The Final, Definitive Thread on Brokerage Transfer Bonuses

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David Scubadiver
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby David Scubadiver » Fri Mar 03, 2017 7:06 am

*3!4!/5! wrote:
privatefarmer wrote:I have a roth IRA and was wondering if one were to transfer it back and forth between multiple firms, would it became problematic trying to determine what funds were contributions and what funds were gains? if one were to retire early, for instance, I would think it might be difficult to determine what funds were contributions and could thus be withdrawn penalty-free... if you transfer to a new firm I don't believe they would know about contributions made years ago at a different firm, would they?


Same problem with recharacterizations too. I think it's a concern.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby jayhawkerbeef » Fri Mar 03, 2017 10:49 am

jclarke805,

From my understanding, to receive the booster rewards it requires a BAC checking account.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby triceratop » Fri Mar 03, 2017 11:17 am

jclarke805 wrote: I already have Fidelity, Marriott, Costco and Amazon Prime Visas which are all great rewards cards.


I think some of those cards are great for some spending situations; but with platinum honors you receive 5.25% back on gas, 3.5% on groceries, 2.625% on everything else. The grocery category is beaten by AmEx but only with a card with a substantial annual fee.

They are perhaps the best general spend card on the market.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby BashDash » Fri Mar 03, 2017 12:09 pm

Just opened a bank of America checking account to pair with ME account so that I can get free trades. Does anyone know of a promo code for opening a checking account with BOA. Was hoping to get another bonus in addition to the ME bonus for transferring from tradeking. Thanks!

Chexov
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Chexov » Fri Mar 03, 2017 1:16 pm

Is there a way to check Preferred Rewards tier in ML/BOA setup? Do they send a welcome email or show it as a setting somewhere in online banking? I opened IRA in December 2016, rollover completed mid January 2017, opened and linked BOA checking mid February. IRA balance is high enough to quality for Platinum Honors Tier even with 1 month history assuming they calculate 3 month average as (0+0+X)/3.

Is the 75% Platinum Honors cash rewards bonus added at the time rewards are earned or redeemed? If I start using BOA cash rewards card now, but wait to redeem until after I qualified for Platinum Honors, would I get the 75% bonus on the purchases made before I got into the tier?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby jclarke805 » Fri Mar 03, 2017 1:29 pm

BashDash wrote:Just opened a bank of America checking account to pair with ME account so that I can get free trades. Does anyone know of a promo code for opening a checking account with BOA. Was hoping to get another bonus in addition to the ME bonus for transferring from tradeking. Thanks!


The flyer I got from the Merrill Edge guy at BofA says to call 888-654-6837 and mention offer code "50% More" to enroll in Preferred Rewards. You should receive 50% more than your transfer bonus. Expiration is April 18. I would be interested in knowing what is needed to qualify for Preferred Rewards....both checking and credit card?
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David Scubadiver
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby David Scubadiver » Fri Mar 03, 2017 4:04 pm

jclarke805 wrote:
BashDash wrote:Just opened a bank of America checking account to pair with ME account so that I can get free trades. Does anyone know of a promo code for opening a checking account with BOA. Was hoping to get another bonus in addition to the ME bonus for transferring from tradeking. Thanks!


The flyer I got from the Merrill Edge guy at BofA says to call 888-654-6837 and mention offer code "50% More" to enroll in Preferred Rewards. You should receive 50% more than your transfer bonus. Expiration is April 18. I would be interested in knowing what is needed to qualify for Preferred Rewards....both checking and credit card?

Just a checking account, though you want the credit card to get the full value of the rewards assuming you have enough to qualify for them.

http://info.bankofamerica.com/preferred ... s/details/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Mon Mar 06, 2017 11:04 am

Saw this link mentioned elsewhere - 50% more than standard offer.
https://www.merrilledge.com/offers/me900
I didn't read the exact terms.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Mon Mar 06, 2017 12:22 pm

*3!4!/5! wrote:Saw this link mentioned elsewhere - 50% more than standard offer.
https://www.merrilledge.com/offers/me900
I didn't read the exact terms.

The page seems to indicate that it's IRAs only, but they might accept if for all account types. Worth inquiring.
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Brokerage bonus worth it? TD Ameritrade

Postby michaeljc70 » Fri Mar 10, 2017 6:53 pm

[Thread merged into here, see below. --admin LadyGeek]

I received an email from TD Ameritrade for a bonus of up to $2500 to transfer my account(s). I could move one TIRA to get $1200 (if you move a million bucks or more you get the $2500). I wouldn't bother moving other accounts due to possible capital gains and the bonus just not being worth it. Currently, I am at Vanguard and though I like the low fees, the service has not been great.

My questions:

1) Is it worth bothering for the bonus? I guess this is personal, but $1200 is nothing to scoff at.
2) I looked on their site a little, but didn't spend a lot of time until I decide 1 (above). Obviously if I cannot find comparable funds with low expense ratios, this isn't worth it for the long run, but is it worth it in the short run- need to leave money there 12 months?
3) I have Vanguard Admiral shares. Could those be transferred even though they don't have them on their site (I have Total Stock, Total Bond and the Int equivalents)? If not, does anyone know the lowest cost equivalent at TD? Their fund screeners are bad (low expense is less than .7%). Of course, buying the Vanguard ETFs is another option.


P.S. I tried to transfer a few years ago from Etrade to TD for a bonus. Etrade called (after they got the paperwork) and offered me the bonus to stay so I did.

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Re: Brokerage bonus worth it? TD Ameritrade

Postby Jack FFR1846 » Fri Mar 10, 2017 7:17 pm

Look at TDAs ETF offerings. I literally just opened a taxable there this afternoon and am waiting for my Ally money to transfer over. I'm only doing $25k to get $100. My plan is to buy 100% VTI and leave it alone. I will likely add to it as I get extra cash.

So far, I like the website but won't really know until I'm using it to monitor my investments. I currently use Schwab for my taxable and am quite happy with them, their funds and their site. The $100 bonus made it worth trying out TDA. If I'm not happy with it, I'll sell off in a year and buy more at Schwab.
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Re: Brokerage bonus worth it? TD Ameritrade

Postby wolf359 » Fri Mar 10, 2017 7:26 pm

I've been at TD Ameritrade for years. I left them to move to Vanguard, but I kept the account alive with a little money.

They execute trades better in terms of speed. I've never had complaints about their customer service. They're designed more for stock trading rather buy-and-hold investing (although you can certainly use them that way.) Their tools and site is made with traders in mind. After being at Vanguard for a while, their site now looks busy and complicated.

They have a substantial number of ETFs that will trade commission-free, including the main Vanguard funds. This means that if you convert your Admiral funds into an ETF, you can transfer your assets "in-kind," and have the ETFs go to TD.

TD also offers access to the full pro Morningstar subscription to their clients. That allows you in-depth analysis of mutual funds. If you stay with Vanguard, it's not that useful. However, if you are trying to duplicate Vanguard funds at your company's 401k, it can be helpful.

They're a good brokerage, and they can be used for low-cost index investing.

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Re: Brokerage bonus worth it? TD Ameritrade

Postby Jack FFR1846 » Fri Mar 10, 2017 7:29 pm

Just remembered.....when you get your account up and running at TDA, remember to sign up for commission free ETF trades, otherwise they charge for trading even NTF ETFs.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby LadyGeek » Fri Mar 10, 2017 7:47 pm

FYI - I merged michaeljc70's thread into here, which is a similar discussion. The combined thread is in the Investing - Theory, News & General forum.
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Earl Lemongrab
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Re: Brokerage bonus worth it? TD Ameritrade

Postby Earl Lemongrab » Sat Mar 11, 2017 12:18 am

michaeljc70 wrote:[Thread merged into here, see below. --admin LadyGeek]

I received an email from TD Ameritrade for a bonus of up to $2500 to transfer my account(s). I could move one TIRA to get $1200 (if you move a million bucks or more you get the $2500). I wouldn't bother moving other accounts due to possible capital gains and the bonus just not being worth it. Currently, I am at Vanguard and though I like the low fees, the service has not been great.

My questions:

1) Is it worth bothering for the bonus? I guess this is personal, but $1200 is nothing to scoff at.
2) I looked on their site a little, but didn't spend a lot of time until I decide 1 (above). Obviously if I cannot find comparable funds with low expense ratios, this isn't worth it for the long run, but is it worth it in the short run- need to leave money there 12 months?
3) I have Vanguard Admiral shares. Could those be transferred even though they don't have them on their site (I have Total Stock, Total Bond and the Int equivalents)? If not, does anyone know the lowest cost equivalent at TD? Their fund screeners are bad (low expense is less than .7%). Of course, buying the Vanguard ETFs is another option.

Obviouslyl, as the starter for the thread you were moved into, I'm a big believer in bonuses. People come at it from different angles. If it were me, and I had 500k (I assume that's the amount you're talking) I would probably split it to Merrill Edge for $900 (requires signing up for Preferred Rewards and opening a checking account) and TD Ameritrade for $1000. But it you are mainly looking for a new home and want to pick up some money on the way, that has different criteria.

I have been using ETFs for a long time largely because of flexibility in moving accounts. For taxable holdings, you can switch Vanguard mutual funds to ETFs as a non-tax move. Some custodians do allow moving Admiral index funds but usually don't feature buying more shares with new money (possibly reinvesting allowed).

I would suggest taking some time to look at the various options for moving. TD Ameritrade is a perfectly good custodian and I have used them off and on (currently on). Again, ETFs work best there.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby blueberry » Sun Mar 12, 2017 3:10 pm

I'm liking this one, tdamertrade will give you (depending on your existing account for some reason) $200 for referring someone new and who puts in $3000 within 45 days. scottrade and ameritrade will be one and the same next year so referring people who are already at scottrade is not adding complexity after this year (assuming the transition goes well!).

https://www.tdameritrade.com/client/ref ... index.html

-bb

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Re: Brokerage bonus worth it? TD Ameritrade

Postby G-Force » Mon Mar 13, 2017 5:43 pm

wolf359 wrote:TD also offers access to the full pro Morningstar subscription to their clients. That allows you in-depth analysis of mutual funds. If you stay with Vanguard, it's not that useful. However, if you are trying to duplicate Vanguard funds at your company's 401k, it can be helpful.

To clarify, are you saying you get the full Morningstar premium membership ($189/year) for being a TD client or are you just talking about the Morningstar Portfolio x-ray feature that's part of premium membership? Are there any balance requirements?

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Re: Brokerage bonus worth it? TD Ameritrade

Postby wolf359 » Tue Mar 14, 2017 1:59 pm

G-Force wrote:
wolf359 wrote:TD also offers access to the full pro Morningstar subscription to their clients. That allows you in-depth analysis of mutual funds. If you stay with Vanguard, it's not that useful. However, if you are trying to duplicate Vanguard funds at your company's 401k, it can be helpful.

To clarify, are you saying you get the full Morningstar premium membership ($189/year) for being a TD client or are you just talking about the Morningstar Portfolio x-ray feature that's part of premium membership? Are there any balance requirements?


I haven't used it in a long time, since I ended up settling into a specific Boglehead strategy and stopped looking at other mutual funds. I just looked into the account in greater detail, and stand corrected. While I used to go into what looked like the full premium Morningstar service, it no longer appears to be there. They now offer access to X-Ray and selected pre-screened mutual funds, but not the whole feature set.

Perhaps it's time to close my account. Access to Morningstar is one of the reasons I kept it around.

Edit: They still have some sort of relationship with Morningstar. Their mutual fund screener is driven by the Morningstar data. Some of their offerings integrate into Morningstar Premium (Financial Advisors). Their education and training is provided by Morningstar.

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Re: Brokerage bonus worth it? TD Ameritrade

Postby michaeljc70 » Thu Mar 16, 2017 10:57 am

Earl Lemongrab wrote:
michaeljc70 wrote:[Thread merged into here, see below. --admin LadyGeek]

I received an email from TD Ameritrade for a bonus of up to $2500 to transfer my account(s). I could move one TIRA to get $1200 (if you move a million bucks or more you get the $2500). I wouldn't bother moving other accounts due to possible capital gains and the bonus just not being worth it. Currently, I am at Vanguard and though I like the low fees, the service has not been great.

My questions:

1) Is it worth bothering for the bonus? I guess this is personal, but $1200 is nothing to scoff at.
2) I looked on their site a little, but didn't spend a lot of time until I decide 1 (above). Obviously if I cannot find comparable funds with low expense ratios, this isn't worth it for the long run, but is it worth it in the short run- need to leave money there 12 months?
3) I have Vanguard Admiral shares. Could those be transferred even though they don't have them on their site (I have Total Stock, Total Bond and the Int equivalents)? If not, does anyone know the lowest cost equivalent at TD? Their fund screeners are bad (low expense is less than .7%). Of course, buying the Vanguard ETFs is another option.

Obviouslyl, as the starter for the thread you were moved into, I'm a big believer in bonuses. People come at it from different angles. If it were me, and I had 500k (I assume that's the amount you're talking) I would probably split it to Merrill Edge for $900 (requires signing up for Preferred Rewards and opening a checking account) and TD Ameritrade for $1000. But it you are mainly looking for a new home and want to pick up some money on the way, that has different criteria.

I have been using ETFs for a long time largely because of flexibility in moving accounts. For taxable holdings, you can switch Vanguard mutual funds to ETFs as a non-tax move. Some custodians do allow moving Admiral index funds but usually don't feature buying more shares with new money (possibly reinvesting allowed).

I would suggest taking some time to look at the various options for moving. TD Ameritrade is a perfectly good custodian and I have used them off and on (currently on). Again, ETFs work best there.


I see the ERs on the ETFs are the same as the Admiral funds, so that is good. How does the timing of switching work? If I sell the MF do I have to wait to re-buy the ETF? A search for "settlement date" on Vanguard's site shows nothing relevant in the first page of results.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Thu Mar 16, 2017 12:52 pm

If you're at Vanguard, you can convert the Admiral shares to ETF. As far as I remember (I haven't done personally), they will use the closing price of each share class on the day you select and will just transfer between. So it's not like selling and buying. You can check with Vanguard for sure. Note that this requires a brokerage account, so if you currently have one of the old mutual fund only ones, you'd need to upgrade.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Thu Mar 16, 2017 1:38 pm

Earl Lemongrab wrote:If you're at Vanguard, you can convert the Admiral shares to ETF. As far as I remember (I haven't done personally), they will use the closing price of each share class on the day you select and will just transfer between. So it's not like selling and buying. You can check with Vanguard for sure. Note that this requires a brokerage account, so if you currently have one of the old mutual fund only ones, you'd need to upgrade.


I found on their website that some can be converted from MF to ETF. They cannot be converted back. Total Bond cannot be converted. It doesn't say how to do this, but I am guessing it takes a phone call as I don't see an online option.

One concern is the timing. To get the $1200, you need to transfer >$500k. I have $506k in this account (I cannot add as I made my 2016 contribution and don't think I want to make my 2017 contribution to my TIra). If there were to be a small pullback though, I would be under the limit. I would still get the $600, but that sort of changes the equation. I am not sure how long TD takes to do these transfers. I know when I did it long ago, it took forever. I think though that is when they actually had to mail things.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Thu Mar 16, 2017 2:23 pm

Market changes are always a concern. I know that when I was transferring to Merrill Edge, the rep said that they could put in an exception if the transfer lost too much in transit. Not sure that TDA would do that. You can always go to cash, but the risk of losing thousands to avoid losing hundreds is significant.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby HIinvestor » Thu Mar 16, 2017 11:14 pm

Chatted with both Fidelity and Schwab about retention and transfer bonuses. Fidelity said only once in a lifetime retention bonus but regular bonuses on NEW funds brought in to Fidelity. Schwab said if I transferred funds into accounts there do my total with them reached milestones such as $1mm, could get up to $2500 for combo new money + retention bonus. I'm getting more details but find that attractive especially since they have bricks and mortar branch in my city.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Sat Mar 18, 2017 11:25 am

blueberry wrote:I'm liking this one, tdamertrade will give you (depending on your existing account for some reason) $200 for referring someone new and who puts in $3000 within 45 days. scottrade and ameritrade will be one and the same next year so referring people who are already at scottrade is not adding complexity after this year (assuming the transition goes well!).

https://www.tdameritrade.com/client/ref ... index.html

-bb


Yep, I just took advantage of this offer. And the person I referred got a $500 bonus too.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Ron Ronnerson » Sat Mar 18, 2017 2:30 pm

whodidntante wrote:
blueberry wrote:I'm liking this one, tdamertrade will give you (depending on your existing account for some reason) $200 for referring someone new and who puts in $3000 within 45 days. scottrade and ameritrade will be one and the same next year so referring people who are already at scottrade is not adding complexity after this year (assuming the transition goes well!).

https://www.tdameritrade.com/client/ref ... index.html

-bb


Yep, I just took advantage of this offer. And the person I referred got a $500 bonus too.


I'm interested in this offer. Did you make the referral out of a brokerage account or an IRA to earn the $200 referral bonus? Do you know what kind of account the person you referred opened at TD Ameritrade (brokerage or IRA)?

My wife has an IRA at TD Ameritrade and I have an IRA at Scottrade. If she refers me and I transfer my IRA over to TD Ameritrade, would we both get a bonus? I would be transferring $85k.

Thanks for any pointers!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby blueberry » Sat Mar 18, 2017 2:36 pm

When I first filled in the form from my IRA account in the drop down of "choose your reward", the $200 did not show. Then I switched to my brokerage account the $200 did show.

I didn't test the waters on what the person transferring in will get, there is some verbiage about them getting reward of some kind too, but my friend is transferring in a small amount so don't know if maybe there is another goody to be had for significant transfer. Call 'em!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby whodidntante » Sat Mar 18, 2017 2:54 pm

Ron Ronnerson wrote:
whodidntante wrote:
blueberry wrote:I'm liking this one, tdamertrade will give you (depending on your existing account for some reason) $200 for referring someone new and who puts in $3000 within 45 days. scottrade and ameritrade will be one and the same next year so referring people who are already at scottrade is not adding complexity after this year (assuming the transition goes well!).

https://www.tdameritrade.com/client/ref ... index.html

-bb


Yep, I just took advantage of this offer. And the person I referred got a $500 bonus too.


I'm interested in this offer. Did you make the referral out of a brokerage account or an IRA to earn the $200 referral bonus? Do you know what kind of account the person you referred opened at TD Ameritrade (brokerage or IRA)?

My wife has an IRA at TD Ameritrade and I have an IRA at Scottrade. If she refers me and I transfer my IRA over to TD Ameritrade, would we both get a bonus? I would be transferring $85k.

Thanks for any pointers!


The person I referred opened a Roth IRA and transferred assets from Fidelity. It's possible that referrals from your spouse are excluded, but I doubt it. Read the terms and conditions carefully. Also, TDA has bought Scottrade and that may be an issue. If so, you can go to Fidelity or Merrill Edge and earn a bonus there, then transfer to TDA later on for a second bonus.

https://about.scottrade.com/updates/announcement.html

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Ron Ronnerson » Sat Mar 18, 2017 3:39 pm

Thanks, blueberry & whodidntante

whodidntante wrote:The person I referred opened a Roth IRA and transferred assets from Fidelity. It's possible that referrals from your spouse are excluded, but I doubt it. Read the terms and conditions carefully. Also, TDA has bought Scottrade and that may be an issue. If so, you can go to Fidelity or Merrill Edge and earn a bonus there, then transfer to TDA later on for a second bonus.

https://about.scottrade.com/updates/announcement.html


My wife recently opened an IRA account with TDA and they informed us that transfers from Scottrade still qualify for the bonus. A person in their transfers department told us that they're acting as separate entities until perhaps the third quarter. TDA also said that they would reimburse the fee Scottrade charges for transferring the balance over if we fax them a statement showing the charge.

I think we may have my wife open a brokerage account at TDA, refer me from it, and then I'll open a Roth IRA with TDA and transfer my balance over from Scottrade. Hopefully, we can get a couple more bonuses from TDA this year by doing it this way. It's sort of nice that since they're merging soon anyhow, we're basically getting bonuses to keep our money at the same place.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby jclarke805 » Tue Mar 28, 2017 8:43 pm

triceratop wrote:
jclarke805 wrote: I already have Fidelity, Marriott, Costco and Amazon Prime Visas which are all great rewards cards.


I think some of those cards are great for some spending situations; but with platinum honors you receive 5.25% back on gas, 3.5% on groceries, 2.625% on everything else. The grocery category is beaten by AmEx but only with a card with a substantial annual fee.

They are perhaps the best general spend card on the market.


I just got the rewards credit card from BofA. The gas and groceries look the same (3% and 2% plus the 75% bonus) but the everything else is 1% so 1.75% with the bonus.

Did they drop the "everything else" from 1.5% to 1% since your post?

I have some 2% on "everything else" cards so I guess I will use it for gas and groceries.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Tue Mar 28, 2017 8:47 pm

jclarke805 wrote:
triceratop wrote:
jclarke805 wrote: I already have Fidelity, Marriott, Costco and Amazon Prime Visas which are all great rewards cards.


I think some of those cards are great for some spending situations; but with platinum honors you receive 5.25% back on gas, 3.5% on groceries, 2.625% on everything else. The grocery category is beaten by AmEx but only with a card with a substantial annual fee.

They are perhaps the best general spend card on the market.


I just got the rewards credit card from BofA. The gas and groceries look the same (3% and 2% plus the 75% bonus) but the everything else is 1% so 1.75% with the bonus.

Did they drop the "everything else" from 1.5% to 1% since your post?

I have some 2% on "everything else" cards so I guess I will use it for gas and groceries.


2 different cards
cash rew CC is 3 2 1
trav rew CC is 1.5
both times 1.75 if pref rew plat hons

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Wed Mar 29, 2017 10:05 am

Edit: After posting, I realized that their criteria for membership is somewhat limited. I'm used to these Credit Unions having an out for almost anyone to join. Review: https://www.starone.org/membership/who-can-join/

Here's a small but interesting IRA offer:

https://www.starone.org/accounts/ira/
https://www.starone.org/accounts/roth-ira/

$100 for a $2500 deposit, six month holding period, bonus goes in the IRA. The six-month CD is 1.05%, or the savings account rate is 1%.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Mon Apr 03, 2017 1:48 pm

Earl Lemongrab wrote:If you're at Vanguard, you can convert the Admiral shares to ETF. As far as I remember (I haven't done personally), they will use the closing price of each share class on the day you select and will just transfer between. So it's not like selling and buying. You can check with Vanguard for sure. Note that this requires a brokerage account, so if you currently have one of the old mutual fund only ones, you'd need to upgrade.


I finally got around to calling Vanguard. Of the 4 funds I have, 3 can be converted directly. The other cannot but if I sell it today, I can buy the ETF tomorrow. The Total Stock, International Stock, International Bond could be converted but Total Bond could not.

I'm doing it today. Worth the $1200 for transferring one account. Since it is an IRA, no extra tax forms to deal with. I figure it will take me less than an hour to open the new account and set it up in Quicken (which I use to track investments). No additional costs/fees really since I won't touch the account until next year if I decide to contribute to my tIRA. Maybe after the year I'll transfer it somewhere else for a bonus.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Tue Apr 04, 2017 9:52 am

michaeljc70 wrote:I finally got around to calling Vanguard. Of the 4 funds I have, 3 can be converted directly. The other cannot but if I sell it today, I can buy the ETF tomorrow.

A few of the bond funds are that way. Probably has to do with the difference between how the mutual funds and ETFs handle dividends for bonds.

https://investor.vanguard.com/etf/faqs?lang=en#convert
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Tue Apr 04, 2017 10:05 am

Earl Lemongrab wrote:
michaeljc70 wrote:I finally got around to calling Vanguard. Of the 4 funds I have, 3 can be converted directly. The other cannot but if I sell it today, I can buy the ETF tomorrow.

A few of the bond funds are that way. Probably has to do with the difference between how the mutual funds and ETFs handle dividends for bonds.

https://investor.vanguard.com/etf/faqs?lang=en#convert


I think you are right. The guy at Vanguard said he thought it had to do with dividends but didn't know specifics.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Tue Apr 04, 2017 10:53 am

michaeljc70 wrote:I think you are right. The guy at Vanguard said he thought it had to do with dividends but didn't know specifics.

As I understand it, most bond mutual funds give a pro-rated share of dividends when bought between distribution dates, but the ETFs act like stock funds and the holder gets the full dividend if held on the ex-dividend date.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Tue Apr 04, 2017 11:38 am

Earl Lemongrab wrote:
michaeljc70 wrote:I think you are right. The guy at Vanguard said he thought it had to do with dividends but didn't know specifics.

As I understand it, most bond mutual funds give a pro-rated share of dividends when bought between distribution dates, but the ETFs act like stock funds and the holder gets the full dividend if held on the ex-dividend date.


That makes sense.

Vanguard told me that it wouldn't show up until Wed. Fine. I looked and 2 securities are gone. Seems odd in that they were supposed to convert 3, but I will wait and see how it looks tomorrow.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Wed Apr 05, 2017 9:48 am

michaeljc70 wrote:
Earl Lemongrab wrote:
michaeljc70 wrote:I think you are right. The guy at Vanguard said he thought it had to do with dividends but didn't know specifics.

As I understand it, most bond mutual funds give a pro-rated share of dividends when bought between distribution dates, but the ETFs act like stock funds and the holder gets the full dividend if held on the ex-dividend date.


That makes sense.

Vanguard told me that it wouldn't show up until Wed. Fine. I looked and 2 securities are gone. Seems odd in that they were supposed to convert 3, but I will wait and see how it looks tomorrow.


The Intl Bond didn't convert. I had to call Vanguard. They looked into it. Apparently the ETF ex-div date is today so they couldn't convert until tomorrow. Of course, they didn't tell me this before. Now I have to call back again. 3 calls for something I should have been able to do online. Not sad to be leaving Vanguard.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Wed Apr 26, 2017 5:49 pm

Just to follow up, after converting to ETFs on the Vanguard side, the transfer went without a hitch. I got the TD bonus the same day as the transfer went through. Partial ETF shares were sold by Vanguard and transferred as cash, but insignificant. Easiest $1k+ bonus ever except the Chase Sapphire Reserve bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby jayhawkerbeef » Wed Apr 26, 2017 6:52 pm

Also, for those that have commented about receiving calls from Merrill Edge advisors, well I finally got one today. Coincidentally, I should almost be at the 90 days. I just respectfully declined his help and asked if there is a do not call list be sure I'm on it haha.

And when I asked him if he was able to track the award for when I should expect it, he told me I'd have to call customer service as he didn't have a view into that information lol.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Wed Apr 26, 2017 7:44 pm

jayhawkerbeef wrote:Also, for those that have commented about receiving calls from Merrill Edge advisors, well I finally got one today. Coincidentally, I should almost be at the 90 days. I just respectfully declined his help and asked if there is a do not call list be sure I'm on it haha.

And when I asked him if he was able to track the award for when I should expect it, he told me I'd have to call customer service as he didn't have a view into that information lol.


I had a VM today from the local TD Ameritrade office. He was inquiring about my goals, etc., and said he had a few questions (most likely would I transfer more assets). I don't plan on returning the call. I have 4 fund portfolio of Vanguard ETFs and have no plans to change that.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby jayhawkerbeef » Thu Apr 27, 2017 5:40 am

michaeljc70 wrote:He was inquiring about my goals, etc., and said he had a few questions (most likely would I transfer more assets).


There must a universal script these guys use because that was his line, practically verbatim.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Thu Apr 27, 2017 5:18 pm

jayhawkerbeef wrote:Also, for those that have commented about receiving calls from Merrill Edge advisors, well I finally got one today. Coincidentally, I should almost be at the 90 days. I just respectfully declined his help and asked if there is a do not call list be sure I'm on it haha.

And when I asked him if he was able to track the award for when I should expect it, he told me I'd have to call customer service as he didn't have a view into that information lol.

jayhawkerbeef wrote:
michaeljc70 wrote:He was inquiring about my goals, etc., and said he had a few questions (most likely would I transfer more assets).

There must a universal script these guys use because that was his line, practically verbatim.


I have messages on my answering machine a few months apart from 2 different Merrill Edge people, with the same wording. I don't return it, since if there was anything important they could send email or secure message. I guess they want to drum up business. A few messages a year won't bother me, but I hope they don't get too pushy.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby zeugmite » Sun Apr 30, 2017 6:17 am

Does anyone know if these bonuses require "funding" the entire amount in one go or over multiple transfers before their stated "by" deadlines (usually 45-60 days)?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Sun Apr 30, 2017 9:28 am

zeugmite wrote:Does anyone know if these bonuses require "funding" the entire amount in one go or over multiple transfers before their stated "by" deadlines (usually 45-60 days)?


The one I did at TD Ameritrade gave you 60 days to complete your transfer. You filled out the transfer form with the application. Could you do that and then add/transfer more? I am not sure, but doubt it. I got the bonus immediately the day my transfer went through. If I transferred more in the 60 days would they increase the bonus? I doubt it, but I guess you'd have to call to found out for sure. The word I recall is it said "fund" the account. That means first transfer to me.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sun Apr 30, 2017 10:00 am

You can definitely fund in stages. Often I will do an initial transfer that is close, then see how much cash I need to top it off with to get to the level I want. Sometimes I move assets from multiple sources. Never a problem at any custodian.

At TD Ameritrade, you get the bonus credited immediately for most of their offers, so you might see an amount credited as each tier is reached.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby zeugmite » Sun Apr 30, 2017 4:35 pm

It seems like there are some different interpretations. I've reached out to TD for clarification, let's see what they say. Their wording is a little bit loose compared to some other brokers, not good.

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Earl Lemongrab
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Sun Apr 30, 2017 5:30 pm

zeugmite wrote:It seems like there are some different interpretations. I've reached out to TD for clarification, let's see what they say. Their wording is a little bit loose compared to some other brokers, not good.

I have to say, I don't see what you see. I have been doing transfers to TDA for years. They allow you to fund all through the funding period. In my opinion, you're spinning yourself up over something that's not real.

Edit: Here is the wording from the most recent TDA offer I signed up:

Offer valid for one new Individual, Joint or IRA TD Ameritrade account opened by 04/30/2017 and funded within 60 calendar days of account opening with $3,000 or more. To receive $100 bonus, account must be funded with $25,000- $49,999. To receive $200 bonus, account must be funded with $50,000-$99,999. To receive $500 bonus, account must be opened with $100,000-$249,999. To receive $1000 bonus, account must be funded with $250,000 or more. Offer is not valid on tax-exempt trusts, 401k accounts, Keogh plans, Profit Sharing Plan, or Money Purchase Plan. Offer is not transferable and not valid with internal transfers, accounts managed by TD Ameritrade Investment Management, LLC, TD Ameritrade Institutional accounts, current TD Ameritrade accounts or with other offers. Qualified commission-free Internet equity, ETF or options orders will be limited to a maximum of 300 and must execute within 90 calendar days of account funding. Contract, exercise, and assignment fees still apply. Limit one offer per client. Account value of the qualifying account must remain equal to, or greater than, the value after the net deposit was made (minus any losses due to trading or market volatility or margin debit balances) for 12 months, or TD Ameritrade may charge the account for the cost of the offer at its sole discretion.


This is completely standard. Nothing about one single transfer or deposit.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby diy60 » Sun Apr 30, 2017 9:52 pm

I just completed a transfer bonus into Fidelity with no issues. I initiated the transfers online, including electronic signatures for the transfer of assets authorization forms. My transfers occurred over multiple events because I had a few odd ball funds that had to be liquidated, which took a couple of weeks to clear out of the old accounts. Once I got to around 45 days into the 60 day transfer window I contacted Fidelity for a status. I then topped it off with a transfer from my brick and mortar checking account to get to my desired level. The transfer bonus showed up about 3 days after the 60 day window and was prorated across my various Fidelity accounts. All in all a painless experience.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Wed May 03, 2017 9:46 am

I just completed a $1000 offer into a Roth IRA at TD Ameritrade. It's nice that they have instituted web-form transfers for at least some source custodians. I did the account opening and transfer on Saturday, and the assets posted today. As it's TDA, they also paid the bonus immediately. There was discussion earlier about how the bonuses are designated in Roths. Here is the transaction log from today:

05/03/2017  10:31:31 REBATE 500
05/03/2017  10:31:31 REBATE 300
05/03/2017  10:31:31 REBATE 100
05/03/2017  10:31:31 REBATE 100

So they call it a "rebate".
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby michaeljc70 » Wed May 03, 2017 9:54 am

Earl Lemongrab wrote:I just completed a $1000 offer into a Roth IRA at TD Ameritrade. It's nice that they have instituted web-form transfers for at least some source custodians. I did the account opening and transfer on Saturday, and the assets posted today. As it's TDA, they also paid the bonus immediately. There was discussion earlier about how the bonuses are designated in Roths. Here is the transaction log from today:

05/03/2017  10:31:31 REBATE 500
05/03/2017  10:31:31 REBATE 300
05/03/2017  10:31:31 REBATE 100
05/03/2017  10:31:31 REBATE 100

So they call it a "rebate".


I had to mail my transfer form into TD (transfer from Vanguard). The bonus did post right away which was nice. I was somewhat surprised they could legally put it in the account (given IRA limitations). On my taxable account I transferred a few years ago I got a 1099 and had to pay tax on it. I wasn't surprised, but hadn't really thought about it as being taxable. You don't get a 1099 for a credit card reward or bonus. They are regarded as a discount which I would think a brokerage bonus is the same.


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