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Most of the top discount brokers either own a bank or have a sweep arrangement with banks, specifically to get FDIC insurance for large cash balances, which you
by patio11 7y ago
Most of the top discount brokers either own a bank or have a sweep arrangement with banks, specifically to get FDIC insurance for large cash balances, which you do not want to have.
The specific things M1 offers that make them close to this blog post are a) low margin rates (3~3.25%) and b) autoinvestment of deposits (including payroll deposits), which is grumblegrumble rarer than you'd guess.