3 Lesser-Known Perks Your Brokerage Account Might Offer

If you have money you don't need for near-term bills and don't have earmarked for emergencies, then it pays to invest that cash so you can grow it into a larger sum over time. To do so, you'll need to open a brokerage account.

The tricky thing, though, is that there are many options to choose from. So you may want to favor a brokerage account that offers you the most benefits. Here are some lesser-known perks you might be privy to if you open the right brokerage account.

1. Instant access to your cash

The money you put into your brokerage account has to come from somewhere. Often, what you'll do is link your brokerage account to a checking account and make transfers that way.

It might, however, take time for your transfers to be completed. And if you have to wait days for that to happen, you could lose out on the opportunity to buy stocks when their share price takes a dive.

That's why it could pay to favor a brokerage account that gives you instant access to money when you make a transfer. Robinhood, for example, may give you access to up to $1,000 or more instantly when you initiate a transfer (meaning, if you move $3,000 into your Robinhood account and it takes two business days to clear, you can trade with $1,000 of that right away). That gives you more flexibility.

2. Educational resources

Not everyone who invests money is a stock-buying wiz. You may not understand how certain investments, like ETFs, work -- and you may not realize what it means to build a truly balanced portfolio.

That's why it's so important to choose a brokerage account that's loaded with educational resources. That way, you can get schooled on investing and set yourself up to grow a nice amount of wealth.

3. Fractional shares

Many brokerage accounts allow investors to buy stocks and even ETFs on a fractional basis. This gives you the option to invest in companies whose share prices are out of reach financially.

Let's say you're interested in buying a share of Chevron stock, which, as of this writing, is trading for about $168 a share. Maybe you only have $80 to invest with. If your brokerage account allows you to buy fractional shares, you could purchase roughly one-half of a share of Chevron instead of having to wait on that investment.

Fractional shares also make it easier to build a more diversified portfolio. Let's say you're just getting started and you only have $500 to work with. If you want to start out by owning 10 different stocks, you could simply put $50 into 10 different companies, whether that means owning one-third of a share or one-eighth of a share.

Choosing one brokerage account over another isn't the easiest thing, since many might seem comparable. A good bet, therefore, is to look for an account that offers you all of these perks. They might make it easier for you to attain success as an investor.