If you haven’t heard, Zecco.com is an online broker that offers commission-free online stock trading. It does have some fees, but the fact that you can do the basics for free is a game changer. Suddenly, I can re-balance ETFs without having to worry that it’s going to cost me a hundred dollars in fees.
I had been waiting to for Zecco to open up IRAs so that I could rollover some significant amounts of 401k as well as my Roth IRA. I had been waiting over three months for their IRAs asking, Where’s the IRA Offering, Zecco? It seems they finally heard me as earlier this month they did introduced exactly that.
Some may be worried about investing with a relatively new company. Fortunately you need to go through strict licensing requirements to be a brokerage, so I have confidence that it won’t be an issue. I’ve already started to set up a couple of accounts (it seems to be quite a process).
Update: A couple of people in the comments below clued me into the $30 annual fee for IRAs. It doesn’t look like I’ll complete the process of signing up after all.
Update, Update: It looks like the IRAs used to be $50 annually and then they went to free and now they are back to $30 (see this post AND comments). I was under the old thinking that they would be free.