Monday, April 03, 2006

Sharebuilder $50 Promotion

Jim from Blueprint for Financial Prosperity posted last week about a new Sharebuilder $50 promotion that I was considering trying out. My current brokerage is E*Trade and I don't really want to switch (unless Sharebuilder ends up being really great), but I don't want to pass up $50.

I need to look into Sharebuilder a little more...see if it is worth doing. Someone said you need to put money in monthly with Sharebuilder, but I don't remember reading that anywhere. I also have to see if I need to put in a certain amount in order to take advantage of this $50 deal or just open an account.

So, anyone have a Sharebuilder account? Are they any good? Is this deal worth it?


Blogger Flexo said...

I opened a Sharebuilder account with $50, bought an ETF and paid a $4 transaction fee, waited for the free $50 bonus to be deposited, and withdrew the bonus $50 back to my checking account to cover the $50 initial deposit. Net expense: $4 transaction fee, which has since been recovered by the ETF's performance. You could do the same with a smaller initial deposit. I wrote about it months ago. :>

4/03/2006 1:52 PM  
Anonymous Tim MMF said...

Sharebuilder is ok. They don't offer a profit/loss tracking tool unless you pay a monthly fee which will KILL your profits. Also, if you need to sell it costs $15.95. If you go w/ Sharebuilder I would suggest using it only to buy ETFs or index funds that you're going to hold long term. I have a Sharebuilder account but I'm slowly moving money out of it because I want to open a Scottrade account - only $7/trade buy or sell. I'll save money.

4/03/2006 2:43 PM  
Anonymous Phil said...

I opened a SB account about a week ago to get the $50 bonus. They had (and may still have) a promotion to get 6 free Tuesday orders, so no $4 fee.

tim is right-- this should only be used for buying index ETFs for the long-term (which is pretty much the point of SB anyway).

4/03/2006 2:56 PM  
Blogger RS said...

Great...thanks guys. I was just going to get the Vanguard EM fund with it and then just let it sit.

4/03/2006 6:54 PM  
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