with Sharebuilder. Ameritrade’s minimum opening balance is $2000 while E*trade’s is $1000. Fidelity and Schwab both have a minimum opening balance of $2500. Therefore, if you are a novice like I am and just want to find out what it’s all about, I definitely recommend Sharebuilder for your company.
Let’s take a quick look at Ameritrade though. In April 2006, Ameritrade merged with TD Waterhouse and is now TDAmeritrade and so you can find them at tdameritrade.com. Now, if you can stop looking at Sam Waterston (ooolala) long enough to look around, you’ll notice there is no monthly maintenance fee with TDAmeritrade. That’s a big plus if you can afford or have an inclination to make the initial $2000 deposit.
Another plus by using TDAmeritrade as your company is that they only charge $9.99 for internet equity trades as opposed to $11.95-15.95 depending on your monthly plan with Sharebuilder. The free plan I signed up for charged $15.95 per trade. E*trade’s brokerage fee for trades is $12.95 and Fidelity and Schwab both charge $19.95.
There are certainly other factors to consider in addition to fees charged. You’ll want to look around and see which services each company offer and choose one based on your individual needs.
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