BankRI Account Type

BankRI offers various types of brokerage accounts to cater to different investment needs:

• Cash Account: In a cash account, you must pay the full amount for securities purchased. You cannot borrow funds from the brokerage firm to pay for transactions.

• Margin Account: This account allows you to borrow funds from the brokerage firm to purchase securities. The brokerage firm uses the securities in your margin account as collateral for the money it lends to you, and you pay interest on the borrowed funds.

• Managed Brokerage Account: This type includes investment management services provided by a human advisor or a robo-advisor, which can help you manage your investments based on your goals and risk tolerance.

• Retirement Accounts: BankRI also provides options for retirement accounts, including Traditional IRAs and Roth IRAs, which offer tax advantages for retirement savings.

BankRI Broker Account Opening Process

Opening a brokerage account with BankRI involves several straightforward steps:

• Choose the Account Type: Decide whether you want a cash account or a margin account based on your investment goals and risk tolerance.

• Fill Out the Application: You will need to provide personal information, including your full name, address, Social Security number, and employment information. This process can typically be completed online in under 15 minutes.

• Fund Your Account: After your account is opened, you will need to deposit funds. This can be done through electronic transfer, check, or wire transfer. Ensure you have sufficient funds to begin investing.

• Select Cash Management Preferences: Choose how you want to manage any uninvested cash in your account, such as through a bank sweep program or leaving it in the brokerage account.

• Review Fees: Understand the various fees associated with your account, including transaction costs and account maintenance fees, to avoid unexpected charges.

• Start Investing: Once your account is funded, you can begin buying and selling securities as per your investment strategy.