Scottrade does not only provide brokerage, financial advice, and investment management services. Since 2008, Scottrade is also a bank that offers standard banking services and allows investors to transfer money easily between their personal banking and brokerage accounts. The bank is based in Saint Louis, Missouri. As of September 2015, it has $15.8 billion in assets and $14.5 billion in deposits. Scottrade operates entirely online. It only has one branch with 116 employees. Scottrade has a four-star rating with Bauer Financial and an A+ rating with the BBB.
What Are Scottrade Bank’s Checking and Savings Accounts Like?
Scottrade Bank keeps things simple with two checking accounts: Scottrade Bank No-Interest Checking and Scottrade Bank Interest Checking.
Scottrade Bank No-Interest Checking has a $100 minimum opening deposit but no minimum balance. It doesn’t earn interest, but it doesn’t charge a monthly fee, and it pays customers reimbursements on ATM surcharges. The account includes online Bill Pay and an ATM/Debit card.
Scottrade Bank Interest Checking still doesn’t charge a monthly fee but pays a 0.01% APY on accounts with a balance of $500 and more. It also provides ATM surcharge reimbursements and Online Bill Pay.
Scottrade Bank has one savings account, the appropriately named Scottrade Bank Savings Account. Its main features are a low minimum opening deposit and minimum daily balance of $100. It doesn’t have a monthly fee but it pays interest. The interest rates are tiered based on balance and range from 0.03% to 0.33%. Accounts with $100 to $10,000 earn 0.03%, $10,000 to $25,000 receive 0.07% APY. The highest rate is for balances over $1 million.
What Are The Advantages And Disadvantages Of Scottrade Bank’s Savings and Checking Accounts?
We love this about Scottrade Bank:
Low minimum opening deposits
Low daily balance minimum
Easy to transfer money to brokerage accounts
ATM surcharge reimbursements
We don’t like this about Scottrade Bank:
Only accounts with large balances receive the highest rates
Interest rates are competitive but still low