While online brokerages are primarily meant for buying and selling stocks and other investments, they can also be an option to consider for your checking account.
Some online brokerages offer free checking accounts that come with free checks, mobile banking, online bill pay or unlimited ATM access with fee reimbursement.
Brokerages and their banking partners like the stable, long-term deposits that tend to come with a brokerage checking account, says Andrew Frisbie, executive vice president at Novantas.
“When brokerages are able to add checking to the mix, they’re basically buying themselves some greater stability in their deposit profile, compared to just having the more-volatile cash associated with investment portfolios,” Frisbie says.
Your ability to buy and sell stocks through directly from your brokerage checking account is going to vary by brokerage.