December 19, 2020

Checking Account No Minimum Balance

Checking Account No Minimum Balance so guys mark here a quick story if you don't care to hear the background of this video and you just want to skip ahead to where I actually started viewing the Charles.

Schwab bank account then you can just click on this time stamp right here as actually down below in the description and yeah you can, just get all. Right ahead to that point so when I was 16 years old I opened up my first checking account with a credit union that my, mom had an account with and then when I was 18 I was in college or UK and I opened up my first you know independent checking account it was with Chase as their. Student checking account and I mainly just picked Chase because they had a branch that was literally right across the. Street from my apartment complex what happened to be on the other side, was my employer at the time so I literally could walk to work and I made cash there it was like a busser. And barback and stuff like that so I could like make cash and then it'll walk. Over put the cash in the ATM and then walk home so it's kind of nice by for a couple years later I drop, out of UK that's a story for another, video then I switched my account to the total checking account which I've had up until this point right, now okay and I'm gonna admit that I've made some financial mistakes in my 20s borrow $25,000 to go to college and I didn't even graduate i financed a bed luckily was at 0% but yeah, let me say that one more. Time I financed a bed yeah I had to make monthly payments on this bed how stupid is that yeah I'm upset about that also I did never. Care to build up like an emergency fund I didn't really take credit card. Seriously never really thought about retirement yeah I could go on and on basically in the past two to three years I've spent as. Much time possible researching and learning about personal finance and how to manage money better I've read countless books watched every single one. Of Graham Stephan's videos and other little things like, that but basically I just kind of emerged myself in the personal finance education world and yeah I've learned a lot I'm not saying I know everything obviously there's still, a ton more that I need to learn and in fact I'm still learning more every single day and I think. That's a big thing just learn a little bit more each, day but all I'm trying to say is I have learned a lot and a relative the short period of time moving on to the president I've become absolutely obsessed with optimizing everything in my, financial life there's any interest that, we made on my money and I'm gonna take advantage of it so unfortunately I had no choice but to close my checking account with Chase Chase is, a fantastic financial institution in my opinion but they're a brick and mortar bank which makes. Them you know impossible to be able to compete and offer competitive interest rates on their checking and savings accounts even if I have like a hundred thousand dollars in their. Premier checking account I would only make about ten dollars, a year on all of that money which is horrible and I didn't even have the premier account I just had the.

Total checking account which offered a 0% interest rates but even if had $100,000 in their checking account all year long I never touched it I would. Net a total of zero dollars and zero cents which is obviously not. A good return on your money so that being said now I can tell you guys why I switched from Chase to Charles Schwab Bank, instead their investor checking account offers a point one five percent interest rate on your. Balance and no that's not great or anything is actually pretty terrible but it's obviously way higher than zero. So yeah one stipulation of opening that account was you also had to open up a brokerage account with Schwab so I just made a joint tenant you.

Know regular generic burglary count with me and Victoria on it and I haven't actually moved anything from my Chase you. Invest the, count over to that yet but I'm I probably will end up doing that at some point in the future just because, you know I kind of like to have everything in-house I've got my checking account that's why I open that you invest. Account in the first place I had my you know checking account with Chase and it just made everything so super kind of easy to move. Everything you know have you know the you invest account. And my check checking account.

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