Author Topic: which online brokerage account do you like?  (Read 4746 times)

PencilThinMustache

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which online brokerage account do you like?
« on: February 01, 2015, 01:49:42 PM »
I use Vanguard for IRA and have a SunTrust 401k at work, now that I'm maxed out there I want to stick my toe in the taxable account water.

Obviously I'll want to buy some Vanguard funds, but would also like to buy a few individual stocks (bad idea I know, I know....mostly for fun)

Suggestions?

Singularity

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Re: which online brokerage account do you like?
« Reply #1 on: February 01, 2015, 03:32:51 PM »
If you will mainly use Vanguard funds (Mutual Funds and ETFs) then consider using a taxable Vanguard Account since you get free trades on all Vanguard funds.
Vanguard Brokerage Accounts also allow you to purchase non-Vanguard Stocks, non-Vanguard Funds, CDs, Bonds, and more.

https://investor.vanguard.com/what-we-offer/account-types-and-services/costs-and-fees
https://personal.vanguard.com/us/whatweoffer/stocksbondscds/feescommissions

Any size account gets 25 trades for $7 each.  If over $500k total Vanguard Balance, all trades are $2 (including non-vanguard funds) which is really inexpensive.  Otherwise consider tdAmeritrade or Charles Schwab‎, both of which have many vanguard ETFs on the zero fee list.  They have fancier interfaces and research reports.

For taxable and tax advantaged investing I primary use Vanguard and some tdAmeritrade.  Here is an online comparison, note $49 fees for purchasing some mutual funds!  http://www.stockbrokers.com/compare

« Last Edit: February 01, 2015, 03:41:02 PM by Singularity »

Retired To Win

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Re: which online brokerage account do you like?
« Reply #2 on: February 01, 2015, 03:53:17 PM »
I have accounts at 2 online brokerages to trade individual stocks.

My Merrill Edge account gives me 30 free trades per month because I carry more than $25,000 in assets in the account.  Otherwise, the trades would cost me $6.95 each.

I also have a Folio Investing brokerage account.  Folio charges $30 a month for unlimited stock trades (as long as you do them at the market in 2 daily time windows).  With Folio, I can also place limit or stop orders for $3 a throw.  With the Folio setup, there is no minimum account balance required.

Hope the info helps.

innerscorecard

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Re: which online brokerage account do you like?
« Reply #3 on: February 01, 2015, 06:31:16 PM »
Merrill Edge's $0 commissions are nice. Downsides are poor order execution and no ability to buy non-US securities.

gluskap

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Re: which online brokerage account do you like?
« Reply #4 on: February 01, 2015, 08:23:32 PM »
I use Scottrade because their fees are pretty low but thinking of switching over to vanguard.

acorn

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Re: which online brokerage account do you like?
« Reply #5 on: February 01, 2015, 09:53:10 PM »
I use Interactive Brokers, trades are cheap, $1-2 per 100 shares. BUT they have a required minimum of $10k, and there is a monthly charge of $10 (waived if you have enough trades or if your account value is more than $100k). Perhaps not the best option for you, since it sounds like you just want to dabble? Just throwing it out there since I buy all my Vanguard ETFs through IB and I like their low transaction costs (I'm not a US citizen so I can't buy through Vanguard itself).

dividendman

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Re: which online brokerage account do you like?
« Reply #6 on: February 01, 2015, 11:17:24 PM »
I use Wells Fargo Advisors, it's pretty good, 100 free trades a year per account (IRA, normal taxable). I never get near that limit. I own only vanguard ETFs in there and I think maybe TIP (iShares).

PencilThinMustache

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Re: which online brokerage account do you like?
« Reply #7 on: February 02, 2015, 08:09:02 AM »
I use Scottrade because their fees are pretty low but thinking of switching over to vanguard.

any reason why you would leave Scottrade?

PencilThinMustache

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Re: which online brokerage account do you like?
« Reply #8 on: February 02, 2015, 08:14:10 AM »
If you will mainly use Vanguard funds (Mutual Funds and ETFs) then consider using a taxable Vanguard Account since you get free trades on all Vanguard funds.
Vanguard Brokerage Accounts also allow you to purchase non-Vanguard Stocks, non-Vanguard Funds, CDs, Bonds, and more.

https://investor.vanguard.com/what-we-offer/account-types-and-services/costs-and-fees
https://personal.vanguard.com/us/whatweoffer/stocksbondscds/feescommissions

Any size account gets 25 trades for $7 each.  If over $500k total Vanguard Balance, all trades are $2 (including non-vanguard funds) which is really inexpensive.  Otherwise consider tdAmeritrade or Charles Schwab‎, both of which have many vanguard ETFs on the zero fee list.  They have fancier interfaces and research reports.

For taxable and tax advantaged investing I primary use Vanguard and some tdAmeritrade.  Here is an online comparison, note $49 fees for purchasing some mutual funds!  http://www.stockbrokers.com/compare

Thanks for the info.  Since I plan to buy and hold mostly Vanguard index funds for long term savings and buy at most 2-3 different company stocks in a "side pot" for fun, it seems Vanguard makes the most sense.

How would you rate the "user experience"

Singularity

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Re: which online brokerage account do you like?
« Reply #9 on: February 02, 2015, 01:08:35 PM »
Quote
Thanks for the info.  Since I plan to buy and hold mostly Vanguard index funds for long term savings and buy at most 2-3 different company stocks in a "side pot" for fun, it seems Vanguard makes the most sense.

How would you rate the "user experience"

Vanguard took 10 days for my first deposit to show up as available for investing in ETF or non-vanguard funds.  (vanguard mutual funds can be purchased sooner) In contrast tdAmeritrade let me trade the same day as I opened the account and setup a ACH pull.  Vanguard website does not have any research ability, very basic graphing, no watch lists, ect.  The automatic deposit feature allows you to direct deposits into mutual funds or your settlement funds like most brokers.  They have nice scheduling ability with start and stop dates and even scheduled reoccurring deposits for prior year contributions.  I called phone support and they were fast and quite helpful.  My second 401k rollover is in progress after the first one completed quickly. 


seattlecyclone

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Re: which online brokerage account do you like?
« Reply #10 on: February 02, 2015, 02:07:36 PM »
I use Wells Fargo Advisors, it's pretty good, 100 free trades a year per account (IRA, normal taxable). I never get near that limit. I own only vanguard ETFs in there and I think maybe TIP (iShares).

I use WellsTrade as well, but it's important to note that new accounts no longer get the 100 free trades per year. If they ever get rid of that perk for grandfathered accounts, I'm moving all my money to Vanguard.

BarkyardBQ

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Re: which online brokerage account do you like?
« Reply #11 on: February 02, 2015, 05:04:57 PM »
Quote
Thanks for the info.  Since I plan to buy and hold mostly Vanguard index funds for long term savings and buy at most 2-3 different company stocks in a "side pot" for fun, it seems Vanguard makes the most sense.

How would you rate the "user experience"

Vanguard took 10 days for my first deposit to show up as available for investing in ETF or non-vanguard funds.  (vanguard mutual funds can be purchased sooner) In contrast tdAmeritrade let me trade the same day as I opened the account and setup a ACH pull.  Vanguard website does not have any research ability, very basic graphing, no watch lists, ect.  The automatic deposit feature allows you to direct deposits into mutual funds or your settlement funds like most brokers.  They have nice scheduling ability with start and stop dates and even scheduled reoccurring deposits for prior year contributions.  I called phone support and they were fast and quite helpful.  My second 401k rollover is in progress after the first one completed quickly.

If you call up Vanguard Brokerage Services, and tell them you've transferred them the money, they will invest that for you before it clears. They can also Call-To-Verify with the bank that the money exists and allow you to invest over the phone. If there are any problems with the transfer or you don't have the funds, they just sell your shares to make it back. I have made transfers, that typically take 3 days to clear, but still purchased the day I transferred/wanted to buy.

Obviously this is unnecessary if you do auto deposits and set up auto investing, but when you get extra money and want to shovel it in, it helps if you don't want to sit on it.