Trading Funds Without a Fee
Many brokerages now allow investors to buy and sell certain no-load mutual funds without paying any transaction fees. Usually, many funds are also available for a fee. Here are the major discount “super markets”:
Brokerage: Jack White & Co.
Phone: (800) 233-3411
Southland offices: 1
No-fee funds: 1,180
Minimum trans. fee*: $27
Annual IRA fee: $35**
Internet address: https://www.jackwhiteco.com
*
Brokerage: Charles Schwab
Phone: (800) 435-4000
Southland offices: 27
No-fee funds: 1,180
Minimum trans. fee*: $39
Annual IRA fee: $29**
Internet address: https://www.schwab.com
*
Brokerage: Waterhouse Securities
Phone: (800) 934-4410
Southland offices: 5
No-fee funds: 840+
Minimum trans. fee*: $25
Annual IRA fee: $0
Internet address: https://www.waterhouse.com
*
Brokerage: Fidelity Brokerage Services
Phone: (800) 544-9697
Southland offices: 6
No-fee funds: 800+
Minimum trans. fee*: $35
Annual IRA fee: $24**
Internet address: https://www.fidelity.com
*
Brokerage: Dreyfus Service
Phone: (800) 843-5466
Southland offices: 2
No-fee funds: 722
Minimum trans. fee*: $35
Annual IRA fee: $25
Internet address: https://www.dreyfus.com
*
Brokerage: Scudder Brokerage Service
Phone: (800) 700-0820
Southland offices: None
No-fee funds: 713
Minimum trans. fee*: $35
Annual IRA fee: $0**
Internet address: None
*
Brokerage: Muriel Siebert & Co.
Phone: (800) 872-0666
Southland offices: 1
No-fee funds: 670
Minimum trans. fee*: $35
Annual IRA fee: $35
Internet address: https://www.msiebert.com
*
Brokerage: Barry Murphy & Co.
Phone: (800) 221-2111
Southland offices: None
No-fee funds: 650
Minimum trans. fee*: $25
Annual IRA fee: $35
Internet address: None
*
Brokerage: Accutrade
Phone: (800) 882-4887
Southland offices: None
No-fee funds: 619
Minimum trans. fee*: $27
Annual IRA fee: $0
Internet address: https://www.accutrade.com
*
Brokerage: DLJ Direct
Phone: (800) 825-5723
Southland offices: None
No-fee funds: 600+
Minimum trans. fee*: $35
Annual IRA fee: $35
Internet address: https://www.dljdirect.com
*
Brokerage: York Securities
Phone: (800) 221-3154
Southland offices: None
No-fee funds: 600+
Minimum trans. fee*: NA
Annual IRA fee: $25**
Internet address: https://www.yose.com
*
Brokerage: National Discount Brokers
Phone: (800) 888-3999
Southland offices: 1
No-fee funds: 600
Minimum trans. fee*: $20
Annual IRA fee: $35
Internet address: https://www.ndb.com
*
Brokerage: T. Rowe Price Discount
Phone: (800) 225-7720
Southland offices: 1
No-fee funds: 415
Minimum trans. fee*: $35
Annual IRA fee: $10
Internet address: https://www.troweprice.com
*
Brokerage: Discover Brokerage Direct
Phone: (800) 688-3462
Southland offices: None
No-fee funds: 393
Minimum trans. fee*: $25
Annual IRA fee: $0
Internet address: https://www.lombard.com
*
Brokerage: NationsBank
Phone: (800) 926-111
Southland offices: None
No-fee funds: 300+
Minimum trans. fee*: $40
Annual IRA fee: $35
Internet address: None
*
Brokerage: Quick & Reilly
Phone: (800) 672-7220
Southland offices: 10
No-fee funds: 295
Minimum trans. fee*: $25
Annual IRA fee: $0
Internet address: https://www.quick-reilly.com
*
Brokerage: Bidwell & Co.
Phone: (800) 547-6337
Southland offices: None
No-fee funds: 285
Minimum trans. fee*: $25
Annual IRA fee: $25
Internet address: https://www.bidwell.com
*
Brokerage: Kennedy, Cabot & Co.
Phone: (800) 252-0090
Southland offices: 12
No-fee funds: 260
Minimum trans. fee*: $25
Annual IRA fee: $0
Internet address: None
*
Brokerage: USAA Brokerage Services
Phone: (800) 531-8343
Southland offices: None
No-fee funds: 240
Minimum trans. fee*: $45
Annual IRA fee: $0
Internet address: None
*
Brokerage: American Express Financial Direct
Phone: (800) 297-8800
Southland offices: None
No-fee funds: 200+
Minimum trans. fee*: NA
Annual IRA fee: $29**
Internet address: https://www.americanexpress.com/direct
*
Brokerage: Vanguard Brokerage Serv.
Phone: (800) 992-8327
Southland offices: None
No-fee funds: 100***
Minimum trans. fee*: $35
Annual IRA fee: $10**
Internet address: https://www.vanguard.com
*
Brokerage: PT Discount Brokerage
Phone: (800) 248-5008
Southland offices: None
No-fee funds: 60
Minimum trans. fee*: $35
Annual IRA fee: $35
Internet address: https://www.ptdiscount.com
NA: Not applicable. * When minimum transaction fee applies. ** $0 for certain balances, usually more than $10,000. Some firms have discounts for computer or touch-tone telephone orders. Note: Redemption charges may apply on certain no-transaction-fee funds held for short periods. *** Vanguard funds only.
Sources: Russ Wiles, and American Assn. of Individual Investors
