Scottrade has announced a new dividend reinvestment program (DRIP) that they are calling a Flexiable Reinvestment Plan (FRIP). What’s a FRIP? Scottrade collects all dividends payed from your stocks and ETFs into a pool. The pool will then reinvest dividends back into purchasing additional shares of stock in the original security or in a selection of up to five predefined securities. There are no fees associated with the program. It’s a very cool spin on the DRIP concept. One limitation however is that fractional shares are not purchased, so dividends that total less than the price of an additional share of stock will sit idly in the pool.  Check out our full breakdown of the dividend reinvestment programs offered by all of the top brokers:

Stock Broker Dividend Reinvestment Plans