Brokerages With Checking Account


Below we list online stock brokerage firms with the best checking accounts (ATM, debit cards and check writing privileges) in 2022. As you can see, Ally Invest and M1 offer the most appealing combination of a free checking account with linked brokerage investment service.



brokerage checking account

M1 Finance

M1 Plus Checking Account Details


  • Cash earns 1% APY
  • 1% APY cashback on debit card purchases
  • No minimum balance requirements
  • $0 commission on stock and ETFs trades
  • 2 days earlier direct deposit
  • $125 annual fee
  • Checks
  • FDIC insured
  • Learn more...

best brokerage checking account


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M1  rating

M1 brokerage review


Open M1 Brokerage + Checking Account

Up to $500 cash bonus for funding account at M1 Finance.

Open M1 Finance Account




brokerage checking account

Ally Invest



Ally Invest Checking Account Details


  • Cash earns 0.6% APY on online savings account available at the parent company Ally Bank
  • No monthly maintenance fees, no minimum balance requirements
  • $0 commission on stock and ETFs trades
  • Free online bill pay
  • Use any Allpoint® ATM in the U.S. for free
  • Deposit checks with smartphone
  • Easily move money to/from brokerage accounts
  • FDIC insured


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Ally Invest rating

Ally brokerage review


Open Ally Invest Brokerage + Checking Account

Up to $3,000 cash bonus + $0 commission trades.

Open Ally Invest Account






TD Ameritrade



TD Ameritrade Checking Account Details


  • No monthly maintenance fees, no minimum balance requirements
  • Unlimited check writing and free standard 100 checks re-orders
  • $0 commission on stock and ETFs trades
  • Free online bill pay
  • Avoid debit card ATM fees — you get reimbursed for any ATM charges nationwide
  • Easily move money between TD Ameritrade accounts


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TD Ameritrade rating

TD Ameritrade checking review and brokerage review


Open TD Ameritrade Brokerage + Checking Account

$0 commissions + transfer fee reimbursement.

Open TD Ameritrade Account




brokerage checking account

Firstrade


Firstrade Checking Account Details


  • $0 commission on stock, ETFs, options, and mutual funds trades
  • Firstrade customers can open a hybrid investment-cash management account
  • $25,000 account balance is required
  • Checks and a Visa debit card provided by UMB Bank at no charge
  • No annual fee for the account
  • Stocks, ETFs and mutual funds can be traded in this account
  • No liability for unauthorized transactions


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Firstrade rating

Firstrade brokerage review


Open Firstrade Brokerage + Checking Account

Get 2 FREE stocks and $0 commission in ALL trades!

Open Firstrade Account




brokerage checking accounts

Wellstrade

Wells Fargo Brokerage Checking Details


  • Platinum debit card
  • Two months of free Online Bill Pay, after that Bill Pay is $3 per month Monthly service fee
  • $7 monthly service fee with online-only statements ($9 with paper statements) or waived when requirements are met
  • The monthly service fee is waived on the Wells Fargo Value Checking account with one of the following:
    • $1,500 minimum daily balance, or
    • Qualifying direct deposits totaling $500 or more each statement cycle


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Wellstrade rating

Wells Fargo checking review and Wells Fargo brokerage review


Open Wellstrade Brokerage and Checking Account

Open Wellstrade Account







Overview of Using a Checking Account with a Brokerage Firm


Having a checking account at a bank is so 20th century. Today, many brokerage firms provide cash management tools, and they often include some really nice benefits that most brick-and-mortar banks don’t provide. This article will explore the advantages of using a broker for banking services, and it will compare the services to traditional bank products.


Broker Checking Account


Cash Management Tools at Broker-Dealers


At the turn of the 21st century, many brokerage firms began offering cash management tools to their clients as a service. This made sense because customers would always deposit cash before buying securities. When stocks and bonds paid dividends, these would typically go into the core position of the trading account. So brokerage firms started to develop methods to allow their customers to tap into these cash balances.

Today, many brokers, including both traditional firms and on-line discount brokers, provide a host of cash management tools. The features themselves vary widely from broker to broker, as do the costs.

The most common banking tools available at broker-dealers today are checks and a debit or ATM card. Some brokerage firms go further by providing services like bill pay, credit cards, and on-line wires.

The checks and debit card can function with an independent and separate account, which can be an actual checking account or a securities account that operates as a checking account. Or, the cash management tools can be attached to a brokerage account. Debits made with a check or ATM card come out of the account’s core position, which could be cash or a money market mutual fund.


brokerage checking account


Benefits of Using a Brokerage Account as a Checking Account


Brokerage houses have made sure that their banking features are competitive with traditional banks. In fact, sometimes it is actually better to use a broker’s cash management tools as a checking account. For example, some brokers now provide ATM rebates whenever their debit cards are used to make withdrawals. Most traditional banks don’t offer this lucrative service.

Another nice feature that some brokers offer is the ability to move cash to multiple banks, which increases the standard $250,000 FDIC insurance. Regular banks of course don’t want to move funds to rival companies, so this really nice feature probably isn’t available at your local bank.

Rates on deposits of cash are usually competitive with interest rates offered on bank accounts. In fact, some cash yields at several broker-dealers now exceed rates that are available on traditional bank products.

Another advantage to having a checking account at a brokerage firm is that you can quickly and easily access needed cash when you’re ready to place a securities order. If you have to pull funds from an external bank account, it may be several days before the transfer can be used for trading purposes.

Let’s take a look at some specific brokerage firms and compare their cash management services to what is available at some traditional banks.


Brokerage Checking Accounts Summary


Brokerage houses are doing a better job of providing their clients with checking account tools. Many services are now competitive with traditional banks, and in fact, some of them surpass what brick-and-mortar banks currently offer.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.