El Chupacabra said:
I bleed maroon said:
El Chupacabra said:
If so, how is it?
Does cash held in the account sit in a MMF that actually pays something?
This would be a very low volume, nothing fancy brokerage account. Just trying to consolidate places I have money.
I have one. Works well enough for buy and hold stuff, but they don't offer a sweep account with competitive rates. They also can't handle online rolling of covered calls, which REALLY annoys me. I like my bankers, and moved some long-term holds over to them, but wouldn't recommend it for active trading at all.
Incidentally, they gave me a pretty good bonus to move money over - make sure you ask for their best offer. They also do some temporary deals for various products - I've taken them up on an asset-backed LOC at low locked-in rates, and a year-long competitive high-yield savings rate. If you know your banker/advisor well enough, they can predict the timing on these offers pretty accurately.
Well that sucks. This account I pretty much only hold SPY and write calls against it a month or two out.
Bonus now is $2500 + another $500 if you open their credit card.
Don't get me wrong - you CAN write covered calls against your holdings pretty easily (their option chain and trading windows are clunky, but they do work), it's just that if you later want/need to roll out the options to a later expiration and/or different strike price, you have to enter two separate trades, and run the risk of one executing and not the other in a volatile market. A minor inconvenience, you might think, but it's tremendously annoying. You can call their trading desk and talk them through it, and they'll waive the commission since it's unable to be processed on their website, but you'll take 8-10 minutes to iterate pricing with the broker when you can do this at other brokerages in about 5 seconds.
I think I got a similar $3000 or so bonus for not a huge amount of assets transferred, but this was a couple years ago.
