Heating Up |
The Boston Globe article: Fidelity makes higher-interest checking offer reports that Fidelity Investments is offering a checking account with 3.5% interest - competing with Schwab's 4.25% checking account. Charles Schwab Corp. countered by unveiling an investor checking account in April with a 4.25 percent interest rate, refunds of ATM fees, no minimum balance requirements, insurance on deposits up to $100,000, and free online bill paying. A company spokesman declined to say how many customers have signed up, but said demand has exceeded expectations.
Fidelity followed suit this month with an account similar to what Schwab is offering but with a 3.5 percent interest rate.
The new Fidelity account is currently being offered to a portion of Fidelity’s brokerage customers, although company officials say non-Fidelity customers are welcome to apply for it. The account can stand alone, but it is meant to be linked to a customer’s existing Fidelity brokerage and IRA accounts, permitting better short-term cash management. - Someone in the banking world must be reading my blog!Labels: Saving Money |
| posted by Boston Gal @ 11:56 AM *
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| 3 Comments: |
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I have Schwab investor checking since it came out a few month ago. So far it's excellent. Granted I only have $2000 balance on average it feels good to be able to withdraw fee free at any ATM and earn a decent interest.
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I heard about Fidelity through an email I got from them and also there is an entry for it when I log in to see my account. I had already signed up for Charles Schwab checking when I had to switch out of Netbank. Enjoying Schwab bank...great rate and great customer service. they have helped in different issues and questions. Would recommend them.
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I also have the Schwab investor checking and I am extremely happy with it. While I do have some investment account with Fidelity, there is no way that I would give up .75% for no reason (and have to deal with the hassle of changing banks again). I agree with wayne. Schwab is really great. The customer service has been fantastic. I have no plans on moving!
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I have Schwab investor checking since it came out a few month ago. So far it's excellent. Granted I only have $2000 balance on average it feels good to be able to withdraw fee free at any ATM and earn a decent interest.