Charles Schwab Corp.'s broker-dealer unit has reduced account-opening minimums for its main brokerage and retirement accounts and eliminated minimums for certain clients.
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Charles Schwab & Co. Inc. said the minimum to open Schwab One brokerage accounts, formerly $2,500, is now $1,000. The minimum to open a custodial account was cut to $100 from $2,500.
The San Francisco company also eliminated all minimum balance charges, which were levied on accounts that dropped below minimum balance requirements.
Individual retirement accounts, college saver, and education savings accounts that previously required an initial balance of $2,000 now can be opened with $1,000, Schwab said.
The changes, announced Friday, took effect immediately.
