Best brokerage for TIPS?

[FireAway]

I currently trade with TDA, but I'm trying to invest more in TIPS, and TDA makes this difficult. In the past I've bought them at auction, but now TDA has shrunk the window for doing so down to just a few hours (you can't place an order until sometime on the day before the auction), and I've missed a few auctions by missing that brief window. I've never bought on the secondary market, but that might be an option also, except that TDA doesn't have any listed on their website - to invest, you need to pick up the phone (Ack!) and talk to one of their brokers. I'm not interested in ETFs or funds, at this time.

So, as much as I'd like to keep all my money at one place, I may need to start an account at a new brokerage in order to buy TIPS. What brokerages are best for this? It's for an IRA, so Treasury Direct is probably not an option.

[dbr]

An option is to hold a TIPS fund. This sort of issue is one of the practical reasons why holding a fund can be sensible. I know people sometimes have decided individual TIPS are what is wanted.

[Svensk Anga]

I have used both Vanguard and Schwab for TIPS, both auction and secondary. Both work fine, no commission, and yields look similar to what was in the WSJ the day prior (for secondary mkt).

I tend not to place auction orders much before the auctions because they have a bad habit of scheduling them Just after Fed meetings. Sometimes there are significant gyrations as the markets parse the Fed statements. You know better what you're getting when you buy in the secondary market.

[Dialectical Investor]

I've purchased TIPS at auction at Fidelity and could place my order several days in advance. This has worked well, as long as I remembered to place the order. Taking the time to read and understand the order information and the confirmation is one way to test your knowledge of TIPS, if you're into that sort of thing.

[Prudence]

I have a traditional IRA account at Vanguard (includes a MM). Does this mean that I can purchase individual TIPS at auction using this account? But, I cannot use my Treasury Direct account to purchase TIPS for my traditional IRA, right?

[HueyLD]

I have a traditional IRA account at Vanguard (includes a MM). Does this mean that I can purchase individual TIPS at auction using this account? But, I cannot use my Treasury Direct account to purchase TIPS for my traditional IRA, right?

Yes, you can buy individual TIPS at VBS.

But you cannot do the same at TD because TD does not accept retirement accounts. However, you can buy individual TIPS in your taxable account at TD.

[Prudence]

Thanks!

[Svensk Anga]

I have a traditional IRA account at Vanguard (includes a MM). Does this mean that I can purchase individual TIPS at auction using this account? But, I cannot use my Treasury Direct account to purchase TIPS for my traditional IRA, right?

I think you will have to convert to a brokerage account if you mean by traditional a mutual fund only account.