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The Dow Jones Industrial Average, S&P 500, and Nasdaq have all reached record highs in recent months. But you don't need to buy individual stocks to get in on the action. Mutual funds can allow you to invest in the stock market, in bonds, or in several other types of assets, without the guesswork and research involved with selecting individual investments.
The mutual fund broker you choose is extremely important. But we've got you covered. Read on for our top online brokers to invest in mutual funds, as well as some of the important things you should keep in mind.
2 Featured Picks From Our Best Brokers for Mutual Funds
There are a lot of options to compare, even on this page. It can be overwhelming! If you're looking for a place to start, here are some mutual funds brokers our experts recommend and why they like them:
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
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= Poor
Best For:
Mutual fund selection
Commission:
As low as $0 stock trades, lesser of $14.95 or 3% of trade value for mutual funds
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Best For:
No-transaction-fee mutual funds
Commission:
$0 commission for online U.S. stock and ETF trades, $0-$49.95 for mutual funds
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
A note from our Head of Product Ratings, Robin Hartill
When we researched online brokers to create this list of brokerages, some of the things we looked for were low costs, a variety of account types, and great customer service ratings. Everyone's investing journey is different, but I've found these three factors are important for anyone to have a great investing experience.
How to invest in mutual funds
The way you invest in mutual funds works a bit differently than investing in stocks. Specifically, mutual funds don't trade continuously. They price once per day after the market closes, and orders are processed overnight.
To buy a mutual fund:
Enter the fund's ticker symbol on your broker's page. (Mutual funds have five-letter ticker symbols.) If you don't know the correct symbol for your desired mutual fund, you can look it up by entering the fund's name.
Place your order. You'll be taken to your broker's order page. Rather than choosing a number of shares to buy, you enter the dollar amount you'd like to invest.
Most mutual funds have minimum initial investment requirements, as well as minimum requirements for subsequent investments. These are often different for standard (taxable) brokerage accounts vs. retirement accounts.
Each fund has an order cutoff time (4 p.m. EST is typical), and orders placed before that will be processed on the same day. Orders received after the cutoff time will be priced and placed after the following market day.
Alternatively, you can invest in mutual funds through some investment apps. These often come with lower fees and lower account minimums than traditional stock brokers, so they might be an easier place to start if you're new to investing or just want to open a simple account, like an IRA.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line
SoFi is a rare app-based investment platform that supports mutual fund investing, and offers investments, bank accounts, credit cards, loans, and more in a single easy-to-use platfom.
Special Offer
For new accounts: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%.
Get up to $1,000 in stock when you fund a new Active Invest account.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Bottom Line
One of the few brokers we've come across with a $0 mutual fund commission. The fact that you can manage your J.P Morgan self-directed and separate robo-advisor accounts under one roof is a nice plus.
Earn a bonus up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account (retirement or general) with qualifying new money by 7/19/2024.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line
An especially smart choice for investors who want to buy mutual funds and other types of investments. No transaction or commission fees for mutual funds. Shines with its robust lineup of no-load mutual funds. Also offers a fantastic trading platform, educational resources, and third-party research.
Special Offer
Open a new eligible E*TRADE brokerage account, fund your account within 60 days of opening, and earn a cash bonus of up to $1,000, depending on the size of your deposit. Offer good for one use per customer, on a single account.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Bottom Line
Packs in more than 19,000 no-transaction-fee mutual funds. While it does charges a competitive commission for other mutual funds, the selection of funds is the real reason the company gets a spot on the list. Interactive Brokers offers more than 48,000 mutual funds in total.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Bottom Line
Fidelity offers its highly regarded mutual fund lineup with no commission, along with more than 3,000 others with no transaction fee.
Fees:
$0 commission for online U.S. stock and ETF trades, $0-$49.95 for mutual funds
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
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Bottom Line
Merrill Edge® Self-Directed offers thousands of no-transaction-fee funds. High-balance Merrill Edge® Self-Directed brokerage accounts also link up to other Bank of America accounts so you can qualify for the bank's Preferred Rewards program, which is the gold standard for loyalty banking rewards.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Poor
Bottom Line
Offer access to more than 12,000 mutual funds, but none of them are no-transaction-fee funds. However, Ally Invest's industry-low $9.95 standard mutual fund commission helps cut costs. This makes it a good choice for investors who want to select any mutual funds they want without the constraints of a no-transaction-fee list.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Bottom Line
We're big fans of Charles Schwab's proprietary mutual funds. Some have no expense ratio at all and have minimum investments of $100 or less. Clients also get access to thousands of no-transaction-fee mutual funds and a network of hundreds of branches for in-person help.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Vanguard is well known for its own low-cost index funds, but you can't invest in many commission free anywhere but Vanguard. In addition to its own standout offerings, investors can access thousands of other funds with no transaction fee.
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Editor's Note: TD Ameritrade is transitioning to Charles Schwab
TD Ameritrade has been acquired by Charles Schwab, and the company expects all accounts to be transitioned by the end of 2024. We've removed TD Ameritrade from our best-of lists to align with this development. Here at The Ascent, you can trust that we're constantly evaluating our top broker picks to bring you current recommendations.
What are mutual funds?
A mutual fund is an investment vehicle that pools investors' money together to invest in a common purpose.
For example, let's say a technology-focused mutual fund receives $100 million in investor capital. Its managers would take that money and invest in a portfolio of technology stocks. If the portfolio rises in value, all the fund's investors mutually benefit.
Should you buy mutual funds through a broker?
It's important to point out there are two ways you can invest in mutual funds. You can open a brokerage account through one of the best brokers for mutual funds. If you're new to investing, check out our list of best stock brokers for beginners.
Alternatively, you can choose to invest in mutual funds directly through the companies that operate them. For example, let's say you want to invest in a T. Rowe Price mutual fund. You can simply open an account with T. Rowe Price and buy your mutual funds through the company.
There are some advantages to buying your mutual funds directly, and the biggest is avoiding commissions. Sure, many of the best brokers for mutual funds offer a list of mutual funds on a no-transaction-fee (NTF) basis. But there's no guarantee the fund you want to buy will be on the list. Buying directly typically avoids any type of transaction fees.
On the other hand, there is value in keeping all of your investments in one place. Many of the best brokers to invest in mutual funds have thousands of NTF funds. You can also buy and sell different types of stocks, bonds, and ETFs in a brokerage account. The best stock brokers often have other value-adding features as well, such as stock research, educational resources, and more.
Can you buy mutual funds online?
Many online stock brokers offer a selection of mutual funds customers can invest in, including index funds and actively managed funds. With low or no commissions, low fees, and a focus on low-expense-ratio index funds, online brokers can be a particularly affordable way to invest in mutual funds.
Most online stock brokers also let you invest in exchange-traded funds (ETFs), a newer way for investors to mutually benefit from bundled funds. Rather than a fund that actively invests pooled money into various stocks, an ETF is a group of securities bundled into a single entity that you can invest in like a traditional stock.
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Are mutual funds right for you?
Mutual funds can put your investments on autopilot and take away the need to do extensive stock research. Mutual fund investing also adds portfolio diversification. After all, many mutual funds invest in hundreds, or even thousands, of different stocks or bonds. Your performance won't be too dependent on any single one.
Who should invest in mutual funds?
Mutual fund investing is best suited for:
Investors who want to leave the research and evaluation of stocks to someone else.
Investors who don't want to constantly monitor their investments. Mutual funds are designed for investors with a set-it-and-forget-it mindset.
Investors who want an all-in-one portfolio of stocks and don't want too much of their money dependent on any one company's performance.
Investors who don't want to worry about intraday fluctuations in the value of their investments, as mutual funds only trade once a day.
Some people see robo-advisors as a cheaper alternative to mutual funds, as they're also a hands-off way to invest. In this scenario, the robo-advisor's algorithms automate your investments according to your risk tolerance and other factors.
Should you invest in index funds or actively managed mutual funds?
There are two main types of mutual funds:
Actively managed: These funds employ fund managers to choose investments they expect to produce the best returns for investors.
Passively managed: These funds aim to track a certain benchmark index, such as the S&P 500.
Although these are both technically mutual funds, people often refer to actively managed funds as "mutual funds" and passively managed funds as "index funds."
The aim of actively managed funds is to beat the performance of an index. Fund managers make decisions to buy and sell stocks with the money in a fund based on their expectations of a stock's (i.e., a company's) performance.
That's not to say actively managed mutual funds will always beat their respective benchmarks. In fact, numerous studies have shown the majority of actively managed mutual funds don't do any better than index funds. Some have excellent track records, but it's important to do your homework before investing.
Passively managed funds are also referred to as "index funds" because they are set up to mimic the performance of an entire stock index. For example, an S&P 500 index fund would own the stocks of all 500 companies in that index, in weightings that would produce returns that match those of the index.
Once you've decided mutual fund investing is right for you, the next step is to decide which of the two categories is the better fit for your financial goals. (Hint: For many investors, index funds can be a safer bet. Actively managed funds tend to have significantly higher fee structures than index funds, so it's important to be sure you're getting your money's worth.)
How much do mutual funds cost?
If you're looking for the best broker to buy mutual funds, there are three potential costs to be aware of.
Commissions
Most brokers have done away with commissions for stock trades, but that's not the case for mutual funds. And the costs can vary dramatically. Our best brokers for mutual funds have standard mutual fund commissions that range from $9.95 to $49.99.
As we touched on earlier, most (but not all) brokers offer certain mutual funds on an NTF basis. This means you won't have to pay commissions as long as the fund you want is on your broker's NTF list. Many brokers easily offer thousands of NTF mutual funds. This should be a top priority when selecting which broker is best for mutual fund investing.
Sales charges
Also known as "loads," some mutual funds charge an additional fee when you buy or sell. You may get charged a percentage of the purchase amount when buying, known as a front-end load. Others charge a percentage when you sell, known as a back-end load. Both are becoming less common. It's generally a good idea to avoid funds with sales charges, as there are thousands of great mutual funds without them. Brokers typically have a search or screener function that allows you to filter for "no-load" mutual funds.
Expense ratio
This is the ongoing cost of mutual fund investing. A fund's expense ratio is its total fee structure, expressed as a percentage of assets under management. For example, a 1% expense ratio means that if you have $10,000 invested in the fund, you'll pay $100 in fees each year. To be clear, you don't directly pay mutual fund fees (you won't get a bill). Rather, funds collect their fees from the pool of money they manage.
Almost all mutual funds have expense ratios. This is how they pay their managers, cover administrative costs, and pay for other necessary costs of doing business. However, expense ratios can vary dramatically, even among funds with similar portfolios and investment objectives. As such, it's important to compare them before you select a fund.
Our brokerage rating methodology
At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
Investors can buy mutual funds directly from the fund provider. Many mutual funds have a direct plan where investors can buy mutual funds (usually through their website), without a brokerage account. Investors may also buy a mutual fund through their workplace retirement account, such as a 401(k) or 403(b).
Investors should look for a mutual fund broker that has a strong industry reputation, reliable track record, a wide range of mutual funds, low-cost mutual funds, and educational content and tools. Investors should also look to see what other fees the mutual fund broker may charge, up-to-date security standards, as well as a trading platform that best suits their trading needs.
Most mutual funds charge fees in the form of expense ratios that are accounted for in the price of the mutual fund. Expense ratios can be as high as 2.5% every year, but there are many high-quality mutual funds with very low expense ratios. Some mutual funds also charge sales commissions, also known as loads. Again, there are many well-known mutual fund companies that don't charge loads, and this is becoming more common in the industry. These fees combined cover costs for the mutual fund company, such as 12b-1 fees (marketing costs) and other routine operating expenses.
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Brokerages we evaluated for consideration on this page: Acorns, Ally Invest, Axos Self-Directed Trading, Betterment, Cash App Investing, Charles Schwab, Delphia, Domain Money, Ellevest, Empower, eToro Brokerage, E*TRADE Core Portfolios, E*TRADE, Fidelity, Fidelity Cash Management, Fidelity Go®, Firstrade, FOREX.com, Interactive Brokers, J.P. Morgan Self-Directed Investing, M1 Finance, Magnifi, Marcus Invest, Merrill Edge® Self-Directed, Moomoo, NinjaTrader, Personal Capital, Plynk, Prosperi Academy, Public, Robinhood, Rocket Dollar, Schwab Intelligent Portfolios, SoFi Active Investing, SoFi Automated Investing, Stash, Stockpile, Tastytrade, Titan, Tornado App, TradeStation, Tradier, Vanguard, Vanguard Digital Advisor®, Wealthfront, Webull, Zacks Trade.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has positions in Ally Financial and Bank of America. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Best Buy, Charles Schwab, JPMorgan Chase, and Target. The Motley Fool recommends Interactive Brokers Group and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.
Fidelity disclosure * - $0.00 commission applies to online U.S. equity trades and Exchange-Traded Funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. See Fidelity.com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Clearing & Custody Solutions® are subject to different commission schedules. ** - Based on aggregate savings on all Fidelity equity, options & ETF orders in FY 2020. Data sourced from all marketable SEC Rule 605 equity/ETF orders (100-9999 shares) and marketable option orders (1-100 contracts) executed in 2020. Source: IHS Market. *** - Fractional share quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $1.00. Dollar-based trades can be entered out to 2 decimal places (e.g. $250.00).
J.P Morgan Disclosure INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Vanguard disclosures
Visit vanguard.com to obtain a prospectus or, if available, a summary prospectus, for Vanguard and non-Vanguard funds offered through Vanguard Brokerage Services. The prospectus contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.
Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com. It may also be obtained from your broker, any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.
Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See the HYPERLINK "https://investor.vanguard.com/investing/transaction-fees-commissions/etfs" Vanguard Brokerage Services commission and fee schedules for full details.
Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.
Vanguard Marketing Corporation, Distributor of the Vanguard Funds
E*TRADE services are available just to U.S. residents.
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