USAA Brokerage Promotion: Get 50 Commission Free Trades
- Discount Stock Broker:
- USAA Brokerage
Trade stocks or ETFs with USAA Brokerage for as little as $5.95 per trade. From now until December 31, 2012, open an USAA Brokerage account and receive 50 commission free trades as bonus.
I am not a customer of USAA, but I have heard some good things about some of its services, such as its No Fee Checking Account (given how much other big banks are charging these days for their checking accounts, truly free checking is pretty hard to find) and Auto Insurance services quite a few times in the past. One thing I didn’t know about USAA is that it actually also has a pretty good brokerage service, which was named one of the best brokers in the SmartMoney annual broker survey a couple of years ago, in the Fees and Commissions category. But even after that, I still didn’t pay much attention to it because, unlike many other discount brokers which everybody can use, USAA brokerage service is only available to those who are eligible to become a USAA member, i.e., active military, veterans, spouse of USAA members, and individuals whose parents are/were USAA members, etc. Therefore, even though USAA offers many excellent services, most of us are not able to enjoy them because of the membership restriction (it looks like non-military can at least use their banking products now).
Anyway, if you are eligible, USAA brokerage service may be a nice alternative to other brokerage services, especially if you trade a lot, even though it may not be the best choice from purely the cost perspective. USAA broker has two-tier commission structure. For regular membership (Gold membership), the standard commission for stock trades is $8.95, plus additional $0.75/contract for options trades. That’s hardly cheap in my opinion. If you are active traders and trade 25 times or more in a rolling 90 day period or 16 time or more trades in a rolling 90 day period and have $50,000 or more in eligible assets, then you are eligible for a Platinum membership, which will reduce your trading cost to $5.95 per trade for stocks, plus $0.75/contract for options. Those are just base commissions. If your order is large, you may need to pay extra fees. Particularly, an additional $.005 and $.01 per share is charged for each share over 1000 for Platinum and Gold member, respectively.
Actually, from the above fee information, it’s quite obvious that USAA brokerage doesn’t really have the edge in terms of commissions over other discount brokers out there that usally charge a flat fee for an online trade order, regardless the number of shares. Of course, the SmartMoney survey is two-year old and a lot have changed since then, with quite a few brokers have reduced their trading commissions.
Well, if you are using other services of USAA and considering a brokerage account with them as well, then there is currently a promotion that can save you some money on commission. The promotion will give you 50 commission free trade if you open an account before December 31, 2012. Details of this promotion are
Free trade offer expires Dec. 31, 2012. Offer not eligible for transaction fee mutual funds. Free trades limited to domestic, NYSE, AMEX or NASDAQ-listed securities, up to 1000 shares placed on the Internet or self-service telephone system. After 50 free trades or 90 days, whichever comes first, account will revert to gold or platinum fee schedule, depending on asset and activity levels. Offer limited to the first account opened per person and that account must be opened online. Valid for U.S. citizens or permanent residents. Void where prohibited. Offer may be modified or terminated without notice prior to application and is not valid with any other offers. Other restrictions may apply. Commissions may change without notice.
Check it out if you are interested. And while you are there, you may also want to check out other services and products, such as banking accounts, credit cards, and insurance, as well see if there’s anything else that interests you.
- 50 free trades
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