If you are referring to the Schwab account, it is free.
Not only is it free, they will pay you $100 to open one.
https://www.schwab.com/public/schwab/nn/refer-prospect.html
This link is because, if you are referred to Schwab, you can open up a checking account, and they will add $100 after about 30 days. If you don't want to trust my link, you can call them and mention the code "REFER," or I believe they have a box where you can enter the code when setting up your new account.
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A few points about this deal:
- Yes, it opens both a checking and a brokerage account for you, but you never have to fund, nor use, the brokerage account.
- No fees or ATM charges, and they refund ATM fees.
- You allegedly* have to start with $1000 in the account to get the $100 within 30 days... and you must maintain a $1000 balance for the first 90? days (maybe a year), or they MAY charge you the $100 back. There is no minimum balance required in order to avoid fees, nor to be refunded any ATM fees you incur elsewhere.
- The person who refers you gets nothing. So this doesn't help me at all, and you (unfortunately) can't chain it to get benefits on both ends.
*I say allegedly, because when I called and asked a representative about it, he actually said the $1000 deposit could be in either account, and that it wasn't even necessary to keep that level of funds in there beyond the day that you get the $100.
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I only started researching the Schwab accounts early this afternoon, because of this thread. I have excellent credit, and am very suspicious and thorough. After plenty of research, and reading the fine prints everywhere, I decided to go ahead with it. So, while I do not have any personal experience with Schwab (beyond having just opened my own account), I figured I would share what I learned. I can't promise any of the above, but it is true to the best of my knowledge.
Use it or don't; no skin off my feet.
I just thought I'd share with fellow peregrinos. And a big THANK YOU to everyone else who shared enough to get me looking into it.
Oh... and it's free.