Should you have multiple brokerage accounts?

Depending on your needs, it can make sense to have multiple brokerage accounts, especially if you have different goals for each account. For example, you may have one brokerage account that’s a taxable brokerage account for trading stock and another joint brokerage account for you and your spouse. You may also have a personal retirement account as one of your brokerage accounts, too.

How do I decide which brokerage account is best for me?

The best brokerage account to suit your needs comes down to a combination of available investments and your investment goals. Be sure to compare key features between all brokerages you’re considering, including account fees, trading commissions, funding options and whether they offer the types of securities you’re interested in owning.

Are brokerage accounts FDIC-insured?

Assets in brokerage accounts are not FDIC-insured, as that type of insurance is reserved for banks. Instead, brokerage account assets are protected by Securities Investor Protection Corporation (SIPC). This insurance covers you against the loss of assets and cash should your brokerage run into financial trouble and covers up to $500,000 in assets — only $250,000 of which can be cash.

Former Managing Editor

E. Napoletano

Expertise: Investing, personal finance, banking, financial planning and savings
Education: University of Houston

E. Napoletano is the former managing editor for investing content at MagnifyMoney and a former registered financial advisor (Series 7/66/31). Money is hard on the best days, but asking questions about your money shouldn’t be. That’s why E.’s team creates accessible content that answers your most pressing investing questions. No

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