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Among others, USAA doesn't require a brokerage account to bank with them. I don't think it's really a comparable situation. In their competitor comparison[1],
by wffurr 8y ago
Among others, USAA doesn't require a brokerage account to bank with them. I don't think it's really a comparable situation.
In their competitor comparison[1], you'll note they don't list USAA or any credit unions, because it would look basically the same as the Schwab account. Low or no fees, low or no minimum balance, decent interest rates, etc.
There's no reason for you to switch, either, but not everyone needs or wants a Schwab brokerage account too.
[1]: https://www.schwab.com/public/schwab/banking_lending/checking_account#account-basics https://www.schwab.com/public/schwab/banking_lending/checkin...
- volgo 8y agoSchwab refunds unlimited ATM fee, whereas USAA refunds up to $15. Schwab also has worldwide no foreign transaction fee, something that USAA doesn't have. IMO Schwab is still the best because I travel a lot. There's no downside to keeping an empty brokerage account
- spyspy 8y agoThey open the brokerage account when you open a checking account with them, but you're not required to fund or use it. I use it for my personal investing and love that when I overdraft my checking it just immediately takes it from cash in my brokerage (rather than savings which has a limit on monthly withdrawals or charging me a fee). There have even been times when there wasn't enough cash in my brokerage acct and it just went negative.. I didn't let it stay that long enough to find out if there were any consequences but for the few days it was like that there weren't any.