Invest on Your Terms With a MissionSquare Brokerage Account
What Is a Brokerage Account?
Creating and Managing a Brokerage Account
Opening an Account
Managing Your Account
Funding Your Account
Contributions, Eligibility, and Distribution
Contribution
MissionSquare offers two types of brokerage accounts with different contribution rules.
Taxable Brokerage Account
There are no limits to how much you can deposit, and contributions are made with money you’ve already paid taxes on. You can fund your account from your checking or savings accounts, payroll, or other investments.
IRAs
With an IRA, there are contribution limits updated annually by the IRS. Learn more about IRAs.
Eligibility Requirements
MissionSquare offers two types of brokerage accounts with different requirements.
Taxable Brokerage Account
With this type of account, there are no income limits or employment requirements. You’ll typically need to have a Social Security number or tax ID, a U.S. address, a valid photo ID, and be 18 years or older.
IRAs
You must have earned income to open an IRA, and higher earners may not be eligible to contribute the full amount allowed by the IRS. Learn more about IRAs.
Distribution Options
You can take funds out of your taxable brokerage account any time without penalties or waiting periods. Unlike retirement accounts, you’re not required to withdraw funds at a certain age, and you can move funds to other accounts, including IRAs. Funds may be transferred to other accounts, including IRAs. IRA contributions are limited by earned income and annual IRS contribution limits.
You can withdraw from a Roth IRA at age 59 1/2 without penalty, if you’ve held the account for five years.1 The five-year holding requirement applies only to Roth IRAs. There are some exceptions to Traditional IRA early withdrawal rules. Traditional IRAs do not require a five-year holding period for penalty-free withdrawals after age 59 1/2. Taxes may still apply. Traditional IRAs also have required minimum distributions starting at age 73.2 Learn more about IRAs.
Who Should Consider a Brokerage Account?
A taxable brokerage account or IRA is for anyone wanting to invest in various securities and have complete control of their assets. Consider opening an account with us if you want to:
- Manage your own portfolio and invest in a broad spectrum of fund types, including whole and fractional stocks, ETFs, and mutual funds.
- Supplement your retirement savings or invest for other financial goals, like a home down payment or a child’s education.
- Have access to flexible withdrawals with no penalties or minimum investment for taxable brokerage accounts.
How Much Does a MissionSquare Brokerage Account Cost?
When you open a taxable brokerage account with MissionSquare, setup is free, and there’s no minimum investment to get started and no monthly account fees.
MissionSquare traditional and Roth IRAs have a $10 annual fee per account.
Both types of IRAs offer excellent tax advantages, but the right fit depends on your current financial situation, future income, and long-term investment goals.
Traditional IRAs can offer:
- Tax-deductible contributions
- Tax-deferred growth
- Access to the Saver’s Credit
- Spousal IRA advantages
- Early withdrawal exceptions
Roth IRAs can offer:
- Tax-free savings and earnings
- Tax-free withdrawals in retirement3
- No required minimum distributions
- Early withdrawal exceptions
Taxable individual and joint brokerage accounts can offer control and flexibility. You can:
- Contribute as much as you want
- Withdraw funds at any time without penalties
- Choose from various options, including stocks, mutual funds, and ETFs
Exchange-traded funds allow you to meet a range of investment goals, from building wealth to managing risk. Key benefits include:
- Lower costs than mutual funds
- Real-time trading flexibility
- Tax efficiency
- No minimum investment required
- Wide variety of investment options
[b3-regular]Investors should carefully consider their own investment goals, risk tolerance, and liquidity needs before making an investment decision. Investing involves risk, including possible loss of the amount invested. Diversification doesn’t eliminate market risk or guarantee profit.[/b3-regular]
Frequently Asked Questions
What types of securities can I invest in with a MissionSquare Brokerage account?
How much money do I need to open a MissionSquare Brokerage account?
Can I roll an existing IRA or retirement plan account to a MissionSquare traditional or Roth IRA?
Can I transfer my MissionSquare Wealth Management accounts?
Have More Questions?
Call (800) 669-7444 to speak with a representative weekdays 9 a.m. to 4 p.m. ET.
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Footnotes/Disclosures
[b3-regular]1 Contributions: If you contribute to a Roth IRA, you can make tax-free withdrawals if you’ve owned a Roth IRA for at least five years (as defined by the IRS) and meet the requirements for a “qualifying event”: age 59 1/2, a “first-time” home purchase, a disability, or death (with withdrawals going to your beneficiaries). Otherwise, you may have to pay income taxes and penalties to withdraw your earnings. Withdrawals: Roth IRA contributions can be withdrawn at any time without taxes or penalties. If you have a Traditional IRA, you may not be able to withdraw your money before age 59 1/2 without paying a penalty. There can be many exceptions to the IRS rules, so carefully research all of your options. [/b3-regular]
[b3-regular]2Age 70 1/2 (if you were born before July 1, 1949), age 72 (if you were born after June 30, 1949, and before January 1, 1951), or age 73 (if you were born after December 31, 1950). [/b3-regular]
[b3-regular]3"Tax-free" withdrawals apply only to qualified distributions. Early withdrawals taken before age 59 1/2 may be taxable and subject to IRS penalties, and Roth IRA earnings are tax-free only if holding requirements are met.[/b3-regular]