Introduction
E*TRADE is one of the most popular online brokers worldwide that offers a wide range of investment products, including stocks, bonds, mutual funds, options, and futures. Many people wonder if E*TRADE account is free. In this article, we will discuss the different types of accounts available on E*TRADE and whether or not they come with any fees.
Types of E*TRADE Accounts
E*TRADE offers several types of accounts, including individual, joint, custodial, and retirement accounts. Each account type has different features and benefits. However, some of them may come with fees. Let’s take a closer look at each account type.
Individual Account
An individual account is a standard brokerage account that allows you to buy and sell securities. This type of account is free to open, but it may come with some fees, such as trading fees and account maintenance fees. The trading fees on E*TRADE are $0 for stocks, options, and ETFs. However, there is a $0.65 per options contract fee, and mutual funds carry a $19.99 transaction fee.
Joint Account
A joint account is a brokerage account that allows two or more people to share ownership of the account. This type of account is also free to open, but it may come with some fees, such as trading fees and account maintenance fees. The trading fees on E*TRADE are the same as those for individual accounts.
Custodial Account
A custodial account is a brokerage account that an adult manages for a minor. This type of account is also free to open, but it may come with some fees, such as trading fees and account maintenance fees. The trading fees on E*TRADE are the same as those for individual accounts.
Retirement Account
A retirement account is a brokerage account that allows you to save for retirement. E*TRADE offers several types of retirement accounts, including traditional IRA, Roth IRA, and SEP IRA. These accounts are also free to open, but they may come with some fees, such as trading fees and account maintenance fees.
Other Fees
In addition to the fees mentioned above, E*TRADE may charge other fees, such as wire transfer fees, paper statement fees, and account inactivity fees. It is important to read the fine print and understand all the fees associated with your account before opening an account with E*TRADE.
Conclusion
In conclusion, E*TRADE offers a variety of account types, and most of them are free to open. However, some of them may come with fees, such as trading fees and account maintenance fees. It is essential to understand all the fees associated with your account before opening an account with E*TRADE. By doing so, you can make an informed decision and avoid any surprises in the future.
