
- Easy-to-use website
- Broad range of investment offerings
- Customer service available 24/7
- Banking services
- Higher commissions
- $1,000 minimum initial investment
Experts say Charles Schwab has excellent investment tools, research, and customer support -- available in person at hundreds of branch locations. Trades cost $13 unless you have $1 million or more in assets or make at least 120 trades per year, in which case you pay $9. The $1,000 account minimum is waived if you deposit at least $100 per month in your account. If your trading needs are simple and you don't think you'll take advantage of in-person advice, TradeKing's trades cost half as much.
The best reviews of Charles Schwab come from our top-ranked reviewers: SmartMoney magazine, Barron's and Kiplinger.com. J.D. Power and Associates' 2009 self-directed investor satisfaction survey also includes Schwab. TopTenReviews.com evaluates Charles Schwab as well, and Forbes names its website a Forbes Favorite.
Our Sources
1. SmartMoney.comDetails/Subscribe
This annual broker survey names the best and worst online brokers (out of sixteen) in six categories, and ranks them in a table at the end of the article. Charles Schwab is ranked third, and it's named the best broker in the area of research. Reviewers say they like its "new, easy-to-use website."
Review: SmartMoney's 2009 Broker Survey, Roya Wolverson and Neil Parmar, May 19, 2009
2. Barron's
Charles Schwab lands in the middle of the pack in this year's ranking of 25 online brokers, but it is named third-best for long-term investing. Charles Schwab loses points for its trading technology and costs.
Review: Blue Chips, Theresa W. Carey, March 16, 2009
3. ConsumerReports.orgDetails/Subscribe
Charles Schwab is included in ConsumerReports.org online broker survey. Brokers are rated for their account service, website, and phone and personal service.
Review: Brokerage Service Ratings, Editors of ConsumerReports.org, May 2009
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