We've reviewed many investing and personal finance services. We want to help you make the best decision of which service best suits your needs.
This comparison we review OpenInvest and Charles Schwab Intelligent Portfolios.
From our research, annual fees, minimum deposit, and 401(k) support the most important
features which choosing a robo advisor. Let's look at how OpenInvest and Charles Schwab Intelligent Portfolios stack up against each other on these features.
To start, we will compare the fees for trading with both robo
advisors. OpenInvest has
annual fees at 0.5% fee per year. In
contrast, Charles Schwab Intelligent Portfolios has annual fees of 0%.
When it comes to fees, Charles Schwab Intelligent Portfolios wins by not charging anything to use their service.
Let's consider the minimum investment that's required to use both OpenInvest and Charles Schwab Intelligent Portfolios.
At $3,000, OpenInvest requires a smaller minimum deposit.
Unfortunately, neither service offers assistance with your 401(k) and you will have to find another service if this is a requirement for you.
Overall, OpenInvest rates 8 out of 10, while Charles Schwab Intelligent Portfolios ranks 8.5 out of 10. For more information on either, you can read our full reviews on OpenInvest and Charles Schwab Intelligent Portfolios.
|Review||OpenInvest Review||Charles Schwab Intelligent Portfolios Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Account Fees||0.50% (plus an additional 0.22% if you opt for the green bond fund)||None|
|Accounts Available||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA||Taxable, Joint, Roth IRA, Traditional IRA, Rollover IRA, Custodial, SEP IRA, SIMPLE IRA, Trusts|
Does the robo-advisor offer assistance with your employer sponsored retirement plan?401(k) Guidance
|Tax Loss Harvesting||— All Taxable Accounts||— All Taxable Accounts|
|Retirement Planning Tools|
|Automatic Deposits||Daily, Weekly, Biweekly, Monthly, Bimonthly, Quarterly and Yearly||Monthly, Bimonthly and Quarterly|
|Clearing Agency||Apex Clearing||N/A|
|Socially Responsible Investing|
|Invests in Commodities|
|Invests in Real Estate|
How can you access the sevice? Website only? Via smartphone app?Access
|Website, iOS App, Android App||Website, iOS App, Android App|
More security to prevent unauthorized access to your account.Two-Factor Authentication
|Customer Service||Phone: M-F 9A-5P PT; Email||Phone: 24/7; Live Chat: 24/7; Email|
|Assets Under Management||$0||$27B|
|Number of Accounts||N/A||N/A|
|Sign Up||Sign Up|
OpenInvest is a low-fee robo advisor that lets investors weigh their portfolios based on their ethical concerns. Instead of customers funding pre-built portfolios, with OpenInvest, they can customize their portfolio to match their values. While it isn’t the cheapest platform out there, it does offer competitive pricing and could be good for passive investors who want a little more say in where their money goes.
About Charles Schwab Intelligent Portfolios
Schwab Intelligent Portfolios is Charles Schwab’s fee-free robo-investing service. And with the company's family of financial services, it's a one-stop shop: You can have some of your portfolio professionally managed through Intelligent Portfolios while being free to take advantage of all of the other benefits that Schwab offers.