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Investing in S&P 500. Which broker to use? (lemm.ee)

submitted 12 hours ago by [email protected] to c/[email protected]

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I'm a complete newbie. The only "investing" I've ever done is use HYSAs. Obviously the yield there, while pretty good, isn't as good as investing in say, the S&P 500. So I want to invest a chunk of my savings into that and just leave it there until I retire. I'm not really looking into daily/active trading or anything. The problem is I don't know how fees work with brokers.

I saw this graph a while ago so I was thinking of Fidelty. It also helps that I already have an account there for my employer RSUs and my 401k. On the other hand, a colleague of mine suggested Schwab and said they don't have any fees.

Can anyone suggest the best broker (minimal/no fees, easy-to-use, set-and-forget) that I should go with if I just want to invest in the S&P 500?

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[–] [email protected] 4 points 12 hours ago (1 children)

I use Fidelity as I was in a similar situation as you and got it set up by my employer to receive RSUs.

No complaints if you are a casual investor. They have very good apps, tools and service.

With another employer I had Schwab. It’s very similar if I’m being honest, I didn’t notice that much difference personally as I’m not actively day trading nor doing anything too complex. When I switched jobs I just closed those accounts since I have everything else already in Fidelity (HSA, Checking account, 401k) so easier to just keep up with a single place.

Either way I think you’ll do fine!

[–] [email protected] 2 points 11 hours ago (1 children)

Thanks. I might try Fidelity if no one else says otherwise.

[–] [email protected] 4 points 11 hours ago

You won’t be making a mistake by picking Fidelity. Vanguard is also a good choice as others have said. Fidelity generally has a better UI than Vanguard if that is important to you.