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It is really easy to open an account at Scottrade and it can be set up in minutes. The initial deposit is $2,500 for a non-IRA account and $0 for an IRA, and investors can begin trading as soon as the balance is shown in their account. There are no account maintenance fees or hidden fees of any kind.he initial deposit is $2,500 for a non-IRA account and $0 for an IRA, and investors can begin trading as soon as the balance is shown in their account. There are no account maintenance fees or hidden fees of any kind.
The only downside about this entire process is that TD Ameritrade has a $75 outbound full account transfer fee. Fortunately Vanguard does not charge you to transfer in an IRA (to my knowledge, no one does). In comparing some of the common fees, $75 seems to be on the high side.$50 seems fairly standard with some brokers going as low as $30. One thing to keep in mind, brokers may be willing to pay you to move your account. think it is worth the effort. I will get a custodian to custodian transfer that is not limited to the once a year restriction of a non-custodial transfer. If I do not like Scottrade I can transfer out of Scott Trade to any other broker without a fee.