The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by whodidntante » Sat Aug 17, 2019 1:07 am

JustinR wrote:
Sat Aug 17, 2019 1:01 am
whodidntante wrote:
Fri Aug 16, 2019 5:06 pm
Merrill requires one year between bonus payouts (confirmed by CSR) and there is a separate clock for IRAs and taxable accounts. Also, don't transfer exactly the same assets (same tickers same quantity) out and then back in. At least run a comb through its hair first.
Thank you! They were specific about the clock being about payouts? So you could start your bonus earlier as long as the payout is at least a year after the last bonus was paid?
The exact wording was "received a new account offer" so I took that to mean payout date.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder » Sat Aug 17, 2019 3:08 pm

GeraniumLover wrote:
Fri Aug 16, 2019 5:01 pm
That's too bad. If he was exiled, I hope it was by the mods and not God.
I can confirm that my old buddy is happy and healthy and not coming back.

If you need to discuss it with me PM of course.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Bronco Billy » Tue Aug 20, 2019 7:12 pm

Is there any bonus if you move from Vanguard to FIDO?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Tue Aug 20, 2019 7:20 pm

Bronco Billy wrote:
Tue Aug 20, 2019 7:12 pm
Is there any bonus if you move from Vanguard to FIDO?
Fidelity has mostly gotten out of bonus game, except for large accounts. If you are transferring millions they might bite.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Aug 20, 2019 7:31 pm

whodidntante wrote:
Tue Aug 20, 2019 7:20 pm
Bronco Billy wrote:
Tue Aug 20, 2019 7:12 pm
Is there any bonus if you move from Vanguard to FIDO?
Fidelity has mostly gotten out of bonus game, except for large accounts. If you are transferring millions they might bite.
And they seem to be once in a lifetime too, although they might make an exception for a really large account.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Bronco Billy » Tue Aug 20, 2019 8:02 pm

SlowMovingInvestor wrote:
Tue Aug 20, 2019 7:31 pm
whodidntante wrote:
Tue Aug 20, 2019 7:20 pm
Bronco Billy wrote:
Tue Aug 20, 2019 7:12 pm
Is there any bonus if you move from Vanguard to FIDO?
Fidelity has mostly gotten out of bonus game, except for large accounts. If you are transferring millions they might bite.
And they seem to be once in a lifetime too, although they might make an exception for a really large account.
I was thinking they might do something to get that Vanguard money.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Aug 20, 2019 8:06 pm

Bronco Billy wrote:
Tue Aug 20, 2019 8:02 pm
SlowMovingInvestor wrote:
Tue Aug 20, 2019 7:31 pm
whodidntante wrote:
Tue Aug 20, 2019 7:20 pm
Bronco Billy wrote:
Tue Aug 20, 2019 7:12 pm
Is there any bonus if you move from Vanguard to FIDO?
Fidelity has mostly gotten out of bonus game, except for large accounts. If you are transferring millions they might bite.
And they seem to be once in a lifetime too, although they might make an exception for a really large account.
I was thinking they might do something to get that Vanguard money.
Not if it comes with a Vanguard/Bogle like attitude of buying only very low cost index funds, and not using advisors :happy

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Tue Aug 20, 2019 8:09 pm

Bronco Billy wrote:
Tue Aug 20, 2019 8:02 pm
I was thinking they might do something to get that Vanguard money.
They decided to beat Vanguard at their own game. No account fees, no minimum investments, and lower expense ratios for those silly index funds. Then, when you decide to beat the market, you can just buy Contrafund! :twisted:

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Bronco Billy » Tue Aug 20, 2019 9:35 pm

:happy I really messed it up.
Last edited by Bronco Billy on Wed Aug 21, 2019 7:46 am, edited 3 times in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Bronco Billy » Wed Aug 21, 2019 7:43 am

I called FIDO and they do give you 300 trades if you move in over 50k and 500 trades if you move over 100k. Was told these are good for 2 years. I have a IRA and Roth ira with Fido now. ... and i do own contrafund also. :happy

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TD Ameritrade Bonus

Post by Admiral Fun » Wed Aug 28, 2019 7:19 am

Just transferred $250,000 to TDA and the bonus appeared right away. A few q’s

Can I transfer this bonus out right away or do I need to wait a year?

If I transfer the rest of the funds out after a year, can I leave $1 to avoid the $75 closure fee?

Thanks!

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Re: TD Ameritrade Bonus

Post by indexfundfan » Wed Aug 28, 2019 7:45 am

Admiral Fun wrote:
Wed Aug 28, 2019 7:19 am
Just transferred $250,000 to TDA and the bonus appeared right away. A few q’s

Can I transfer this bonus out right away or do I need to wait a year?

If I transfer the rest of the funds out after a year, can I leave $1 to avoid the $75 closure fee?

Thanks!
To play it safe, if you want to withdraw the bonus cash (e.g. $600), make sure you had transferred in at least $250,600 in securities.
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Re: TD Ameritrade Bonus

Post by pre » Wed Aug 28, 2019 10:13 am

Admiral Fun wrote:
Wed Aug 28, 2019 7:19 am
Just transferred $250,000 to TDA and the bonus appeared right away. A few q’s

Can I transfer this bonus out right away or do I need to wait a year?

If I transfer the rest of the funds out after a year, can I leave $1 to avoid the $75 closure fee?

Thanks!
Yes, can transfer out bonus immediately, but they'll withdraw it if you attempt to transfer out.

They'll get the transfer fee no matter what. If insufficient funds, they'll let you leave with a negative balance. Sometimes the receiving firm will reimburse, like Merrill. Else it will remain negative until you add funds or dividends are released

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Re: TD Ameritrade Bonus

Post by Admiral Fun » Wed Aug 28, 2019 12:30 pm

pre wrote:
Wed Aug 28, 2019 10:13 am
They'll get the transfer fee no matter what. If insufficient funds, they'll let you leave with a negative balance. Sometimes the receiving firm will reimburse, like Merrill. Else it will remain negative until you add funds or dividends are released
There are no fees for partial transfers, only complete transfers. That's why I was wondering if I could just keep $1 in the account to keep it open and avoid the transfer fee. I may go back to Vanguard, which will not reimburse.

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Re: TD Ameritrade Bonus

Post by pre » Wed Aug 28, 2019 11:22 pm

Admiral Fun wrote:
Wed Aug 28, 2019 12:30 pm
pre wrote:
Wed Aug 28, 2019 10:13 am
They'll get the transfer fee no matter what. If insufficient funds, they'll let you leave with a negative balance. Sometimes the receiving firm will reimburse, like Merrill. Else it will remain negative until you add funds or dividends are released
There are no fees for partial transfers, only complete transfers. That's why I was wondering if I could just keep $1 in the account to keep it open and avoid the transfer fee. I may go back to Vanguard, which will not reimburse.
Pardon me, this does appear to be the case when I transferred out an IRA, leaving a few dollars back in 2018.

It seems some firms will charge the full transfer/close few regardless of full or partial, like Chase

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder » Fri Aug 30, 2019 1:51 am

With that much your TDA account will qualify for Apex status which has no transfer out fees but you have to ask to have it applied.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz » Fri Aug 30, 2019 6:28 am

I transferred two accounts to Vanguard from TD and left a few cents in each because of their policy of charging $75 for a total withdrawal and no charge for a partial account transfer to another institution - sounds like a foolish policy that they might reconsider when they realize how many people are going to do transfers that way to avoid the $75 fee.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder » Fri Aug 30, 2019 4:49 pm

It's not a bad idea to leave a little in at least at first because TDA on total transfer TDA closes the account and cuts off online access so it you need any historical data or statements you have to contact them to get back in.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Fri Sep 06, 2019 10:10 am

It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Fri Sep 06, 2019 12:26 pm

Not a bad Schwab bonus,

https://www.schwab.com/public/schwab/nn ... spect.html

You do need a referral.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek » Fri Sep 06, 2019 1:29 pm

Please don't ask for one here. See: No Solicitation
Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Fri Sep 06, 2019 1:42 pm

SlowMovingInvestor wrote:
Fri Sep 06, 2019 12:26 pm
Not a bad Schwab bonus,

https://www.schwab.com/public/schwab/nn ... spect.html

You do need a referral.
A few years ago, I was told one bonus per lifetime, so if you got the easy $100 bonus before, you would not be eligible.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by frcabot » Fri Sep 06, 2019 4:08 pm

Got $900 from Merrill Edge for $250K (current bonus is $1000 for $200K) and then I offered to move over $2MM more and got another $3500 (matched with Ally, basically), for a total of $4400. They also reimbursed some (but not all) transfer fees (I think they reimbursed a total of $300 in transfer fees since I had money spread over a bunch of different brokerage accounts). Nice thing about ME is I get 100 free trades per month (which is a lot more than what I need) but I was able to unwind a bunch of positions for free after transfer, which I had been wanting to do. Also, preferred rewards platinum honors with BOA which makes their premium rewards CC a great deal (I think something like 2.62% cash back on all purchases and 3.5% on dining and travel, something like that), also a free security deposit box and various other gimmicks. Need to keep in account for 12 months. Merrill Edge's platform is pretty subpar compared to TD Ameritrade and Fidelity, but for basic ETF/stock trades it doesn't really make that much of a difference, and I didn't get free trades with TD or Fidelity. Besides, I still keep a TD Ameritrade with a nominal amount so I can still use their online platform for research, if desired. Important to note that the $3500 for $2MM is NOT on the website, so you'd have to call in and speak to someone to get this bonus.

ME pays a pittance on cash sweep so the important thing is not to keep a cash balance -- either keep positions in stocks / money markets / bonds or ME has I think a preferred deposit option on $100K with ~1.8%, not the best but not the worst for an insured deposit option. Better bet would be a purchased money market fund or ultra-short ETF like ICSH if you want “cash.”

Also ME tiered me in "Premium Elite" category, I actually don't think this means much if anything (can't find anything about it online) but supposedly I have a dedicated relationship manager I've never heard from. Pretty useless as I do all of my trading online but for those who seek big e-peens, I guess this could matter?
Last edited by frcabot on Mon Sep 09, 2019 4:13 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by frcabot » Fri Sep 06, 2019 4:42 pm

I'll also add that yes, I could have gotten much more if I had split up in $250K or so chunks between various brokerages, but it's such a pain to have to manage so many different accounts. Frankly, having everything with one brokerage company is much easier. I'm not really a churning kind of guy but if I get targeted offers later on to move $250K or so here and there a year or more from now I might bite, unless ME offers me some retention bonuses down the line. I do hope the ME platform and mobile apps improve though. If the free trades offer and/or the credit card bonus offer go away for Preferred Rewards, I will almost certainly jump ship, as I don't think ME offers anything special other than that, and BofA is absolutely one of the worst banks to deal with.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Eno Deb » Sat Sep 07, 2019 1:04 pm

frcabot wrote:
Fri Sep 06, 2019 4:08 pm
Merrill Edge's platform is pretty subpar compared to TD Ameritrade and Fidelity, but for basic ETF/stock trades it doesn't really make that much of a difference, and I didn't get free trades with TD or Fidelity.
Note that "Platinum Honor" status gets you free access to something called "Merrill Edge MarketPro", which I understand is a fancy trading platform. I haven't tried it though (since for me the standard web site is perfectly sufficient).
ME pays a pittance on cash sweep so the important thing is not to keep a cash balance -- either keep positions in stocks / money markets / bonds or ME has I think a preferred deposit option on $100K with ~2%, not the best but pretty competitive for an insured deposit options.
Yes, it's really a shame that they scrapped the money market sweep option last year. The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out. The other major issue I have with them is that their offering of money market funds is extremely limited. I'm now using ultra-short bond ETFs to park cash or transfer out to my Ally savings account (fortunately the ACH transfers are really fast).

Apart from that I'm quite happy with the package. I particularly like the credit card cashback booster. Tip: get their "Cash Rewards" card in addition to the "Premium Rewards". You can pick a category where it effectively yields 5.25% with "Platinum Honor" status. One of the categories is "online shopping", which applies to pretty much anything purchased online ...

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by frcabot » Sat Sep 07, 2019 1:44 pm

Eno Deb wrote:
Sat Sep 07, 2019 1:04 pm
frcabot wrote:
Fri Sep 06, 2019 4:08 pm
Merrill Edge's platform is pretty subpar compared to TD Ameritrade and Fidelity, but for basic ETF/stock trades it doesn't really make that much of a difference, and I didn't get free trades with TD or Fidelity.
Note that "Platinum Honor" status gets you free access to something called "Merrill Edge MarketPro", which I understand is a fancy trading platform. I haven't tried it though (since for me the standard web site is perfectly sufficient).
ME pays a pittance on cash sweep so the important thing is not to keep a cash balance -- either keep positions in stocks / money markets / bonds or ME has I think a preferred deposit option on $100K with ~2%, not the best but pretty competitive for an insured deposit options.
Yes, it's really a shame that they scrapped the money market sweep option last year. The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out. The other major issue I have with them is that their offering of money market funds is extremely limited. I'm now using ultra-short bond ETFs to park cash or transfer out to my Ally savings account (fortunately the ACH transfers are really fast).

Apart from that I'm quite happy with the package. I particularly like the credit card cashback booster. Tip: get their "Cash Rewards" card in addition to the "Premium Rewards". You can pick a category where it effectively yields 5.25% with "Platinum Honor" status. One of the categories is "online shopping", which applies to pretty much anything purchased online ...
I’ll look into that extra credit card, thank you. The “Marketpro” platform is pretty useless to me (and I imagine anyone who doesn’t do “technical analysis” (I.e. reading tea leaves), and needing to call in for it is just a pain. I’m supposed to get access to level 2 quotes which would be nice but there’s no way to sign up for that online, either.

As far as the preferred deposit option, needing to call in is a pain, I agree. I think a better option for very short term cash is to put it in something like ICSH or equivalent (with free ETF trades). Just keep in mind that ICSH is not an insured product, whereas I think the preferred deposit is. ICSH also yields more, but there’s a slightly higher risk.

As we are in an era of declining interest rates, however, even using something like VCIT or VCLT, or the government equivalents (EDV, etc.) or municipal equivalents (MUB, VTEB) is probably fairly-safe, at least in the near term. On the other hand, it’s possible some of the longer-duration options could go down in price if the Fed doesn’t continue to keep cutting rates as the market expects.

One has to be a little careful with the ETFs, if you sell at a loss, not to incur a wash sale.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Sat Sep 07, 2019 6:08 pm

tj wrote:
Fri Sep 06, 2019 1:42 pm
SlowMovingInvestor wrote:
Fri Sep 06, 2019 12:26 pm
Not a bad Schwab bonus,

https://www.schwab.com/public/schwab/nn ... spect.html

You do need a referral.
A few years ago, I was told one bonus per lifetime, so if you got the easy $100 bonus before, you would not be eligible.
The T&C for this offer don't mention that. In fact, they say

The bonus award, when combined with the value received from all other offers in the last 12 months, may not exceed $5,000 per household, as defined in the Charles Schwab Pricing Guide for Individual Investor

That would imply the opposite, that other bonuses don't disqualify you for this offer unless you've reached that threshold in the last 12 months.

ADDED: OTOH, they also say this

You must make a qualifying net deposit within 45 days of becoming a new Schwab client and enrolling in the offer.

That would imply you need to be new to Schwab.

Probably need to call Schwab to verify.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by foster918 » Sun Sep 08, 2019 6:39 pm

For most brokerages I've looked into lately, a $350,000 transfer would give a $600 transfer bonus.

Do any of you know of brokerages that would also cover the previous brokerage's transfer fee?

I'm looking for a good place to transfer to to help someone get the best deal and a great brokerage as well. Thanks.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder » Sun Sep 08, 2019 11:24 pm

250k I think you mean.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by pre » Sun Sep 08, 2019 11:55 pm

pre wrote:
Fri May 03, 2019 2:19 pm
tj wrote:
Fri May 03, 2019 2:01 pm
pre wrote:
Fri May 03, 2019 11:29 am
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable
Why not just leave the account open and empty?
That might be the route to take. Just called the CPC JPMS phone line and was told there shouldn't be a partial transfers fee...

Regardless, Merrill/TDA/ETrade/Schwab have always reimbursed without issue, fortunately
Word of caution for those considering Chase brokerage bonuses -- they charge a $75 outgoing fee for both partial and full transfer outs.

Thankfully most receiving firms still reimburse

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Direwolf14 » Mon Sep 09, 2019 10:14 am

indexfundfan wrote:
Fri Sep 06, 2019 10:10 am
It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
That's unfortunate news. I was waiting to call Fidelity until after my annuity surrender period expires, which is around mid-October. I'll still move the annuity, but will probably take my taxable account elsewhere if Fidelity is only offering free trades.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Katietsu » Mon Sep 09, 2019 10:51 am

Eno Deb wrote:
Sat Sep 07, 2019 1:04 pm
The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out.
You can now do this online. You must use a computer and not a mobile device. It is accessed through a drop down on the holdings page.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by frcabot » Mon Sep 09, 2019 4:06 pm

Katietsu wrote:
Mon Sep 09, 2019 10:51 am
Eno Deb wrote:
Sat Sep 07, 2019 1:04 pm
The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out.
You can now do this online. You must use a computer and not a mobile device. It is accessed through a drop down on the holdings page.
Does this include “opening” the preferred deposit or just moving funds in and out? Any benefit to preferred deposit over, say, a purchased money market or ultra short etf like ICSH? APY on Preferred Deposit I think right now is 1.82%, which isn’t particularly competitive.
Last edited by frcabot on Mon Sep 09, 2019 7:11 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Katietsu » Mon Sep 09, 2019 5:14 pm

frcabot wrote:
Mon Sep 09, 2019 4:06 pm
Katietsu wrote:
Mon Sep 09, 2019 10:51 am
Eno Deb wrote:
Sat Sep 07, 2019 1:04 pm
The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out.
You can now do this online. You must use a computer and not a mobile device. It is accessed through a drop down on the holdings page.
Does this include “opening” the preferred deposit or just moving funds in and out? Any benefit to preferred deposit over, say, a purchased money market or ultra short etf like ICSH? APY or Preferred Deposit I think right now is 1.82%, which isn’t particularly competitive.
Opening still must be done by phone as far as I know. The way I understand it, one advantage of the preferred deposit is that it is available immediately. Whereas the others take a day to settle. I know that this does not make a difference most of the time for most people.

Otherwise, I agree that the interest rate seems to lag other options.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sco » Mon Sep 09, 2019 9:24 pm

It doesn't look like anyone that offers a Solo 401k offers bonuses that cover them,

Etrade = non-retirement accounts only
Fidelity = Free trades
Vanguard = zero


Obviously the solution is to just put it in one of the IRA options, but that screws up a backdoor Roth with 1 year wait periods.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Eno Deb » Tue Sep 10, 2019 10:57 am

Katietsu wrote:
Mon Sep 09, 2019 10:51 am
Eno Deb wrote:
Sat Sep 07, 2019 1:04 pm
The preferred deposit option unfortunately requires a phone call every time you want to make a transfer in or out.
You can now do this online. You must use a computer and not a mobile device. It is accessed through a drop down on the holdings page.
Thanks, this is good to know. I may open an account next time I have $100k liquidity available. Hopefully they'll at some point allow using this as a cash sweep option for the brokerage account ...

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Direwolf14 » Sat Sep 14, 2019 8:02 am

indexfundfan wrote:
Fri Sep 06, 2019 10:10 am
It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
Spoke with Fidelity yesterday and got the same story... Only free trades or the $3k bonus for $5m transfer. No matching competitors' offers, but will reimburse transfer fees up to $100 per account if the account balance is over $25k.

The rep I spoke with strongly believed that Fidelity would never offer transfer bonuses again. His rationale was that Fidelity has transitioned to a low-cost platform and the margins are tighter. Also, he felt there were too many incidents of bonus chasing in the past.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Sat Sep 14, 2019 8:08 am

Direwolf14 wrote:
Sat Sep 14, 2019 8:02 am
indexfundfan wrote:
Fri Sep 06, 2019 10:10 am
It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
Spoke with Fidelity yesterday and got the same story... Only free trades or the $3k bonus for $5m transfer. No matching competitors' offers, but will reimburse transfer fees up to $100 per account if the account balance is over $25k.

The rep I spoke with strongly believed that Fidelity would never offer transfer bonuses again. His rationale was that Fidelity has transitioned to a low-cost platform and the margins are tighter. Also, he felt there were too many incidents of bonus chasing in the past.
I believe seeing Fidelity transfer bonuses as recently as March this year. So this new policy is around for only a short time. If Fidelity finds that it is not attracting / retaining assets, it might have to reverse this policy.

I was in contact with a Fidelity rep concerning a possible transfer. When he calls me for a followup, I am going to tell him I have decided to transfer to Etrade (or TDA) instead. He can feedback to his management about assets not going their way.
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MathIsMyWayr
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MathIsMyWayr » Sat Sep 14, 2019 8:14 am

Direwolf14 wrote:
Sat Sep 14, 2019 8:02 am
indexfundfan wrote:
Fri Sep 06, 2019 10:10 am
It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
Spoke with Fidelity yesterday and got the same story... Only free trades or the $3k bonus for $5m transfer. No matching competitors' offers, but will reimburse transfer fees up to $100 per account if the account balance is over $25k.

The rep I spoke with strongly believed that Fidelity would never offer transfer bonuses again. His rationale was that Fidelity has transitioned to a low-cost platform and the margins are tighter. Also, he felt there were too many incidents of bonus chasing in the past.
The brokerage transfer bonus program is self-defeating. Brokerage houses have to find money to pay out a few who chase after bonuses. Where is the money from? Simple, average investors. Bonus programs increase brokerage business expense which has to be spread out as ER. Investing has to be simple and boring. Transfer bonus programs do not sit well with this basic principle. I am glad Vanguard and Fidelity do not play the gimmick.

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

Post by jeffyscott » Sat Sep 14, 2019 8:25 am

Direwolf14 wrote:
Sat Sep 14, 2019 8:02 am
Also, he felt there were too many incidents of bonus chasing in the past.
This certainly makes sense, but I don't know why they would not just deal with it by not allowing repeats. Seems like brokerages could just not allow a bonus when someone moves money out and then wants to come back and get another bonus.

Amex did it with their credit cards, changed their standard policy to one bonus per lifetime on a given card. I really don't understand why other credit card companies have not followed Amex on this. While the others have also gotten somewhat more restrictive on bonuses, they do still allow repeats after something like just 2 years. While I am not an extreme card churner, it still makes no sense that they continue to reward me for getting "new" cards that are the same as what I canceled a few years ago.
Time is your friend; impulse is your enemy. - John C. Bogle

Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Sat Sep 14, 2019 8:42 am

jeffyscott wrote:
Sat Sep 14, 2019 8:25 am
Direwolf14 wrote:
Sat Sep 14, 2019 8:02 am
Also, he felt there were too many incidents of bonus chasing in the past.
This certainly makes sense, but I don't know why they would not just deal with it by not allowing repeats. Seems like brokerages could just not allow a bonus when someone moves money out and then wants to come back and get another bonus.

Amex did it with their credit cards, changed their standard policy to one bonus per lifetime on a given card. I really don't understand why other credit card companies have not followed Amex on this. While the others have also gotten somewhat more restrictive on bonuses, they do still allow repeats after something like just 2 years. While I am not an extreme card churner, it still makes no sense that they continue to reward me for getting "new" cards that are the same as what I canceled a few years ago.
I would guess that the banks who continue to allow multiple bonuses over and over have found that enough fall into their trap. End up generating enough bank revenue, as a group, to offset those who churn bonuses and dump without paying their way.

Direwolf14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Direwolf14 » Sat Sep 14, 2019 11:33 am

indexfundfan wrote:
Sat Sep 14, 2019 8:08 am
I believe seeing Fidelity transfer bonuses as recently as March this year. So this new policy is around for only a short time. If Fidelity finds that it is not attracting / retaining assets, it might have to reverse this policy.

I was in contact with a Fidelity rep concerning a possible transfer. When he calls me for a followup, I am going to tell him I have decided to transfer to Etrade (or TDA) instead. He can feedback to his management about assets not going their way.
I will do the same when Fidelity calls me back. ME offered $3500 for $2m without me even asking them to match Ally Invest. And this is after they already paid out $900 for $200k earlier this year on the 50% more preferred rewards offer.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Sat Sep 14, 2019 1:50 pm

MathIsMyWayr wrote:
Sat Sep 14, 2019 8:14 am
Direwolf14 wrote:
Sat Sep 14, 2019 8:02 am
indexfundfan wrote:
Fri Sep 06, 2019 10:10 am
It seems like Fidelity's cash bonuses have all dried up, except for a $3000 bonus for a $5m transfer.

I spoke to a rep and he said Fidelity is taking a hard stand on this -- only free trades, no bonuses and no matching competitors' offers.

Anyone managed to snag a cash bonus recently form Fidelity?
Spoke with Fidelity yesterday and got the same story... Only free trades or the $3k bonus for $5m transfer. No matching competitors' offers, but will reimburse transfer fees up to $100 per account if the account balance is over $25k.

The rep I spoke with strongly believed that Fidelity would never offer transfer bonuses again. His rationale was that Fidelity has transitioned to a low-cost platform and the margins are tighter. Also, he felt there were too many incidents of bonus chasing in the past.
The brokerage transfer bonus program is self-defeating. Brokerage houses have to find money to pay out a few who chase after bonuses. Where is the money from? Simple, average investors. Bonus programs increase brokerage business expense which has to be spread out as ER. Investing has to be simple and boring. Transfer bonus programs do not sit well with this basic principle. I am glad Vanguard and Fidelity do not play the gimmick.
Fidelity certainly does "play the gimmick".

They also have high expense funds and services. I am happy to have those customers subsidize my bonus and lower expense funds/etfs, as well as pay for the excellent customer service.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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

Post by placeholder » Sat Sep 14, 2019 4:40 pm

Bonus programs increase brokerage business expense which has to be spread out as ER.
This doesn't apply as most of the ones with bonuses like Edge Etrade and TDA have no funds to increase the ERs on.

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

Post by SlowMovingInvestor » Sat Sep 14, 2019 4:47 pm

Also, remember that Fidelity is a private company (although it does release results). It may not feel the compulsion to raise assets under management that public companies do.

Fidelity has been having record years too. So whatever they're doing is working …

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

Post by newenglandpat » Sat Sep 14, 2019 5:22 pm

frcabot wrote:
Fri Sep 06, 2019 4:08 pm
Got $900 from Merrill Edge for $250K (current bonus is $1000 for $200K) and then I offered to move over $2MM more and got another $3500 (matched with Ally, basically), for a total of $4400. They also reimbursed some (but not all) transfer fees (I think they reimbursed a total of $300 in transfer fees since I had money spread over a bunch of different brokerage accounts). Nice thing about ME is I get 100 free trades per month (which is a lot more than what I need) but I was able to unwind a bunch of positions for free after transfer, which I had been wanting to do. Also, preferred rewards platinum honors with BOA which makes their premium rewards CC a great deal (I think something like 2.62% cash back on all purchases and 3.5% on dining and travel, something like that), also a free security deposit box and various other gimmicks. Need to keep in account for 12 months. Merrill Edge's platform is pretty subpar compared to TD Ameritrade and Fidelity, but for basic ETF/stock trades it doesn't really make that much of a difference, and I didn't get free trades with TD or Fidelity. Besides, I still keep a TD Ameritrade with a nominal amount so I can still use their online platform for research, if desired. Important to note that the $3500 for $2MM is NOT on the website, so you'd have to call in and speak to someone to get this bonus.

ME pays a pittance on cash sweep so the important thing is not to keep a cash balance -- either keep positions in stocks / money markets / bonds or ME has I think a preferred deposit option on $100K with ~1.8%, not the best but not the worst for an insured deposit option. Better bet would be a purchased money market fund or ultra-short ETF like ICSH if you want “cash.”

Also ME tiered me in "Premium Elite" category, I actually don't think this means much if anything (can't find anything about it online) but supposedly I have a dedicated relationship manager I've never heard from. Pretty useless as I do all of my trading online but for those who seek big e-peens, I guess this could matter?
how do you get to 2.62% back with BOA cash rewards card? I see (below) 1% unlimited, 3% (up to $2500/qtr) for online making preferred rewards = 1.75% everything and 5.25% for online

Cash Rewards
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings
2% cash back at grocery stores and wholesale clubs
1% cash back on all other purchases
Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
No expiration on rewards
Go to the Mobile Banking app or to Online Banking to change choice category for future purchases once each calendar month, or make no changes and it stays the same

808
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 808 » Sat Sep 14, 2019 5:28 pm

newenglandpat wrote:
Sat Sep 14, 2019 5:22 pm
how do you get to 2.62% back with BOA cash rewards card? I see (below) 1% unlimited, 3% (up to $2500/qtr) for online making preferred rewards = 1.75% everything and 5.25% for online
Premium Rewards credit card
2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.

2.0 * 1.75 = 3.5%
1.5 * 1.75 = 2.62%

Combine this card with the Cash Rewards for 5.25% in one category (per card, you can have more than one).

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

Post by newenglandpat » Sat Sep 14, 2019 5:46 pm

808 wrote:
Sat Sep 14, 2019 5:28 pm
newenglandpat wrote:
Sat Sep 14, 2019 5:22 pm
how do you get to 2.62% back with BOA cash rewards card? I see (below) 1% unlimited, 3% (up to $2500/qtr) for online making preferred rewards = 1.75% everything and 5.25% for online
Premium Rewards credit card
2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.

2.0 * 1.75 = 3.5%
1.5 * 1.75 = 2.62%

Combine this card with the Cash Rewards for 5.25% in one category (per card, you can have more than one).
true, but is the $95/year fee worth it?? I've never paid a penny for credit card fees...EVER!!

808
Posts: 53
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by 808 » Sat Sep 14, 2019 5:58 pm

newenglandpat wrote:
Sat Sep 14, 2019 5:46 pm
808 wrote:
Sat Sep 14, 2019 5:28 pm
newenglandpat wrote:
Sat Sep 14, 2019 5:22 pm
how do you get to 2.62% back with BOA cash rewards card? I see (below) 1% unlimited, 3% (up to $2500/qtr) for online making preferred rewards = 1.75% everything and 5.25% for online
Premium Rewards credit card
2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.

2.0 * 1.75 = 3.5%
1.5 * 1.75 = 2.62%

Combine this card with the Cash Rewards for 5.25% in one category (per card, you can have more than one).
true, but is the $95/year fee worth it?? I've never paid a penny for credit card fees...EVER!!
You are eligible for a statement credit of up to $100 each calendar year if you make qualifying airline incidental fee transactions. To qualify, you must use your Premium Rewards® credit card to pay all airline incidental fee transactions.
If you travel and typically have incidental charges, then it's a slight gain; pay $95 for $100 in credits per year. You have to decide if it's worth it. There is also reimbursement of TSA Pre or Global Entry once every 4 years.

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

Post by newenglandpat » Sat Sep 14, 2019 6:09 pm

Yeah, I have to think about this. I'm the guy who flies Spirit, Frontier or United basic(yikes-they are the absolute worst!), bring my own food, (been stopped by TSA cause the screener wanted to check out the large grilled chicken breast sandwich in my backpack!) empty water bottle and play the random seat game. My kids even make fun of me for flying this way! I suppose the $500 bonus is worth it enough to tip the scales here but knowing me I would have to figure out the best use of the $100 incidental fee reimbursement- probably for seat assignments on United when they are the cheapest for my route...

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