Side by side
Fidelity Investments vs Charles Schwab
Fidelity Investments
48 positive (83%) · 4 mixed (7%) · 6 negative (10%)
Trust + time weighted: +73%
AI summary — not a quote
Fidelity Investments is highly regarded as a reputable, low-cost financial institution suitable for both beginners and experienced investors. Reddit users frequently recommend it for its zero-fee funds, competitive interest rates on uninvested cash, and efficient ATM fee reimbursement for travelers. While its customer service is generally viewed as helpful, some users find the digital interface outdated and have noted occasional administrative fees for specific account types.
Pros
- Offers zero-fee index funds and no minimums on brokerage accounts
- Competitive interest rates (approx. 3.6%) on uninvested cash sweeps
- ATM fee refunds are typically processed within 1-2 days
- 2% cashback Visa credit card with no foreign transaction fees
Cons
- User interface is frequently described as dated or looking like it is 'from the 90s'
- Reports of specific record-keeping fees (ranging from $28 to $600/year) depending on account type
- Rigid policies regarding custodial accounts and age of majority can cause friction
Top excerpts
I use Fidelity (awesome, by the way, 0 fees)
Open a brokerage account with a reputable firm (Schwab, Fidelity, or Vanguard) and invest in broad market low cost index funds
Fidelity: Debit Card and 2% Cashback Visa Credit with no FTF, but their interface looks like it's from the 90s
For people that happen to be from the US, Fidelity is worth considering too. Same features as Schwab, but they refund the ATM fees within a day or two instead of at the end of the month, and they pay more interest.
I would recommend a large financial institution like Fidelity or Vanguard, they will provide a financial advisor.
Charles Schwab
24 positive (80%) · 4 mixed (13%) · 2 negative (7%)
Trust + time weighted: +63%
AI summary — not a quote
Charles Schwab is highly recommended by the Reddit community, particularly within travel and personal finance circles, as a premier choice for international banking and low-cost investing. Its standout feature is the Investor Checking account, which provides unlimited worldwide ATM fee rebates and no foreign transaction fees, making it a staple for digital nomads and frequent travelers. Beyond banking, it is frequently cited alongside Fidelity and Vanguard as a top-tier institution for IRAs and index fund investing due to its low fee structure and reputable customer service.
Pros
- Unlimited worldwide ATM fee rebates
- No foreign transaction fees on debit card usage
- No account minimums or monthly maintenance fees
- Reliable 24/7 phone support and customer service
Cons
- Opening a checking account usually requires opening a parallel brokerage account
- Occasional reports of rigid or inconsistent security verification procedures during account lockouts
Top excerpts
It's basically a thinly veiled shit advertisement for Schwab, whatever that is. ... OP allegedly failed several security questions (after a lot of back and forth, no less), gets locked out of the account, calls them back an unknown number of days later and magically gets into the account with the same responses to the security questions.
Either Schwab is shit at security, OP is shit at story telling, or OP is simply lying. Probably all three.
Schwab doesn't charge you to purchase something internationally, but they may make you pay worse conversion rates to compensate.
Not American, but I heard Schwab avoids a conversion fee, but I'm not sure how much they markup the exchange rate. In any case pay with your card as much as possible.
For travelers, Schwab is the best. No foreign transaction fees and no ATM fees and it's a free account.