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Charles Schwab Lowers Account Minimums and Eliminates Minimum Balance Charges
By DaveM | April 23, 2007
Well, it appears that as of April 20th, my favorite brokerage has lowered their account minimums and waived minimum balance fees for people who make a commitment to invest on a regular basis.
That’s right… Charles Schwab, in a press release on Friday, announced that the minimum amount to open a new account has been reduced as follows:
- Schwab One brokerage - lowered from $2500 down to $1000
- IRAs, college saver and education savings accounts - lowered from $2000 down to $1000
- Custodial accounts - lowered from $2500 to only $100 (No more excuses to prevent you from setting up that college savings or gift account for your kids and/or grandkids!)
In addition to that, account minimums are waived entirely for clients who make the commitment to deposit $100 or more each month into their account via direct deposit or Schwab MoneyLink. I applaud Schwab for making this change because it really encourages new investors to save on a regular basis.
You can click the press release link above to read the full details of change, and then head over www.Schwab.com to request more information about opening a new account.
Happy Investing!