On the Internet, new companies crop up every day. New websites to do just about anything you’ve been doing elsewhere before including banking and stock trading. It’s pretty hard to stick with just one company too because the new ones always offer something great for you to jump ship.
But swag and bribes aside, how do you choose between companies? I’m talking specifically about banking institutions now. I’ve changed banks a couple times in the last year and opened a few accounts I didn’t actually need, I’ve chased my fair share of rates, but one tool that’s become invaluable to finding the right institution is Bankrate.com
Bankrate.com has a bunch of tools on their site that allow you to compare just about everything in the financial industry. They have comparisons for mortgages, CD rates, bank accounts, credit cards, retirement accounts and auto insurance.
Each of these shows a side-by-side of the company, the fees for each account, the opening deposit requirements and anything else you might need when deciding on a new account.
Bankrate’s newest addition to this list is their brokerage comparison tool. This new tool lets you compare all the costs and benefits of the best online brokerage accounts out there so you can make an informed decision on which one to open. You can compare brokerages deposit requirements, maintenance fees, commissions and all the features offered by the account.
Why should you care?
For me, when I first got interested in investing, I was 18 years old and had entirely no clue. I didn’t open a brokerage account till I was 20. That’s a two year gap in which I could have been raking in the dough! Ok, maybe raking is a bit of a stretch but during that time, the market actually took a huge dip and then big recovery. I really could have made some decent cash if I had known what I was doing. On top of that, during that time a couple of the biggest technology companies today were just gaining steam. I knew about the companies because I worked in the field, I personally knew people that had made some good money on their stock and I had even done the research on the companies to decide which one I would invest in when I finally opened a brokerage account and got started.
But the reason I never got started had nothing to do with these companies, stock or even money. I never got started because I couldn’t decide on a brokerage account! I didn’t know what benefits each of them offered or what their fees were. I had researched this of course but I was frozen by analysis paralysis, too many choices without distinct differences to set them apart, so I just continued to fantasize about making my millions in the stock market.
I think this problem is even worse today because we have more options to choose from. That’s why this new tool by Bankrate is such a great asset to have. Now you can quickly look at all the different online brokerages, see exactly what they offer and make your decision.
Is there anything stopping you from investing?
I was not compensated in any way for this review
Image by Travel Aficionado br>