Public Review [2024]: Commission-Free Trading + Automated Investing

Public is an investing platform and app focused on giving everyday investors greater access to assets and diversification with fewer barriers like high minimums and fees. Founded in 2019, Public allows members to invest in whole or fractional shares of stocks, exchange-traded funds (ETFs), and cryptocurrencies.

Who is Public best for?

Public¹ <p>All investing involves risk. Brokerage services for US listed securities, options and bonds in a self-directed brokerage account are offered by Public Investing, member FINRA & SIPC. (not investment advice).US members only.</p> is available to anyone 18 years of age with a valid Social Security number who is either a U.S. citizen, a U.S. resident, or someone with a valid visa with a U.S. residential address. However, I’d most recommend the platform to the following.

Investors who want to customize their portfolios

Public’s automated features make it good for hands-off investors, but because it requires some legwork upfront to get started, it’s best suited to investors who want to customize their portfolios with individual assets. If you’re a new investor, you can choose from pre-built investment plans based on risk tolerance, bond strategies, themes (cybersecurity and climate change, for example), and geographic region. The platform will not create a customized portfolio for you, as may happen with many fully automated investing platforms, though it can recommend one. You can also build your own plan and include up to 20 stocks, ETFs, and/or cryptocurrencies.

I’m impressed with Public’s variety of investment plan options. Compared to other brokerages that often only offer choices based on risk tolerance, Public has a solid variety.

Once you choose a plan, you can set up automatic daily, weekly, biweekly, or monthly deposits. The money will be invested within your plan, and you can adjust your preferences anytime.

Cryptocurrency investors

Public is a good option if you want to invest in stock and crypto in one place rather than on separate platforms.² <p>All investing involves risk. Brokerage services for US listed securities, options and bonds in a self-directed brokerage account are offered by Public Investing, member FINRA &amp; SIPC. Not investment advice. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1828849), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC.</p> While crypto investing is provided through Bakkt Crypto, you can do everything through the Public app or website. On Public’s crypto platform, you can buy, sell, and hold cryptocurrency and even set up an automated investment strategy with recurring buys. Many crypto exchanges provide the option to set up automatic purchases, but not all brokerages with crypto include this feature (Fidelity is one example of a platform without it).

I tend to get overwhelmed by having too many accounts and have worked to consolidate mine. For that reason, being able to buy stocks and coins on one platform is appealing and not something you can do on every investment platform. However, note that you’ll pay 1.25% of each recurring cryptocurrency order, which is a little high but at least easier to understand than the complicated fee structures many crypto exchanges use.

Investors interested in AI and social investing

Plenty of online brokerages use AI, and robo-advisors are practically built on it, but Public uses it uniquely. For example, you can use the AI tool to ask questions about a particular stock and get an answer. You can also get breakdowns from earnings calls as soon as they’re over (in the Earnings Hub) or get insight into why a stock is moving in a particular direction (in the Key Moments dashboard). I love these uses of AI since they help distill down information that might take you far longer to find on your own.

Public has also been experimenting with using GPT-4 to power an AI research tool called Alpha. This tool was launched in May 2023 and has been widely adopted by Public investors.

Who should avoid Public?

While Public has some clear perks, I don’t think it’s right for everyone. First, it may not be the right choice for brand-new investors. Yes, it has automated investment plans to help less experienced investors get started. However, it doesn’t have as many educational resources as some of the larger platforms, like Fidelity and Charles Schwab. You also won’t get a ton of recommendations from Public. If you want these, choose a robo-advisor.

I also don’t suggest Public for someone looking for advanced analysis tools. Yes, it has some of these tools, but you have to pay extra for them with a Public Premium plan at $8 per month. They’re also not as robust as what you’ll find with bigger brokerages. For example, Charles Schwab’s thinkorswim platform (formerly on TD Ameritrade) and E*TRADE’s Power E*TRADE platform include more advanced charting and analysis at no added cost.

What does Public offer?

With a $0 minimum investment requirement, you can invest in stocks, ETFs, cryptocurrencies, bonds, Treasury bills, and options.

Asset classes

Public has a solid lineup of asset classes to choose from. Here’s what’s available:

• Stocks: Public offers more than 9,000 equities and allows you to purchase either full or fractional shares, meaning you can get started with almost any amount of money. I recommend fractional investing for new investors to dabble in the stock market.
• ETFs: You can purchase ETFs (though not mutual funds) on Public, which makes it easy to diversify your portfolio. You can set price alerts and recurring investments.

• Bonds: Public has thousands of individual bonds, including corporate, Treasury, and municipal bonds. You can buy corporate and Treasury bonds for $100, the lowest minimum you’ll find for these.
• Options: Public offers options contracts that stand out for including rebates ranging from $0.06 to $0.18, depending on your tier, for stock and ETF contracts. Stock and ETF contracts also don’t have fees, but there are fees for index options. These are $0.35 per contract for Premium members and $0.50 per contract for non-Premium members.
• Cryptocurrency: Public has a decent range of cryptocurrencies available through Bakkt Crypto, including popular options like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and more.

High-Yield Cash Account

Public’s High-Yield Cash Account is a secondary brokerage account that you can open to help you manage the funds you use and keep with Public. Balances in the Cash Account are deposited with Public's partner banks, which helps you earn an APY of 4.6% (as of Sep. 27, 2024).³ <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p>

The High-Yield Cash Account doesn't have a monthly maintenance fee or a minimum balance requirement. It comes with FDIC insurance up to $5 million ($250,000 for each of its partner banks) and enables you to perform unlimited transfers and withdrawals. All-in-all, this is a very respectable account that I’d consider opening for the yield and convenience of growing funds I’m not ready to invest yet. Not all brokerages include cash accounts for storing money before or after investing it.

Keep in mind that Public itself isn't a bank. However, the funds you deposit into this account go into a network of banks that partner with Public to offer this account and its high annual yield.

Bond Account

Rather than adding individual bonds to your investment plan, you can lock in a high rate with Public’s Bond Account. This diversified portfolio of 10 high-yield bonds earns regular interest, disbursed as 20 payments throughout the year. The rate offered when you open an account is guaranteed until the first 10 bonds you start with reach maturity or are called.

The account requires a deposit of at least $1,000.

Treasury Account

You can earn up to 4.33% in a Treasury Account on Public, which invests solely in Treasury bills The platform markets this as a higher-yield alternative to a high-yield savings account (HYSA). However, I don’t see it as a better option because the rate is still variable. I probably wouldn’t consider this instead of the Bond Account or Cash Account.

It's also important to note that this account is not FDIC-insured like a savings account would be. Instead, it’s protected by SIPC insurance up to $500,000. Treasury bills are backed and guaranteed by the U.S. government rather than a deposit insurance agency.

Automated investing

Public enables you to automate the amount of money you use for commission-free stock trading, ETF investing, or cryptocurrency purchases using its automated investing feature. This allows you to allocate a certain amount of money from your bank account or funding method to an asset on a regular basis.

The technique is known as dollar-cost averaging, and it spreads out your invested money over a number of purchases, which may reduce your risk. You choose your investing frequency and investments, and Public does the rest.

If you’re a brand new investor and want a platform that can do all the heavy lifting for you, including choosing your investments, consider a robo-advisor. Popular ones like Wealthfront or Betterment — or even the robo-advisor features within major brokerages like Fidelity and Schwab — fully design your portfolio based on your risk tolerance, so you don’t have to choose investments.

Perks for higher balances

Public offers a few special perks to higher-balance investors. All members get access to the basic investing and AI tools. Once your balance reaches $50,000, you’ll also get access to free extended-hours trading, fee-free trades within investment plans — everyone else pays transaction fees of $0.49 to $1.99 per trade — and priority support. And at $250,000, you’ll get concierge service with white-glove VIP support, personalized offers, and exclusive invites.

Plans and pricing

Public Premium

You can create a Public account for free to trade stocks, ETFs, and cryptocurrencies. However, Public also offers a premium account that gives you access to deeper market data and advanced investment tools.

The premium membership includes:

• Advanced stock and ETF insights: Including revenue reports, company metrics, and more.
• Extended trading hours: Giving you additional trading hours before and after normal market hours. The additional hours are 8 a.m. to 9:30 a.m. ET and 4 p.m. to 8 p.m. ET.
• Expert insights: Including analyst reports, ratings from investment research firm Morningstar, and more.
• Portfolio management tools: Enabling you to customize and better align the goals of your portfolio.

Public alternatives

Wealthfront

Wealthfront is a robo-advisor that focuses on helping you build a diversified portfolio of low-cost ETFs. Wealthfront even strategically executes trades to minimize your tax obligation, a strategy known as tax-loss harvesting. The platform charges a 0.25% annual advisory fee, but, in return, you get to enjoy a hands-off approach to investing — if that’s the style of investing that appeals to you.

Wealthfront might be a better alternative to Public if you want a fully automated investing experience. With Public, you have to choose a plan or build your own. But Wealthfront will completely customize your portfolio based on the information you provide in a short quiz you take when signing up, making it a good option for someone who doesn’t want to make any decisions about their portfolio. It’s one of our favorite robo-advisors for passive investors with at least $500 to invest.

Learn more in our Wealthfront review.

Robinhood

Robinhood is similar to Public in that you are in total control over your investment options. Robinhood is a brokerage that allows you to invest commission-free in stocks, ETFs, and options, as well as buy and sell cryptocurrency. You could also invest in fractional shares of stocks with as little as $1. I’d recommend this one for day traders and people who want to follow stocks.

If you want an even more extensive investing experience, Robinhood Gold gives you access to research reports, the ability to make larger deposits with quicker access to your funds, and the ability to trade on margin, for $5 a month.

The experiences you’ll get with Robinhood and Public are similar, but Robinhood lacks some features that Public offers. This includes investment plans and bond funds. However, it also offers some features Public doesn’t, including retirement accounts, 24-hour trading, IPO access, and a cash back credit card.

Learn more in our Robinhood review.

M1 Finance

M1 Finance is the platform I’d recommend to anyone interested in but not entirely sold on Public’s investment plans. M1 offers a similar feature with its “M1 Pies,” but these are more customizable than Public’s plans. This might seem a little intimidating to beginners, but M1 also provides expert-built Pies to look at (called Model Portfolios).

You choose your desired asset allocation with M1, using individual stocks and ETFs or even smaller Pies, with each part called a “Slice.” Then, M1 will divide your deposits based on your allocation, prioritizing underweight Slices to keep your portfolio balanced. If you want to build a portfolio from scratch, consider M1. Like Public, M1 offers crypto. Unlike Public, it also offers IRAs.

Learn more in our M1 Finance review.

FAQs

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4.4

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Commission-free trading on stocks and ETFs

Automated investing and portfolio options

Rebates on options trading

Access to cryptocurrency

High APY on cash account