Bank of America review

Stock trades cost $0, so there is no dealing commission on a purchase. The account opens at a minimum deposit of $0, which makes a small first order practical. Options are priced separately at $0.65 per contract. Anyone who mostly buys shares keeps the running cost close to nothing.

Managed portfolios built from ETFs and cash are charged 0.45% to 0.85%, and the managed range starts at a minimum investment of $1,000. That charge applies to the managed range, not to self-directed dealing, where stock trades cost $0. Investors who pick their own shares can therefore avoid the portfolio charge altogether.

The listed regulator is the FDIC, and the legal entity named is Bank of America California, National Association, under FDIC cert 25178. Cover on investments is separate from that bank licence, at SIPC up to USD 500,000. US investors can confirm the certificate in the FDIC register before funding.

Investor protection runs through SIPC up to USD 500,000, which is the only cover stated for the account. A holding larger than the stated figure sits above that limit, so investors expecting a bigger balance should ask how the protection applies. It is a cap on the balance, not a per-order charge.

The account types listed are an IRA, a Roth IRA and a joint account, and the minimum deposit is $0. There is no ISA or SIPP in the range, so a UK or European saver will not find a tax-sheltered wrapper here and is better served elsewhere.

The account is built for US retirement savers, with a minimum deposit of $0 and stock trades at $0. It also suits anyone who banks with Bank of America and wants investments under the same roof. Buyers looking for an ISA or SIPP are not served by these account types.

Support runs on email, phone and help centre, so help is available by email, phone and a help centre. There is no live chat among the listed channels, so anyone who prefers instant messaging may want to check that before opening an account. Phone and email cover questions that need a person, while the help centre handles the rest.

Yes, managed portfolios are offered in ETF and cash, charged at 0.45% to 0.85% and starting from a minimum investment of $1,000. A hands-off investor can hold those alongside a commission-free stock account, where trades cost $0. Someone who picks their own shares therefore skips the managed charge altogether.