Just a heads up. Found this on the Schwab FAQ:
Can I manage my account online at schwab.com?
Yes. Schwab.com offers many convenient features, including online fund transfers, online bill pay, and easy transfers between your accounts.
Actually, Schwab has just released the ability to transfer funds from outside accounts to and from Schwab online. However, you have to mail in a form and voided check then wait for Schwab to process it. Otherwise, you have to call to speak to a representative to move any money in or out.
I have the Fidelity My Smart Cash Account. It is a very good account, however, it takes a very long time to for your funds to actually be available. It takes sometimes over a week for funds that are electronically deposited from an external back, to be available for withdraw. Customer service at Fidelity informed me that while the My Smart cash account has features of a checking account, it is not a checking account.
The rate on the Schwab's high yield checking account has dropped to 1.5%. It's not that attractive anymore.
Commenting by HaloScan
