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Charles Schwab

Best for: Investors who like branch access and strong tools

$0.65

Options / contract

$0

To open

$0

Yearly fee

As of · sources in Details

A family having a picnic on the grass under cherry trees in full blossom.

Pros

  • $0 online stock and ETF trades
  • No account minimum
  • Branches for in-person help

Cons

  • Low interest on uninvested cash, per reviewers
  • Transaction-fee mutual funds can be pricey
  • Standard app is less polished than some

Who it fits

You like knowing there's a branch nearby

What reviewers say

Reviewers praise Schwab's retirement tools, big no-transaction-fee fund list and thinkorswim platform. Trade-offs: a standard app some find clunky, and low interest on uninvested cash.

Paraphrased from NerdWallet, Charles Schwab review; NerdWallet, Best brokers for beginner investors.

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Details: full breakdown and sources

The numbers

Online US stock & ETF trades
$0As of · source
Options, per contract
$0.65As of · source
Minimum to open
$0As of · source
Annual account fee
$0No opening or maintenance fee on brokerage accounts and IRAs.As of · source

The breakdown

A long-standing brokerage with $0 online trades, branches, and the thinkorswim platform for active traders.

Schwab charges $0 for online US-listed stock and ETF trades, a $0.65 fee per options contract, and has no account minimum or maintenance fee on brokerage accounts and IRAs.

Thousands of mutual funds have no transaction fee through Schwab Mutual Fund OneSource. Other mutual funds can cost up to $74.95 per purchase online, so check before you buy.

Review themes, point by point

  • Reviewers rate Schwab highly overall, with praise for its retirement planning tools and a big list of no-transaction-fee mutual funds.
  • The thinkorswim platform gets strong marks from people who trade often.
  • Some reviewers find the standard app and website a little clunky next to mobile-first brokerages.
  • The interest Schwab pays on uninvested cash is described as low.

Reviews reflect each publisher's view on the day they wrote it.

All pros

  • $0 online stock and ETF trades
  • No account minimum
  • Branches for in-person help
  • Large no-transaction-fee fund list

All cons

  • Low interest on uninvested cash, per reviewers
  • Transaction-fee mutual funds can be pricey
  • Standard app is less polished than some

Might fit if

  • You like knowing there's a branch nearby
  • You may want advanced trading tools later

Maybe look elsewhere if:

  • You want a high rate on cash sitting in the account