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That's if you're only judging by APY. Vanguard has an atrocious app, and is missing many 'bank-like' features that Fidelity provides - I've enumerated some in
by silisili 2y ago
That's if you're only judging by APY. Vanguard has an atrocious app, and is missing many 'bank-like' features that Fidelity provides - I've enumerated some in a sibling comment. I don't think Vanguard even has a debit card, unless that's changed recently.
- attentive 2y agoIf you want to pay $330/year on $100k or $1650/year on $500k to Fidelity so they can pay themselves 0.42% expense on MM fund (atrocious if you ask me) but have a pretty app, that's of course your choice as a customer. I'd spend it on something else. There is also something to say about diversification across finance orgs. I am not sure having all the funds for banking and investing using the same org is healthy. Diversification helps with SIPC/FDIC/FCUA coverage too.
- js2 2y agoI think most people know that Vanguard has lower expense ratios than Fidelity. What you give up are products and excellent customer service that some of us find worth paying a bit more for. I don't use an MMF as an investment vehicle. It holds my daily cash. I can't use Vanguard for that sort of thing, so it's not an apples-to-apples comparison. Excess cash (e.g. emergency fund) is in an auto-roll 4-week treasury ladder. I was previously a Vanguard customer. It's not like I don't have experience with both Vanguard and Fidelity. I understand the trade-offs.