We’ve been discussing both checking accounts and online brokerages here on BankShout. If you are interested in combining both services at one financial institution, you might want to check out TD Bank; their Relationship Checking has some solid benefits, including a current special of free trades from the bank’s brokerage for 30 days, plus a $150 bonus.
To qualify for Relationship Checking, you need to have TD balances totaling at least $20,000, including deposits and loans, but excluding your mortgage. Relationship Checking has some great freebies, although they are mostly ones you might expect to come with a premium account, including free checks and no fee for savings overdraft transfers. Relationship Checking also includes combined statements, which show all of your accounts in one summary. The account also has a “sweep” option, where funds will sweep into a higher-interest savings account, a sweet feature that many banks lack or only offer to business customers. (Although TD Bank’s website doesn’t go into detail, most sweep accounts function by clearing items to be paid, then moving the remaining funds to the savings account overnight to earn daily interest at a higher rate.)
And then there is the TD Ameritrade bonus offer. The brokerage account needs to be opened with at least $2000 for the free trades, and it takes a $25,000 balance to be eligible for the $150 cash bonus. You would need to keep the Ameritrade account open for at least 9 months to avoid any penalties.
With their Sam Waterston-lead commercials, Ameritrade seems to be aiming at the older demographic, especially retirees with sizable portfolios. It makes sense that TD Bank would also try to capture convenience-minded customers by pairing a premium checking account with its trading service. If you are a TD Bank or Ameritrade customer, tell BankShout all about it in the comments below.