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Best Stock Brokers for Banking 2017

Blain Reinkensmeyer

Published by Blain Reinkensmeyer


Tuesday, February 21st, 2017

For full-service brokers, the client experience goes beyond just trading. Clients of Merrill Edge, Capital One Investing, Charles Schwab, and Scottrade all fall under this category, meaning banking services are also offered.

To determine which broker is the best for banking, we dived in head first and explored all the potential services: checking accounts, savings accounts, debit cards, credit cards, and mortgages. We then looked at specialty offerings such as mobile check deposit, debit card ATM fee reimbursement, and no-fee banking. Lastly, total number of branch offices was factored in, as access to local branch offices is just as important as managing an account online.

It should be no surprise that our #1 choice is Merrill Edge, whose parent company is Bank of America.

It should be no surprise that our #1 choice is Merrill Edge, whose parent company is Bank of America. With a FSA (Financial Solutions Advisor) located in some 2,000 locations, Bank of America has, by far, the largest network.

Bank of America really shines with its rewards program, Preferred Rewards, which offer clients with certain account thresholds a slew of benefits. The first tier, Gold, requires at least $20,000 in combined assets between Bank of America and Merrill Edge, while the top tier, Platinum Plus, requires at least $100,000 in total assets. Benefits include boosts to money-market savings, credit card cash back bonuses, free trades with Merrill Edge, and more. All in all, there isn’t a better marriage of brokerage and banking than Merrill Edge and Bank of America.

Merrill Edge Preferred Rewards

Alongside Merrill Edge’s parent company, Bank of America, another well-recognized brand is Capital One Investing, whose parent company is Capital One. Next to Bank of America, Capital One is the only other bank to offer every service type: retail locations, checking accounts, savings accounts, debit cards, credit cards, and home mortgages. Capital One is best known for its credit cards, and like Bank of America, its clients enjoy the benefits of universal login for easy access to all their accounts.

Together with our ranking, we present highlights from the rest of the full-service brokers. Fidelity has one of the best cash rewards credit cards on the market with its 2% Fidelity Investment Rewards Visa Card (Fidelity cut its ties with American Express in early 2016). Scottrade offers 503 retail locations, followed by Charles Schwab with 300. Of the remaining brokers, Charles Schwab is the only one to offer home mortgages. The list goes on and on.

Scottrade branch offices locations map

When it comes to banking and brokers, the great news is that investors have multiple options from which to choose. Full-service brokerages generally do a very good job of catering to the specific needs of their clients and provide a well-rounded offering. This is especially true for clients who already do their banking with Bank of America or Capital One; the move to add investing as an additional service is just a few clicks away.

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1 Merrill Edge Logo
Banking

Invest in a new account and get up to $600 - Learn More

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2 Capital One Investing Logo
Banking

Get up to a $600 bonus when you fund your new account - Learn More

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3 Charles Schwab Logo
Banking

Announcing $4.95 online equity trades at Schwab. Open an account

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4 Scottrade Logo
Banking

Access to over 500 retail locations - Learn More

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5 Fidelity Investments Logo
Banking

Get 300 commission-free trades and 2 years to use them - Learn More

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All pricing data was obtained from a published web site as of 2/20/2017 and is believed to be accurate, but is not guaranteed. The StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.