Top 5 Banking Services Brokers in 2020 and why is that the case

Investors are searching big time for merging their trading accounts with regular ones to have better control over their money, and it’s merely a more convenient way to deal with money management. Banks are slowly starting to combine these two, making sure you can have a trading account, including various types of online support.

We wanted to explore which online broker would be the best regarding banking. We needed to check basic accounts, savings accounts, various types of cards, and mortgages for this venture. Then we focused on ATM fees, banking with low or no fees at all, and mobile check deposits. The number of branches is also significant, so we checked that as well. We offer you the top five banking services and brokers you can try out in 2020 if you are a trader.

  1. Bank of America

Merrill Edge is a crucial part of Bank of America. Merrill Edge is the best regarding banking and brokerage when it comes to banking and brokerage because of account management skills.

  1. Chase Bank

Chase Bank is a brand in the US where JP MOrgan holds assets over 2 trillion dollars, giving them the freedom to operate in more than 100 countries. They are doing everything – from basic checking to credit cards, and they are thorough. Both Chase Bank and Merrill Edge offer FDIC-insured banking through 5,000+ branch offices across the US.

  1. Ally Bank

Ally Bank is one of the best in the industry if we discuss merging bank and brokerage accounts. Everything you want you can manage under one simple login, and transferring money is made easy. They are a registered member of FDIC, meaning they insure the bank deposits up to $250,000.

  1. Schwab Bank

Charles Schwab is also a powerful competitor. They have 357 service locations, plus they are a registered member of the Federal Deposit Insurance Corporation (FDIC), which again insures bank deposits up to $250,000.

  1. Fidelity

Fidelity embraces no-fee banking completely, and it also delivers a reliable experience. The Fidelity Rewards Visa Signature credit card offers 2% cashback on all purchases, with rewards deposited directly into your Fidelity accounts.

    1. Can you buy stocks if you have an account in your bank?

The answer is no, but you can do online trading through their brokerage services. That means opening a second account for trading, which you probably have. IF not, try looking for another option. Bank of America does offer online trading through its discount broker, Merrill Edge, and JP Morgan Chase offers online trading through Chase You Invest Trade, but check your options better before you dive into any of these.

    1. Should you invest through your bank?

Even though your bank has an option of an online brokerage account, you should still look at it as a convenience. There are also various rewards if you are maintaining multiple accounts, but remember, this is excellent for budgeting. If you are trading, do it where you think it’s the best.

These are our top five choices. Now it’s up to you to do your research, and find what suits you best. Happy trading!