Broker Summary: Scottrade Online Trading Platform: Account Types And Minimum Deposits
  1. Broker Summary: Scottrade Online Trading Platform: Overview
  2. Broker Summary: Scottrade Online Trading Platform: Account Types And Minimum Deposits
  3. Broker Summary: Scottrade Online Trading Platform: Services Offered
  4. Broker Summary: Scottrade Online Trading Platform: Commission And Fee Structure
  5. Broker Summary: Scottrade Online Trading Platform: Customer Support
  6. Broker Summary: Scottrade Online Trading Platform: Analysis And Trading Tools
  7. Broker Summary: Scottrade Online Trading Platform: Conclusion

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

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.)
Broker Summary: Scottrade Online Trading Platform: Services Offered

  1. Broker Summary: Scottrade Online Trading Platform: Overview
  2. Broker Summary: Scottrade Online Trading Platform: Account Types And Minimum Deposits
  3. Broker Summary: Scottrade Online Trading Platform: Services Offered
  4. Broker Summary: Scottrade Online Trading Platform: Commission And Fee Structure
  5. Broker Summary: Scottrade Online Trading Platform: Customer Support
  6. Broker Summary: Scottrade Online Trading Platform: Analysis And Trading Tools
  7. Broker Summary: Scottrade Online Trading Platform: Conclusion
RELATED TERMS
  1. Call Deposit Account

    A bank account for investment funds that offers the advantages ...
  2. Joint Account

    A bank or brokerage account that is shared between two or more ...
  3. Savings Account

    A deposit account held at a bank or other financial institution ...
  4. Money Market Account

    An interest-bearing account that typically pays a higher interest ...
  5. Linked Savings Account

    Any type of bank savings account that is linked by account number ...
  6. Bank Deposits

    Money placed into a banking institution for safekeeping. Bank ...
RELATED FAQS
  1. Places where I can open an IRA Account?

    Open an IRA through brokerage firms, mutual funds, banks and other major financial institutions, or through large Internet ... Read Answer >>
  2. Can you invest in mutual funds on Scottrade?

    Learn about the types of mutual funds that Scottrade offers through its brokerage platform, which are available for trading ... Read Answer >>
  3. What does it mean when the shares in my account have been liquidated?

    An account liquidation occurs when the holdings of an account are sold off by the firm in which the account was created. ... Read Answer >>
  4. Why would you keep funds in a money market account and not a savings account?

    Read about the differences between money market accounts and savings accounts, and see why a depositor would elect a money ... Read Answer >>
  5. Is my IRA/Roth IRA FDIC-Insured?

    Understand how the Federal Deposit Insurance Corporation protects certain accounts, and learn if traditional and Roth IRAs ... Read Answer >>
  6. How do you calculate payback period using Excel?

    Understand the various fees that can be assessed on a personal or business checking account, and learn methods to avoid being ... Read Answer >>
Hot Definitions
  1. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  2. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  3. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  4. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  5. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  6. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned by someone else.
Trading Center