by Econ0mist
Only firms that allow customers to purchase their own securities are listed here. So the list excludes robo-advisors.
| Name | Minimum investment | Low-cost, no commission ETFs | Low-cost, no commission mutual funds | Low-cost, no commission target date funds | Customer service | Banking services | Signup bonus |
|---|---|---|---|---|---|---|---|
| Charles Schwab | $1000, or $0 for brokerage w/ checking, or $100/month | SCHB, SCHF, SCHZ and more | SWTSX, SWISX, SWAGX and more ($1 minimum) | Target date funds ($1 minimum) | Branches, email, live chat, and 24/7 phone support | Online checking with ATM rebates, free checks, no FX fees | Yes |
| Chase Private Client (self directed) | $250,000 across all accounts | None | Dozens(includes Vanguard and Fidelity funds) | Yes (includes Vanguard and Fidelity funds) | Branches, email, and 24/7 phone support | Concierge banking with discounts and fee waivers | No |
| E-Trade | $500 ($0 for IRAs) | ITOT, IXUS, IUSB and more | SWTSX, SWISX, SWAGX ($1 minimum) | None | Branches, email, live chat, and 24/7 phone support | Online checking with ATM rebates ($50,000 required) | Yes |
| Fidelity | $0 | ITOT, IXUS, IUSB and more | FSTMX, FTIGX, FBIDX and more ($2500 minimum or $200/month; lower costs with $10,000 minimum) | Target date funds ($2500 minimum or $200/month) | Branches, email, live chat, and 24/7 phone support | Cash management account with ATM rebates and free checks | No |
| Merrill Edge | $0 | Monthly free trades with $50,000+ | None | None | Branches, email, and 24/7 phone support | BofA fee waivers and credit card bonuses through Preferred Rewards | Yes |
| Robinhood | $0 (does not offer IRAs) | Unlimited free trades | None | None | Email only | None | Referral bonus |
| TD Ameritrade | $0 | SPTM, SPDW, SPAB and more | PREIX, None, None ($2500 minimum; lower costs with $10,000 minimum; limited selection) | None | Branches, email, live chat, and 24/7 phone support | Cash management account with ATM rebates and free checks | Yes |
| USAA | $2500 for Fidelity index funds; limited membership | None | FSTMX, FTIGX, FBIDX and more (lower costs with $10,000 minimum) | Target date funds | Email and phone support except Sundays | Online checking with ATM rebates and free checks | No |
| Vanguard | $0 | VTI, VXUS, BND and more | VTSMX, VGTSX, VBMFX and more ($3000 minimum for most funds; lower costs with $10,000 minimum) | Target date funds ($1000 minimum) and target risk funds($3000 minimum) | Email and phone support 8am-10pm EST M-F | Online checking with $500,000; fees waived with $1,000,000 | No |
Notes:
- List is in alphabetical order.
- “Low-cost” means that the mutual fund or ETF charges a net expense ratio of 0.25% or less
- Recommended ETFs and mutual funds are given in the following order: US stocks, International stocks, US bonds
- The US stock recommendation must be at least as diversified as the S&P 500 index.
- The International stock recommendation must be at least as diversified as the MSCI EAFE index.
- The US bond recommendation must be an intermediate-term fund at least as diversified as the Barclays US aggregate bond index.
- For all ETFs, the minimum investment is 1 share, usually $20-$200.
- All listed brokerage firms charge $0 annual fees or maintenance fees, provided minimum balances are met. Vanguard waives annual fees with electronic statement delivery, $10,000 of Vanguard funds per account, or $50,000 of total assets.
- Brokerages that provide free trades also offer commission-free access to all ETFs
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