Brokers For Stock Investing & Online Banking

Brokers offer a valuable service when it comes to the investment and stock markets, but did you know that many of them can also offer you traditional banking services? In many cases, these banking services can be less expensive in terms of fees and interest rates, may have fewer limitations and may be more profitable in terms of the interest rates that are offered on interest bearing accounts. Brokers with traditional banking services often provide online checking and savings accounts, IRAs, CDs, and mortgage and other loan products including auto loans and credit cards.



open account
  • E*Trade offers a variety of deposit accounts including interest bearing checking and savings accounts.
  • E*Trade also offers 30 year fixed rate mortgages with low interest rates for well qualified borrowers.
  • There are no account maintenance fees. Account holders who utilize ATMs can receive unlimited ATM fee reimbursement.
  • Transferring money from your current bank to an E*Trade account is simple and free using QuickTransfer.
  • E*Trade offers free online account access, free bill pay and free online check images to all of its deposit account customers.
Stock Trades Options Base Options Contract Minimum Deposit Broker Assisted Fund Trades
$7.99 - $9.99 $7.99 - $9.99 $0.75 $500.00 $45.00 $0.00 - $19.99


open account
  • Scottrade added full service banking products to its broker account line ups starting in 2008.
  • Scottrade offers a wide variety of CDs as savings vehicles for future large purchases. CDs are available from 3 month terms to 20 year terms.
  • Individual retirement accounts including Roth, traditional and rollover IRAs are available to all customers of Scottrade and have no account maintenance fees, annual fees, or termination fees.
  • Scottrade also offers Coverdell Education Savings accounts to help customers save for college and beyond.
Stock Trades Options Base Options Contract Minimum Deposit Broker Assisted Fund Trades
$7.00 $7.00 $1.25 $500.00 $27.00 $0.00 - $17.00

Charles Schwab

  • Charles Schwab offers a wide variety of mortgage products, including 5/1 and 7/1 ARMs, Jumbo ARMs, Conforming Plus loans and more.
  • Charles Schwab also offers traditional deposit accounts, such as interest bearing checking and savings accounts.
  • There are no ATM fees. There are free checks, a Visa branded debit card, and free online bill pay with every checking account.
  • Home equity lines of credit are also available with Charles Schwab. There are no annual fees, no lender fees, no application fees, and no prepayment penalties.
  • There are no minimum balance requirements for opening a Charles Schwab savings accounts and no fees associated with maintaining it.
Stock Trades Options Base Options Contract Minimum Deposit Broker Assisted Fund Trades
$0.00 - $8.95 $8.95 $0.75 $1,000 $8.95 + $25.00 $0.00 - $49.95


open account
  • Sharebuilder offers a variety of online deposit accounts including the Orange Savings Account and Electric Orange Checking. Both accounts offer higher than average interest rates and have no account minimums.
  • The Orange Mortgage offers a 5/1 adjustable rate mortgage product for less than many brick and mortar lenders.
  • Orange CDs make it easy to save money for retirement and offers up to 1.25% interest.
  • Roth, traditional and rollover IRAs are all available through Sharebuilder.
  • ING Direct, the banking arm of Sharebuilder, maintains your accounts without charging you monthly fees.
Stock Trades Options Base Options Contract Minimum Deposit Fund Trades
$9.95 $9.95 $1.25 $0.00 $0.00 - $19.95

Wells Fargo Bank

  • Wells Fargo offers products that run the gamut of accounts, including traditional banking accounts and broker accounts.
  • Wells Fargo offers checking and savings accounts, mortgages, home equity lines of credit, credit cards, and even international banking services.
  • Online bill pay is free with every checking account opened. Access via mobile apps is also free and available.
  • Online banking has been made simple by Wells Fargo through the integration of both Quicken and Microsoft Money.
  • Wells Fargo offers a variety of specialty accounts as well, including student accounts and Health Savings Accounts.
Stock Trades Options Base Options Contract Minimum Deposit Broker Assisted Fund Trades
$19.95 $9.95 $1.00 $1,000 $45.00 $35.00

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When Your Broker Is Also Your Banker

Everyone likes bundled services, including investment traders. Having multiple services handled by one service provider makes it easier to keep track of things. While many people think of bundled services in terms of being able to trade multiple investment vehicles, most are unaware that many brokers can also serve as your personal banker as well. Many online brokerages, full service firms and discount brokers offer traditional bank services such as checking and high interest savings accounts, CDs, mortgage loans, and many other types of traditional banking products to their trading customers. What’s even better is that they can actually offer better interest rates than some of their more traditional counterparts.

So, just what can your broker offer you in terms of a bank account or loan?

  • Interest bearing checking and savings accounts have an earning interest rate of at least a full basis point (or percentage point) higher than what your local bank can offer. These are also usually no-fee and have low initial deposit requirements, thereby maximizing your savings potential.
  • Mortgage loans can be completed (except for closing) completely online, making for an incredibly efficient application process. Mortgage loan rates are generally cheaper than with traditional banks as well because of the more efficient set up for online institutions.
  • Free services such as bill pay and online banking, along with ATM fee refunds keep more of your money in your account. Having all of your money in one place makes it easy to keep track of it and convenient to transfer funds between your banking accounts and your investment accounts. Also, there are usually no fees associated with transferring money between your accounts.

Of course, having your money deposited in an account provided by your broker has a few drawbacks, too. First, many don’t have brick and mortar branches, making personalization tough. Second, while having all of your money in one place may be nice for some, for others, it may make it too easy to invest in losing investments or to participate in speculation. Making careless moves with your money can jeopardize your financial position and ultimately, your future.

Now finding the right broker for both your investment and banking needs will require a bit more homework. Some of the bigger names in the industry such as E*Trade and Sharebuilder offer traditional banking services to their customers. In most cases, a broker should be evaluated for its main investment products, with their traditional banking services recognized as bonus services.

Deciding to allow a broker to handle your banking business will take some careful consideration on your part. Many people value the comfort of having their money deposited in a local banking establishment where the tellers know their names and where their money can be accessed "only a short drive away". But, for those of us who are looking for ways to stretch each and every dollar to its fullest, depositing our money in a broker based checking or savings account or refinancing to a broker backed mortgage makes a lot of sense.