Public Review (2026)
Public suits app investors who want stocks, options, Treasuries, bonds and a high-yield cash account in one place, with margin from 5.15%. The one thing to know: stock and ETF options cost $0 and can pay you a rebate of $0.06 to $0.18 per contract if you enroll, but the top cash rate and the 4% IRA match need the Reserve plan at $20 a month or $200 a year. Moving your account out costs $100.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against Public's own fee schedules, rate pages, disclosures and regulator records (12 sources, listed below). We re-check prices about once a month. We do not earn a commission from Public.
Public at a glance
| Stocks and ETFs | $0 on the default wholesale route, including OTC stocks; optional Smart Order or exchange-only routing costs $0.003 per share [1] |
|---|---|
| Stock and ETF options | $0, with a rebate of $0.06 to $0.18 per contract if you enroll (tiered by volume); regulatory and clearing fees passed through [1] |
| Index options | $0.35 per contract plus exchange index fees; no rebate [1] |
| Treasuries and bonds | Treasuries $0.10 per $100 of face value under 1 year, $0.25 for 1 to 3 years; corporate bonds, including fractional bonds [1] |
| Account minimum | $0; some products such as the Treasury Account have their own minimum [2] |
| Fractional shares | Eligible stocks and ETFs, from $5 an order ($1 inside Investment Plans) [8] |
| Account types | Individual, Traditional and Roth IRA, Crypto IRA, business accounts (single-owner LLC, S corp, C corp); trust accounts listed as coming soon; we found no joint or custodial account [10] |
| Cash | Separate High-Yield Cash Account at 3.30% APY, or 3.75% with Reserve (as of September 17, 2026), up to $5 million FDIC; no published rate on cash left in the brokerage account [3] |
| Margin | Fed funds upper bound + 1.15% = 5.15% up to $50,000; 5.00% to $100,000; 4.75% to $1 million; down to 4.20% above $50 million (as of September 17, 2026) [1] |
| Transfer out | $100 outgoing ACAT; incoming ACAT $0 [1] |
| Other account fees | $0 maintenance; $3.99 a month inactivity fee if the account holds under $70 with no activity for 6 months; $25 outgoing domestic wire [1] |
| Trading hours | Eligible stocks and ETFs from Sunday 8 PM ET to Friday 8 PM ET (24/5) [9] |
| Public Reserve | $20 a month or $200 a year; 4% IRA contribution match instead of 1%, with the extra 3% taken back if you cancel within a year of a match [4] |
| SIPC | SIPC member: up to $500,000 incl. $250,000 cash; custody at Apex Clearing; the pages we checked mention no excess-SIPC policy [5] |
| Payment for order flow | Yes: Apex shares PFOF from market centers with Public, which passes part of the options PFOF back through rebates [2] |
| Company | Open to the Public Investing, Inc. (CRD 127818), formerly T3 Securities; parent Public Holdings, Inc., New York [11] |
What a year at Public costs
| Situation | Cost or interest | How we got it |
|---|---|---|
| Open and close a 10-contract options trade, twice a month for a year | $0 | $0 a round trip x 24. |
| $10,000 left uninvested for a year | Rate not published | Cash left in the brokerage account; Public does not publish the rate on its public pages. Choosing the separate High-Yield Cash Account (3.3% APY) would earn $330. |
| Borrow $10,000 on margin for a year | About $515 | 5.15% a year on a $10,000 balance; 5% at $100,000. Interest accrues daily, so the exact figure varies a little. |
| Move the whole account to another broker | $100 | Full outgoing transfer (ACATS). |
Public Reserve: $20 a month or $200 a year. Raises the High-Yield Cash Account to 3.75% APY and the IRA contribution match to 4%, and adds other deposit matches.
Hypothetical examples, our arithmetic from Public's published fees, cash rate (as of October 19, 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.
What Public costs
| Plan | Paying monthly, 1 year | Annual plan, 1 year | 3 years (cheapest way) | Annual plan saves |
|---|---|---|---|---|
| Standard | $0 | - | $0 | - |
| Public Reserve | $240 | $200 | $600 | $40 (17%) |
Our arithmetic from the listed prices, before sales tax, assuming today's prices hold; subscriptions can renew at a different rate. Reserve prices are from Public's fee schedule dated October 13, 2026. Reserve raises the High-Yield Cash Account rate and the IRA contribution match, adds asset matches on some advisory products and priority support, and removes the Crypto IRA custodial fee.
How Public works
Public is an app and web broker that clears through Apex Clearing. Stocks and ETFs trade at $0 on its default route, which sends orders to wholesalers; if you prefer routing to exchanges, Public charges $0.003 a share. Stock and ETF options are $0, and if you enroll in the rebate program Public pays back $0.06 to $0.18 per contract, depending on your volume. That money comes from payment for order flow: market centers pay Apex for orders, Apex shares it with Public, and Public passes part of the options share to you. Index options cost $0.35 per contract and earn no rebate.
Beyond stocks, Public sells Treasuries and corporate bonds, crypto (a flat $0.49 to $6.29 on orders up to $500, then 1.25% of the order), event contracts at $0.01 plus a $0.01 exchange fee, and advisory accounts for direct indexing (0.19% a year) and Generated Assets (0.49%). Public also offers an individual trading API and connects to AI assistants. It does not list mutual funds in its fee schedule, so fund investors here use ETFs; see mutual funds vs ETFs.
Cash is split. The High-Yield Cash Account is a separate account that sweeps to partner banks, with no minimum and no fee, at 3.30% APY, or 3.75% with Reserve. Public does not publish a rate for cash left in the regular brokerage account, so the cost block on this page lists that as not published and shows the High-Yield Cash Account beside it. Margin is priced from the upper bound of the Fed funds target range, 4.00% on September 17, 2026, plus a spread that falls as the balance grows.
A hypothetical first year of Reserve: you put $7,500 into a Public IRA and keep $10,000 in the High-Yield Cash Account. The IRA match is $7,500 x 1% = $75 without Reserve and $7,500 x 4% = $300 with it, $225 more. The cash earns $10,000 x 3.30% = $330 without Reserve and $10,000 x 3.75% = $375 with it, $45 more. Reserve adds $225 + $45 = $270 against $200 a year (or $240 paid monthly), so you come out $70 ahead ($30 on monthly billing), if rates hold. If you cancel Reserve within a year of a match, Public takes back the 3% difference, the $225 here, and the IRA match is paid in 12 monthly installments.
Pros
- Options rebate of $0.06 to $0.18 per stock or ETF contract
- Margin from 5.15%, with no subscription needed
- High-Yield Cash Account at 3.30% APY with no fee and up to $5 million FDIC
- Treasuries and fractional corporate bonds in the same app
- 1% match on transfers with no cap, paid over 60 months
Cons
- $100 to transfer out
- The 3.75% cash rate and 4% IRA match cost $200 a year
- No published rate on cash left in the brokerage account
- Fractional orders start at $5, not $1
- A $3.99 monthly inactivity fee on idle accounts under $70
Who Public fits, and who should skip it
A good fit if
- You trade stock or ETF options and want $0 commissions plus a per-contract rebate.
- You want Treasuries, corporate bonds and a high-yield cash account next to your stock account.
- You borrow on margin and want rates from 5.15% without a subscription.
- You want to trade through an API or an AI assistant.
Look elsewhere if
Limitations to know
- Public's transfer match pays 1% of transferred assets in 60 monthly installments, with no cap. Withdrawals reduce the payments still to come, but payments already made are not clawed back. The offer started September 14, 2026, and no end date was published as of October 19, 2026. Public also reimburses up to $100 of your old broker's transfer fee. [6]
- IRA contribution matches settling on or after September 22, 2026 are paid over 12 months. Matches on contributions that settled earlier still carry a holding period and an early removal fee. [6]
- A limited 3% match on transfers from Webull ran October 7 to October 26, 2026 at 11:59 PM ET, paid in 72 monthly installments and subject to a cap. [7]
- Overnight and extended hours cover eligible stocks and ETFs, not the whole market. [9]
- Instant withdrawals cost up to 3.5% of the amount (minimum $1); paper statements are $5 each; moving shares by DTC costs $25 per symbol and by DRS $115 per security. [1]
- Support is by email (support@public.com), with priority support for Reserve members; we found no phone support hours. [10]
Public compared with alternatives
| Broker | Options per contract | Default cash rate | Transfer out | Fractional shares |
|---|---|---|---|---|
| Public | $0 stock/ETF options (rebate program); index options $0.35 | Not published | $100 | Yes |
| Robinhood | $0 stock/ETF options; index options $0.50 ($0.35 with Gold) | 0% | $100 | Yes |
| Webull | $0 stock/ETF options; index options $0.50 | Not published | $75 | Yes |
| Fidelity | $0.65/contract | 3.48% 7-day yield if you pick SPAXX (no default named) | $0 | Yes |
- Pick Robinhood if you want futures, joint and custodial accounts, and 3.6% on cash for $50 a year with Gold.
- Pick Webull if you want a downloadable desktop app and a $75 transfer-out fee.
- Pick Fidelity if you want mutual funds and $0 to transfer out or close an IRA.
Security and privacy
- Public's broker-dealer is a SIPC member, which protects up to $500,000 of securities including $250,000 cash if the broker fails. The High-Yield Cash Account is eligible for up to $5 million of FDIC insurance through partner banks. [5]
- Public says it encrypts data with AES 256-bit encryption and current TLS. We could not confirm its two-factor login options or any loss-reimbursement guarantee from the pages we read. [10]
- In June 2023 FINRA fined Public $500,000 over best execution, finding it did not run reasonable reviews of execution quality. [12]
- In December 2023 FINRA fined Public $500,000 and ordered $28,123.75 in restitution because its fully-paid lending disclosures wrongly said customers would be paid loan fees; in May 2025 FINRA fined it $350,000 over paid influencer posts from 2020 to 2022. [12]
Recent changes
| Date | What changed |
|---|---|
| Oct 13, 2026 | Fee schedule updated; it lists Public Reserve at $20 a month or $200 a year. [1] |
| Oct 7, 2026 | 3% match on transfers from Webull launched, running through October 26, 2026. [7] |
| Sep 22, 2026 | IRA contribution matches switched from a lump sum with a 5-year hold to 12 monthly installments. [6] |
| Sep 14, 2026 | 1% uncapped match on brokerage and IRA transfers began, paid over 60 months. [6] |
| Mar 24, 2025 | 1% IRA contribution match offer began. [6] |
Public FAQ
Is Public safe?
Public's broker-dealer is a FINRA and SIPC member, and assets are held at Apex Clearing. SIPC covers up to $500,000, including $250,000 cash, if the broker fails; it does not cover market losses. FINRA has fined Public three times since 2023, for $500,000, $500,000 and $350,000.
Does Public charge for options?
Not on stock and ETF options, which are $0 and can earn a rebate of $0.06 to $0.18 per contract if you enroll. Index options cost $0.35 per contract plus exchange fees. Small regulatory and clearing fees are passed through. Compare platforms in our <a href="/best-options-trading-platform/">options trading guide</a>.
What does Public pay on cash?
The separate High-Yield Cash Account paid 3.30% APY as of September 17, 2026, or 3.75% with Reserve ($20 a month or $200 a year). Public does not publish a rate for cash left in the regular brokerage account. See also <a href="/high-yield-savings/">high-yield savings accounts</a>.
Is Public good for beginners?
It has no account minimum, no maintenance fee, Investment Plans for recurring buys and a 1% IRA contribution match. Fractional orders start at $5, small idle accounts can pay a $3.99 monthly inactivity fee, and leaving costs $100. Our guide on <a href="/micro-investing-on-small-budget/">investing with little money</a> covers the first steps.
Public vs Robinhood?
Both charge $0 on stocks and on stock and ETF options and $100 to transfer out. Public pays an options rebate and charges $0.35 per index option contract; Robinhood charges $0.50, or $0.35 with Gold. Public's margin starts at 5.15%, Robinhood's at 5.25%. For cash, Public pays 3.30% in its High-Yield Cash Account without a plan; Robinhood pays 3.6% only with Gold. See the <a href="/brokers/robinhood/">Robinhood review</a>.
How do I transfer out of Public, and what does it cost?
Start the transfer at the receiving broker. Public charges $100 for an outgoing ACAT. Withdrawals reduce the transfer-match installments still to come, and an IRA contribution match from before September 22, 2026 can carry an early removal fee. Many receiving brokers reimburse transfer fees.
How we researched this review
We did not get paid or receive a free account for this page. We read Public'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 Public. Cost figures are our own arithmetic. We re-check prices and plans about once a month and log changes in the table above.
Sources
- Public, Fee schedule (last updated October 13, 2026), checked October 19, 2026.
- Public Investing, Customer Relationship Summary (Form CRS), checked October 19, 2026.
- Public, High-Yield Cash Account, checked October 19, 2026.
- Public, Reserve membership, checked October 19, 2026.
- Public, IRA, checked October 19, 2026.
- Public, Match program terms, checked October 19, 2026.
- Public, Webull Transfer Match terms, checked October 19, 2026.
- Public, Fractional shares disclosure, checked October 19, 2026.
- Public, 24/5 trading: how pre-market, after-hours and overnight trading work, checked October 19, 2026.
- Public, Home page (products, account types, API), checked October 19, 2026.
- FINRA BrokerCheck, Open to the Public Investing, Inc. (CRD 127818), checked October 19, 2026.
- FINRA BrokerCheck, Open to the Public Investing, Inc. detailed report (PDF), checked October 19, 2026.
Head-to-head comparisons
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.