Users' questions

How much money do you need to open a brokerage account?

How much money do you need to open a brokerage account?

Different brokerage accounts have different opening balance requirements. Some brokerage firms will set a minimum at $1,000, $2,000, or more. Others may allow you to open an account with a smaller amount of money as long as you agree to regularly have money deposited, often on a monthly basis, from a linked checking or savings account.

Are there any benefits to having a brokerage account?

If you have brokerage accounts that hold title as trust, joint tenants, or tenants in common, you will have some benefits in the event one party passes away, but it won’t offer any added protection from your creditors. Don’t forget that LLCs cost money to set up and there are also annual fees.

Can you open a personal brokerage account online?

In layman’s terms, a personal brokerage account is a taxable investing account where you can buy various investment vehicles, including stocks, bonds, index funds, and more. These days, most brokerage accounts can be opened online. Though, if you want the full-service feel, you can still open brokerage accounts in person too.

Do you get a bonus when you open a new brokerage account?

For a limited time, after you open your account, you can get a bonus based on what you deposit. You need to maintain this amount for one year to keep the deposit bonus. Tastyworks will give you 100 shares of a “highly liquid stock” when you open and fund a new cash or margin account with $2,000.

Are there any fees to open an online brokerage account?

With an online brokerage account, enjoy an innovative online experience with step-by-step guidance, flexible tools and customizable features built with you in mind. Unlimited $0 online stock, ETF and options trades — with no trade or balance minimums. 1 Option contract and other fees may apply.

Which is the best reason to open a brokerage account?

Open a brokerage account at one of the major financial institutions or with the help of a fee-only financial advisor. A brokerage account is usually the best way for individuals to invest for medium-term non-retirement goals such as college, a home, major asset purchase, or just because they have extra cash flow or savings.

Are there any tax benefits to having a brokerage account?

Taxable brokerage accounts don’t offer any real tax benefits, which is the downside to these types of accounts. The upside, of course, is that you aren’t forced to keep your taxable accounts in a fund until you’re 59 ½.

When do you get a bonus for opening a brokerage account?

You can earn a cash bonus if you open a non-retirement brokerage account by April 30, 2020 and fund it with $5,000 or more within 60 days of account opening. Open your new account with funds or securities from accounts outside of E-Trade. You need to also keep the new account (minus any trading losses) for at least 12 months to keep the cash bonus.