Anyone recommend a good investment bank?

[davebarnes]

Originally Posted by TheLonelyGoatherd

to be honest no.

An investment bank (IB) is a financial intermediary that performs a variety of services. Most Investment banks specialize in large and complex financial transactions, such as underwriting, acting as an intermediary between a securities issuer and the investing public, facilitating mergers and other corporate reorganizations and acting as a broker or financial adviser for institutional clients.

Major investment banks include JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Credit Suisse and Deutsche Bank. Some investment banks specialize in particular industry sectors.

[TheLonelyGoatherd]

Originally Posted by davebarnes

An investment bank (IB) is a financial intermediary that performs a variety of services. Most Investment banks specialize in large and complex financial transactions, such as underwriting, acting as an intermediary between a securities issuer and the investing public, facilitating mergers and other corporate reorganizations and acting as a broker or financial adviser for institutional clients.

Major investment banks include JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Credit Suisse and Deutsche Bank. Some investment banks specialize in particular industry sectors.

So can a person just open a savings account or do you have to do other investing through them? We have everything through Etrade now.
I'm asking here so I don't sound like a total moron when I call one of these banks! lol

thank you everyone for these answers. I know this is a financially savvy bunch!

[mathjak107]

Originally Posted by Mr. Zero

We have Chase Private Client, but I couldn't tell you what the savings rates are since we don't have a savings account. The vast balance of our funds are invested in mutual funds and ETFs through their YouInvest self-serve trading account, a JP Morgan brokerage account and a retirement account. Our investment horizon is decades-long, so we're keeping as much as we can in the market instead of in a savings account.

The rate discounts I was referring to was for taking out a mortgage. The larger your balance with some of these banks, the lower your mortgage rate. (ex. .125% discount for a $500k balance, or .250% discount for a $1MM balance, etc.). There may also be additional rate discounts available if you move new money in. Combine those discounts with the overall drop in rates and it might be worth your while to talk about taking out a mortgage.

i have a chase private client account and also have no savings account ..they pay near nothing on them ...

i keep a checking account for bill paying since we charge everything we can for points and i let them baby sit my etf so i get private client status .

[pit2atl]

If i were in your situation and based on your allure to Dave Ramsey and not fully understanding what an investment bank is...

1.) Put your $$ in a vanguard brokerage account and just let it sit in their money market. (their money market is basically there "holding" account before you buy stocks) the 1year yield is 2.2% now this is a rolling yield meaning it will follow the fed and with interest rates being cut it will most likely drop to probably 1.6%-1.9% over the next year still but way better than what bank of America is giving you.

2.) Once your ready to buy your house tell your real estate agent you're an "all cash buyer" and you can negotiate better price because you can close in literally days rather than someone with mortgage lending may take up to 60days especially with that type of jumbo mortgage underwriting is different.

3.) Then you can call vanguard up and wire the funds for closing directly to the escrow. ( so from today until you buy your house you're getting that rolling yield of close to 2% on your $$.

4.) Once you buy the house what ever $$ you have left dump it into a vanguard fund that follows s&p i thing its called "vanguard voo"

I realize some people say mortgage the house because rates are great which they are however...its still simple math if mortgage rates are at best 3.5% that means you will have to get 3.5% or more in interest/return on your money for a mortgage to make sense.

Which isn't impossible as the market has been pacing well over that... but again that is for someone who is comfortable with adjusting their portfolio accordingly on a yearly basis...

I just enjoy simplicity if you have the money buy the house in cash and thats one monthly bill you don't have to worry about for the rest of your live and you and your spouse put $1,000 month or whatever you can afford in the vanguard s&p fund I recommend earlier.

[Icemodeled]

We put our emergency fund savings into Discover bank. It pays 2% interest and we have had excellent customer service with them(have had their credit card for years). Before that it was sitting in a standard bank paying about .01%.

If your talking actual investing I recommend Vanguard. Never any issues with them and I have called many times(mostly when I was first starting out and unsure how to do anything like transfers/buying/selling etc) they were always very helpful.

[pit2atl]

Originally Posted by Icemodeled

We put our emergency fund savings into Discover bank. It pays 2% interest and we have had excellent customer service with them(have had their credit card for years). Before that it was sitting in a standard bank paying about .01%.

If your talking actual investing I recommend Vanguard. Never any issues with them and I have called many times(mostly when I was first starting out and unsure how to do anything like transfers/buying/selling etc) they were always very helpful.

is there a max balance to get that 2%. I know some companies will say 2% on first 10 or 20k?

[Grlzrl]

Originally Posted by Mr. Zero

If interest rates continue to be low and you have the income to support a mortgage, I would look into something like Chase Private Client or Citigold, and take advantage of any additional rate discounts they may have for moving new money in, and high relationship balances. I really wouldn't pay cash for a house when interest rates are low and getting lower. You lose a LOT of liquidity.

Chase PC is not a good deal. You have to sit $250k in THEIR bank likely foregoing interest.

OP, do you have any idea about tax consequences of that $1m? Have you spoken to a tax advisor? An investment bank is not what you are looking for. They do deals for corporations. You just want a retail bank with the higher rates. Personally, if I were you, I would take at least a small mortgage the you can afford. Rates are scary low on mortgages right now. Take advantage of it. Invest some of the rest and keep some in a savings account to put your husband's mind at ease.

[Mr. Zero]

Originally Posted by Grlzrl

Chase PC is not a good deal. You have to sit $250k in THEIR bank likely foregoing interest.

It seems like you're not very familiar with CPC. The $250k+ includes brokerage account holdings. My Chase assets are mostly in ETFs and mutual funds. The VTI in my Chase accounts is doing an well as it was before I transferred it over from my Vanguard brokerage account.

Much of that is in a YouInvest account where I can buy and sell with no commission fees.

[pit2atl]

Originally Posted by Mr. Zero

It seems like you're not very familiar with CPC. The $250k+ includes brokerage account holdings. My Chase assets are mostly in ETFs and mutual funds. The VTI in my Chase accounts is doing an well as it was before I transferred it over from my Vanguard brokerage account.

Much of that is in a YouInvest account where I can buy and sell with no commission fees.

I agree with you. The chase self directed is cool if you need to utilize the preferred mortgage rates. However, the OP isn't going to be able to purchase proper etfs without assistance. She needs to buy the house in cash and go about her day.