Schwab reduces, scraps minimums

Charles Schwab Corp. has reduced account opening minimums for all of its main brokerage and retirement accounts and eliminated minimums for many others, the firm announced today.
APR 20, 2007
Charles Schwab Corp. has reduced account opening minimums for all of its main brokerage and retirement accounts and eliminated minimums for many others, the firm announced today. The San Francisco-based discount brokerage firm also said it has eliminated any charges for accounts falling below the minimum. Minimums for opening a Schwab One brokerage account were slashed from $2,500 to $1,000. The previously required minimum initial deposit for IRAs, college saver and education savings accounts were cut from $2,000 to $1,000. Schwab also said it has waived account minimums entirely for clients who make the commitment to deposit $100 or more each month into the account via direct deposit or Schwab MoneyLink. The minimum to open a custodial account has been lowered from $2,500 to $100. “People expect greater value, and in the case of younger individuals, they want fewer barriers like high initial investment requirements and fees preventing them from starting early on saving and investing," said Jonathan Craig, vice president of Schwab Investor Services.

Latest News

Nitrogen launches AI tool to calculate insurance coverage needs
Nitrogen launches AI tool to calculate insurance coverage needs

A score is generated to show coverage needs across life insurance, long-term care coverage, retirement income protection, and annuities.

Edelman Financial Engines taps OneTrust alum as first retirement advisory chief
Edelman Financial Engines taps OneTrust alum as first retirement advisory chief

Christian Mango is joining the PE-backed RIA giant to grow retirement plan services as it deepens its workplace-to-wealth strategy

SEC accuses crowdfunding firm Netcapital of inflating revenue by 345 percent
SEC accuses crowdfunding firm Netcapital of inflating revenue by 345 percent

The startups paying millions in consulting fees were secretly controlled by one insider, the SEC alleges.

SEC sues Adit Ventures advisor over alleged pre-IPO fund fraud
SEC sues Adit Ventures advisor over alleged pre-IPO fund fraud

Klarna and SpaceX stakes sit at the center of the SEC's fraud claims.

OpenArc Corporate Advisory broadens fiduciary reach into workplace benefits search
OpenArc Corporate Advisory broadens fiduciary reach into workplace benefits search

OpenArc's institutional consulting arm adds RFP-driven provider evaluations as it builds out its post-Merrill fiduciary practice.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income