TD Ameritrade vs Schwab: Post-Merger Guide for Investors
What Happened: The Merger Timeline
| Date | Event |
|---|---|
| November 2019 | Schwab announces $26B acquisition of TD Ameritrade |
| October 2020 | Merger closes; integration begins |
| September 2023 | Client account migration begins |
| May 2024 | All TD Ameritrade accounts fully migrated to Schwab |
| 2024–2025 | Thinkorswim integrated into Schwab’s platform suite |
What TD Ameritrade Users Got from Schwab
Former TD Ameritrade clients gained access to Schwab’s extensive mutual fund lineup (4,000+ no-load, no-fee funds), Schwab Intelligent Portfolios (free robo-advisor), 300+ physical branches, and Schwab’s banking products including checking with unlimited ATM fee rebates.
Schwab also brought stronger fundamental research from its in-house team and third-party providers like Morningstar, Credit Suisse, and Argus.
What Schwab Users Got from TD Ameritrade
The headline: Thinkorswim. Widely considered the best active trading platform among retail brokers, Thinkorswim brings advanced charting, options analytics, paper trading, and customizable workspaces. Schwab users also gained TD’s strong futures and forex trading capabilities.
Current Schwab Platform Comparison
| Feature | Legacy TD Ameritrade | Schwab (Post-Merger) |
|---|---|---|
| Commissions | $0 stocks/ETFs, $0.65 options | $0 stocks/ETFs, $0.65 options |
| Thinkorswim | Yes | Yes (integrated) |
| Mutual Funds | Limited NTF selection | 4,000+ NTF funds |
| Robo-Advisor | Essential Portfolios ($5K min) | Intelligent Portfolios (free, $5K min) |
| Branches | ~200 | 300+ |
| Retirement Accounts | Full suite | Full suite |
| Banking | Limited | Checking, savings, lending |
Should You Stay at Schwab or Move?
For most former TD Ameritrade users, staying at Schwab makes sense. You keep Thinkorswim and gain better fund access, free robo-advisory, and banking. The main reasons to consider moving would be lower margin rates (Interactive Brokers), zero-expense index funds (Fidelity), or crypto access (Robinhood).
Key Takeaways
- TD Ameritrade no longer exists as a standalone broker — all accounts are now at Schwab.
- Thinkorswim survived the merger and is available to all Schwab clients.
- Schwab gained Thinkorswim; TD clients gained mutual funds, banking, and branch access.
- Commissions and pricing remained unchanged at $0 for stocks/ETFs and $0.65 for options.
- The combined platform is one of the strongest full-service brokerages in the US.
Frequently Asked Questions
Can I still use Thinkorswim?
Yes. Thinkorswim is fully integrated into Schwab. All Schwab clients can download and use Thinkorswim desktop, web, and mobile — even if they never had a TD Ameritrade account.
Did my TD Ameritrade positions transfer correctly?
Yes. All positions, cost basis, and account history migrated to Schwab. Verify your cost basis in Schwab’s portal if you haven’t already — especially for lots acquired years ago.
Are there any features TD had that Schwab dropped?
Some minor features changed during integration, but the core tools — Thinkorswim, paper trading, options analytics — all carried over. Schwab has committed to maintaining and improving the Thinkorswim experience.
Should I open a new Schwab account or was mine migrated?
If you had a TD Ameritrade account, it was automatically migrated to Schwab with the same positions and history. No action was needed on your part.
Is Schwab now the biggest US broker?
By many measures, yes. The combined entity holds over $8 trillion in client assets, making it the largest publicly traded brokerage in the US alongside Fidelity (which is private).