A very small test case, Schwab vs Fidelity
Posted: Thu Dec 31, 2020 12:07 pm
I happened to have a little bit of dividend cash at Fidelity and Schwab, so I put them head to head:
Bought two shares of VTI, hit BUY button at almost the same time... within 1/2 sec. Market orders.
Fidelity filled at $193.66, and Schwab filled at $193.665.
If you have a million dollar trade, the "Schwab tax" would be $26 (and I do have trades that size, since I trendfollow with almost all of my portfolio). Chuck is stealing my lunch money.
And they slow-pay my divdends, and slow-approve my ACH transfers, and I can't do dollar-based trades but am left with tens of $ in my account which I can't deploy unless I buy their mutual funds to soak up those extra few Dollars. I hate doing that.
Glad I moved most of my stuff to Fidelity. More will move in future as bonds and CDs mature.
Bought two shares of VTI, hit BUY button at almost the same time... within 1/2 sec. Market orders.
Fidelity filled at $193.66, and Schwab filled at $193.665.
If you have a million dollar trade, the "Schwab tax" would be $26 (and I do have trades that size, since I trendfollow with almost all of my portfolio). Chuck is stealing my lunch money.
And they slow-pay my divdends, and slow-approve my ACH transfers, and I can't do dollar-based trades but am left with tens of $ in my account which I can't deploy unless I buy their mutual funds to soak up those extra few Dollars. I hate doing that.
Glad I moved most of my stuff to Fidelity. More will move in future as bonds and CDs mature.