Online banks

The best combination I've found, for most in the USA is:

1) Fidelity for everything, including their Cash Management Account (CMA). This is a taxable brokerage account (you can invest in it) with all of the features you'd ever need in a bank, fee free - minus cash deposit capabilities. Hold SPAXX for High Yield Savings Account (HYSA)-like "interest". If you have kids/teens in your life, definitely be at Fidelity for their Fidelity Youth Account (the only worthwhile account for teens 13-18).

2) Capital One 360 Savings and 360 Checking. This will give you the missing cash deposit capability - via any Walgreens or CVS nationwide (no local branch ever needed). Make sure it's the "360" account, to get HYSA interest in the Savings Account (per usual, the Checking account has extremely low interest).

Interesting comments here, but I'm considering an opposite change. I've been with military banks for decades, I was in the Navy for 20yrs. I have accounts at Navy Fed and at USAA. USAA has been and is still my main in/out bank. The problem comes when I need to get a large amount of cash out for a house project, or I need a cashier's check to purchase a vehicle, or any of those things. I moved out of a military-heavy area and we don't have branches for either of our banks anywhere near us. Having a physical bank is needed enough where I'm going to take advantage of one of these "move all of your accounts over to us and we'll give you $900" deals. They're building a Chase branch literally 1/4 mile from my house, and we already have credit cards with them, so it makes sense. We'll keep our HYSA/Cash Plus at Vanguard, btw.

We had the Schwab Checking account for 10+ years and it was very good, but I echo the comments on the Fidelity CMA - we also switched to the Fidelity CMA this year as our main account, and it has been great. The higher interest rate is definitely noticeable. We have kept a second WF checking for the same reason - to have a physical branch option if needed - but keep just a small amount in there. Transfering funds between the 2 accounts only takes 1 business day from our experience. Setting up direct deposit/autopays with the Fidelity CMA was pretty smooth - a few of them we needed to use the shorter account number on the checks (instead of the longer, slightly different, account number that they give you online), but after that was done, things have been seamless. Definitely worth making the switch.

I have had a bank account with the bank related to my brokerage for decades. I have never had any issues but I also have an account at a local credit union. I like to have a local place where I can deposit cash if needed or talk to someone in person if I have an issue. I keep a small amount in that account as I can earn more from my online accounts.

I opened the Fidelity cash management account to use for cash withdrawals while traveling, and I love it. They reimburse all ATM fees, so I've been able to use almost any ATMs I find while traveling (even ones like Euronet if I'm in a pinch that I would have avoided in the past).

I actually had my debit card skimmed at an international ATM a couple years back and unfortunately didn't notice the 10+ fake recurring transactions for a month or two (make sure you set up better notifications than I did!), but Fidelity reimbursed me for all of them and issued a new card, very easy process.

I haven't used those in particular, but we have been using the same WI credit union despite moving out of WI in 2011 and rarely visiting. It has not been an issue for us having too much cash, we use it for tips, small businesses, and such when we do get it, but then we also have not had jobs where we're receiving lots of cash. I guess it depends on how often you spend and receive cash!

We moved to a Fidelity CMA this year, and love it. I had the same worry about cash, so I kept $5 in an old checking account at a local bank and plan to just ACH it over to fidelity if I ever run into this problem.

Appreciate the helpful info from @BostonFI. I have had Fidelity brokerage and IRA accounts for years and only recently figured out about using it as a cash management account. Fidelity has excellent customer service and many options for account types.

I would add, in regards to having a physical bank: years ago, I switched from Bank of America to Ally Bank for the better interest rate on savings accounts. It is currently APY 3.3% which is much higher than anywhere else I’ve seen for savings. It was over 4% a few years ago when interest rates were much higher. They don’t have physical branches, but you can use any ATM and they will reimburse you the $3 fee (up to I think five transactions per month). You mentioned rolled change, I assume you mean like a roll of quarters or dimes? You can go to any bank and exchange them for cash.

Neither Fidelity nor Schwab accepts deposits of physical currency. This is because they aren't themselves banks. They partner with a bank for their banking features. You can get around this by maintaining an account at a local bank or credit union if you need to deposit physical currency. You can then transfer money between the bank and brokerage. This is what I do. I use the Fidelity CMA.

I would suggest Fidelity over Schwab for a cash management account. Fidelity's default core position in a CMA is money market fund SPAXX, though you can change this to a low-interest FDIC insured bank sweep if you prefer that. Assuming you keep SPAXX as your core position, you don't have to take action to purchase SPAXX when you transfer money into the account--Fidelity does that automatically for you--and Fidelity sells SPAXX automatically when money is withdrawn. You can choose to purchase a different MMF if you prefer something else over SPAXX but SPAXX would remain as your core position.

Schwab's only core position in their CMA is a low-interest FDIC insured bank sweep. You have to take action to buy a (higher interest earning) MMF when you transfer money into the account, and you have to take action again to sell the MMF when you want to access money tied up in the MMF. Only the cash sitting in the bank sweep is available for withdrawal. That means you have to leave money sitting in the low-interest bank sweep for checking and bill payment purposes. IMO Fidelity's arrangement is more customer friendly.

The Finance Buff has great articles on money market funds at Fidelity and Schwab (and also Vanguard).

The Finance Buff | Which Fidelity Money Market Fund Is the Best at Your Tax Rates

The Finance Buff | Which Schwab Money Market Fund Is the Best at Your Tax Rates