Our pick to buy stocks: SoFi Invest

- $0 commissions on stocks
- Robo advisor with no management fees
- Beginner-friendly platform
Charles Schwab offers low fees, robust research tools and a broad investment menu. But you can’t trade cryptocurrency through Schwab. And you won’t find many high-yield savings accounts to store cash you don’t want to invest. Charles Schwab competitors provide all this and more.
4.4 / 5 ★★★★★
In addition, Ally Bank offers a wide range of financial products. Its online savings account currently pays an annual percentage yield (APY) of 0.50% compared to 0.05% earned on the Schwab Bank High-Yield Investor Savings Account.
Account types | Brokerage, Retirement, Robo-Advisor |
---|---|
Annual fee | 0% |
Option trade fee | $0 + $0.50/contract |
Asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
Annual fee | 0% |
---|
4.2 / 5 ★★★★★
Active traders can benefit from a wealth of research tools that include stock screeners with more than 100 criteria. Passive investors can take advantage of Fidelity Go, which combines a robo-advisor with an investment team's expertise. Fidelity Go charges no management fee on account balances of $10,000 or less.
Account types | Brokerage, Retirement |
---|---|
Option trade fee | $0 + $0.65/contract |
Asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
Annual fee | N/A |
---|
4.35 / 5 ★★★★★
These portfolios invest in ETFs from large investment management companies like BlackRock and Vanguard. Charles Schwab's Intelligent Portfolios are similar but invest only in Schwab funds. You may find more diversification at SoFi. For example, SoFi offers cryptocurrency while Schwab doesn't.
Account types | Brokerage, Retirement, Robo-Advisor |
---|---|
Annual fee | 0% |
Asset types | Stocks, ETFs, Cryptocurrency |
Annual fee | 0% |
---|
3.4 / 5 ★★★★★
Robinhood also offers a savings account that pays a 0.30% interest rate on uninvested cash. However, you won't find the same powerful research tools and investment menu that Schwab offers.
Account types | Brokerage |
---|---|
Annual fee | 0% |
Option trade fee | $0 |
Asset types | Stocks, Options, ETFs, Cryptocurrency |
Annual fee | 0% |
---|
4.2 / 5 ★★★★★
Its IBKR Lite platform, designed for beginners, charges no commissions on stock and ETF trades. But beyond this Lite platform, Interactive Brokers is known for tools that may be complex for inexperienced traders.
Account types | Brokerage, Retirement |
---|---|
Annual fee | 0% |
Option trade fee | $0 + $0.65/contract, $1 minimum |
Asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Currencies |
Annual fee | 0% |
---|
Charles Schwab is one of the largest and most well-known brokers around. But it may not be the best for everyone. Here are some benefits and drawbacks to consider.
If you’re switching brokers, the process may vary depending on your current broker and which one you’re moving to. Charles Schwab charges $50 to transfer all funds to another broker and $25 for a partial transfer.
Charles Schwab engages in the Automated Customer Account Transfer Service (ACATS). So expect to go through the following process.
Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.
*Signup bonus information updated weekly.
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