Best DRIP Brokers

2016 best DRIP brokers: list of discount stock brokerage companies offering accounts with no-fee dividend reinvestment program: Fidelity, Schwab, Merrill Edge, Scottrade, TD Ameritrade, Vanguard and others.



4.5-star brokerage firm rating

TradeKing Review

TradeKing DRIP Program

At TradeKing all marginable U.S equities and selected American Depository Receipts (ADR's) priced at $4 or more that trade either on an exchange or quotes on NASDAQ are eligible for DRIP. Dividends are reinvested on your behalf on the dividend payable date by TradeKing's clearing firm. The reinvested position will reflect in whole and fractional shares. The reinvestment price will be the prevailing market price at the time the order is entered on the payable date.

TradeKing can set up your entire account so that any eligible security that you currently hold will be subject to DRIP. Any eligible securities that you purchase thereafter will be automatically enrolled in DRIP. A security will need to be enrolled for DRIP prior to the ex-dividend date in order for the dividend to be reinvested.

You can also always request individual positions in your account to be enrolled for DRIP at no charge.


TradeKing Account Pros

  • Very low commissions
  • No minimums, or maintenance or hidden fees
  • Free real-time quotes
  • Top-rated customer service
  • Best online investor community
  • Fee-free IRAs
  • Free DRIPs (dividend reinvestment plans)
  • Extensive educational resources
  • Low cost professional portfolio management


Broker Review


TradeKing Review


TradeKing Promotion


Get $100 in free commissions. No hidden fees. No minimums.



Ameritrade brokerage rating

TDAmeritrade review

TD Ameritrade DRIP Program

What makes TD Ameritrade one of the best DRIP brokers is that all securities that have dividends can be eligible for a DRIP plan, including ETFs, ADRs, and mutual funds. You can either enroll individual security or enroll the account as a whole.


TD Ameritrade Account Pros

  • Very few fees and no surcharges on penny stocks, large orders, or after-hours trading
  • Large and well-known company with 126 local branches
  • Two excellent trading platforms available to all clients: Thinkorswim and Trade Architect
  • Users can practice trading without risking real money using PaperMoney virtual trading
  • Easy access to myTRADE online trader community
  • No account maintenance or inactivity fees
  • Free streaming quotes, including Level II
  • Best selection of independent, third-party research from 13 firms (Standard & Poor's, Morningstar, Jaywalk, TheStreet, etc.)
  • 100+ ETFs with no commissions
  • Large number of mutual funds - around 12,000 available; 3,000 NTF (no-transaction fee) funds
  • Free DRIP (dividend reinvestment plan)
  • No-fee IRA accounts


Broker Review


TD Ameritrade Review


TD Ameritrade Promotion


Trade free for 60 days + get up to $600.



Scottrade rating

Scottrade Review

Scottrade DRIP Program

Scottrade's Flexible Reinvestment Program provides a commission-free way for you to invest dividends from most dividend-paying stocks or exchange-traded funds that you own into most eligible stocks or ETFs. With FRIP, you'll be able to use cash from dividends to buy most securities at no commission in a way that fits your investment strategy. Scottrade is the only company that offers this ability and that makes it one of the best DRIP brokers. More information on FRIP could be found here.


Scottrade Account Pros

  • No inactivity, account maintenance or hidden fees
  • No-fee IRAs
  • 500+ local branches for in-person assistance
  • Great support for beginner investors with a massive number of educational resources
  • Good banking services: savings, CDs, money market, and free checking account that comes with free ATM withdrawals, VISA check card, and first order of checks
  • Free real-time streaming quotes
  • Flexible dividend reinvestment program (DRIP)
  • Large number of mutual funds available
  • Instant funds deposits


Broker Review


Scottrade Review


Scottrade Promotion


Get up to $2000 when you open new account or add funds to existing account.



Etrade brokerage rating

Etrade Review

Etrade DRIP Program

Most stocks trading above $5 per share are eligible for Erade free dividend reinvestment brokerage plan. ADRs and ETFs are not eligible. You could sign up specific securities for DRIP plan via Etrade web application.


Etrade Account Pros

  • No account maintenance or inactivity fees
  • Large and well established company
  • Powerful trading tools
  • No IRA account fees, and no minimums with electronic statements and confirmations
  • Low minimums to open accounts: $500 for a regular brokerage account and $0 for a retirement account
  • Investing advice is available by phone or in person
  • No surcharges on large orders or penny stocks
  • Great research amenities from S&P, MorningStar, Thompson Reuters, Credit Suisse, and Smart Consensus


Broker Review


Etrade Review


Etrade Promotion


None



Firstrade brokerage rating

Firstrade Review

Firstrade DRIP Program

All marginable U.S. equities priced above $4.00 per share and selected foreign securities are eligible for Firstrade's free dividend reinvestment brokerage plan. If the dividend amount is insufficient for a share, fractional shares will be received. The reinvested shares will be purchased at the market price on the dividend payment date. Accounts can be set up for dividend reinvestment on the day the security is purchased, but in order to receive the reinvestment for an upcoming dividend, trades must settle by the record date.


Firstrade Account Pros

  • Low mutual fund transaction commission
  • $0 minimum to open an account
  • No account maintenance or inactivity fees
  • No annual or setup fees for IRA accounts
  • Free dividend reinvestment plan (DRIP)
  • Easy to use, clean website
  • 10 ETFs are available commission free


Top DRIP Broker Review


Firstrade Review


Firstrade Promotion


None



3-star brokerage firm rating

Vanguard review

Vanguard DRIP Program

With Vanguard free dividend reinvestment brokerage program you must be a shareholder on the record date of the distribution to receive dividends.

A security's distributions will not be reinvested if the security has a low average daily trading volume or if the corporation is involved in a corporate reorganization or other corporate action, such as a merger.

Only cash dividends from the eligible securities in your account can be used to purchase additional shares. Types of dividends that are ineligible for this program include those from securities held in your name outside your account, optional dividends, and certain special dividends. (Optional dividends allow shareholders to take the dividend in cash, stock, or a combination of cash and stock. Special dividends are paid in addition to normally scheduled dividends.)

Unit investment trusts, American Depositary Receipts (ADRs), foreign equities and certain domestic equities are not eligible for the reinvestment program.

Vanguard Brokerage Services may make a security eligible or ineligible for automatic reinvestment without prior notification to shareholders.


Vanguard Account Pros

  • Low cost and good performance Vanguard mutual funds
  • Commission-free Vanguard ETFs
  • Free dollar-cost-averaging transactions for no-fee mutual funds; for transaction-fee mutual funds dollar-cost-averaging is $3 per transaction, with $100 minimum purchase
  • Free DRIP (dividend reinvestment plan)
  • Low commissions for clients with $500,000+ invested in Vanguard products


Top DRIP Broker Review


Vanguard Review


Vanguard Promotion


None


Updated on 6/23/2016.



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