The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Postby Earl Lemongrab » Fri Jun 16, 2017 9:54 pm

SlowMovingInvestor wrote:Does Fidelity do any bonus matching ? They used to have the same bonus structure as TDA, but seem to have to dropped it this quarter. An additional issue is that my 401k is with Fidelity, and they do not give any bonuses for rollovers from Fido managed 401ks. So any rep would have to override 2 Fidelity rules to offer a bonus.

As far as I can tell, Fidelity has no publicly-advertised cash offers at this time, only free trades. That includes the IRA match offer.
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SJR
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby SJR » Sun Jun 18, 2017 8:47 am

SJR wrote:I was browsing this thread and was wondering, for someone new to this, is there a good brokerage to start with that is easy to transfer to (with minimal headache), has a great bonus, and is able to hold admiral shares?

I was waiting for the Merrill Edge increased bonuses, but figured I may as well start elsewhere instead of waiting.

Thanks :sharebeer


Did some research over the weekend and it seems the TD bonus of $1000 for 250k+ is the best currently for that dollar amount. Holding period is 12 months though. Or can do Merrill for $600 for 6 months and then switch to E-Trade for 6 months (another $600).

Do all 3 accept admiral shares ? I have Munis that do not have etf equivalents so need a place that will easily accept admiral. I won't be rebalancing for a year anyways so don't care for free trades. In the interim will rebalance with new money being added every few weeks.

I noticed the TD offer ends soon so thinking of just starting there.
Who knows if it will renew in the future or not. Merrill and E-Trade offers seem to be consistent (with other brokerages ).

I was also wondering if these bonuses are once per lifetime or one can do them over and over again. Read small print and didn't see anything about it being once per lifetime.

Update- just realized my Munis actually aren't admiral. So in theory can switch the admiral shares I have to ETFs. Prefer not to as I'm not planning on rebalancing anyways. I usually don't have time to trade during business hours and mutual funds are more peaceful for me. I like to set and forget my buy orders. With ETFs it's very easy to get sucked into the limit order game.

PS new money will either be invested in vg ETFs or investor shares until they break the admiral level. Haven't decided yet which. Will likely purchase them at VG whichever it is.

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

Postby Earl Lemongrab » Sun Jun 18, 2017 10:02 am

SJR wrote:Did some research over the weekend and it seems the TD bonus of $1000 for 250k+ is the best currently for that dollar amount. Holding period is 12 months though. Or can do Merrill for $600 for 6 months and then switch to E-Trade for 6 months (another $600).

Merrill is only 90 days for the regular offer. The $1000 offer is six months, but that's not running currently.

I noticed the TD offer ends soon so thinking of just starting there.

They've been renewing the $1000 offer regularly, but indeed they might not.

I was also wondering if these bonuses are once per lifetime or one can do them over and over again. Read small print and didn't see anything about it being once per lifetime.

Some do say in the terms. I'll say that to date I haven't had any bonuses rejected for previous offers.

Update- just realized my Munis actually aren't admiral. So in theory can switch the admiral shares I have to ETFs. Prefer not to as I'm not planning on rebalancing anyways. I usually don't have time to trade during business hours and mutual funds are more peaceful for me. I like to set and forget my buy orders. With ETFs it's very easy to get sucked into the limit order game.

I haven't had much trouble with limit orders.
PS new money will either be invested in vg ETFs or investor shares until they break the admiral level. Haven't decided yet which. Will likely purchase them at VG whichever it is.

I buy my ETFs at the custodian. Admiral would be different.
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SlowMovingInvestor
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby SlowMovingInvestor » Sun Jun 18, 2017 9:16 pm

Earl Lemongrab wrote:
I noticed the TD offer ends soon so thinking of just starting there.

They've been renewing the $1000 offer regularly, but indeed they might not.


From looking a little at expired offers, it seemed to me that there used to be better bonus offers from more brokerages in the near past and they've fallen off this quarter (Fido being one example -- they even dropped their airline miles ofefrs)? Is this correct (it's hard to check on expired offers, so entirely possible I might be wrong).

It may be the case that with trading commissions getting cut (and MF/ETF fees dropping), more brokerages may choose to not continue bonuses after this quarter ? It does seem like $600 for 200-250 K is the new 'normal' rather than $1K for 250K

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

Postby pre » Sun Jun 18, 2017 10:22 pm

SlowMovingInvestor wrote:
Earl Lemongrab wrote:
I noticed the TD offer ends soon so thinking of just starting there.

They've been renewing the $1000 offer regularly, but indeed they might not.


From looking a little at expired offers, it seemed to me that there used to be better bonus offers from more brokerages in the near past and they've fallen off this quarter (Fido being one example -- they even dropped their airline miles ofefrs)? Is this correct (it's hard to check on expired offers, so entirely possible I might be wrong).

It may be the case that with trading commissions getting cut (and MF/ETF fees dropping), more brokerages may choose to not continue bonuses after this quarter ? It does seem like $600 for 200-250 K is the new 'normal' rather than $1K for 250K

As folks have mentioned previously, try touching base with another broker like Schwab or Etrade, they'll likely match a competitor's offer

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

Postby SlowMovingInvestor » Tue Jun 20, 2017 7:34 pm

pre wrote:
SlowMovingInvestor wrote:

From looking a little at expired offers, it seemed to me that there used to be better bonus offers from more brokerages in the near past and they've fallen off this quarter (Fido being one example -- they even dropped their airline miles ofefrs)? Is this correct (it's hard to check on expired offers, so entirely possible I might be wrong).

It may be the case that with trading commissions getting cut (and MF/ETF fees dropping), more brokerages may choose to not continue bonuses after this quarter ? It does seem like $600 for 200-250 K is the new 'normal' rather than $1K for 250K

As folks have mentioned previously, try touching base with another broker like Schwab or Etrade, they'll likely match a competitor's offer


Should one contact the brokerages by phone or walk into an office (I have Schwab, Etrade etc. not too far from my house) ? And if I were to visit an office, how do I get confirmation of a bonus offer that is not advertised (for phone, the call is generally recorded if it were to come to that)? I'm sure the reps are largely ethical, but I'd feel better if I had a letter, an email, a message etc. from them.

Thanks !

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby tj » Tue Jun 20, 2017 10:39 pm

I certainly wouldn't go into an office as they might compensate the person you're talking to, which could reduce bonus available.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby SJR » Wed Jun 21, 2017 7:19 am

pre wrote:
SlowMovingInvestor wrote:
Earl Lemongrab wrote:
I noticed the TD offer ends soon so thinking of just starting there.

They've been renewing the $1000 offer regularly, but indeed they might not.


From looking a little at expired offers, it seemed to me that there used to be better bonus offers from more brokerages in the near past and they've fallen off this quarter (Fido being one example -- they even dropped their airline miles ofefrs)? Is this correct (it's hard to check on expired offers, so entirely possible I might be wrong).

It may be the case that with trading commissions getting cut (and MF/ETF fees dropping), more brokerages may choose to not continue bonuses after this quarter ? It does seem like $600 for 200-250 K is the new 'normal' rather than $1K for 250K

As folks have mentioned previously, try touching base with another broker like Schwab or Etrade, they'll likely match a competitor's offer


What would the withdrawal policy be for E-Trade and Schwab if they matched an offer ? Perhaps makes sense to use them instead of TD Ameritrade if it's shorter. Also wondering if one can switch to them to get their bonus and pick up another on the way out (stick around if they match ), or they won't match if you already received an offer on the way in ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby SlowMovingInvestor » Wed Jun 21, 2017 6:03 pm

SJR wrote:
What would the withdrawal policy be for E-Trade and Schwab if they matched an offer ?


That is related to the general question I had --- how does one confirm the terms of the offer from a rival brokerage ? Note that if you don't already have an account, you likely can't send a message via their internal messaging, and you don't want to use an external email account to correspond with them. So you need to get them to send you a letter via snail mail ?

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

Postby Earl Lemongrab » Wed Jun 21, 2017 6:06 pm

Nothing keeps you from opening the account first. Then if you don't come to an agreeable bonus, never fund it. It's not like you need a promo code to open it, as you're trying to get them to match another offer.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby madbrain » Wed Jun 21, 2017 7:49 pm

FYI, I had a bad experience with Fidelity.

I transferred $100k in January to get a 50,000 Delta Skymiles bonus. So far, so good.

Then, I transferred another $100k to a new account in April to get $30 in cash bonus.

Transfer was done - bonus never came. I inquired. Fidelity says only one bonus is allowed per 12 months period. They said they sent me an email that would have had those exclusionary terms when I opened the new account. I never saw any such language when I opened my account online, and never received any such e-mail after I opened it. I'm rather upset. This seems very much like bait and switch to me. I also have $600k in 401k with them, but that doesn't seem to matter to them at all.

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

Postby SJR » Thu Jun 22, 2017 7:24 am

SJR wrote:
What would the withdrawal policy be for E-Trade and Schwab if they matched an offer ? Perhaps makes sense to use them instead of TD Ameritrade if it's shorter. Also wondering if one can switch to them to get their bonus and pick up another on the way out (stick around if they match ), or they won't match if you already received an offer on the way in ?


I called both E-Trade and Schwab and Schwab confirmed they'd match TD while E-Trade couldn't guarantee it. Both are having someone call me back.

Earl Lemongrab wrote:Nothing keeps you from opening the account first. Then if you don't come to an agreeable bonus, never fund it. It's not like you need a promo code to open it, as you're trying to get them to match another offer.


I believe Schwab pulls your credit when opening. Not sure if that's the brokerage or the checking account though (or both).


SlowMovingInvestor wrote:
That is related to the general question I had --- how does one confirm the terms of the offer from a rival brokerage ? Note that if you don't already have an account, you likely can't send a message via their internal messaging, and you don't want to use an external email account to correspond with them. So you need to get them to send you a letter via snail mail ?


I'm assuming that the term is the same as their existing offers found online. But I want to be sure. I will ask them directly by phone .

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby student » Thu Jun 22, 2017 9:57 am

madbrain wrote:FYI, I had a bad experience with Fidelity.

I transferred $100k in January to get a 50,000 Delta Skymiles bonus. So far, so good.

Then, I transferred another $100k to a new account in April to get $30 in cash bonus.

Transfer was done - bonus never came. I inquired. Fidelity says only one bonus is allowed per 12 months period. They said they sent me an email that would have had those exclusionary terms when I opened the new account. I never saw any such language when I opened my account online, and never received any such e-mail after I opened it. I'm rather upset. This seems very much like bait and switch to me. I also have $600k in 401k with them, but that doesn't seem to matter to them at all.


$100k for only $30? I am aware of the once per 12 months rule but I am not aware of the rule if it it a different account. Perhaps you can ask for some free trades or simply move the money from the new account to a place that gives bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby SlowMovingInvestor » Thu Jun 22, 2017 10:15 am

SJR wrote:I called both E-Trade and Schwab and Schwab confirmed they'd match TD while E-Trade couldn't guarantee it. Both are having someone call me back.

.

Any particular group you had to contact at Schwab ? Or was it just their regular 800 line ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby Earl Lemongrab » Thu Jun 22, 2017 12:45 pm

SJR wrote:I believe Schwab pulls your credit when opening. Not sure if that's the brokerage or the checking account though (or both).

If they do, it's probably only for accounts with margin.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

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

Postby Earl Lemongrab » Thu Jun 22, 2017 12:47 pm

madbrain wrote:Transfer was done - bonus never came. I inquired. Fidelity says only one bonus is allowed per 12 months period.

That's fairly common, and is usually specified in the terms and conditions of the offer. Unfortunately, with no current Fidelity offers, it's not possible to check.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Thu Jun 22, 2017 1:15 pm

Earl Lemongrab wrote:
SJR wrote:I believe Schwab pulls your credit when opening. Not sure if that's the brokerage or the checking account though (or both).

If they do, it's probably only for accounts with margin.
I got a hard pull when opening a Schwab checking account. It's just what they do, according to many datapoints.

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

Postby Earl Lemongrab » Thu Jun 22, 2017 1:28 pm

*3!4!/5! wrote:
Earl Lemongrab wrote:
SJR wrote:I believe Schwab pulls your credit when opening. Not sure if that's the brokerage or the checking account though (or both).

If they do, it's probably only for accounts with margin.
I got a hard pull when opening a Schwab checking account. It's just what they do, according to many datapoints.

I can understand about checking accounts. I was addressing brokerage accounts.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

*3!4!/5!
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby *3!4!/5! » Thu Jun 22, 2017 1:45 pm

Earl Lemongrab wrote:
*3!4!/5! wrote:
Earl Lemongrab wrote:
SJR wrote:I believe Schwab pulls your credit when opening. Not sure if that's the brokerage or the checking account though (or both).

If they do, it's probably only for accounts with margin.
I got a hard pull when opening a Schwab checking account. It's just what they do, according to many datapoints.

I can understand about checking accounts. I was addressing brokerage accounts.

Actually the checking account automatically comes with a brokerage account, though it can be left empty. I don't know the rationale for the hard pull.

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

Postby madbrain » Thu Jun 22, 2017 4:36 pm

student wrote:
madbrain wrote:FYI, I had a bad experience with Fidelity.

I transferred $100k in January to get a 50,000 Delta Skymiles bonus. So far, so good.

Then, I transferred another $100k to a new account in April to get $30 in cash bonus.

Transfer was done - bonus never came. I inquired. Fidelity says only one bonus is allowed per 12 months period. They said they sent me an email that would have had those exclusionary terms when I opened the new account. I never saw any such language when I opened my account online, and never received any such e-mail after I opened it. I'm rather upset. This seems very much like bait and switch to me. I also have $600k in 401k with them, but that doesn't seem to matter to them at all.


$100k for only $30? I am aware of the once per 12 months rule but I am not aware of the rule if it it a different account. Perhaps you can ask for some free trades or simply move the money from the new account to a place that gives bonus.


Sorry, that was a typo . It was supposed to be a $300 bonus.
And yes, it was a different account.

I really don't care about free trades since I am a Bogleheads.

Yes, I'm looking for another place to move the money, but beyond not getting the bonus, there was also an opportunity cost to do this transfer - I had to convert my admiral shares to investor to do the transfer to Fidelity, so this has actually cost me some money.

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

Postby Earl Lemongrab » Thu Jun 22, 2017 6:48 pm

madbrain wrote:Yes, I'm looking for another place to move the money, but beyond not getting the bonus, there was also an opportunity cost to do this transfer - I had to convert my admiral shares to investor to do the transfer to Fidelity, so this has actually cost me some money.

You could have converted to ETFs, then you would not have had a problem. Of course, then you'd care about free trades as some of us Bogleheads do.
This week's fortune cookie: "You will enjoy doing something spontaneous this weekend." Apparently that meant working on a dead PC, but I didn't enjoy that much.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Postby madbrain » Thu Jun 22, 2017 7:28 pm

Earl Lemongrab wrote:
madbrain wrote:Yes, I'm looking for another place to move the money, but beyond not getting the bonus, there was also an opportunity cost to do this transfer - I had to convert my admiral shares to investor to do the transfer to Fidelity, so this has actually cost me some money.

You could have converted to ETFs, then you would not have had a problem. Of course, then you'd care about free trades as some of us Bogleheads do.


ETFs were not an option for some of those funds.


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