Scottrade has been around since 1980 and offers a full range of services for investors, including online and mobile trading, as well as online banking. Scottrade is currently running a promotion with a $100 reimbursement for transfer fees when you transfer an account from another broker.
Scottrade $100 Reimbursement for Transfer Fees
Scottrade will reimburse the account transfer fees up to $100 charged by another broker when you transfer your account. Scottrade reserves the right to terminate this offer at any time without prior notice or extend the offer at its sole discretion. Void where prohibited.
Terms And Conditions
- The value of the account transferred must be a minimum of $10,000
- Complete and submit a Scottrade Account Transfer Reimbursement Request form
- Provide a statement of proof of imposed transfer fees
- Reimbursement will be credited to your account within 30 days of receipt of the forms above
- There is no termination date for this offer
Scottrade Services and Offerings
Scottrade’s services and offerings are typical of large, online brokerage firms. They’re stronger and some areas and competitive in most others.
Minimum initial balance. $500
Mobile trading tools. Scottrade’s Mobile App can be downloaded for free on iPhone, Android, BlackBerry and Kindle Fire.
Full range of investment products. Stocks, bonds, mutual funds, ETFs, CDs, Treasuries and options are offered, as well as IRAs and Coverdell ESAs.
Number of mutual funds available. Over 14,500, which is comparable to Charles Schwab and higher than most brokerages.
Bricks and mortar. This is a major Scottrade advantage. With over 500 branches, it has more outlets than it’s major competitors. Sometimes you just need that face-to-face contact, and Scottrade can offer it better than most.
Referral progam. You get three free trades for referring a friend to Scottrade.
Cost-basis reporting. Keeping track of the cost basis of your investment positions and trades and reporting them on a annual basis. This is a time and stress saver at tax time. All brokers are supposed to be doing this, but the level of compliance on it is shaky.
Online banking. This includes online bill paying, ATM cards, and transfers, deposits and withdrawals. Online banking allows you to link multiple bank accounts with your brokerage account.
Scottrade Fees
Scottrade has no account maintenance fees, and no inactivity fees either.
For trades in stocks and exchange traded funds (ETFs), Scottrade charges the following:
- Internet $7
- Touchtone (IVR) $32
- Broker Assisted $32
Transaction fees for options are the same, except that a charge of $1.25 per contract is added.
For mutual funds, there are no transaction fees for No Transaction Fee (NTF) no-load funds. For no-load funds that are not in the NTF program, there is a $17 fee to buy, sell or exchange funds. On load funds there is no fee to buy, but the $17 fee applies to the sale or exchange of the fund.
Scottrade Advantages
Scottrade is one of the better established online brokerage firms, having been in existence for more than 30 years. That’s no small claim considering the level of competition and the speed of change and advancing technology in the brokerage business.
On the fee side, Scottrade is on the low end of transaction fees, and also has no annual maintenance fees.
The company is a leader when it comes to local branches. Even if you never need to visit one, it’s good to know they’re there if you need to. Sooner or later, you will probably need to, and if you do there’s probably a branch close by.
Scottrade also comes up strong on mutual fund offerings, having more to offer than most brokerages.
The company site is strong too, having the complete line of information and investor services that you’ll need. In addition, the firm offers streaming quotes free of charge. Other firms have this as well, but they sometimes come with a requirement either to have a certain type of account or a minimum number of annual trades.
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