Author Topic: Automatic Dividend Reinvestment - Best Broker?  (Read 15141 times)

alex.wilsonii

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Automatic Dividend Reinvestment - Best Broker?
« on: February 18, 2012, 10:30:03 AM »
I've currently got my entire investment portfolio at Scottrade. This is primarily because when I first started 'investing', I was in early high school and my dad helped me set it up and that's what he'd chosen to use himself. I wish I could say I was smart about investing all through high school and college, but I wasn't. Now however, 10 years later, I'm actually starting to care much more about investing hardcore for my future, thanks in part to the Mustachian community!

I'm especially interested in allowing my portfolio to grow automatically through dividend reinvestment. However, Scottrade doesn't allow automatic (or free) reinvestment -- if I wanted to reinvest, I'd have to do it manually and I'd have to pay a transaction fee each time. Personally, I find this frustrating as I've seen other online brokers that do this for you and for free, so, my question to all you with dividend reinvestment setups: what broker do you personally use for dividend reinvestment and why?  Personally, I'd also prefer an online broker that allows you to manage everything from one site.

Thanks a lot!

jss027

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Re: Automatic Dividend Reinvestment - Best Broker?
« Reply #1 on: February 21, 2012, 04:52:37 PM »
I was in your situation two years ago, when I came to the realization that I was missing out on dividend reinvestment as well.

I chose sharebuilder.  They reinvest for free, and allow you to purchase fractional shares.  They're also cheaper than Scottrade when you set up automatice investment option.

Jason

jss027

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Re: Automatic Dividend Reinvestment - Best Broker?
« Reply #2 on: February 21, 2012, 04:56:04 PM »
If you send me your email address to jss027@yahoo.com  I can forward you a referral link such that you could recieve $50 credit and I would recieve 2 free trades.


dillon

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Re: Automatic Dividend Reinvestment - Best Broker?
« Reply #3 on: February 24, 2012, 08:03:05 PM »
I use sharebuilder as well

orangeclocker

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Re: Automatic Dividend Reinvestment - Best Broker?
« Reply #4 on: February 27, 2012, 01:38:19 PM »
I use Etrade; they offer dividend reinvestment (no fee) and allow fractional shares. Their commissions are 9.99/trade but I only trade once per year.

Skinnyneo

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Re: Automatic Dividend Reinvestment - Best Broker?
« Reply #5 on: February 27, 2012, 08:25:12 PM »
I use optionsxpress.com.  Trades are 8.95 and they gave me $100 bucks for signing up!  I make about one trade a month or so so that $100 will cover me for most of my first year.  They offer free dividend reinvesting programs so I don't pay a thing, and can buy fractional shares.