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Broker Summary: Scottrade Online Trading Platform: Account Types And Minimum Deposits

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Scottrade offers investors and traders a variety of investment and banking account types from which to choose. Most accounts can be opened online, although some require completion of physical forms. Nearly all accounts have a minimum initial deposit of $500; however, traders and investors do have the option of opening an account and funding it later. The minimum deposit requirement for Checking, Money Market and Savings Accounts is $100. Individual and Joint Accounts

  • Minimum initial deposit is $500 or $2,000 if using margin
  • Up to three people may be on a joint account (JTWROS, Tenants in Common, Tenants by Entirety, Community Property)
  • Individual and joint accounts are eligible for margin borrowing, options trading and Money Direct instant funding
  • Accounts can be as cash, cash and margin, cash and option, or cash, margin and option
Retirement Accounts

  • Minimum initial deposit is $500
  • Open a new account or rollover existing retirement assets
  • No set-up, termination, inactivity or annual maintenance fees
  • No minimum balance once IRA is opened
  • Online research tools, interactive retirement calculators and educational resources
  • Accounts are eligible for Money Direct instant funding
  • Accounts can be as cash, or cash and option (For related reading, see An Introduction To Roth IRAs.)
Education Savings Accounts

  • Minimum initial deposit is $500
  • Coverdell Education Savings Account (ESA)
  • No set-up, annual or termination fees
  • Easy online account management
  • Accounts can be as cash, or cash and covered calls

Various Account Types Offered by Scottrade

Brokerage Accounts
  • Individual
  • Joint
Banking Accounts
  • Checking
  • Savings
  • Money Market
  • CDs
Retirement Accounts
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • SIMPLE IRA
  • Self-employed (SEP) IRA
Custodial/Guardian Accounts
  • Coverdell Education Savings Account (ESA)
  • Guardianship
  • Custodial
  • Conservatorship
  • Specialty Accounts
  • Trust Account (Testamentary)
  • Trust Account (Non-Testamentary)
  • Keogh
  • 401(k)
  • Money Purchase
  • Profit Sharing
  • Pension Plan
Business Accounts
  • Investment Club
  • Corporate
  • Partnership/Limited Partnership
  • Sole Proprietorship
  • Limited Liability Company (LLC)
  • Association or Non-Corporate Organization

Funds can be deposited via check submitted to a local Scottrade branch, wire transfer, transfer of an existing account, or electronic deposit. Scottrade's Money Direct allows investors and traders to fund a Scottrade account electronically from banks, credit unions or brokerage accounts that have check writing capabilities. This service is available on Scottrade individual accounts, joint accounts, Coverdell IRA education accounts, and retirement accounts. (For related reading, see Tired Of Banks? Try A Credit Union.)

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by

Jean Folger

Jean Folger
Jean Folger is a technical analyst and system researcher with PowerZone Trading, author of the award-winning book Make Money Trading: How to Build a Winning Trading Business, and a private trader specializing in the e-mini markets. Jean is an affiliate of the Market Technicians Association, a regular contributor to Futures magazine and was previously a real estate broker.

PowerZone Trading develops commercial technical trading indicators and trading systems for the TradeStation, NinjaTrader and MultiCharts trading platforms. The company is a TradeStation EasyLanguage Specialist and Add-on Developer and provides custom programming and consulting services for active traders.

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