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

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

Post by 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

Post by 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

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

Post by 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.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

Post by 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

Post by 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

Post by 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.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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

Post by *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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *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.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 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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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SJR » Fri Jun 23, 2017 7:15 am

SlowMovingInvestor wrote:
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 ?


800 number. They however sent a message internally and I received 2 follow-up calls. One from their promotions Dept and the other from a local retail branch. It seems those 2 folks are going to be working on matching the offer.

At this point I prefer Schwab even with the hard pull because with an account I'll also be eligible for their American Express credit card.

Still haven't heard back from E-Trade yet.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Fri Jun 23, 2017 12:40 pm

When you are transferring out, most companies charge account transfer fee around $75. How do they charge that fee when the account is fully invested? Say you are transferring Roth IRA account invested in ETFs with money market balance of $1.50. Do they sell some ETFs to get their fee? Or do they send you the bill? Or just keep money market balance for themselves?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jun 23, 2017 1:07 pm

snowman wrote:When you are transferring out, most companies charge account transfer fee around $75. How do they charge that fee when the account is fully invested? Say you are transferring Roth IRA account invested in ETFs with money market balance of $1.50. Do they sell some ETFs to get their fee? Or do they send you the bill? Or just keep money market balance for themselves?

It depends. Sometimes they transfer with a negative cash balance, so the receiver can deal with it. I generally have enough cash to cover the transfer fee (if applicable). These days, many don't change for a partial transfer, but it's good to check. Many custodians will cover the transfer fee as well as the bonus.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Fri Jun 23, 2017 5:06 pm

SJR wrote:
SlowMovingInvestor wrote:
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 ?


800 number. They however sent a message internally and I received 2 follow-up calls. One from their promotions Dept and the other from a local retail branch. It seems those 2 folks are going to be working on matching the offer.

At this point I prefer Schwab even with the hard pull because with an account I'll also be eligible for their American Express credit card.

Still haven't heard back from E-Trade yet.


I had a somewhat similar experience, although in my case it's going to be Etrade's local retail branch that's going to call me (they said they had no centralized promotions department, which struck me as a little odd for a discount broker).

Etrade's cupboard is a little bare -- they don't have any iShares Transaction Free ETFs. Schwab has a broader platform of ETFs, including it's own. I'm far more likely to stick with Schwab.

Fidelity said they couldn't do anything beyond the public offer. The rep I talked to seemed a little frustrated himself over the lack of Fido promotions.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Fri Jun 23, 2017 5:32 pm

Just wondering -- has anyone tried to get a transfer bonus out of Interactive Brokers ?

I know that is not the sort of firm Bogleheads would normally use, but I was thinking of opening an account there, NOT for active trading, but for a small side project/hobby that require access to nearly live market data and a development platform. I do not intend to put any real money at risk, but would like to minimize expenses.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SJR » Mon Jun 26, 2017 4:19 pm

SlowMovingInvestor wrote:
SJR wrote:
SlowMovingInvestor wrote:
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 ?


800 number. They however sent a message internally and I received 2 follow-up calls. One from their promotions Dept and the other from a local retail branch. It seems those 2 folks are going to be working on matching the offer.

At this point I prefer Schwab even with the hard pull because with an account I'll also be eligible for their American Express credit card.

Still haven't heard back from E-Trade yet.


I had a somewhat similar experience, although in my case it's going to be Etrade's local retail branch that's going to call me (they said they had no centralized promotions department, which struck me as a little odd for a discount broker).

Etrade's cupboard is a little bare -- they don't have any iShares Transaction Free ETFs. Schwab has a broader platform of ETFs, including it's own. I'm far more likely to stick with Schwab.

Fidelity said they couldn't do anything beyond the public offer. The rep I talked to seemed a little frustrated himself over the lack of Fido promotions.


I received a few calls from Schwab already and still nothing from Etrade.

Schwab was unable to match the TD $1000 offer ($250k+) but the rep was able to figure out a workaround by giving me $500 x2 for $100k *2 in deposits as my account is joint with DW and we have 2 accounts at VG.

It seems that Schwab requires you to keep the funds for 1 year which isn't as competitive as Etrade or Merril, but there are quite a few benefits with Schwab that make it worth sticking with them (besides for Etrade never getting back to me and Merrill not currently offering the increased $1000 offer).

I also was able to get the rep to give me 25 free trades for 2 years with another $10k deposited to each account (so 50 total). The rep I spoke with also assured me that I can transfer Admiral Shares as is, and can even sell them free of charge.

What I really like about this is that I only have to move $220k and can keep my VG accounts open with enough left behind to maintain admiral shares there. So can easily rebalance and/or invest new money there if I so choose without having to bother on the Schwab side.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jun 26, 2017 5:52 pm

SJR wrote:
I received a few calls from Schwab already and still nothing from Etrade.

Schwab was unable to match the TD $1000 offer ($250k+) but the rep was able to figure out a workaround by giving me $500 x2 for $100k *2 in deposits as my account is joint with DW and we have 2 accounts at VG.

It seems that Schwab requires you to keep the funds for 1 year which isn't as competitive as Etrade or Merril, but there are quite a few benefits with Schwab that make it worth sticking with them (besides for Etrade never getting back to me and Merrill not currently offering the increased $1000 offer).

I also was able to get the rep to give me 25 free trades for 2 years with another $10k deposited to each account (so 50 total). The rep I spoke with also assured me that I can transfer Admiral Shares as is, and can even sell them free of charge.

What I really like about this is that I only have to move $220k and can keep my VG accounts open with enough left behind to maintain admiral shares there. So can easily rebalance and/or invest new money there if I so choose without having to bother on the Schwab side.


That's good news for you -- (as it happens Schwab allows fund sales free of charge for everyone).

Not so good for me if they come back with the same info for me -- I'm opening an IRA, so I can't do a joint account. I don't mind keeping the funds with them for 1 year, or even indefinitely -- if they're Schwab or iShares or Vanguard ETFs, they can be held anywhere. Although I could do a regular account, and an IRA, come to think of it.

I might try asking them if they'll give a better offer If I were to go 300K or even 400K.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Jun 26, 2017 6:00 pm

Earl Lemongrab wrote:Most custodians put the bonus in the IRA. I suggest reviewing the mini-FAQ at the start of the thread.


I did look at it, thanks. So custodians will even put bonuses in xferred Roth IRAs ? That would be really sweet, since they would never be taxed.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Tue Jun 27, 2017 9:36 am

SlowMovingInvestor wrote:
Earl Lemongrab wrote:Most custodians put the bonus in the IRA. I suggest reviewing the mini-FAQ at the start of the thread.


I did look at it, thanks. So custodians will even put bonuses in xferred Roth IRAs ? That would be really sweet, since they would never be taxed.

The majority do.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by F150HD » Wed Jun 28, 2017 9:01 am

have newly acquired $100k plus to put in taxable. I see Schwab has a $500 incentive for a new account

http://content.schwab.com/web/retail/public/cash-reward/

Is it worth the hassle to open a new account just to get this bonus?

Does VG 'match' things like this as an incentive to put the $$ there instead? as I'd rather it be at VG but $500 isn't chump change.

(I already have accounts at VG)

Really don't want one more account to monitor as I already have a few as many here do hence the word 'hassle' above.

Sorry if this was addressed in the prior 400+ posts and I missed it :happy

Thanks.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Outafter20 » Wed Jun 28, 2017 9:05 am

F150HD wrote:have newly acquired $100k plus to put in taxable. I see Schwab has a $500 incentive for a new account

http://content.schwab.com/web/retail/public/cash-reward/

Is it worth the hassle to open a new account just to get this bonus?

Does VG 'match' things like this as an incentive to put the $$ there instead? as I'd rather it be at VG but $500 isn't chump change.

(I already have accounts at VG)

Really don't want one more account to monitor as I already have a few as many here do hence the word 'hassle' above.

Sorry if this was addressed in the prior 400+ posts and I missed it :happy

Thanks.


Vanguard doesn't pay bonuses.

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

Post by Earl Lemongrab » Wed Jun 28, 2017 9:40 am

F150HD wrote:have newly acquired $100k plus to put in taxable. I see Schwab has a $500 incentive for a new account

http://content.schwab.com/web/retail/public/cash-reward/

Is it worth the hassle to open a new account just to get this bonus?

Absolutely. It takes very little time to open an account online. Look at it realistically. If all of the effort to open an account and transfer the money took an hour you'd be working for $500/hour. That's a good pay rate, wouldn't you say?

Does VG 'match' things like this as an incentive to put the $$ there instead? as I'd rather it be at VG but $500 isn't chump change.

Vanguard is not a source of bonuses. They don't even cover transfer fees.

Really don't want one more account to monitor as I already have a few as many here do hence the word 'hassle' above.


How much "hassle" is it to log into your account once a month? It would take less time than it took you write this post.
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F150HD
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by F150HD » Wed Jun 28, 2017 9:52 am

Earl Lemongrab wrote:Absolutely. It takes very little time to open an account online. Look at it realistically. If all of the effort to open an account and transfer the money took an hour you'd be working for $500/hour. That's a good pay rate, wouldn't you say?


Yea I never considered it till this AM when I read the 'offer' so maybe should've pondered my question a bit longer before posting. If it were only $100....but $500 makes it tougher to pass up.

I have never looked at all their funds/ETFs before so one needs to spend XX hours learning to parallel VGs offerings.

Am reading (?) one needs to keep the funds there 1 year, so, not a permanent decision if one decides to move later.

Thanks.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Jun 28, 2017 10:11 am

F150HD wrote:I have never looked at all their funds/ETFs before so one needs to spend XX hours learning to parallel VGs offerings.

They have some mutual funds, but I think you do better with their ETFs. I haven't bought either, as I usually moved assets in-kind or possibly Vanguard ETFs with free trades. It's been a while since I used them.

Am reading (?) one needs to keep the funds there 1 year, so, not a permanent decision if one decides to move later.

A year is on the high end of retention periods. The lowest is the basic Merrill Edge offer, which is 90 days.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Jun 28, 2017 4:20 pm

Earl -- the end of the quarter is coming up. If bonuses change, is that likely to be announced immediately after the new quarter starts (based on your past experience) ? I have a deadline for moving some funds around, and was wondering whether to make use of the bonuses available now or wait till the next quarter (but I really need to start the move by mid week) in the hope of better bonuses.

Thanks !

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Wed Jun 28, 2017 4:32 pm

I haven't really tracked the coming and going of the offers closely enough to say.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Thu Jun 29, 2017 3:39 pm

FYI -- I was told by an Etrade rep that they had a bonus of $20K for anyone who transferred in $4M (account had to be opened by quarter end , but I suspect that deadline is fungible).

Obviously this is not an offer most people would be able to use because of the large sums involved, but I thought it was interesting nonetheless.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by zeugmite » Fri Jun 30, 2017 10:33 am

Earl Lemongrab wrote:I haven't really tracked the coming and going of the offers closely enough to say.


Not sure if already mentioned, but how long from funding are free trades available at TD? Immediately or you have to wait/ask?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sat Jul 01, 2017 7:10 am

A number of brokerages have short term redemption fees on funds and ETFs (typically those held less than 90 days).

What happens when you do a transfer from (say) Broker A to B ? Will A access the short term redemption/trading fee (if within the 90 day window)? Assume the fund/ETF does not have to be sold, but can be transferred in-kind ? I know that some brokers will reimburse transfer fees, but I doubt they'll reimburse redemption fees.

Or is the short answer -- it depends on broker A ? In my case, broker A is Fido.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sat Jul 01, 2017 10:19 am

zeugmite wrote:
Earl Lemongrab wrote:I haven't really tracked the coming and going of the offers closely enough to say.


Not sure if already mentioned, but how long from funding are free trades available at TD? Immediately or you have to wait/ask?

Things at TDA tend to happen immediately upon funding.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Sat Jul 01, 2017 3:29 pm

SlowMovingInvestor wrote:A number of brokerages have short term redemption fees on funds and ETFs (typically those held less than 90 days).

What happens when you do a transfer from (say) Broker A to B ? Will A access the short term redemption/trading fee (if within the 90 day window)? Assume the fund/ETF does not have to be sold, but can be transferred in-kind ? I know that some brokers will reimburse transfer fees, but I doubt they'll reimburse redemption fees.

Or is the short answer -- it depends on broker A ? In my case, broker A is Fido.


I believe the short term trading fee will be assessed only if you sell, or if you give the order to liquidate during the transfer so Fidelity sells.

This link says "iShares ETFs and Fidelity ETFs are subject to a short-term trading fee by Fidelity if held less than 30 days."
https://www.fidelity.com/etfs/ishares

That's ambiguous, but still I wouldn't call a transfer in kind a trade so I do not expect to be assessed a "short term trading fee." If you've done a lot of trades recently you can use online chat to ask so you have a record of exactly what they told you.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by j9j » Sun Jul 09, 2017 3:03 pm

Just reporting that I received the $1k transfer bonus from MerrillEdge. The whole process was very easy. ME makes it extremely easy to transfer assets from other brokerages. I am enjoying the 100 free trades also. Thanks to Lemongrab and other posters for all the detailed information in this thread. I think i will be sticking with ME as my primary brokerage account.
Next is the CMA bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sun Jul 09, 2017 3:27 pm

Currently, if all brokerages stopped offering bonuses, I'd probably settle at Merrill Edge. It's just the best all-round deal for my needs. Someone else's needs might differ.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by privatefarmer » Sun Jul 09, 2017 3:46 pm

Earl Lemongrab wrote:Currently, if all brokerages stopped offering bonuses, I'd probably settle at Merrill Edge. It's just the best all-round deal for my needs. Someone else's needs might differ.


havent used ME before. I assume they allow you to hold vanguard etfs? thanks!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by *3!4!/5! » Sun Jul 09, 2017 3:54 pm

j9j wrote:Just reporting that I received the $1k transfer bonus from MerrillEdge. The whole process was very easy. ME makes it extremely easy to transfer assets from other brokerages. I am enjoying the 100 free trades also. Thanks to Lemongrab and other posters for all the detailed information in this thread. I think i will be sticking with ME as my primary brokerage account.
Next is the CMA bonus.
Earl Lemongrab wrote:Currently, if all brokerages stopped offering bonuses, I'd probably settle at Merrill Edge. It's just the best all-round deal for my needs. Someone else's needs might differ.

While MEdge seems easiest and most fee-free of the "for-profit" brokerages, in the absence of bonuses I would be 100% at Vanguard with no hesitation. (Actually I'm mostly stuck in employer plans, but when I'm free from that, I'd be going 100% at Vanguard, and it's only the prospect of bonuses that makes me consider other places.)

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student » Sun Jul 09, 2017 3:55 pm

privatefarmer wrote:
Earl Lemongrab wrote:Currently, if all brokerages stopped offering bonuses, I'd probably settle at Merrill Edge. It's just the best all-round deal for my needs. Someone else's needs might differ.


havent used ME before. I assume they allow you to hold vanguard etfs? thanks!

Yes. You can hold any ETF that is on the open market including those from Vanguard.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student » Sun Jul 09, 2017 3:56 pm

*3!4!/5! wrote:
j9j wrote:Just reporting that I received the $1k transfer bonus from MerrillEdge. The whole process was very easy. ME makes it extremely easy to transfer assets from other brokerages. I am enjoying the 100 free trades also. Thanks to Lemongrab and other posters for all the detailed information in this thread. I think i will be sticking with ME as my primary brokerage account.
Next is the CMA bonus.
Earl Lemongrab wrote:Currently, if all brokerages stopped offering bonuses, I'd probably settle at Merrill Edge. It's just the best all-round deal for my needs. Someone else's needs might differ.

While MEdge seems easiest and most fee-free of the "for-profit" brokerages, in the absence of bonuses I would be 100% at Vanguard with no hesitation. (Actually I'm mostly stuck in employer plans, but when I'm free from that, I'd be going 100% at Vanguard, and it's only the prospect of bonuses that makes me consider other places.)

I think many members like ME partly due to the Preferred Rewards program, thus getting extra on their credit card rewards.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Sun Jul 09, 2017 4:07 pm

privatefarmer wrote:havent used ME before. I assume they allow you to hold vanguard etfs? thanks!

ETFs are just equities. Pretty much any brokerage will allow you buy and sell the full complement of them, other than a few very thinly-traded ones. With ME and Preferred Rewards, there aren't any commissions for me.
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