Scottrade

Scottrade rating


Scottrade Fees, Commissions, IRA Account Rates Schedule, Brokerage Mutual Funds Fees Review, Stock Trading Costs in 2018



IMPORTANT UPDATE


Scottrade was acquired by TD Ameritrade and discontinued. For the most recent information please read TD Ameritrade Fees and Commissions. New customers could take advantage of TD Ameritrade's promotion that allows them to trade for free for two months and gives up to $600 bonus.


Scottrade Fees, Trading Commission Structure, and Investment Products


InvestmentsCommissions
Stocks and ETFs $6.95
Stocks and ETFs broker assisted $32
Options $6.95 + $0.70 per contract
Mutual funds $17
CDs, OTC Secondary Corporates, OTC Secondary Municipals,
U.S. Treasury Bills, Notes, Bonds and STRIPS, New Corporate Offerings
subject to a markup or markdown
Listed Corporate Bonds $35 + $3 per bond (minimum investment $1,000)
Unit Investment Trusts (UIT) $50 liquidation fee
Foreign Stocks Transferring In or Out $60

Investments stocks, options, mutual funds, CDs, munis, U.S. Treasury, Canadian and foreign stocks, ETFs
Scottrade minimum deposit to open account $2,500
Promotion link Scottrade promotions



Scottrade Margin Interest Rates


Debit Balance Margin Interest Rates
above $999,999 7.75%
$250,000 - $999,999 8.50%
$100,000 - $249,999 8.75%
$50,000 - $99,999 9.00%
$25,000 - $49,999 10.00%
$10,000 - $24,999 10.25%
under $10,000 10.50%



Scottrade Fixed Income Fees and Minimum Investment Amounts


Product Fee Minimum Increments
CDs, New Corp Offers, OTC Secondary Corp, Treasury Investments Scottrade Acts as Principal* $5,000 $1,000
OTC Secondary Corporates Scottrade Acts as Principal* $5,000 $1,000
OTC Secondary Municipals Scottrade Acts as Principal* $5,000 $5,000
Listed Corporate Bonds $35 + $3 per bond $1,000 $1,000
Unit Investment Trusts $50 Liquidation Check UIT prospectus None

* When Scottrade acts as a principal, the bonds will be subject to a markup or markdown.




Scottrade IRA Fees


Fee Amount
Scottrade IRA setup fee $0
Scottrade annual IRA fee $0
Scottrade IRA termination fee $50
Scottrade account maintenance fee $0
Scottrade account inactivity fee $0
Scottrade outbound full account transfer (ACAT) fee $75
Scottrade outbound partial account transfer fee $0


Scottrade Cash Sweep Interest Rates


Free Credit Balance Interest Rate & APY
$0.01 – 4,999.99 0.01%
$5,000.00 - 9,999.99 0.01%
$10,000.00 - 24,999.99 0.01%
$25,000.00 - 99,999.99 0.01%
$100,000.00 - 249,999.99 0.01%
$250,000.00 - 499,999.99 0.01%
$500,000.00 - 999,999.99 0.01%
$1,000,000.00 and Greater 0.01%


Miscellaneous Scottrade Fees


Service Fee
Mailed Confirmation to an Internet Account $1
Mailed Statement to an Internet Account $2
Duplicate Historical Confirmation $2
Duplicate Historical Statement $3
Special Requests and Overnight Delivery $25
Returned or Stop Payments $25
Wire Funds Out Domestic/International $25/$40
Outgoing Full Account Transfer 9 $75
Mandatory Reorganizations $20
Voluntary Reorganizations $25
Worthless Security Removal Fee $7
Research (Account history) Fee $20 per hour ($20 minimum)
Legal items $75 (minimum)
Cashless Stock Options Processing Fee (Plus applicable commission and margin interest) $50
Pre-Reorganization Certificate Deposit $90
DTC Certificate Deposit Rejection Due to Stop Transfer/Certificate Replacement $125
ADR Fee Passed on from Issuing/Managing Bank Up to $0.10 per share
Dissenter’s Rights Fee $600
Sell-out and Buy-in Notices $25
Professional (Real-Time Streaming) $121 at activation
Quote Fee 12 $121 per month following activation
Trading Activity Fee 11 Equities $0.000119/ share sold. Options $0.002/ contract sold
Trade Ideas™ 8 $15/ month
NASDAQ Level II Quotes 7 $10/ month
Administrative Research $20 minimum
ADR Issuer Fee $0.005-$0.05/ share
Regulatory Transaction Fee 10 $0.00218 (per $100 of stocks and options sold)

7. NASDAQ Level II Quotes are provided through a third-party vendor. Third-party websites, research, and tools are from sources deemed reliable. Scottrade does not guarantee accuracy or completeness of the information and makes no assurances with respect to results to be obtained from their use.

8. Scottrade and Trade Ideas™ are separate companies and the information provided by Trade Ideas™ should not be attributed to Scottrade. Please research any product or service carefully before making a purchase.

9. A $2,500 minimum equity balance must remain in the account; otherwise the $75 full transfer fee will apply.

10. A regulatory transaction fee that is assessed by Scottrade for certain FINRA regulatory costs on stock and option sell trades. All calculations of this fee are truncated to the penny (i.e. $0.01 increments). If your confirmation indicates that an average price was received, the fee amount shown is determined by first calculating the fee, then summing all those fees together and truncating to the penny. In certain cases this fee is capped at a maximum rate.

11. A Regulatory Transaction Fee that is assessed by Scottrade for certain regulatory costs on stock and option sell trades. Calculations of this fee are truncated to the penny (i.e. $0.01 increments). If your confirmation indicates that an average price was received, the fee amount shown is determined by first calculating the fee, then summing all those fees together and truncating to the penny.

12. Monthly fee following initial activation. Designated Professional Subscribers requesting real-time streaming quote data will be assessed a recurring monthly charge in the stated amount per user, per professional account. Monthly subscription Streaming Market Data Services (Professional Quote) fees will be automatically deducted from your Scottrade® account on the first business day of each month following activation, and each designated user, per professional account will pay for usage/services for that month.

Activation fees associated with this data also apply, will be charged to you in full during the month you begin receiving the data, without proration, and will equal the amount of the monthly fee. You remain responsible for satisfying any obligations owed to Scottrade for Streaming Market Data Services, and any other fees associated with your account.



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Scottrade Review


Scottrade offers low fees when compared to many other online brokerages. At $6.95 for most trades ($17 for some mutual funds), they come in as one of the cheapest large brokerages in the business. Aside from those, Scottrade has very few fees that an average investor will have to worry about. Their mutual fund commission is also excellent: only $17 per trade.

The firm's great pricing, their top notch learning options, and easy-to-use website and tools make Scottrade a great broker for beginner investors as well as for more experienced clients.

Scottrade is one of the most widely known brokerahe houses in the U.S. The company was founded in 1980 and their investment services are used by millions of customers in the United States and abroad. Scottrade offers many services, including IRAs, 401(k)s, and trusts; but they are best known for their online brokerage services.


Website and Navigation


Scottrade’s website is very cluttered and outdated. The main page looks good and clean, but when you to to Scottrade login page, sign in into your account, the member section has a completely different look. For starters, there are six different tabs and navigation bars, and the main frame is saturated with information. This is, understandably, very confusing and alienating to a new user. The learning curve is pretty steep too, taking hours of use to be able to figure out how to get the most out of the site.

Fortunately, once a user knows their way around they’ll be able to use this tool to its full potential. The Scottrade website allows users to access an almost overwhelming amount of information. Plan participants can look into the funds’ Morningstar reports, daily market information, performance analysis, retirement calculators, and more. These offerings make it very easy for investors to pick and choose their investment options for retirement.

Scottrade’s website is basic comparing to TD Ameritrade or E*Trade. The firm does provide a more advanced platform, Scottrader Streaming Quotes, a Java-based platform for trading stocks, options, and ETF's. ScottradeELITE, the most sophisticated platform, is available only to frequent traders.

Scottrade offers less educational material than E*Trade and TD Ameritrade. Customers here don't receive free stock reports. The broker does operate an educational page on its site called Knowledge Center.


Scottrade Mobile Trading App


Scottrade has apps for Apple, Android, and mobile web. Users can look over account information, research securities, and view recent market news. Disappointingly, the app doesn't have important features that the Schwab and Fidelity apps offer, such as mobile check deposit.

Scottrade mobile trading app clients rated it with a high 3.5 star score at Google Play and with just 1.5 star rating at iTunes app store.





Investment Options


The employer selects the funds that are available in their 401(k). For participants, this means that they can only choose investment options from the “basket” of funds preselected by their employer.

Typically, most funds are around the average expense ratio of 1%. There are some that are much lower, but they aren’t available to everyone. Luckily, fund analysis is made very easy by all of the wonderful tools discussed above.


Scottrade Incentive, Review and Website Link


Read full Scottrade Review.

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

Scottrade fees are as of 20178and are subject to change. For the most recent information on Scottrade fees visit their website:


Scottrade

Updated on 11/9/2018.