Whether you’re stationed in U.S., deployed overseas, or have recently enlisted, as a member of the military, you have special needs from financial service providers. Finding the right brokerage account and credit card can mean saving hundreds of dollars per year in fees.
For Veterans Day, NerdWallet decided to break down some of the critical features that you should look for when choosing a brokerage account:
- Mobile Access – If you can’t easily access your account, chances are, you’re not going to use it.
- Broker Assistance and Customer Service - While you may not use this feature often, make sure it is available. USAA, for example, is a pioneer of amazing customer service, and its representatives go through months of training in order to understand the specific needs of military members on active duty.
- Wire Transfers – Moving money between accounts can quickly become expensive. Outgoing wire transfer fees range from $0-$50 depending on where you trade.
- Debit Card & Check Writing – Make sure that you can always access your money when you need it.
- Account/Inactivity Fees – You shouldn’t have to worry about being charged for simply letting your investments grow.
While the best brokerage account varies from person to person, NerdWallet recommends the following brokers for people currently serving in the military. All of the following brokers have no account/inactivity fees, offer free mobile access, supply broker-assistance, and provide account holders with a debit card and check-writing abilities.
USAA
Stock Commission: $8.95 per trade plus $0.01 per share over 1,000 shares. If you make 25 or more trades per quarter or have at least $50,000 in your account, $5.95 per trade plus $0.01 per share over 1,000 shares.
Conditions: Account must have $5,000 worth of assets to receive debit card and check-writing privileges
Features: Free paper statements, no ATM fees
OptionsHouse
Stock Commission: $3.95
Features: Free broker-assistance, free research reports
Firstrade
Stock Commission:$6.95
Features: Free research reports, commission-free ETFs
Scottrade
Stock Commission: $7.00
Conditions:
Features: Unlimited free checks, 24/7 customer service, free research reports, free ATM withdrawals
Schwab
Stock Commission: $8.95
Conditions:
Features: Free paper statements, 24/7 customer service, free research reports, commission-free ETFs, free ATM withdrawals, online bill pay
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