Best 401(K) Rollover Company Rates and Fees
We will begin our review of the top brokerage firm for 401(k) rollover with pricing information. Scottrade fees for trading are lower than at all
other large stock brokers. Online stock trading has a commission of $7.00 per transaction.
Options trading fees are $7.00 plus an additional $0.70 charge per contract. Exercises and assignments for options trading are
$17.00 each. There are over 2,600 mutual funds available to invest without paying any commissions. All other mutual funds are just $17 per transaction.
The minimum deposit amount required to open an individual retirement account (IRA) is $2,500 which should not be an issue since investor 401(k)'s
being moved usually have much larger balances. There are no account setup, maintenance or inactivity fees. The list of all Scottrade fees is
Scottrade’s Competitors’ Fees
- E*Trade charges $9.99 for online stock trading ($7.99 only if client conducts 150+ trades quarterly); $19.95 for mutual funds.
- TD Ameritrade charges a flat fee of $9.99 per online equity trade; $49.95 for mutual funds.
- Charles Schwab charges $8.95 per stock or ETF trade and requires a minimum of $1,000 to open an account; there is $76 fee to buy a mutual fund.
- Fidelity Investments charges $7.95 per equity trade and requires a minimum of $2,500 to open an account ($0 for Rollover IRA); mutual funds are $49.95 per transaction ($75 for some funds).
Scottrade Trading Tools
Scottrade's customers can trade from the website as well
as from fully customizable, stand-alone application called ScottradeELITE. ScottradeELITE is an advanced, professional
trading platform for active traders with an account balance of at least $25,000.
In ScottradeELITE the Market Overview page gives you a snapshot of the performance of any given major market index over one or five days, six months, one or five years.
It brings together current market news, analyst views, and details on specific industries and sectors and international markets in one place.
The main stock tool is the Screener which also works for ETFs and mutual funds. With it you
can set whatever combination of criteria you consider appropriate given your investing strategy. Stocks can be selected based on market segment,
fundamentals, price performance, earnings and dividends, or technical indicators. The platform also gives you the option to save any particular set of screening
criteria for routine use. Additionally, you can compare specific stocks, ETFs, or mutual funds side-by-side. As a shortcut, you can view stocks that
meet criteria preselected by Scottrade: the five strongest and weakest stocks by 52-week change, the five largest and smallest stocks by market cap,
and the strongest five stocks as ranked by S&P Capital IQ as of the last market close.
If you need to research a specific stock, the Summary page will give you the basics in one place: last closing price, change and percentage change,
dividend yield, volume, and 10-day average volume. Below that are the basic chart and other fundamental data, such as the float, beta, P/E, volatility,
EPS, spread, and 52-week highs and lows. Current analyst ratings and reports (S&P, Thomson Reuters, and Second Opinion) can also be found on the main page.
The Advanced Charting option enables you to impose a wide range of technical indicators on the price chart, include a comparison index or stock,
and mark events (splits, dividends, or earnings announcements) and relevant news to see how they affect the share price. Several chart styles
including line (the default) and candlestick are available. A set of shortcuts lets you pick a chart appropriate for the long-term or medium-term
investor or the medium-term, short-term, or intraday trader. You can also select specific time ranges for the chart ranging from one day to 20 years
There is also a comprehensive mobile application that works for iPhone, BlackBerry and Android. It allows the user to
monitor investments, generate investment ideas, research opportunities (analyst views from Standard & Poor’s and briefing.com),
and execute trades, including stocks, exchange-traded funds (ETFs) and options (all with real-time streaming quotes and watch lists).
Best 401k Rollover Company
Scottrade is one of the veterans of the discount online investing - a solid, well-established company that has been around for over 30 years.
The firm offers $7 flat rate commission on stock and ETF trades regardless of the number of shares. It keeps customers happy by not charging
fees for things like IRAs, large orders, extended-hours trading, account maintenance, or inactivity.
There are also areas we the company needs to improve. We would love to see Scottrade cancel the surcharge on
penny stocks, and improve its website design. Also, the absence of electronic fund withdrawals
is puzzling (even though withdrawals can be done using a debit card or check).
Thanks to live webinars and events, tons of learning materials, and very helpful customer service, Scottrade is an excellent choice for beginner investors.
Customers that invest in mutual funds get over 2,600 commission-free (NTF) mutual funds to choose from. Long-term, "buy and hold" investors will be
happy with no account inactivity charges. Absolutely no-fee retirement accounts make Scottrade one of the
Best Companies for IRA.
Because Scottrade is a stable, seasoned brokerage firm with a good reputation, it is a very appealing choice for anyone who
would not trust their money with newer companies, but also doesn't want to pay $10 for trades with other
established brokerage houses. The ability to visit a local branch and talk with someone face-to-face can be very valuable, too.
For all these reasons we ranked Scottrade the Best Company For 401(K) Rollover in 2016.
Updated on 8/16/2016.