Saturday, February 4, 2023

What Banks Offer Brokerage Accounts

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Customer Service And Real

M1 Finance EASY, NATIONWIDE $50 Brokerage Account Bonus Offer!

The truth of the matter is most online brokerages arenât designed to offer a hand-holding investment experience to guide you through every trade. And with the explosion in interest around investing, the impact of COVID-19, and to some degree, the increase in market volatility, you may have to wait on hold for a while before speaking with someone over the phone or live chat regardless of the brokerage. Acknowledging all that, some brokerages are better than others in the customer service department.

For instance, some brokerages like Scotia iTRADE offer phone-assisted trades while both QTrade and Virtual Brokers are known to have some of the shortest phone wait times according to investment consulting firm Dalbar Canada with average wait times of 28 minutes and 7 minutes respectively. Meanwhile, Questrade offers live chat support and TD Direct Investing has 24/7 phone support.

Tastyworks $200 Or $500

Tastyworks has a simple promotion open and fund a new Tastyworks account with $10,000 and youll get $500. Open it with $2,000 or more and youll get $200.

Its called the Open Now 2022 and its as simple as opening a non-IRA or non-Trust account and fund it with $10,000 by 12/31/2021. In return, you will get a cash deposit of $500. Thats it.

The referral/promotion code for this offer is OPEN_NOW_2022 and you must put it in the Referral Code Field when applying.

Choose The Type Of Brokerage Account You Need

When youre choosing a broker, think about your investing style. Are you interested in staying on top of the markets every day? Or are you more of a set it and forget it type of investor?

If you want to stay engaged in the markets, consider the types of assets youre comfortable trading or want to learn to trade. Most investors hold stock, exchange-traded funds , and/or mutual funds. If youre looking at trading options, there are a number of self-directed online brokers with a wide range of tools that can help you choose appropriate strategies. Though trading options is considered riskier than trading stocks and ETFs, there are some very conservative strategies designed to generate income that you can learn about with Investopedia’s Options Basics tutorial.

Many brokers let you invest in fixed income securities online, and have bond screeners and other tools to help you build a portfolio.

For those who want to invest money but not time in building wealth, you should take a good look at a financial advisor or a robo-advisory service. Robo-advisors present you with a short survey of your time horizon and appetite for risk and ask you to state how much you plan to invest. If youre investing for retirement, and that date is decades in the future, you might be more willing to invest in riskier asset classes than if you need to use your investments in three years.

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The 4 Best Bank Account Options For Kids And Teens

Having a bank account is important for kids of all ages. In fact, in the long run, its even more valuable than you might realize.

See: GOBankingRates Best Online Banks of 2022

A savings account for a child or teenager should serve as more than just a place to store money, said Brad Calhoun, president and CEO of Teachers Federal Credit Union. As a father of three, I recognize the parental desire to do whats best for our kids, including setting them up early in life for financial success. Opening a youth savings account is a great way to teach younger generations about the importance of saving money and overall money management.

However, trying to decide which account would be the best choice for your child can be challenging, and there are a lot of banks competing for your business. To give you an idea of some of the best savings, checking and investment account options for kids and teens out there, GOBankingRates spoke to banking professionals and financial experts to get their opinions.

Related: The 20 Best Savings Accounts of 2022

Incrediblebank: Chill Checking Account

IDBI Bank Freedom Deposits offers interest rates that are ...

If you have a teenager who is 14 or older who needs to learn to budget and manage money, IncredibleBanks Chill Checking account might be the answer. The account requires a minimum opening deposit of $50 and has no minimum balance requirements or monthly maintenance fees. It comes with a Visa debit card, access to over 30,000 ATMs and free Netflix for a year following account opening.

As long as your teen pays the Netflix subscription with the IncredibleBank debit card tied to the account and uses the debit card for at least five transactions each month, the bank will reimburse the actual amount of the Netflix subscription charge or $16.95 whichever is less. Thats an annual value of $203.40.

Read More: Gen Z and Millennials Favor National and Online Banks, Survey Shows What Does That Mean for the Future of Credit Unions?

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Robinhood Free Share Of Stock

Robinhood is a no-commission fee brokerage that will give you a free share of stock when you open an account. There are no other requirements of the offer, you just need to open an account. no deposit, no transfer, no nothing.


What Is A 3

3-in-1 demat account is an account offered by banks wherein three different types of accounts, namely, Savings account, trading account and demat accounts are linked to a one single account.

Usually Demat and trading account is opened with a Depository Participants and Savings Bank account with a bank and link to the trading account. But in case of 3-in-1 demat account, trading and demat accounts are also provided by the bank which is affiliated to Reserve Bank of India itself along with the savings account. In this case, banks also acts as DPs.

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Are Online Brokers Safe

The Securities Investor Protection Corporation, or SIPC, protects the clients of brokers who are covered by the plan, including those listed above. Think of it as a kind of FDIC for brokers. That means it protects a customers assets, up to $500,000 in total with a $250,000 limit on cash, in the event that the broker fails. Some brokers such as Interactive Brokers take out even more insurance to reassure their customers that their assets are safe with the broker.

But this insurance does not protect you from making a bad investment and losing money. You can buy a stock and it can decline in value, and its price may not rise again to what you paid. While FDIC-backed bank products are fully insured, market-based products can lose money. That said, a long-term investment in a broadly diversified group of stocks can perform very well.

Decide On A Brokerage Firm

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You’ve gathered your information about various firms’ costs, fees and the conveniences they offer. For each brokerage, you should weigh the pros and cons as they pertain to your investment objectives, and determine which broker is right for you.

For more information, check out our top picks for the best brokerage accounts for beginners.

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Eq Bank Savings Plus Hisa Account

EQ Bank is offering one of the best non-promotional interest rates in Canada at 1.25%*. You can deposit up to $200,000 and enjoy the high interest rates.

They also offer a joint savings account where you can deposit up to $500,000 and earn 1.25%.

An EQ Bank Savings Plus Account is a hybrid account that offers both chequing and savings account features including:

  • Free and unlimited Interac e-Transfers
  • Zero minimum balance
  • Free bill payments and electronic fund transfers
  • Free mobile cheque deposits, and more.

Value of promo: N/A. Earn interest at 1.25%.

Caveats: Online bank. However, it is backed by a Schedule 1 bank, Equitable Bank. Learn more here.

Bonus: EQ Bank also offers one of the best TFSA and RRSP savings rates in Canada at 1.25%*. You can open TFSA savings or RRSP savings account with just a few clicks.

Compare The Costs And Incentives

These days, virtually all of the major discount brokers offer commission-free trading. They may also offer you a discount to reward you for certain actions, such as transferring a large investment account from another broker.

That said, it’s important to review each online brokerage firm’s full pricing schedule, particularly if you plan on trading anything other than stocks , as these often come with their own costs. For example, many brokers charge a commission in the range of $0.50 to $0.75 per options contract, so even if the broker doesn’t charge a base commission, options trading won’t exactly be free.

Finally, many brokers offer incentives in order to attract business, and you don’t need to be a millionaire to take advantage of them. I’m not saying that a good incentive all by itself should sway your decision, but it’s definitely a piece of the puzzle worth taking into consideration.

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Tradestation Up To $5000

TradeStation has a new account bonus where you can get $150 in cash or $150 in Bitcoin.

To get $150 cash, open an account with the promotion code TSTVAFYB and then fund that account with $500 or more. Then maintain that balance to get the cash deposited in two $75 deposits. The first will be made at the end of the second full month and the second payment will be made at the end of the third full month.

To get $150 in Bitcoin, open an account with the promotion code TSTVAFYH and then deposit $500 worth of crypto . Then maintain that balance to receive two $75 worth of Bitcoin payments.

Its very important you put in the right codes for whatever promotion you want.

There is also a transfer bonus of up to $5,000 when you transfer in a sizable $5 million. The bonus schedule does start at $5,000 so its not just for moneybags!

Cash Reward

National Bank Direct Brokerage Promotion

Fidelity Banks on The Rise of the Young Retail Investor ...
  • The bonus:
  • Open up a National Bank Direct Brokerage Account and use promo code FREE2020
  • Get 100 free trades of stocks, options and ETFs for one year
  • Coverage of transfer out fees: NBDB will give you a rebate of up to $135 plus taxes if you transfer at least $10,000 or $20,000 into the account
  • Typical trading commission: $9.95/trade or $6.95/trade if you are a National Bank client, and $0 ETFs if you purchase in units of 100
  • Newcomers, Professionals, and Students: $0 trades for everyone in this category
  • Engineers and engineering students, legal accounting, and business professionals and students, healthcare professionals and students, and Newcomers in Canada are eligible
    • Qualifying criteria: Sign up for a new Self Directed Questrade account here
    • Or use the Questrade offer code YOUNGANDTHRIFTY
    • Trade up to 10 times without having to pay commission
    • For ETFs you dont have to pay commission anyways
    • Youll have to complete these trades within 30 days to get the $50 in free trades and fund your account with at least $1000
  • Coverage of transfer out fees: Yes. Transfer any amount and you can get a maximum rebate of $150/account
  • Typical trading commission: $4.95 per trade and $0 for ETF purchases
  • I use Questrade and like it. It is very no frills, sometimes there is downtime, but you get what you pay for. The charts are pretty basic but I use Wealthica to supplement. Heres what Wealthica looks like.

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    Scotiabank Credit Card Promos

    1. Scotiabank Gold American Express Card: Get 40,000 bonus points until January 4, 2022. The annual fee is $120 . Check out my review of the card and why its one of the best travel rewards cards on the market.

    2. Scotiabank Passport Visa Infinite Card: Get 30,000 bonus points until February 28, 2022. The annual fee is $139 , and foreign transaction fees are also waived. Read my Scotiabank Passport review.

    Coast Capital Savings Promotion

    Although this is not a big bank, Coast Capital Savings is Canadas largest credit union and has been a credit union for over 80 years. They have been in operation since the 1940s in British Columbia. They had a similar cash promotion bonus for signing up a Coast Capital Savings account in 2020.

    • The gift: Up to $350 Cash when you become a Coast Capital Savings member < only for BC residents
    • Deadline for Account Sign Up:November 19, 2021< Theres nothing active right now
    • The ask: Open up a Free Chequing, Free Debit, and More Account . You have to be a new member and a BC resident.
    • To get $300 cash, within two months of account opening, you have to do all of these:
    • 1) Direct Deposit for 3 consecutive months , government payment, or pension)
    • 2) Have a pre-authorized debit with $25 minimum for 3 consecutive months
    • 3) Complete 15 everyday transactions within 3 months of account opening
    • For an additional $50 cash, you can set up a Mutual Fund Account and set up a $50 of pre-authorized deposits to your Mutual Fund Account. Then you book an appointment with one of Coast Capitals advisors to set up your Mutual Funds Account provided by World Source Financial Management.

    You will receive your $300 bonus after completing these steps about 5-7 months after you open your account .

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    Tornado Up To $1000 Cash

    Open a new Tornado account using this link to earn up to $1,000 in cash. Theres no minimum funding threshold or other hoops to jump through just open your account and Tornado rewards you with $10 to $1,000 cash.

    There is one catch: Tornado chooses your reward amount at random, and its impossible to predict how much you stand to receive. Once the bonus is in your account, you must make at least one trade within three months and keep the bonus funds on deposit for a full year.

    The cash offer is available to new Tornado users on live trading accounts only. Simulated trading accounts arent eligible.

    Best For Teaching Kids About Investing: Stockpile

    All of Us $50 Brokerage Account Bonus Super Easy, Nationwide Offer! Best Brokerage Bonus! #AllofUs


    Stockpile is a unique investment firm that allows you to buy fractional shares of stock starting at $5 invested. Accounts are free and all trades charge a simple 99 cent fee. Stockpile is fun to use, offers a useful mobile app, and allows anyone to gift shares of stock to an account holder through a stockpile gift card.

    If you open a UTMA custodial account for your child at Stockpile, other family members may want to contribute. Its easier at Stockpile than other brokers. They can hop on the Stockpile website and choose one of 1,000 stocks and ETFs with an e-gift card, print-at-home gift card, or mailed gift card. Once redeemed, the shares show up in your minors account the same way they’d show up if you had invested yourself.

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    As You Monitor Your Account

    After you open your account, you should monitor its activity regularly. Make sure that you review all of your account statements and trade confirmations for any errors or any transactions that you did not authorize. If you see any evidence of unauthorized trading or errors, notify your registered financial professional, the financial professionals supervisor or the firm’s compliance department immediately to further protect your rights. Make sure to take notes of any conversations you have with your firm concerning such disputes, to send in your complaints in writing as well and to keep copies of these notes and all communications related to such disputes for your records.

    Ask yourself whether your investments are meeting your expectations and goals and whether your goals have changed. Do your investments still appear to be right for you, and what criteria will you use to decide when to sell?

    Axos Invest $150 Bonus With A New Self

    For a limited time, you can earn a $150 bonus when you open a new Self-Directed Trading account with Axos Invest. All you have to do is bring at least $2,500 in new money to the table and meet other qualifications .

    Moving forward, enjoy commission-free trading of U.S.-listed stocks and ETFs and access more than 10,000 mutual funds. And if youre looking for an edge over other traders, consider upgrading to Axos Elite, a paid service with benefits like:

    • Fully Paid Lending, a P2P securities lending service that may help you earn extra income on the assets in your portfolio if your account balance is greater than $25,000
    • Extended hours trading
    • TipRanks market research, which delivers data and insights from thousands of market analysts
    • Instant funds transfers from your Axos Bank account

    Open a new Robinhood account with commission-free trading capabilities and get up to $175 in free stock. Heres how it works:

  • Apply for a new Robinhood brokerage account and get approved.
  • Robinhood adds one free share of stock worth between $2.50 and $175 per share, chosen randomly from its inventory of settled shares.
  • You can hold the share indefinitely or sell it after two trading days.
  • Bear in mind that you may not receive the same stock as other applicants and your shares value may fluctuate with market movements. Once open, use your account to trade stocks, ETFs, and other market-traded instruments.

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    M1 Finance Bonus: $250

    If youre looking for an online stock broker that provides both investing and banking services, M1 Finance may be an option.

    According to the brokerages website, with a $100 minimum opening investment, investors can open an account and start trading various securities, including fractional shares, which allow you to purchase portions of shares in publicly-traded companies. Plus, as an added benefit, the platform offers free trades.

    Read our full review of the M1 Finance.

    How to get the transfer bonus

    • Open a new account online
    • Transfer your investments from another brokerage into your new M1 account within the first 60 days of membership
    • Heres a breakdown of the tiered transfer bonus:
    • Transfer $100,000$249,999.99 to earn $250
    • Transfer $250,000$499,999.99 to earn $500
    • Transfer $500,000-$999,999.99 to earn $1,000
    • Transfer $1,000,000 or more to earn $2,500

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