Has anyone here used Scottrade?
From what I can tell, the rate Etrade is paying on their cash sweep accounts is peanuts (less than 1% unless you have major cash balances):
E*TRADE FINANCIAL Sweep Deposit Account (SDA)
Daily Balance Rate APY1,3
$0 - $4,999 0.1599% 0.1600%
$5,000 - $49,999 0.3992% 0.4000%
$50,000 - $99,999 0.6976% 0.7000%
$100,000 - $499,999 0.9951% 1.0000%
$500,000+ 0.9951% 1.0000%
E*TRADE FINANCIAL Retirement Sweep Deposit Account (RDA)
Daily Balance Rate APY1,3
$0 - $4,999 0.1599% 0.1600%
$5,000 - $49,999 0.3992% 0.4000%
$50,000 - $99,999 0.6976% 0.7000%
$100,000 - $499,999 1.3903% 1.4000%
$500,000+ 2.2800% 2.3100%
To get the 3.4%, it appears you need to open a separate Etrade Money Market a/c with their bank and manually move money yourself. Thats ridiculous.
I see Scottrade's credit interest rates are somewhat better. I can't seem to find Fidelty's sweep interest rates (and my biggest concern with them is to get the Gold service, I would need to have $1MM in assets - which I don't have at Etrade to move |
