Investment Account Types - Brokerage, Retirement and Bank

Scottrade Account Types

Scottrade offers a full line of investment and bank accounts to suit your investing objectives and money management needs. Most accounts can be opened online, although some require completion of physical forms. Contact your local branch if you need assistance.

  • Traditional IRA

    Retirement savings account for one person. This account provides tax-deferred growth and potentially tax-deductible contributions. This account is eligible for Money Direct® instant funding. At least one beneficiary must be assigned when opening this account.

    Roth IRA

    Retirement savings account for one person. Certain withdrawals are tax-free. This account is eligible for Money Direct® instant funding. At least one beneficiary must be assigned when opening this account.

    Rollover IRA

    Retirement savings account for one person. This account is specifically designed to receive transfers from a previous retirement plan. At least one beneficiary must be assigned when opening this account.  

    SEP IRA

    Simplified Employee Pension account for self-employed and small business. Please consult your accountant for the tax advantages associated with this account. This account is eligible for Money Direct® instant funding.  

    SIMPLE IRA

    SIMPLE account for self-employed and small businesses. Please consult your accountant for the tax advantages associated with this account.  

  • Coverdell Education Savings Account

    It is never too early to start saving for a child’s future educational needs, and the Coverdell Educational Savings Account (ESA) offers a number of benefits clients may want to consider when evaluating investment options for a minor. An ESA may be used to provide for the primary, secondary or college education costs of one designated beneficiary. Contributions, which are not tax deductible, can be made until the beneficiary turns 18. Special needs beneficiaries may receive contributions after age 18. ESA earnings grow tax-free for qualified education expenses. For other uses, earnings grow tax-deferred and a 10% penalty could apply.  

    Guardianship of the Estate or/Conservatorship

    These accounts allow a court-appointed guardian of an individual’s estate or a conservator to manage the assets for the benefit of that individual (i.e. a ward). Letters of guardianship or letters of conservatorship (dated within 12 months) are required to open these accounts. Applicants can submit information online, but will have to contact their local branch office to complete the process. 

    Custodial

    A custodial account allows an individual custodian, not a trust or legal entity, to open and manage an account for the benefit of a minor. Custodial accounts have certain restrictions, contributions are irrevocable gifts owned by the minor, and there is an age of termination. Both the minor and custodian must be listed on the application. 

     

  • Trust Account (Testamentary)

    A testamentary trust is created through the will of a deceased person. Securities are registered in the name of the trust and managed by a trustee. A Trust Account Certification is required to open this account. Applicants can submit information online, but will have to contact their local branch office to complete the process. 

    Trust Account (Non-Testamentary)

    Securities are registered in the name of the trust and managed by a trustee. A Trust Account Certification is required to open this account. Applicants can submit information online, but will have to contact their local branch office to complete the process. 

    Keogh / 401(k) / Money Purchase / Profit Sharing / Pension Plan

    These are defined contribution and defined benefit plans designed for the employees of a company. A Qualified Plan Certification Form is required to open these accounts. Additional forms may also be required. 

  • Investment Club

    This is a brokerage account owned by a group of people who pool their assets and make joint investment decisions. Applicants can submit information online, but will have to contact their local branch to complete the process. 

    Corporate

    This is a business account for corporations. Applicants can submit information online, but will have to contact their local branch office to complete the process. Additional forms may be required. 

    Partnership / Limited Partnership

    These are business accounts for partnerships and limited partnerships. Only general partners are allowed to conduct business in a limited partnership account. Applicants can submit information online, but will have to contact their local branch office to complete the process. Additional forms may be required.

    Sole Proprietorship

    This is a business account for an individual doing business in his or her own name. Supporting documentation is required for this account and additional forms may be required. 

    Limited Liability Company (LLC)

    These are business accounts for limited liability corporations. Supporting documentation is required to apply for this account and additional forms may be required.  

    Association or Non-Corporate Organization

    This is a business account for associations and non-corporate organizations. Supporting documentation is required to apply for this account and additional forms may be required.

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