J.P. Morgan Self-Directed Review (2026)
J.P. Morgan Self-Directed Investing fits Chase customers who want to buy stocks, ETFs and mutual funds inside the Chase app, with $0 online trades and fractional shares from $5. The one thing to know: it is basic, with single-leg options only, no desktop platform, and swept cash earning 0.01% APY. Options cost $0.65 a contract, and moving the account out costs $75.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against J.P. Morgan Self-Directed's own fee schedules, rate pages, disclosures and regulator records (18 sources, listed below). We re-check prices about once a month. We do not earn a commission from JPMorgan Chase.
J.P. Morgan Self-Directed at a glance
| Stocks and ETFs | $0 online for US-listed stocks and ETFs, plus a regulatory fee on sales; $25 a trade by phone [1] |
|---|---|
| Options | $0 + $0.65 a contract online ($25 + $0.65 by phone); $0 to exercise or be assigned. Single-leg strategies only: covered calls, cash-secured puts, protective puts, long calls and puts [1] |
| Mutual funds | $0 online on thousands of funds, no loads, Chase says; $20 by phone [6] |
| Bonds and CDs | Treasuries in the secondary market $0 (no auctions online); other secondary bonds and CDs $10 a trade + $1 a bond over 10 bonds ($250 maximum); new-issue brokered CDs $0 [1] |
| Account minimum | $0 [4] |
| Fractional shares | Yes, as market orders during market hours, from $5 or up to 5 decimal places. Chase pages disagree on which securities: S&P 500 and Nasdaq-100 stocks and ETFs on one, "thousands" on another [4] |
| Account types | General investment (individual, joint), Traditional IRA, Roth IRA, UTMA/custodial, trust. No SEP, SIMPLE, solo 401(k) or HSA found [4] |
| Default cash sweep | JPMorgan Chase deposit sweep, 0.01% APY (October 15, 2026) [9] |
| Cash you can choose | J.P. Morgan Premium Deposit, 3.20% APY under $1 million of qualifying balances, 3.60% at $1 million+ (September 28, 2026); $50,000 minimum; not in margin accounts [10] |
| Margin rates | Prime + 4.75% up to $25,000 (11.75% with prime at 7.00%), down to prime + 2.50% (9.50%) from $1,000,001 to $3,000,000; general investment accounts only [7] |
| Transfer out and IRA fees | $75 when all assets leave a brokerage account; $75 when all assets leave a retirement account [2] |
| Extended hours | 7:30 AM to 5:45 PM ET for select stocks and ETFs [4] |
| Platforms | chase.com and the Chase Mobile app; no desktop platform [3] |
| SIPC | Up to $500,000 per customer, including $250,000 cash; no excess-SIPC policy stated on the safety page [11] |
| Company | J.P. Morgan Securities LLC (CRD 79), a wholly owned subsidiary of JPMorgan Chase & Co., New York [14] |
What a year at J.P. Morgan Self-Directed costs
| Situation | Cost or interest | How we got it |
|---|---|---|
| Open and close a 10-contract options trade, twice a month for a year | $312 | $13 a round trip x 24. |
| $10,000 left uninvested for a year | $1 earned | JPMorgan Chase deposit sweep at 0.01% APY, if the rate held all year. |
| Borrow $10,000 on margin for a year | About $1,175 | 11.75% a year on a $10,000 balance; 11% at $100,000. Interest accrues daily, so the exact figure varies a little. |
| Move the whole account to another broker | $75 | Full outgoing transfer (ACATS). |
Hypothetical examples, our arithmetic from J.P. Morgan Self-Directed's published fees, cash rate (as of October 15, 2026) and margin rates (as of October 19, 2026), read on October 19, 2026. Broker commissions and the broker's own per-contract fees only: the small SEC, FINRA, OCC and exchange fees passed through on sales and option trades are left out. Cash and margin rates move with the Federal Reserve's rate.
How J.P. Morgan Self-Directed works
J.P. Morgan Self-Directed Investing is the online brokerage inside Chase. You open and use it on chase.com or in the Chase Mobile app, next to your Chase checking, with transfers between the two, and you can redeem Chase Ultimate Rewards points as cash into an eligible investment account. You can buy US-listed stocks and ETFs, mutual funds, Treasuries, bonds, brokered CDs and money market funds, and place single-leg options trades. There are no multi-leg spreads, no futures, no direct crypto (crypto ETFs trade at $0) and no low-priced securities. Outgoing wires cost $25. Recurring investments let you schedule repeat purchases of stocks, ETFs or mutual funds, but not in a margin account.
Uninvested cash sweeps to a JPMorgan Chase bank deposit that paid 0.01% APY on October 15, 2026. The higher-paying choice is J.P. Morgan Premium Deposit, a separate deposit you opt into, with a $50,000 minimum, a $3 million maximum per account and no margin accounts allowed. A hypothetical $60,000 held for a year: in the sweep it earns $60,000 x 0.01% = $6; in Premium Deposit at 3.20% APY it earns $60,000 x 3.20% = $1,920, if the rate held. Below $50,000, the sweep is the only built-in option, so compare a high-yield savings account or a money market fund.
Margin is priced off the bank prime rate: prime + 4.75% up to $25,000, + 4.50% to $50,000, + 4.00% to $100,000, + 3.75% to $500,000. With prime at 7.00% (Federal Reserve H.15, October 16, 2026) that is 11.75% at the bottom and 11.00% at $100,000. Margin is offered in general investment accounts only, and a margin account cannot hold cash-secured puts, recurring investments or Premium Deposit. The cost block above shows what $10,000 of margin costs for a year.
A new-money bonus runs until January 21, 2027: open through the offer page, fund the account with qualifying new money within 45 days and keep it there 90 days. The bonus is $50 for $5,000 to $24,999, $150 for $25,000 to $99,999, $325 for $100,000 to $249,999 and $1,000 for $250,000 or more, credited within 15 days. Phone support runs Monday to Friday 8 AM to 9 PM and Saturday 9 AM to 5 PM ET, and Chase branches have J.P. Morgan advisors.
Pros
- Investing inside the Chase app, next to checking
- $0 online trades on stocks, ETFs and thousands of mutual funds
- Fractional shares from $5
- Premium Deposit at 3.20% APY for balances of $50,000 or more
- Margin rates published by balance tier
Cons
- Single-leg options only, no spreads
- Default cash sweep pays 0.01% APY
- Margin from 11.75% under $25,000
- $75 to move the whole account out
- No desktop platform and no SEP or solo 401(k)
Who J.P. Morgan Self-Directed fits, and who should skip it
A good fit if
- You bank at Chase and want investing in the same app.
- You buy stocks, ETFs and mutual funds and want $0 online trades on all three.
- You want to invest small dollar amounts in fractional shares from $5.
- You have $50,000 or more in cash and want the 3.20% Premium Deposit next to your investments.
Look elsewhere if
- You trade options spreads: J.P. Morgan allows single-leg options only; tastytrade caps stock option commissions at $10 per leg.
- You want a SEP IRA, solo 401(k) or HSA: Fidelity offers all three.
- You borrow on margin: Interactive Brokers publishes 6.38% on Lite against 11.75% here under $25,000.
- You bank at Bank of America instead: Merrill Edge links to BofA accounts.
Limitations to know
- Low-priced securities, block trades and algorithmic orders are not available. [1]
- Fractional orders are market orders during regular hours only (9:30 AM to 4 PM ET). [4]
- Joint accounts can be opened online only if you already have a joint Chase or J.P. Morgan account; otherwise you open one at a branch. [4]
- Recurring investments are not available in margin accounts. [5]
- Every margin tier up to $3,000,000 is set as a spread over the bank prime rate (7.00% on October 16, 2026), so the rates move whenever prime does. [8]
- J.P. Morgan does not say on the pages we read whether it takes payment for order flow; its Rule 606 order-routing reports since Q2 2024 are on FINRA's 606 data site. [12]
J.P. Morgan Self-Directed compared with alternatives
| Broker | Options per contract | Default cash rate | Transfer out | Fractional shares |
|---|---|---|---|---|
| J.P. Morgan Self-Directed | $0.65/contract (single-leg only) | 0.01% | $75 | Yes |
| Merrill Edge | $0.65/contract | 0.01% | $49.95 | No |
| Charles Schwab | $0.65/contract | 0.01% | $50 | Yes |
| Fidelity | $0.65/contract | 3.48% 7-day yield if you pick SPAXX (no default named) | $0 | Yes |
| Robinhood | $0 stock/ETF options; index options $0.50 ($0.35 with Gold) | 0% | $100 | Yes |
- Pick Merrill Edge if you bank at Bank of America and want SEP, SIMPLE and solo 401(k) accounts too.
- Pick Charles Schwab if you want fractional shares from $1, a 529 and phone help around the clock.
- Pick Fidelity if you want an HSA and $0 to transfer out.
- Pick Robinhood if you want $0 stock and ETF option contracts.
Security and privacy
- SIPC covers up to $500,000 per customer, of which up to $250,000 may be for cash. The safety page states no excess-SIPC policy. Cash in the sweep and in Premium Deposit is held as a bank deposit. [11]
- We could not read Chase's privacy and security page in plain text, so this page does not list its two-factor login options or a fraud guarantee for investment accounts. [13]
- In July 2022 the SEC fined J.P. Morgan Securities $1.2 million over weaknesses in its identity-theft prevention program (Regulation S-ID). [16]
- In January 2024 the SEC fined the firm $18 million over confidentiality agreements that impeded clients from reporting to the SEC. [17]
- In October 2024 the SEC announced five actions against J.P. Morgan Securities and an affiliate, more than $151 million combined, over disclosures on its Conduit private funds and conflicts in a portfolio management program. [18]
- In December 2021 the firm admitted facts and paid a $125 million SEC penalty over business messages kept on unapproved channels. [15]
Recent changes
| Date | What changed |
|---|---|
| Sep 28, 2026 | Premium Deposit rate set at 3.20% APY under $1 million of qualifying balances and 3.60% at $1 million or more. [10] |
J.P. Morgan Self-Directed FAQ
Is J.P. Morgan Self-Directed Investing safe?
Accounts are held at J.P. Morgan Securities LLC (CRD 79), a subsidiary of JPMorgan Chase & Co. Securities are covered by SIPC up to $500,000, including $250,000 of cash, and swept cash sits in a Chase bank deposit. The SEC has fined the firm several times, including $125 million in 2021 over off-channel messages and $1.2 million in 2022 over its identity-theft program. SIPC does not cover market losses.
Does J.P. Morgan Self-Directed charge for options?
Yes: $0 commission plus $0.65 a contract online, or $25 plus $0.65 by phone. Exercise and assignment are $0. Only single-leg strategies are allowed: covered calls, cash-secured puts, protective puts, and buying calls or puts. See <a href="/best-options-trading-platform/">options trading platforms</a> if you want spreads.
What does J.P. Morgan Self-Directed pay on cash?
The default sweep to a JPMorgan Chase bank deposit paid 0.01% APY on October 15, 2026. Premium Deposit paid 3.20% APY under $1 million of qualifying balances as of September 28, 2026, but needs $50,000 and is not allowed in margin accounts.
Is J.P. Morgan Self-Directed good for beginners?
For Chase customers it is a simple start: no minimum, $0 stock, ETF and mutual fund trades online, fractional shares from $5 and recurring investments, all in the Chase app. The limits show up later: single-leg options only, 0.01% on swept cash and a $75 exit fee. New investors can also read <a href="/brokerage-ira-where-to-start/">where to open an IRA</a>.
J.P. Morgan Self-Directed vs Merrill Edge?
Both are bank-owned, charge $0 for stocks and ETFs and $0.65 an options contract, and sweep cash at 0.01% APY. J.P. Morgan offers fractional shares from $5 and publishes margin rates; <a href="/brokers/merrill-edge/">Merrill Edge</a> has no published margin table, charges $49.95 to transfer out against $75 here and offers SEP, SIMPLE and solo 401(k) accounts.
How much does it cost to transfer out of J.P. Morgan Self-Directed?
$75 when all assets leave a brokerage account, and $75 when all assets leave a retirement account; the retirement fee is waived for moves to another internal account or annuity. Start the transfer at the receiving broker, which may reimburse the fee.
How we researched this review
We did not get paid or receive a free account for this page. We read J.P. Morgan Self-Directed's own pricing page, help center, security and privacy pages and app-store listing on October 19, 2026, quoted each fact from those pages, and link every one below. We did not run a long-term hands-on test, so we do not score the app; where a point rests on what the company says rather than something we can check, we attribute it to J.P. Morgan Self-Directed. Cost figures are our own arithmetic. We re-check prices and plans about once a month and log changes in the table above.
Sources
- J.P. Morgan, Self-Directed Investing fee and commission schedule, checked October 19, 2026.
- Chase, J.P. Morgan Self-Directed Investing fee and commission schedule (PDF), checked October 19, 2026.
- Chase, Online investing, checked October 19, 2026.
- Chase, Self-Directed Investing FAQs, checked October 19, 2026.
- Chase, Online investing FAQs: trading, checked October 19, 2026.
- Chase, Online investing offers, checked October 19, 2026.
- Chase, Margin trading, checked October 19, 2026.
- Federal Reserve, H.15 Selected Interest Rates (bank prime loan rate), checked October 19, 2026.
- J.P. Morgan, Sweep option rates, checked October 19, 2026.
- Chase, J.P. Morgan Premium Deposit, checked October 19, 2026.
- J.P. Morgan, Safety of customer assets, checked October 19, 2026.
- J.P. Morgan, Order routing disclosures, checked October 19, 2026.
- Chase, Privacy and security, checked October 19, 2026.
- FINRA BrokerCheck, J.P. Morgan Securities LLC (CRD 79), checked October 19, 2026.
- SEC, Press release 2021-262 (December 17, 2021), checked October 19, 2026.
- SEC, Press release 2022-131 (July 27, 2022), checked October 19, 2026.
- SEC, Press release 2024-7 (January 16, 2024), checked October 19, 2026.
- SEC, Press release 2024-178 (October 31, 2024), checked October 19, 2026.
This review is for general information, not investment advice. Investing involves risk, including loss of principal; margin and options can lose more than you put in. Fees and rates change; check the broker's own pages before you open or move an account.