Today I have decided that I am moving all of my investments from Firstrade to Charles Schwab. A few years ago I would not have even considered this because of Schwab's high fees. The landscape has changed and now I am making my move just in time for tax season!
Here are my reasons for moving, in order of importance:
- The big one: $0 commission on Schwab Funds and Schwab ETF's versus $6.95 currently.
- Consolidation: Accounts in less places (combining with new Schwab Checking Account)
- Schwab has branches: If I have an issues I can visit a human!
- Mint.com access: I can see my Schwab accounts in Mint. I cannot for Firstrade
One final step I am taking is to take what used to be in my taxable brokerage account and move it to my Roth IRA. This requires me to sell all positions (which I have done for a gain!) and deposit cash as a contribution. It makes sense to do this now since it will count as a 2010 contribution and leave me more room for 2011. This will also cut my tax bill over time significantly!
Long term I plan to start using my Schwab Checking account more too. It refunds all ATM fees AND does not charge me a percentage for foreign ATM withdrawals. As a lover of international vacations this can save me thousands over the long haul. As long as this policy continues I may considering using them for other things as their account pays a small amount of interest too!
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