Public Review

What makes Public different?

Public is a multi-asset investing app for stocks, fixed income, cash, options, crypto and margin. US-listed stocks and ETFs cost $0 during regular market hours, fractional stock purchases start at $5, and the High-Yield Cash Account pays 3.30% APY as of September 2026.

Public sits between a simple mobile brokerage and a traditional multi-asset investing account. Investors can buy US-listed stocks and ETFs, options, bonds, Treasuries and crypto without opening accounts with several separate providers. That setup suits someone who wants long-term equities in a brokerage account, cash in the High-Yield Cash Account and part of a conservative allocation in Treasuries.

Public added Traditional and Roth IRAs in 2026. That gives the service a stronger case as a long-term financial home than it had when it offered taxable accounts alone.

Bonds and Treasuries are a standout feature

Public's fixed-income offering is one of its clearest differences from mobile-first brokerages. Investors can buy individual Treasury and corporate bonds directly, with fees based on the bond type and maturity.

Treasury pricing starts at $0.10 per $100 of par value for Treasuries maturing within one year. Longer-dated Treasuries generally cost $0.25 per $100. Corporate bond fees range from $0.35 to $0.50 per $100.

The dedicated Bond Account takes a different approach. It holds a portfolio of ten investment-grade and high-yield corporate bonds and requires a $1,000 minimum. Non-Premium users pay a $3.99 monthly maintenance charge, in addition to bond transaction costs.

How much does Public cost?

US-listed stock and ETF trades placed during regular market hours cost $0 commission. Extended-hours trading has a separate charge. Non-Premium users pay $2.99 per extended-hours stock or ETF trade, while Premium members receive fee-free access.

Public also lets investors choose how some equity orders are routed. The standard wholesale route costs $0. Smart Order and Lit Exchanges Only routing cost $0.003 per share. That gives investors more control over execution than many consumer investing apps.

Options on stocks and ETFs have no standard per-contract commission. Index options carry separate charges. Public also operates an options rebate programme that can return part of its payment-for-order-flow revenue to eligible customers.

Public's core account is inexpensive, but the $0 commission rate does not cover every service.

Public Premium costs $10 a month or $96 a year. The subscription is waived when qualifying assets reach at least $50,000.

Someone who buys a few ETFs during regular market hours has little reason to pay for Premium. The subscription makes more sense when an investor uses several parts of Public's wider account offering.

Public's cash account is competitive

The High-Yield Cash Account pays 3.30% APY, with no monthly fee or minimum ongoing balance. The rate is variable and can change.

Public sweeps cash across partner banks, so eligible deposits can receive FDIC insurance of up to $5 million through the programme. Ordinary cash in the primary brokerage account does not earn the High-Yield Cash Account rate.

Public's margin rates start at 4.90% for balances up to $50,000 and decline as the debit balance increases:

Interest accrues against the daily outstanding balance and is charged monthly. Investors who borrow regularly should compare Public's current rate with the lowest rates available elsewhere, but margin is a substantive part of this account rather than a token addition.

Can you automate investing on Public?

Yes. Investment Plans let users create recurring portfolios containing up to 20 stocks, ETFs and cryptocurrencies. Deposits can be scheduled daily, weekly, biweekly or monthly. Non-Premium users pay:

Premium members do not pay the stock and ETF Plan charges. Investors making small recurring contributions should calculate the fee as a percentage of each deposit rather than treating the dollar amount as insignificant.

Public also includes AI research tools through Alpha. Alpha can work with SEC filings, earnings-call transcripts, analyst reports, historical data, news and market information. Its value comes from access to investment-specific source material, not from adding a generic chatbot beside the portfolio. Public's Agents let users run their own investment logic without Premium. Backtesting was not available in Public's June 2026 documentation.

These tools may be useful, but they should not decide which brokerage to use. Execution costs, available assets and account structure matter more than the presence of an AI interface.

Public supports Traditional and Roth IRAs, both rolled out in 2026. Transfers are supported from qualifying IRAs held elsewhere. Public allows one Traditional IRA and one Roth IRA per normal login, subject to its account rules. That lets taxable holdings and retirement assets sit under the same login instead of requiring a separate provider solely to open an IRA.

Is Public safe?

Open to the Public Investing, Inc. is a registered US broker-dealer and a member of FINRA and SIPC. Standard SIPC coverage protects eligible brokerage assets up to $500,000, including $250,000 for cash claims, when a member brokerage fails and customer assets are missing.

Apex Clearing also carries excess insurance of up to $37.5 million in securities and $900,000 in cash per eligible customer. The policy has a $150 million aggregate limit. Different Public products use different structures:

The protection depends on the product. Money held in crypto, the cash account and the brokerage account does not all have the same coverage.

Who is Public best for?

Public is best for investors who want more than a basic stock app but do not need a professional trading terminal. It suits someone combining equities, individual bonds, Treasuries and cash under one provider.

Serious day traders will find better execution infrastructure elsewhere. Public does not offer an equivalent to Trader Workstation, DAS Trader Pro or a route-heavy desktop environment built for high-volume intraday strategies.

Some products also have their own fees. Treasury Accounts charge management fees, Bond Accounts can have monthly maintenance costs, Investment Plans can incur transaction charges and extended-hours orders are not free for standard users.

Public also has several sub-accounts. A Treasury Account, Bond Account and High-Yield Cash Account can each have different custody arrangements, statements, protection and tax treatment. The range of options is useful, but users should understand what they are opening.