Fidelity vs Charles Schwab (DETAILED COMPARISON)

[@markplymale]

This video is strictly covering the web platforms. In another video I’ll compare the apps! Who do you prefer between these 2? Be sure to let me know and as always thanks for watching!

[@iamgrbr]

The debit card they both offer are the same. Both reimburse ATM fees and both have the same international transaction fees. They just brand the two accounts differently. In my experience the Fidelity app and website are significantly more user friendly and easier to navigate around.

[@markplymale]

@@iamgrbr nice! I have the cash management account but never use it. I just use the brokerage with fidelity and I do like it.

[@akin242002]

I like to travel, so Schwab for me. However, I can definitely see someone choosing Fidelity if they don't travel and live a very local (city/state) life.

[@johnhenderson7081]

I am moving my funds to Charles Schwab from Fidelity as I write. Both are great and would not put one over the other. It is whatever fits your needs. Charles Schwab is the broker that is meeting my needs.

[@desireelewis1100]

@@akin242002 what do you mean.. Is Fidelity not available online if you travel?

[@pooshanv]

Thanks for informative and useful video. I use both Fidelity and Charles Schwab, since long time.

[@BestCBDCenter]

Spend $695 a year for AMEX card and get $100 as long as you invest million $. Right that makes no sense even with those silly rewards points.

[@markplymale]

Well you would actually get $200 for having $1M and the points aren’t silly and are very valuable but it’s ok if you don’t think it’s worth it. Just don’t get it

[@koolbreeze101]

I have both. Charles Schwab just added Zelle no more waiting 5 days for a money transfer.

[@markplymale]

Great feature!

[@nubianpwr]

Thanks for sharing that👍🏾

[@shawnmahoney1892]

My company used Fidelity to setup and manage our 401K program that made the majority of our blue-collar employees very happy. The accessibility of multiple 401K options and their relative positive performance made my fellow employees very happy. As I began thinking more about retirement, Fidelity offered multiple strategies for prepping my 401K for an eventual rollover. I eventually took a meager pension accumulation and rolled that into my Rollover IRA....all of this was facilitated by Fidelity.....there were a few fees involved but some were eliminated when Fidelity oversaw my direct participation in the rollover keystrokes.

[@ThatCho]

Love CS. it’s the credit cards for me and also the UI.

[@markplymale]

The CS platinum is a game changer!

[@ThuggyMacho]

I like that Charles Schwab doesn't have a foreign transaction fee unlike Fidelity which matters to me since I travel a lot BUT I'm really looking to leave the banks and move toward Cash Management Accounts so I'm torn.

[@Troyson04]

I was just thinking that cuz I travel to Philippines every year plus they are with AMEX :)

[@user-df2uu4tq6d]

Great video I’m trying to figure out my move since TD is merging

[@lkytmryan]

My account was moved from Tda to Schwab. Schwab doesn’t allow you to drip with certain stocks at a discount stocks like CRF and psec have drip plans that let you drip at NAV or discount. I have been told Fidelity does and I’m trying a test run on that. Another thing I don’t like about Schwab that I liked about TDA was that TDA allowed you to customize the columns of your view of stocks. I haven’t been able to figure out how to do that with Schwab and it’s just a bit more cumbersome.

[@lyleodendahl3164]

I recently moved my accounts from Schwab to Fidelity because Fidelity lets you buy securities and take the funds directly from a designated money market fund. Schwab,on the other hand requires you to move funds from a money market fund a day prior to making the security purchase. That effectively means you have to guess how much to move the day before the stock purchase and you will lose a day’s money market interest in the process.

[@kmque3166]

I prefer Schwab over Fidelity, both are good, tho problematic Fidelity is privately owned. Can’t beat no minimums, no mthly fees if one banks w them + basic credit cards are decent. I like Schwab + Fidelity $1 minimum for their index funds. Both companies have no fees for regular trading now, I prefer them over new fin tech brokerage platforms, cos if one has issues w their money, one can talk to a live person or visit a branch, instead of email or chat support only!

[@markplymale]

Absolutely man! Really both are fantastic

[@ExtraGuac007]

Recently, Charles Schwab started charging a $6.95 fee to trade OTC stocks. Fidelity still offers free trading on OTC stocks.

[@markplymale]

Good to know!

[@amyhisle5485]

I have Schwab and love it. Thanks for the video

[@markplymale]

No problem!

[@JacobCarline-hn1nh]

TD Ameritrade is merging with Charles Schwab, adopting thinkorswim. Seeking trade copying like TD Ameritrade's native feature. Need guidance on available options.

[@GramsBlood]

I’m using Schwab

[@markplymale]

Nice!

[@mikemccabe8015]

I currently use CS, but I'm looking at switching to Fidelity because of the fractional ETF feature. I wish CS would implement this soon, but with their focus on integrating TD at the moment, I don't see it happening anytime soon.

[@markplymale]

I seriously wish they would allow fractional shares on ETFs. Would love to truly DCA into SPY with Schwab!

[@robalicea4733]

Great comparison video.. Looking into CS checking and brokerage account also the CS Starter Kit with the $101 bonus. Mark, does CS hard pull?

[@markplymale]

Thanks Rob! Nope no hard pull

[@erickho9973]

Hi Mark. I have been hearing that the Charles Schwab account reimburses ATM fees when used to withdraw money abroad. Does the Fidelity Cash Management Account reimburse all the fees ( bank and foreign transaction fees) as well?

[@jakobfour]

I use Merrill Edge. 🤷‍♂️ but curious about the other two: Fidelity & Schwab

[@markplymale]

I’ve heard good things about Merrill!

[@nubianpwr]

Excellent content, well presented - subscribed👍🏾

[@markplymale]

Thanks so much man!

[@johnhenderson7081]

Both are great brokerages and I have both.

[@markplymale]

Agreed!

[@JoseAGomez-fw4vg]

Hey mark I want to open a Charles schwab account and notice I can get a new account bonus but only by a referral, do you happen to have one?

[@Deplomaplugin]

Do Fidelity cash management account still let you pay bills, and the money does not come out to the end of the month in the account?

[@cliff_eastwood]

Did you ever do the app comparison video? I have Schwab but their app is not really user friendly in my opinion. Was looking to see how Fidelity's app is.

[@imanilwilliams]

Fidelity's app is definately better

[@lkytmryan]

What do you find better about Fidelity’s app?

[@hobobum1216]

Hey Mark found you from your fidelity deposit $50 get $100 video. I'm opening an account with them now - thanks man! One question : Do you know if fidelity charges a fee for buying OTC stocks or penny stocks ?

[@kiahumphrey6937]

I believe Fidelity has OTC stocks but CS does not. Thats why I wanted to try Fidelity.

[@hobobum1216]

@@kiahumphrey6937 can confirm fidelity offers no commission OTC trades

[@DCGEMINI202]

My CS platinum card should b coming in the mail today🔥

[@markplymale]

Let’s go!!

[@precious5937]

Thank you for this video! Can you set automatic dividend reinvestment for ETFs and Indexes on either platform?

[@markplymale]

Yes! I should have mentioned that!

[@precious5937]

@@markplymale Thank you!

[@danielclayton7524]

Fidelity

[@alplymale1978]

Very Good Explaining the difference.

[@markplymale]

Thanks dad!!

[@jamemee8795]

I got them both i personally think Charles S better customer service

[@larryarsenault]

At Schwab i get to speak with a real person , in the USA, within 3 minutes every time. They've always been polite, easy to talk with, respectful and knowledgeable even when new to the brokerage, i used to call with some of the dumbest questions. I wish ALL businesses had this quality customer service. I've not dealt with Fidelities customer service but I have with two other big name brokerages and when i had smaller amounts in account the service wasn't very good.

[@azan-183]

Great video! I personally prefer Fidelity because the app is so much better, both have very dated looking websites. I'd love to see the app comparison and a video on your personal opinion on which you prefer to do certain types of trading!

[@markplymale]

Thank you! I will definitely compare the apps in a separate video!

[@stephaniefythm]

[@skoopqueen]

Nice one Stephanie .Any investment tip? I would love to know how you made it this far..

[@stephaniefythm]

Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with REGINA LOUISE COLLARO an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.

[@skoopqueen]

Impressive Stephanie! Your investment advisor seems quite skilled. I've come across success stories of individuals enhancing their financial stability through advisors. Could you provide further details about this individual?😊

[@stephaniefythm]

​@skoopqueen she is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message .She works with anyone independent of their location.

[@emeldcentor1474]

I am one of many people who has benefited from investing with Regina Louise Collaro, and you are right. When I lost my work due to COVID in 2020, I had no reason to live, and it will always be a memorable year in my life. I owe Regina my life since she made it feasible for me to live well through passive income. To be very honest, I believe she is an angel who was sent to assist individuals who are through financial hardship.

[@vincentsmith6859]

This was a great video Mark well done 👍

[@markplymale]

Thanks Vincent!

[@frankbradford9616]

SHOCKING… he didn’t mention the Schwab debit card. !!! Please look into it for yourself.

[@dlg5485]

One issue with the video... a publicly traded bank isn't required to serve the interests of its investors (customers). It is only beholden to its shareholders. With that in mind, a privately owned company may be the more desirable option, since they are only accountable to their customers. Vanguard currently houses my Roth and brokerage accts, but they have gotten worse across the board in recent years, so I am cross shopping Fidelity and Schawb to house those 2 accts. I am leaning toward Fidelity because they also have a very solid HSA, which I will need in the future to roll over my existing employer based HSA. I like to keep things simple, so ideally I'd like to have all of my accts under one roof for ease of management and Fidelity has credible options for all of my acct types.

[@karlsturzebecher9463]

I am curious on your thoughts @dlg5485 … Would there be concerns of banking under CS when retired and having all accounts under one roof ?

[@mrderek800]

@Mark Plymale , has the issue with the fractional share through Charles Schwab changed since you made this video?

[@rathorrath401]

No. I’m in the process of switching to fidelity

[@mollyfoxx9417]

I like them both!

[@markplymale]

Me too!

[@cdm4593]

Great job Mark. I will take one of each. 😊

[@markplymale]

Great choice!

[@crammydavisjr5813]

Good breakdown here. I’m with Fidelity, and am very happy with their customer service. Thanks for putting this together!

[@markplymale]

Thank you!

[@TheMarioMen1]

This why was unsure about Fidelity 🤔 If you pause around 10:58 you can read that Fidelity’s “f-prime venture capital” bought shares of that Ultragenyx at something like $3/share, and later bought if for their mutual fund at $41/share!! They could have done it other way around and secured the bag for their customers 😳

[@kevin123497]

Anyone opinion on schwab roth ira vs fidelity? Which is best?

[@markplymale]

Cant go wrong with either! I personally use Schwab

[@akin242002]

Both are great, but Fidelity core index mutual funds have slightly lower expense ratios and they offer fractional shares for ETFs. Schwab is better for automating your investment semi-monthly, dividend investing and tracking, and selling options on SPY.

[@akin242002]

Team Schwab if you like to travel, long-term invest, and option trade. The other broker for day trading and ETF long-term investing.

[@markplymale]

Great points!

[@jameshipp4456]

Which of these platforms is easier to use, for complex options trades like Iron Condors?

[@markplymale]

Schwab is better for multi leg options like iron condors

[@akin242002]

Definitely Schwab for any option trades. Fidelity tries to be overprotective mom when it comes to option trading.

[@larryarsenault]

I stay far away from Options, probably because I don't understand beyond Calls very well. Too many factors over all the factors to consider in a simple stock trade. But toi each their own. G.L.

[@Americanomondays]

I opened up a SEP IRA and a Roth IRA with Fidelity in early 2021. My wife’s 403B was through Fidelity so I figured I better learn that platform and have been perfectly happy. BUT now she’s going to be starting a new job soon and they’re retirement is though TIAA. AH! I don’t wan to have to learn a new platform. Ha. Whatever….gotta do it. But yes, perfectly happy with Fidelity.

[@jacobbonesteel8061]

Great video, the tie breaker for me is the Schwab debit card, I travel internationally semi frequently and some counties like Greece basically require cash purchases. It’s wonderful not having to pull out a large sum of money so you only have to pay the atm fee once.

[@iamgrbr]

The debit card they both offer are the same. Both reimburse ATM fees and both have the same international transaction fees. They just brand the two accounts differently.

[@markplymale]

Thanks Jacob!

[@akin242002]

@@iamgrbr That is incorrect. Fidelity charges a 1% FX fee. Schwab's debit card charges nothing.

[@ekgram5109]

Also, Schwab is better if you're an Amex user and have the Schwab Platinum Card.

[@RadicalAnthropoid]

Stop calling them investment banks, they are brokerages, completely different. Investment banks consult on mergers & acquisitions as well as IPOs.

[@markplymale]

Ok I’ll stop calling them what I called them in a video I made months ago 😂 just relax man it’ll be ok

[@maritestaylor8458]

Fab video

[@markplymale]

Thanks so much!

[@zanemiracle6121]

I liked this video a lot! Although to note, Fidelity is NOT a bank, but a brokerage. I'm sure they (the employees) have an interesting time trying to explain the difference depending on what the customer wanted to do. In many regards, it is very similar to one in terms of functions but depending on what you want to accomplish, you will find some very clear differences.

[@markplymale]

Thanks Zane! I felt dumb continuing to call Fidelity a bank but it rolled off the tongue easier 😅

[@sincere355]

Thanks for the helpful video!

[@markplymale]

No problem!

[@bluerasperries1117]

This was incredibly thorough. I especially appreciated your relaxed and composed explanation, and the fact that you’ve used both for quite a while. Thank you so much!!

[@markplymale]

Thank you I hope you found it to be helpful!

[@williamhastings4241]

Thank you for the video. I know it has been three months but thought it interesting that you objected to someone making money in their business but it was okay if you had shareholders. I like Schwab and would probably go with them since a merger with TDA is looming. But I want a custodial account for my granddaughter and like that Fidelity offers fractional shares in ETF not just stock. I plan on having a few ETF and just be fully invested as I add to her account. I will do this weekly so she will get a broad cost averaging. Again thank you

[@markplymale]

I’m not objecting to a business making money. Just pointing out the fact that fidelity is private and Schwab is public for those who weren’t aware of that. I’m glad you liked the video! I’m a huge fan of both brokerages personally and would recommended either to anyone

[@swangbaby2615]

🔥🔥🔥

[@lastprophet5969]

Should create a playoff bracket putting all the brokerage firms against one another and in your opinion the one to rule them all 😂. Also another argument is if some things that TD Ameritrade offers that Schwab doesn't going to be added after both combine. Just some food for thought.

[@lkytmryan]

Schwab doesn’t offer drip at nav or discount on stocks that offer that like TDA did.I’m testing fidelity and E*trade because I was told they both do. If they do, I will be closing my Schwab account and opening fidelity. Schwab is also heavily into ESG hard to find a company that isn’t from what I can tell E*TRADE is not. If E*Trade let me drip at NAV and the discount, I will be moving to E*TRADE. If not, I will probably move the Fidelity who is also into esg

[@NicknNick99]

Charles Schwab has put multiple trading restrictions on stocks (when it will lose them money, just like Robinhood did with GME), avoid them at all costs.

[@markplymale]

Didn’t every major brokerage do that? Who do you use?

[@NicknNick99]

@@markplymale I am only allowed to use Fidelity. They also were one of the only ones who didn’t do it. Just too many corrupt banks out there, and too many things that came up with Charles Schwab in the headline, for me to use them (even if I could).

[@sincere355]

Thanks for the useful info!

[@anthonyvu749]

@@NicknNick99 side note: GME just skyrocketed again

[@n8ramirez_]

Sweet

[@s.g.6180]

I have Schwab. I love the comparisons between the two companies.

[@zw8682]

I was trying to open a fidelity checking account later last year because they have a $100 bonus when you deposit $50. Sadly, they were not able to verify my identity for both times that I tired. I don't really wanna go through the hustle to call and retrieve my bonus afterwards. I might give it a shot again if the bonus comes around tho.

[@markplymale]

That’s frustrating! I would call someone and see if they can help you out. Fidelitys customer service in my experience is excellent

[@71757097]

I had to call them

[@JohnWickkkkkkkkk]

Schwab is the better than fidelity

[@markplymale]

I’m a huge Schwab fan!

[@akin242002]

Each has it's pros and cons. I lean more towards Schwab due to the travel perks and slightly better customer service. Although Fidelity is better for fractional shares into ETFs. If you love ETFs, I can see a strong argument Fidelity.

[@darkfire6341]

I have Schwab

[@markplymale]

I love Schwab!

[@ghostmourn]

Did Schwab inherit the Fractional shape capability from TD? Seems to me TD had that functionality

[@rathorrath401]

They only do fractional shares with the stocks on the s&p 500. No etfs, mutual funds, etc.

[@ghostmourn]

@@rathorrath401 oh ok, thank you

[@AutenticoBello]

I have Fid... But after this I think CS is better

[@peaceful4you408]

Fidelity is way better.

[@markplymale]

How come?

[@Clovud]

Does Charles Schwab have dark mode on the web browser

[@markplymale]

Nope

[@BenJune09]

Sounds racist. 😆

[@juanmorales3251]

Just open my charles schwab account today.

[@markplymale]

Awesome I hope you enjoy their services!

[@shahriazshaon4300]

Fidelity mobile app is richer than Schwab’s. I have both and I feel more comfortable using Fidelity than Schwab. Fidelity research tool is richer.

[@giovannimazzola4677]

You’re the man Mark! Keep making great content.

[@markplymale]

Thanks man!

[@TomSantinoCorleone]

Vanguard all day 👍💪

[@markplymale]

They're the best for buy and hold!

[@NicknNick99]

How is vanguard on fees and accessibility?

[@akin242002]

After getting to $10k in a retirement account, Vanguard starts to become great. Before then, Vanguard is not beginner friendly like the 2 investing platforms mentioned in this video.

[@TomSantinoCorleone]

@@NicknNick99 super easy and good 👍 don’t listen too the guy below you,

[@MikeHoncho884]

Thanks for the information I’m soon to retire. I’m looking for a place to automatic deposit my pension check. Still not sure if a money management account would be the proper place to do that or just stick with my credit union and make a transfer from the credit union into a money management account still not sure what to do?? Any ideas??

[@Openmountain1]

I ❤both, so I got both!!!