Scottrade Review: What to Expect After the TD Ameritrade Acquisition

How do TD Ameritrade's services compare to Scottrade's?

In September 2017, TD Ameritrade acquired Scottrade, and all Scottrade accounts were officially moved to TD Ameritrade by February 2018. Scottrade customers can now access all of TD Ameritrade’s financial offerings — including guidance, trading platforms and retirement resources — while keeping the same equity, options, and transaction fees and mutual fund commission rates they had before.

Here’s what Scottrade customers can expect from their new TD account.

Scottrade TD Ameritrade Transition

Scottrade account holders can access their TD Ameritrade account using their Scottrade login information. Scottrade clients are now automatically TD Ameritrade members and can sign up for services such as online e-pay, alerts and direct deposit. Although there is no longer access to Scottrade trading platforms, clients can now use TD’s platforms, including the TD Ameritrade website, thinkorswim, TD Ameritrade mobile, and TD Ameritrade Mobile Trader. And Scottrade clients will still be able to access their previous statements and tax documents through TD Ameritrade.

All Scottrade locations have either been converted to TD Ameritrade locations, combined or closed. Scottrade clients can now visit one of TD Ameritrade’s 364 locations across the U.S. Scottrade banks have also closed, and funds have either been deposited into TD Ameritrade accounts or sent to clients in the form of a check.

Scottrade clients with questions about the transition are invited to visit the online TD Ameritrade Scottrade Transition Hub or reach out directly to TD Ameritrade via phone, email or live chat.

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Investment Products for Scottrade Customers

Scottrade offered financial services and products, including online trading and an online brokerage. Scottrade clients now have access to TD Ameritrade’s full suite of investment products, as well as the benefits TD Ameritrade provides for each option:

  • Stocks: There is no subscription fee or fees to use TD’s trading platforms. Stock orders are routed intelligently to receive the best available price, and clients have access to free independent research from Morningstar and other third-party sites to help them make the best trading decisions.
  • Options trading: There are no platform fees or trade minimums, and the thinkorswim platform gives members access to professional-quality trading tools.
  • ETFs: Choose from over 300 commission-free ETFs, plus get access to the tools you need to understand them.
  • Mutual funds: TD Ameritrade clients have access to over 13,000 mutual funds, including no-transaction-fee mutual funds.
  • Futures: Trade over 60 futures products 24 hours a day, six days a week with TD’s virtual platforms.
  • Forex: There are no platform or subscription fees to access forex trading platforms, but commission and financing fees still apply.
  • Managed portfolios: Choose from three levels of guidance and select your investing goals, and TD Ameritrade will establish a portfolio that fits your needs.
  • Cash management: TD Ameritrade’s cash-management services include unlimited check writing, no monthly maintenance fees and no ATM fees.
  • Bonds and CDs: TD Ameritrade offers access to a range of fixed-income investments and competitive pricing, including a $1 per bond transaction fee on secondary bond trades when trading through the online platform.
  • Annuities: Choose from a variety of annuities and consult with annuity experts to find the right investment for you.

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Trading Fees

Scottrade fees are now TD Ameritrade fees. TD Ameritrade charges a $6.95 flat fee for any online equity trade, regardless of account balance or trading frequency.

How Do TD Ameritrade Fees Compare to Other Brokers?

Scottrade members who are now TD Ameritrade members can assess whether a different brokerage might offer more competitive commission fees or trading options that suit their investing preferences. Take a look at how TD Ameritrade fees compare to fees at other brokerages:

TD Ameritrade Fees vs. Other Brokerage Fees
TD Ameritrade AllyCharles SchwabFidelityMerrill Edge
Commission (Online Trading)$6.95 for stocks and ETFs that are not commission-free$4.95 for stocks and ETFs; $3.95 with 30+ trades per quarter or daily balance of $100,000 or more$4.95 for stocks and ETFs not included on Schwab ETF OneSource List$4.95 for stocks and ETFs that are not commission-free$6.95 for stocks and ETFs
Account MinimumNoneNone$1,000 for customers who have not opened a linked
Schwab Bank High Yield
Investor Checking
account or established
a monthly
transfer of at least $100
NoneNone

TD Ameritrade Reviews

Some Scottrade clients are already enjoying their new brokerage firm. “I am coming from Scottrade. Everything is new and I am excited to learn as much as I can,” said one reviewer on Consumer Affairs. “I have had questions and all have been answered in a straightforward manner. I like how things are laid out at the website.”

Another reviewer commented on the high quality of the investment tools available. “Ameritrade has tools for every level of investor,” the commenter said on Consumer Affairs. “I have used [TD Ameritrade] for over 10 years with no bad experiences. The screens are intuitive and the information is complete.”

Another TD Ameritrade reviewer noted that “costs are reasonable and the features are easy to use.”

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    GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion, and some bonus offers might no longer be available on the issuers’ websites, depending on how you access the web page.