Should I transfer funds from by brokerage sweep account to an online banker? PDF Print E-mail
ANSWERED QUESTIONS - ANSWERED QUESTIONS
Wednesday, 09 June 2010 21:36
Q. I have an account with a large brokerage house. Their sweep account pays 0.04% currently!!! Their short term 6 month CDs pay 0.50% a year!!! I checked at bankrate.com and the national average is 1.59%, still lousy but more than 3x the CD rates at the brokerage. Why are their rates so lousy!! I am thinking of linking my account to an online bank that currently offers an FDIC insured savings account that pays 1.55% and has 6 month CDs at 2%. I can apparently wire the money back and forth. Is this a good idea? Why are the rates so lousy at the brokerage? Are they 'stealing' my money in hidden fees?

A. Brokerage doesn't want you to keep money in deposits, they want you to invest it, and pay them commissions. That's how they make money. So they set as lousy deposit conditions as possible.

Earning money through interest margin is what banks do, not brokerages.

Good luck!

Moni.


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