Account Types

We offer a variety of account types, from taxable and retirement accounts, to joint, business, and investment club accounts.

Retirement Accounts¹

Roth IRA

Retirement savings with taxable contributions. Providing certain requirements are met, all earnings are tax free upon withdrawal. You also have penalty-free access to your contributions at any time. To be eligible to contribute, you must have compensation and meet Adjusted Gross Income limits.

Traditional IRA

Retirement savings with tax-deferred contributions and investment growth. Savings may compound more quickly than those in a comparable taxable account but are taxable upon withdrawal. To be eligible to contribute, you must have compensation and meet Adjusted Gross Income limits.

Rollover IRA

Move your money directly from one retirement investment, such as a 401(k) or Traditional IRA, to another without incurring taxes or penalties.

SEP-IRA

Use a SEP-IRA if you are a self-employed individual, business owner, or individual who earns any self-employed income to save for retirement.

401(k)

Employer sponsored retirement savings plan brokerage account funded with tax-deferred payroll contributions. Employees can contribute each pay period via pre-tax payroll deductions. The IRS sets annual employee contribution limits, but employers can make matching or additional contributions. Some employers may limit the investment choices employees have under their plan. Savings may compound more quickly than those in a comparable taxable account but are taxable upon withdrawal. Employees must meet eligibility requirements as determined by their employer in order to contribute.

SIMPLE IRA

Use a SIMPLE IRA if you work for a company who offers a 5304 SIMPLE IRA Plan which allows accounts to be opened at any brokerage firm. Please note: you will need to download a packet of forms for you and your employer to sign and return to us.

Non-Retirement Accounts

Individual

Owned and used by one person. Non-US residents cannot open accounts with us.

Joint

Owned by more than one person for the benefit of all account owners. When opening a joint account, you must provide information for both account owners, but only the primary customer will be charged a membership fee, unless the joint holder opens an account of their own. There are several types of joint accounts—choose the one that is best for you.

• Joint: Rights of Survivorship
  Each account owner owns the entire account. If an account owner dies, their share is equally distributed among the remaining account holders.
• Joint: Tenants in Common
  Each account owner owns an equal percentage of the account. If an account owner dies, their share is transferred to his or her estate.
• Joint: Tenants by Entirety
  Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to their spouse. The following states recognize Tenants by Entirety joint accounts: Alaska, Arkansas, Delaware, Florida, Hawaii, Maryland, Massachusetts, Missouri, Mississippi, New Jersey, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, Washington, DC and Wyoming
• Joint: Community Property
  Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to his or her estate. The property does not automatically transfer to the spouse. The following states recognize Community Property joint accounts: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Puerto Rico, Texas, Washington, Wisconsin

Custodial

This account types allows a custodian to invest on behalf of a minor child. Also known as Uniform Gifts to Minors Act Account (UGMA) or Uniform Transfers to Minors Act Account (UTMA), depending on your state.

Trust

For assets held in a trust. The trust must be established before the account is opened. You must be an authorized trustee to open a trust account.

Business

For legal corporations, professional associations, or professional corporations.

Investment Club

Used by investment clubs for club investments. Accounts are opened under the Tax Identification Number of the investment club and are often managed by the club treasurer.

1. Governmental eligibility rules, contribution limits, taxes, penalties or withdrawal restrictions may apply.