I know I have written a lot about how I like Scottrade vs. Sharebuilder, and have highlighted the benefits of Scottrade so many times. However, I got a deal from Wells Fargo that I couldn’t turn down, and I wanted to share it with you.
It is called the Wells Fargo PMA package. This is supposedly Wells Fargo’s top-of-the-line relationship package, which they charge $30 a month for unless you maintain a $25,000 minimum. However, the cool thing is that it doesn’t have to be $25,000 in assets. It can be a combination of anything, including a home loan!
So, why am I making such a big deal about this? Here is what it comes with:
Banking
- Free Interest Checking
- Free Checks (almost any style as well)
- Free cashier checks, traveler’s cheques, and money orders
- Discounts on Safe Deposit Boxes
Investing
- 100 Commission-free trades per year
- No annual brokerage fees
While I’m not taking full advantage of the free perks yet, I did move my brokerage account over. It was a quick and painless transfer that took only about 2 days, and there were no broker transfer fees from either company, which really shows how great Scottrade really is as well.
The primary driver of my move is that I trade about 10-15 times per year in my brokerage account (include both buys and sells). As a result, that would cost me $70-$105 per year in commissions at Scottrade. Now, that is completely free at Wells Fargo. I have never gone over 100 trades, and don’t plan to, so I should be enjoying free trades for a long time to come!
I do have to mention that Scottrade’s research is much easier to use than Wells Fargo, so even though I moved my account, I never closed my Scottrade account, and will be continuing to use it for their research tools!
If you are a Wells Fargo customer, this may be something you want to look into!
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This post was written by...
Robert – who has written 317 posts on The College Investor.
Robert is the founder and editor of The College Investor, a personal finance site dedicated to young adult and college student finances. You can learn more about him here and connect with him on Twitter or Facebook.
{ 3 comments… read them below or add one }
I hate Wells Fargo because of a personal experience, but this is a good deal. I would still never give them my business.
I am a Wells customer and a Scottrade customer too! I think i’ll stick with Scottrade for IRA’s. Scottrade is going to have online savings and checking available by next year, from what i”m told. Hopefully their interest rates are competitive but who knows/
Wells once tried to get me to get auto insurance through them. I don’t like the idea of one place offering so many services. I feel like I get better service when I go individual places. Kind of like buying items at specialty shops as opposed to Wal-Mart, it just feels better!
Robert, I’m will Wells too! I wrote a super detailed article on Wells Trade – check it out! http://www.moneycone.com/howto-trade-commission-free-with-wellstrade/