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Public

$0 commissions on stocks, ETFs and options, no minimum, $5 fractional shares and an optional 3.30% APY cash account.

Rates verified October 14, 2026
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The Bottom Line

Best for
People who want a modern app with $0 commissions, fractional shares and an optional higher-rate cash account.
Stock and ETF trades
$0 (verified Oct 14, 2026). All rates and fees

Key facts

  • Account minimum: None
  • Options: $0 per contract
  • Cash sweep: 0.00% APY

Pros

  • No commissions and no minimum
  • Optional cash account paying 3.30% APY with no subscription
  • Research tools and a large bond screener inside the app
  • No annual IRA fee on Traditional and Roth IRAs

Cons

  • No phone support, in-app chat and email only
  • Main-account cash earns nothing and fractional shares cannot be transferred out
  • $100 transfer-out fee and a $3.99 monthly inactivity fee on tiny dormant accounts

At a glance

Rates verified October 14, 2026
Stock and ETF trades
$0 per online trade
Options
$0 commission and $0 per contract on stock and ETF options (regulatory pass-throughs apply). Index options $0.35 per contract
Account minimum
None
Cash sweep rate
0% on cash in the main account. The optional High-Yield Cash Account pays 3.30% APY (3.75% for Reserve members at $20 a month), variable
Margin rates
4.20% to 5.15%, depending on balance
IRAs
Traditional IRA, Roth IRA (no annual IRA fee)
Fractional shares
Yes, from $5 ($1 in an Investment Plan); fractional shares cannot be transferred out
Research and tools
Stock pages with analyst ratings, an AI research assistant, an earnings hub, an options chain and a bond screener of 10,000+ bonds.
Support
In-app chat and email only. No phone support.
Mobile app
Public app and website, with trading in both.
SIPC
Member
Transfer out
$100 for a full transfer out
Payment for order flow
Yes, Stock and ETF orders on the default wholesale route go to market makers that pay Public for order flow, which is how $0 execution is funded. Other routes cost $0.003 per share.
Other fees
$3.99 a month on accounts under $70 with no activity for 6 months. Optional Reserve membership $20 a month. Outgoing wire $25.

Sources: public.com/disclosures/fee-schedule, public.com/options-rebate-explained, read October 14, 2026

What it costs in practice

$0 in commissions on 20 trades a year

Twenty online stock or ETF trades a year cost $0 in commissions here. Leave $10,000 sitting uninvested and the default setup pays about $0 over a year. That is cash left in the main account. The optional High-Yield Cash Account pays 3.30% APY. Rates move, and a high-yield savings account or a money market fund may pay more.

What to know before you open an account

Every provider has trade-offs. These are the ones we found on its own pages and in regulator records.

  • Cash in the main brokerage account earns you nothing. The 3.30% APY needs a separate High-Yield Cash Account, and Public earns interest on idle cash outside it.
  • $0 stock execution relies on payment for order flow, and in 2023 FINRA fined Public $500,000 over best-execution reviews and failing to disclose that in writing.
  • No phone support. Fractional shares cannot be moved to another broker and are sold before a transfer.
  • Only Traditional and Roth IRAs are offered, and an outgoing transfer costs $100.

Regulator record

  • May 27, 2025, FINRA. FINRA order: Public paid influencers whose posts were not fair and balanced or made misleading claims (for example, 'commission free trades' without disclosing other fees) and did not supervise them. Fine: $350,000. Read the source
  • Dec 6, 2023, FINRA. FINRA order: Public did not reasonably supervise its fully paid securities lending program, including checking whether it was appropriate before enrolling customers. Fine: $500,000, plus customer restitution. Read the source
  • Jun 27, 2023, FINRA. FINRA order: Public did not conduct reasonable execution-quality reviews, did not disclose in writing at account opening or yearly that it received payment for order flow, and sent retail communications with misleading statements. Fine: $500,000. Read the source

Where these numbers come from

Each figure above was read on the provider's own page. Fees and rates change, so check the page before you act.

What is Public?

Sources read on the date shown
Public is a modern, app-first broker with $0 commissions on stocks and ETFs, no account minimum and fractional shares from $5. It suits people who like a social, research-friendly app and want an optional high-yield place for cash. Stock and ETF trades cost $0 on the default wholesale route, and so do stock and ETF options ($0 commission and $0 per contract, with regulatory pass-throughs). Index options cost $0.35 per contract. Traditional and Roth IRAs come with no annual fee. Margin loans run 4.20% to 5.15%. Cash in the main brokerage account earns nothing, but you can open a separate High-Yield Cash Account that pays 3.30% APY (3.75% for Reserve members at $20 a month), variable. Moving your account out costs $100. Figures come from Public's fee schedule, last updated 13 October 2026, and its other disclosures read on 14 October 2026. The catches: no phone support, a $3.99 monthly inactivity fee on very small dormant accounts and no mutual fund purchase pricing on its fee schedule. Public gets paid for order flow on the wholesale route, and FINRA fined it $500,000 in 2023 over best-execution reviews and undisclosed order-flow payments and $350,000 in 2025 over influencer marketing.
Sourcepublic.com ↗

Key details

$0 commissions on stocks, ETFs and stock and ETF optionsNo account minimum, fractional shares from $5Optional High-Yield Cash Account at 3.30% APY (variable)Traditional and Roth IRAs with no annual feeMargin from 4.20% to 5.15%

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Public FAQ

Does Public charge commissions?

No commission on online US-listed stocks, ETFs and stock and ETF options, per its fee schedule last updated 13 October 2026. The Smart order and Lit exchange routes cost $0.003 per share, and regulatory fees apply on sales. Index options are $0.35 per contract.

What is the minimum to open a Public account?

$0. Fractional shares start at $5, or $1 inside an Investment Plan.

Does Public pay interest on cash?

Cash in the main brokerage account earns nothing for you. The optional High-Yield Cash Account pays 3.30% APY on the free plan and 3.75% for Reserve members ($20 a month), both variable and set by partner banks minus fees.

Which IRAs does Public offer?

Traditional and Roth IRAs, with no annual fee on its fee schedule. A $100 fee applies to an outgoing transfer.

How does Public make money?

It receives payment for order flow from market makers on the wholesale route, earns interest on cash held outside the High-Yield Cash Account, and charges for the optional Reserve membership and some other services.

Source: public.com