Public.com Review: Options Rebates Meet Low Margins
Key Takeaways
- Public is the only US broker offering options trading rebates — $0.06 to $0.18 per stock or ETF contract based on monthly volume
- Margin rates have risen to 5.65% base but remain the lowest among major brokers, roughly half what Fidelity and Schwab charge
- Bond Account yields 5.5% and fractional bonds start at $100 — features no other broker matches
- AI tools (Alpha, Key Moments, Earnings Hub) and new trading features (Strategy Builder, Queue, Rolling Options) add research and execution value
- Limited account types (no joint, SEP IRA, 529, or custodial) mean it can't be your only brokerage for family or business needs
Public has evolved from a social-investing app into one of the most feature-rich multi-asset platforms in the US. The headline pitch hasn't changed: it's the only broker that pays you rebates on options trades, at $0.06–$0.18 per stock or ETF contract. But the platform keeps adding to the stack — bonds from $100, Treasuries, direct indexing, AI-powered research, and a programmatic trading API.
The fee picture has shifted since launch. Margin rates have climbed to a 5.65% base rate (up from 4.90% in late 2024), though Public still claims the lowest base rate among leading brokerages. The Bond Account now yields 5.5%, and the High-Yield Cash Account sits at 3.3% APY. Options rebates remain unchanged, and that's where Public's real value proposition lives.
Public is best suited for active options traders who want to minimize costs, yield-seekers who want bonds and Treasuries alongside stocks, and self-directed investors who value AI research tools. It's FINRA-registered and SIPC-protected, with a growing feature set that increasingly rivals the established players. Here's whether it deserves your money.
Fees
Public's fee structure is its biggest selling point. Here's the full breakdown as of March 2026:
Stock & ETF Trading:
- $0 commissions on all stock and ETF trades
- No payment for order flow on equity trades — orders route to exchanges
Options Trading:
- $0 commissions and $0 per-contract fees on stock and ETF options
- Rebates of $0.06–$0.18 per contract based on monthly volume:
- Tier 1 (up to 999 contracts): $0.06 rebate
- Tier 2 (1,000–4,999 contracts): $0.10 rebate
- Tier 3 (5,000–9,999 contracts): $0.14 rebate
- Tier 4 (10,000+ contracts): $0.18 rebate
- Index options (SPX, NDX, <a href="/posts/2026-03-03/vix-surges-past-26-as-iran-strikes-rattle-markets">VIX</a>, CBTX): $0.35–$0.50 per contract — still well below the $0.65 at Fidelity or Schwab
- Adjusted rebates on QQQ, SPY, IWM: $0.06 for Tiers 1–3, $0.10 for Tier 4
- API trades get the same rebate schedule
Margin Rates (updated March 2026):
- 5.65% base rate — up from 4.90% in late 2024, but still the lowest base rate among major brokers
- Rates tier down to 3.95% for $50M+ balances
- For comparison: Fidelity charges ~11.83%, Schwab ~11.83%, Vanguard ~12.00%. Robinhood sits at ~6.75%
Bond & Treasury Accounts:
- Bond Account: 5.5% yield from a diversified portfolio of investment-grade and high-yield corporate bonds
- Treasury Account management fees: 0.29% (tiered down for larger accounts)
- Treasury transaction markups: 0.10%–0.25% depending on duration
- Fractional bonds from just $100 — unique among brokers
High-Yield Cash Account:
- 3.3% APY with up to $5M FDIC insurance through partner banks
Crypto:
- Spread-based fees through Zero Hash LLC
- 1.25% on crypto in Investment Plans (via Bakkt Crypto)
Direct Indexing:
- 0.19% annual fee, $1,000 minimum — cheaper than Fidelity (0.40%), Schwab (0.40%), and Vanguard (0.20%)
Account Fees:
- No maintenance or inactivity fees
- IRA match funds must stay 5 years to avoid early removal fee
What You Can Trade
Public's asset menu has grown well beyond its social-investing roots:
- Stocks — thousands of US-listed equities, fractional shares available
- ETFs — full range of exchange-traded funds
- Options — stock, ETF, and index options (SPX, NDX, VIX, CBTX). Strategies from basic calls/puts to iron condors, butterflies, and credit spreads
- Bonds — 40,000+ corporate, Treasury, and municipal bonds. Fractional bonds from $100 — a genuine differentiator
- Treasuries — custom Treasury ladders with maturities from 3 months to 30 years
- Crypto — 40+ cryptocurrencies including Bitcoin, Ethereum, Solana, XRP. 24/7 trading via Zero Hash
- Direct Indexing — 100+ customizable indices with automated tax-loss harvesting
- Generated Assets (Beta) — AI-generated custom indices based on any prompt
Account Types:
- Individual brokerage (taxable)
- Traditional IRA
- Roth IRA
- Rollover IRA (via Capitalize partnership)
The IRA offering includes a 1% uncapped match on rollovers, transfers, and annual contributions. The match is treated as interest income, not a contribution. The catch: matched funds must stay 5 years.
Notably missing: no joint accounts, no SEP IRAs, no 529 plans, no custodial accounts. Families and small business owners will need another broker for those.
Platform and Tools
Public has invested heavily in its platform since launch, and the feature set now rivals brokers with decades more history:
AI-Powered Research:
- Alpha — GPT-4-powered investment research tool. Ask any question about any stock
- Key Moments — AI-generated explanations of major stock price movements, embedded in performance charts
- Earnings Hub — AI-generated earnings call recaps, company KPIs, and actual call audio
- Income Hub — monthly breakdown of earnings from every income-generating asset, with forward projections
Trading Tools:
- Options Hub — real-time monitoring of the most heavily traded contracts
- Strategy Builder — translate your market outlook into a multi-leg options trade
- Rolling Options — adjust expiration dates or strike prices without closing and reopening
- Queue — batch your trades, edit with live prices, execute multiple orders at once
- Customizable Options Chain — select and arrange the metrics you want
- Bond Screener — filter 40,000+ bonds by yield, risk, duration, and more
API Access:
- Programmatic trading API for automating strategies while still earning options rebates
- Real-time market data access
Up to $250,000 in instant buying power — make moves without waiting for funds to settle.
Who It's For
Public is great for:
- Active options traders — the rebate program is genuinely unique. No other broker pays you to trade options. At Tier 4, you're earning $0.18 per contract instead of paying $0.65 at Fidelity
- Yield-seekers — between the Bond Account (5.5%), High-Yield Cash (3.3% APY), Treasury ladders, and IRA match, there are multiple income streams
- Bond buyers with small accounts — $100 fractional bonds are available nowhere else
- Self-directed investors who want AI research tools without paying for them
- Margin traders — 5.65% is still far below the 11%+ charged by Fidelity, Schwab, and Vanguard
Public is not for:
- Families needing joint accounts, custodial accounts, or 529 plans
- Small business owners who need SEP IRAs or SIMPLE plans
- Mutual fund investors — no mutual funds available
- Crypto-heavy traders who want transparent fee structures (the spread-based model is opaque)
- Investors who want decades of institutional stability — Public was founded in 2019 and is still proving itself
How It Compares
Against the major brokers, Public occupies a specific niche:
vs. Robinhood: Both offer $0 stock/ETF commissions. Robinhood charges $0.05/contract for options; Public pays you $0.06–$0.18. Public's margin rates (5.65%) are lower than Robinhood's (~6.75%). Public has bonds and Treasuries; Robinhood doesn't. Robinhood has a longer track record and a Gold subscription model. For options-focused traders, Public wins on cost.
vs. Fidelity: Fidelity charges $0.65/contract for options. It offers mutual funds, fractional shares, more account types, and decades of stability. Fidelity's margin rates (~11.83%) are double Public's. Fidelity wins on breadth; Public wins on options cost and margin rates.
vs. Schwab: Similar story to Fidelity. Schwab has thinkorswim for advanced trading, a broader product set, and full banking integration. But $0.65/contract options fees and ~11.83% margin rates make it significantly more expensive for active traders.
vs. Interactive Brokers: IBKR's Pro tier offers competitive margin rates (5.83%+) and is the gold standard for serious traders. But its interface is complex and options fees start at $0.65/contract on the Lite plan. Public is simpler and cheaper for options, though IBKR has far more asset classes (futures, forex, international markets).
The bottom line: If options trading is your primary activity, Public is the cheapest game in town — and it's the only one that pays you back. For everything else, the established brokers still have broader product coverage and institutional depth.
Conclusion
Public has matured from a social-investing novelty into a serious multi-asset platform. The options rebate program remains unique in the industry, and the margin rates — while higher than a year ago at 5.65% — still undercut every traditional broker by a wide margin. The Bond Account at 5.5% yield and fractional bonds from $100 add genuine fixed-income accessibility that most competitors can't match.
The platform's AI tools (Alpha, Key Moments, Earnings Hub) are more than marketing — they save real research time. And newer additions like the Strategy Builder, Queue, and Rolling Options show a broker that's iterating fast on its trading infrastructure.
The gaps are real: no joint accounts, no SEP IRAs, no mutual funds, and crypto fees that aren't transparent enough. If you need a one-stop-shop broker for your entire financial life, Fidelity or Schwab is still the better choice. But if you trade options actively, want cheap margin, or care about accessible bond investing, Public delivers more value per dollar than any competitor right now.
Frequently Asked Questions
Sources & References
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Consult qualified professionals before making investment decisions.