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Brokerage Accounts

bobert456
  |     |   187 posts since 2022

This is somewhat still on the topics here at Deposit Accounts. Many of us do buy BROKER CDs and Treasuries.

I traditionally use Fidelity, Schwab, TDAmeritrade, but have also used Merrill Edge, Van Guard, Ally Invest, and Interactive Brokers, but have discovered major problems with customer service (these last four) and looking for another source that has both CDs, Treasuries, and actually have someone you can reach on the phone.

? Should I try MORGAN? Are there others you use where you like offerings and the customer service??

-thanks

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3


Answers
YurieGlovotch
  |     |   105 posts since 2020
Please consider that these institutions you mention have numerous people providing customer service and you will get a "bad apple" from time to time. My suggestion is that you take a deep breath and call back the next day. Perhaps you will get someone more to your liking.
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CuriousDave
  |     |   233 posts since 2018
Try Charles Schwab.
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2
ORInvestor
  |     |   44 posts since 2014
are the CD rates for Fidelity, Schwab, TDAmeritrade and others significantly different? Is there a reason to have multiple brokerage accounts?

Also are the 1099s issed by the banks or from the brokerages?
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1
betaguy
  |     |   180 posts since 2022
TD is pretty much impossible to navigate for CDs and bonds. At least for me. It's like their platform is from 1995. Weird, because their thinkorswim platform for stocks and options is topnotch. Fidelity is very functional for bonds and CDs. Vanguard seems the same as Fidelity. 1099s come from brokerage. Fidelity doesn't seem to offer new 4 yr products , vanguard does.
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1
CDsuckers
  |     |   70 posts since 2022
Well, the biggest reason for me is following the old adage, "Don't keep your eggs in one basket".
The first reason is if there is some sort of problem at the brokerage firm.
This could range from their website being hacked - or, some other problem that would prevent access to your funds.
For example, if for some reason Fidelity's website was down, you could go to another broker to do business.
The second reason is the limits of SPIC coverage per institution per account type.
For example, IRA funds are only covered up to 500K per brokerage firm (250K limit on cash).
Having an IRA in a second brokerage firm will protect you for an additional 500K at that firm.
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4
GreenDream
  |     |   358 posts since 2019
Credit where credit is die, CDtroll for once makes some good points. IF he'd only stick to doing so, he wouldn't have to keep changing his posting name so often and could actually become a valuable contributer to conversations.
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carolynwo
  |     |   50 posts since 2017
Early during the pandemic, in order to retain some interest on my funds, I purchased several long-term (5-10 yr) callable brokered CDs. While I continued to earn interest for 2+ years, the interest rates I earn now are way below the interest rates now available on non-callable CDs. Does anyone have any tips on what to do with these callable brokered CDs since the CDs have not been called?
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