While I use both brokerages, Fidelity is a better choice than Vanguard imo due to Vanguard’s customer service issues and Fidelity’s broader range of products.
You could open a Fidelity CMA to hold your cash needed within 4 years in a MMF such as SPAXX (which can be the core account) or, if you have a state income tax, FDLXX. The CMA offers free ACH/wires, free ATM/debit card, paper checks, bill pay, mobile deposit, etc. vanguard’s accounts do not have as robust cash management features.
Also consider the recommendations from other posters to open a Roth IRA if you have qualified compensation. The contributions can be withdrawn at anytime tax-free and penalty-free. The Roth IRA grows tax free whereas a taxable account does not.
The Fidelity account(s) can be linked to your bank checking account for easy transfer of cash. You can use the Fidelity CMA as a checking account but personally I prefer to have $ at 2+ financial institutions in case there is an issue with one of them.
Fidelity offers a 2% cash-back VISA with auto deposit to an account such as a CMA. If you are building your credit history, the VISA is easier to have approved when you have Fidelity accounts.
You could open a Fidelity CMA to hold your cash needed within 4 years in a MMF such as SPAXX (which can be the core account) or, if you have a state income tax, FDLXX. The CMA offers free ACH/wires, free ATM/debit card, paper checks, bill pay, mobile deposit, etc. vanguard’s accounts do not have as robust cash management features.
Also consider the recommendations from other posters to open a Roth IRA if you have qualified compensation. The contributions can be withdrawn at anytime tax-free and penalty-free. The Roth IRA grows tax free whereas a taxable account does not.
The Fidelity account(s) can be linked to your bank checking account for easy transfer of cash. You can use the Fidelity CMA as a checking account but personally I prefer to have $ at 2+ financial institutions in case there is an issue with one of them.
Fidelity offers a 2% cash-back VISA with auto deposit to an account such as a CMA. If you are building your credit history, the VISA is easier to have approved when you have Fidelity accounts.
Statistics: Posted by HomeStretch — Sun Aug 18, 2024 6:35 am
