The Final, Definitive Thread on Brokerage Transfer Bonuses

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
The Big Apple
Posts: 70
Joined: Mon Jul 30, 2018 9:28 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by The Big Apple »

SlowMovingInvestor wrote: Thu Jan 07, 2021 4:50 pm This post earlier in the thread

viewtopic.php?p=5598190#p5598190

OP hasn't updated yet on whether the bonus has been credited
As of today, the bonus has not yet been credited, but one of my milestones just passed, and knowing Citi, they will take the maximum amount of time to process the bonus. I will post back once I receive the bonus. Looking at the Terms and Conditions, I expect they will take the maximum time because it appears to be manual - for example, the funds have to be new to Citibank and funds from a Citibank Checking account is not new to bank funds. However, a person can deposit new-to-bank funds into their Citibank Checking account, and then transfer it to their investment account, and then it would count. It seems that someone is probably going to have to look at the account activity to check to see if you met the terms.

Oddly enough, it looks like they changed the promotion slightly, so 'existing' accounts are eligible, but must be new-to-bank funds, but then it also says 'one per customer'. I might reach out to see if the January - June 2021 promotion is considered separate from the one from last year (e.g. if I transfer more funds, can I enroll again in the existing account).
User avatar
cookymonster
Posts: 318
Joined: Wed Nov 05, 2014 11:22 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cookymonster »

I’m working on the Citi PWM bonus. Getting the account established was a long, painful series of phone calls and docusigns. They told me they were having long delays in account setups due to COVID. I had given up on it before I heard from the rep about a month later.

I moved in $50k, and that is the most I would recommend doing. The interface is very basic. A lot of functionality is missing, such as settings to change dividend reinvestment, transfer out to bank via ACH, etc. When I get a dividend in March, I am not sure if it will be reinvested or not. I haven’t felt like calling them again to deal with it.
User avatar
whodidntante
Posts: 13088
Joined: Thu Jan 21, 2016 10:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

Mike14 wrote: Thu Jan 07, 2021 12:04 pm
whodidntante wrote: Fri Jan 01, 2021 11:27 am TradeStation has a deposit promo active right now. It appears to be available to new or existing customers.
https://www.tradestation.com/promo/cash-reward/

Code: Select all

Cash Reward	Qualifying Assets	
$50 $5,000	
$200 $25,000	
$300 $100,000	
$600 $200,000	
$1,200 $500,000	
$2,500 $1,000,000	
$3,500 $2,000,000	
$5,000 $5,000,000	
I have an account at TradeStation. The platform is fine, however, I hereby aware you that TradeStation is not an "everything is free" broker. You can avoid fees but you need to pay attention to the choices you are making. Look at the types of accounts they have and don't subscribe to data feeds that involve a charge, and understand what you are able to do free of charge.
Do they accept Vanguard mutual funds?
They claim to. https://www.tradestation.com/trading-pr ... utualfunds
Obviously, if you going to maximize your bonus game, you want to convert to ETFs if you can.
User avatar
whodidntante
Posts: 13088
Joined: Thu Jan 21, 2016 10:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

cookymonster wrote: Thu Jan 07, 2021 6:32 pm I’m working on the Citi PWM bonus. Getting the account established was a long, painful series of phone calls and docusigns. They told me they were having long delays in account setups due to COVID. I had given up on it before I heard from the rep about a month later.

I moved in $50k, and that is the most I would recommend doing. The interface is very basic. A lot of functionality is missing, such as settings to change dividend reinvestment, transfer out to bank via ACH, etc. When I get a dividend in March, I am not sure if it will be reinvested or not. I haven’t felt like calling them again to deal with it.
I have been following reports from people who are completing this offer and I have done other Citi offers in the past. Citi is the worst bank in the world.
mggray17
Posts: 231
Joined: Thu Feb 11, 2010 7:09 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by mggray17 »

stilllurking wrote: Thu Jan 07, 2021 2:28 pm
mggray17 wrote: Thu Jan 07, 2021 2:00 pm I'm getting ready to open a Schwab Roth IRA account to diversify my holdings.
Can anyone PM me a Schwab referral code?

Thanks.
Sent
stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
stilllurking
Posts: 580
Joined: Mon Jun 16, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stilllurking »

mggray17 wrote: Fri Jan 08, 2021 6:14 am stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
Resent another code to you.
hmw
Posts: 1246
Joined: Sun Mar 02, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

Pow wrote: Wed Jan 06, 2021 2:03 pm
BuddyJet wrote: Mon Jan 04, 2021 11:08 am With the concern over transfer of basis to E*Trade, I finally had an issue that was easily resolved.

My securities were received on 12/09 but the basis did not get updated to actual. I called the E*Trade basis team at 877-921-2434, they saw the basis in another of their systems and updated the updated basis was visible online in a few minutes.
I’m also going through this. Reps are very unhelpful, mostly giving canned responses. I tried secure message (completely useless) and calling main number. Will try the number you provided next.
I had the exact experience. Whoever answered their secure message has been completely useless.
hmw
Posts: 1246
Joined: Sun Mar 02, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hmw »

hmw wrote: Fri Jan 08, 2021 10:05 am
Pow wrote: Wed Jan 06, 2021 2:03 pm
BuddyJet wrote: Mon Jan 04, 2021 11:08 am With the concern over transfer of basis to E*Trade, I finally had an issue that was easily resolved.

My securities were received on 12/09 but the basis did not get updated to actual. I called the E*Trade basis team at 877-921-2434, they saw the basis in another of their systems and updated the updated basis was visible online in a few minutes.
I’m also going through this. Reps are very unhelpful, mostly giving canned responses. I tried secure message (completely useless) and calling main number. Will try the number you provided next.
I had the exact experience. Whoever answered their secure message has been completely useless.
I just called the 877-921-2434. It was about a 20 min hold but the rep was able to find the cost basis for me.

Thanks BuddyJet!
mggray17
Posts: 231
Joined: Thu Feb 11, 2010 7:09 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by mggray17 »

stilllurking wrote: Fri Jan 08, 2021 7:03 am
mggray17 wrote: Fri Jan 08, 2021 6:14 am stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
Resent another code to you.
Thanks again, Stilllurking,

I'm chatted with a Schwab rep and am now setup for the bonus. I Initiated a $1000 deposit for my 2021 Roth in my new account. Rep said great you'll get your $100 bonus after 45 days. I said I'm going to transfer 100K+ within the 45 days for the $500 bonus. He said it is only for the initial deposit, so he canceled my $1000 deposit, so i can make my ROTH transfer as my initial deposit. I say okay sounds good.

Schwab FAQ says:

Q. Why should I deposit sooner than the 45 days.....?

A. We wanted to provide an amount of time to deposit that didn't feel rushed. Many of our clients make multiple deposits within the qualifying period to "level up" to the next reward tier. Also – it is always good to get invested sooner.

So I received a little misinformation from the Schwab Rep, but no harm done.
stilllurking
Posts: 580
Joined: Mon Jun 16, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stilllurking »

mggray17 wrote: Fri Jan 08, 2021 1:13 pm
stilllurking wrote: Fri Jan 08, 2021 7:03 am
mggray17 wrote: Fri Jan 08, 2021 6:14 am stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
Resent another code to you.
Thanks again, Stilllurking,

I'm chatted with a Schwab rep and am now setup for the bonus. I Initiated a $1000 deposit for my 2021 Roth in my new account. Rep said great you'll get your $100 bonus after 45 days. I said I'm going to transfer 100K+ within the 45 days for the $500 bonus. He said it is only for the initial deposit, so he canceled my $1000 deposit, so i can make my ROTH transfer as my initial deposit. I say okay sounds good.

Schwab FAQ says:

Q. Why should I deposit sooner than the 45 days.....?

A. We wanted to provide an amount of time to deposit that didn't feel rushed. Many of our clients make multiple deposits within the qualifying period to "level up" to the next reward tier. Also – it is always good to get invested sooner.

So I received a little misinformation from the Schwab Rep, but no harm done.
Good to know. I'll keep that in mind if we can churn Schwab bonuses. I got my $500 last year and just completed backdoor Roth on Tuesday. Looking for the next destination for these accounts.
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

hmw wrote: Fri Jan 08, 2021 10:34 am
hmw wrote: Fri Jan 08, 2021 10:05 am
Pow wrote: Wed Jan 06, 2021 2:03 pm
BuddyJet wrote: Mon Jan 04, 2021 11:08 am With the concern over transfer of basis to E*Trade, I finally had an issue that was easily resolved.

My securities were received on 12/09 but the basis did not get updated to actual. I called the E*Trade basis team at 877-921-2434, they saw the basis in another of their systems and updated the updated basis was visible online in a few minutes.
I’m also going through this. Reps are very unhelpful, mostly giving canned responses. I tried secure message (completely useless) and calling main number. Will try the number you provided next.
I had the exact experience. Whoever answered their secure message has been completely useless.
I just called the 877-921-2434. It was about a 20 min hold but the rep was able to find the cost basis for me.

Thanks BuddyJet!
Glad your luck was good also. I added the number to my contact list in case I need it again. The number came from my account rep but they don’t seem to publicize it.
People say nothing is impossible. I do nothing all day.
RVdreamin
Posts: 53
Joined: Sat Oct 27, 2012 6:02 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by RVdreamin »

We attempted the CITI PWM bonus but have finally given up. After several phone calls plus 3 separate attempts at DocuSigning the application it never worked. We provided feedback to our contact at CITI who said this has happened numerous times.

FYI, we're also working on the CITI checking/savings account bonus...should payoff before the end of January!

After that payout, it may be time to stop chasing bonuses and consolidate/simplify accounts. We'll see what offers are out there.
neilpilot
Posts: 5003
Joined: Fri Dec 04, 2015 12:46 pm
Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot »

RVdreamin wrote: Sun Jan 10, 2021 5:51 pm We attempted the CITI PWM bonus but have finally given up. After several phone calls plus 3 separate attempts at DocuSigning the application it never worked. We provided feedback to our contact at CITI who said this has happened numerous times.

FYI, we're also working on the CITI checking/savings account bonus...should payoff before the end of January!

After that payout, it may be time to stop chasing bonuses and consolidate/simplify accounts. We'll see what offers are out there.
Am I the only one who thinks "After that payout, it may be time to stop chasing bonuses and consolidate/simplify accounts." is a funny contradiction to "We'll see what offers are out there."?
stilllurking
Posts: 580
Joined: Mon Jun 16, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stilllurking »

For Merrill Edge bonuses, are bonuses credited to a Roth IRA if that was the account transferred? I also have a CMA there. Also, will the bonus be counted as a contribution or earnings? Their site stated that it could be either in the eyes of the IRS.

I have a note into my Rep but wanted to get first hand responses.
Last edited by stilllurking on Sun Jan 10, 2021 7:31 pm, edited 1 time in total.
SlowMovingInvestor
Posts: 3482
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

neilpilot wrote: Sun Jan 10, 2021 6:27 pm
RVdreamin wrote: Sun Jan 10, 2021 5:51 pm We attempted the CITI PWM bonus but have finally given up. After several phone calls plus 3 separate attempts at DocuSigning the application it never worked. We provided feedback to our contact at CITI who said this has happened numerous times.

FYI, we're also working on the CITI checking/savings account bonus...should payoff before the end of January!

After that payout, it may be time to stop chasing bonuses and consolidate/simplify accounts. We'll see what offers are out there.
Am I the only one who thinks "After that payout, it may be time to stop chasing bonuses and consolidate/simplify accounts." is a funny contradiction to "We'll see what offers are out there."?
Not really. One might want to consolidate at a brokerage that offers the best deal to consolidate, especially if it's a large sum.
SlowMovingInvestor
Posts: 3482
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

RVdreamin wrote: Sun Jan 10, 2021 5:51 pm We attempted the CITI PWM bonus but have finally given up. After several phone calls plus 3 separate attempts at DocuSigning the application it never worked. We provided feedback to our contact at CITI who said this has happened numerous times.

FYI, we're also working on the CITI checking/savings account bonus...should payoff before the end of January!
I've collected Citi checking/savings account bonuses before. They do pay out, but generally at the very end of the promised period.

I don't trust their brokerage frankly. I doubt they have many customers, and I wouldn't be surprised if they screw up transfer or cost basis too.

I wonder if it might be easier if one has a local Citi ? I don't really have a local Citi, but I do have one within 2 hrs.
User avatar
galawdawg
Posts: 5231
Joined: Thu Dec 14, 2017 11:59 am
Location: Georgia

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by galawdawg »

stilllurking wrote: Fri Jan 08, 2021 1:24 pm
mggray17 wrote: Fri Jan 08, 2021 1:13 pm
stilllurking wrote: Fri Jan 08, 2021 7:03 am
mggray17 wrote: Fri Jan 08, 2021 6:14 am stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
Resent another code to you.
Thanks again, Stilllurking,

I'm chatted with a Schwab rep and am now setup for the bonus. I Initiated a $1000 deposit for my 2021 Roth in my new account. Rep said great you'll get your $100 bonus after 45 days. I said I'm going to transfer 100K+ within the 45 days for the $500 bonus. He said it is only for the initial deposit, so he canceled my $1000 deposit, so i can make my ROTH transfer as my initial deposit. I say okay sounds good.

Schwab FAQ says:

Q. Why should I deposit sooner than the 45 days.....?

A. We wanted to provide an amount of time to deposit that didn't feel rushed. Many of our clients make multiple deposits within the qualifying period to "level up" to the next reward tier. Also – it is always good to get invested sooner.

So I received a little misinformation from the Schwab Rep, but no harm done.
Good to know. I'll keep that in mind if we can churn Schwab bonuses. I got my $500 last year and just completed backdoor Roth on Tuesday. Looking for the next destination for these accounts.
Sorry if I missed some information, but what type of bonus offer does a Schwab referral code get a new customer? Are their tiers for different funding levels?
stilllurking
Posts: 580
Joined: Mon Jun 16, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stilllurking »

galawdawg wrote: Mon Jan 11, 2021 8:56 am
stilllurking wrote: Fri Jan 08, 2021 1:24 pm
mggray17 wrote: Fri Jan 08, 2021 1:13 pm
stilllurking wrote: Fri Jan 08, 2021 7:03 am
mggray17 wrote: Fri Jan 08, 2021 6:14 am stilllurking,

Thanks for the referral link. Unfortunately, when I went to open the account I got a message "This promotion has expired." Even though it still comes up on the Schwab page when you search for the bonus information. So I do not know if the link was bad or the bonus promotion is no longer available.
I went ahead and opened an account. Perhaps I'll get in the touch with customer service after I make an initial funding. It is for a Roth IRA. I have another 100K+ Roth at Vanguard to move over, if the bonus is still available.
Resent another code to you.
Thanks again, Stilllurking,

I'm chatted with a Schwab rep and am now setup for the bonus. I Initiated a $1000 deposit for my 2021 Roth in my new account. Rep said great you'll get your $100 bonus after 45 days. I said I'm going to transfer 100K+ within the 45 days for the $500 bonus. He said it is only for the initial deposit, so he canceled my $1000 deposit, so i can make my ROTH transfer as my initial deposit. I say okay sounds good.

Schwab FAQ says:

Q. Why should I deposit sooner than the 45 days.....?

A. We wanted to provide an amount of time to deposit that didn't feel rushed. Many of our clients make multiple deposits within the qualifying period to "level up" to the next reward tier. Also – it is always good to get invested sooner.

So I received a little misinformation from the Schwab Rep, but no harm done.
Good to know. I'll keep that in mind if we can churn Schwab bonuses. I got my $500 last year and just completed backdoor Roth on Tuesday. Looking for the next destination for these accounts.
Sorry if I missed some information, but what type of bonus offer does a Schwab referral code get a new customer? Are their tiers for different funding levels?
Net Deposit Bonus Award
$1,000–$24,999 $100
$25,000–$49,999 $200
$50,000–$99,999 $300
$100,000+ $500
User avatar
galawdawg
Posts: 5231
Joined: Thu Dec 14, 2017 11:59 am
Location: Georgia

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by galawdawg »

stilllurking wrote: Mon Jan 11, 2021 9:00 am Net Deposit Bonus Award
$1,000–$24,999 $100
$25,000–$49,999 $200
$50,000–$99,999 $300
$100,000+ $500
Thanks!
snowman
Posts: 1477
Joined: Thu Jan 31, 2013 11:59 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman »

stilllurking wrote: Sun Jan 10, 2021 7:05 pm For Merrill Edge bonuses, are bonuses credited to a Roth IRA if that was the account transferred? I also have a CMA there. Also, will the bonus be counted as a contribution or earnings? Their site stated that it could be either in the eyes of the IRS.

I have a note into my Rep but wanted to get first hand responses.
It's just earnings, and there is no 1099, so it's like it never happened. You get free money deposited into your account that will never be taxed. It's a great deal!
stilllurking
Posts: 580
Joined: Mon Jun 16, 2014 10:44 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by stilllurking »

snowman wrote: Mon Jan 11, 2021 9:23 am
stilllurking wrote: Sun Jan 10, 2021 7:05 pm For Merrill Edge bonuses, are bonuses credited to a Roth IRA if that was the account transferred? I also have a CMA there. Also, will the bonus be counted as a contribution or earnings? Their site stated that it could be either in the eyes of the IRS.

I have a note into my Rep but wanted to get first hand responses.
It's just earnings, and there is no 1099, so it's like it never happened. You get free money deposited into your account that will never be taxed. It's a great deal!
Thanks for confirming snowman.
radiowave
Posts: 3342
Joined: Thu Apr 30, 2015 5:01 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by radiowave »

mggray17 wrote: Thu Jan 07, 2021 2:00 pm I'm getting ready to open a Schwab Roth IRA account to diversify my holdings.
Can anyone PM me a Schwab referral code?

Thanks.
Same consideration, considering moving to Schwab: tIRA x 2 and possibly taxable account. What are options for transfer bonus and covering transfer fee (approx $100).

thanks
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page
User avatar
whodidntante
Posts: 13088
Joined: Thu Jan 21, 2016 10:11 pm
Location: outside the echo chamber

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

[quoted post removed by admin LadyGeek]

This an excellent bonus at the 100k level. I hereby submit my Boglehead IB survival guide:

1. Calling IB is almost certainly a poor decision. They have more information on their website than your other broker did. Go find it and do everything online.
2. Seriously, see #1. :happy
3. A standard-issue Boglehead will want IBKR Lite.
4. Review your data subscriptions to confirm you aren't subscribed to anything that comes with a monthly cost.
5. If you just want to trade ETFs, you can do that with either the website or the app.
6. Be aware that only the first monthly withdrawal is free (including a wire transfer) and plan accordingly.
7. IB is not an "everything is free" broker. But it can be free for you. Did you see #1? :happy
User avatar
LadyGeek
Site Admin
Posts: 95466
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I removed an off-topic post and reply regarding a referral link. As a reminder, see: No Solicitation
Please do not solicit business or website traffic on this forum.

* Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Jags4186 »

My wife has an old 401k with $154k in it. Is the Schwab $500 for a $100k the best deal for this? She is 100% VTSAX—will Schwab take that in kind or will I have to cash out and purchase the ETF?
User avatar
BrandonBogle
Posts: 4467
Joined: Mon Jan 28, 2013 10:19 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

Jags4186 wrote: Mon Jan 11, 2021 11:02 am My wife has an old 401k with $154k in it. Is the Schwab $500 for a $100k the best deal for this? She is 100% VTSAX—will Schwab take that in kind or will I have to cash out and purchase the ETF?
Assuming her 401k is not at Schwab, no, she cannot move it to Schwab in-kind directly. However, she can get a rollover IRA at the existing provider and either move in-kind there, or immediately rebuy VTSAX if a liquidation is required. Once in an IRA, yes, it can move to Schwab in-kind.

And yes, I’m aware Jags can move to Schwab without the middle-step of a rollover IRA at the existing custodian, but then Jags’ wife is out of the market while the check gets there.
SEAworld9
Posts: 180
Joined: Fri Jun 23, 2017 10:13 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SEAworld9 »

SEAworld9 wrote: Mon Oct 05, 2020 10:12 pm In the middle of the JPM private client $2k offer. Process has been super simple and straightforward. Closest branch is 3 blocks from home so that helps too, and the reps are very friendly and not sales-y at all.
following up; got the bonus on 1/12 so it's pretty timely. super easy process.

on to the next....
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

Talked to my Schwab rep and they agreed to match M1 Finance's $2.5k for $1MM and $3.5k for $2MM. YMMV but may be worth a call.
People say nothing is impossible. I do nothing all day.
tryingmybest
Posts: 49
Joined: Tue Nov 04, 2008 11:23 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tryingmybest »

by BuddyJet » Tue Jan 19, 2021 3:07 pm
Talked to my Schwab rep and they agreed to match M1 Finance's $2.5k for $1MM and $3.5k for $2MM. YMMV but may be worth a call.
Was the Schwab match for depositing new funds of $1MM or $2MM into your Schwab account? Or was the match for not moving $1MM or $2MM that you already had in Schwab?
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

tryingmybest wrote: Tue Jan 19, 2021 2:47 pm
by BuddyJet » Tue Jan 19, 2021 3:07 pm
Talked to my Schwab rep and they agreed to match M1 Finance's $2.5k for $1MM and $3.5k for $2MM. YMMV but may be worth a call.
Was the Schwab match for depositing new funds of $1MM or $2MM into your Schwab account? Or was the match for not moving $1MM or $2MM that you already had in Schwab?
Moving new money into my existing Schwab account from outside.
People say nothing is impossible. I do nothing all day.
caklim00
Posts: 2420
Joined: Mon May 26, 2008 10:09 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by caklim00 »

whodidntante wrote: Thu Jan 07, 2021 6:33 pm
Mike14 wrote: Thu Jan 07, 2021 12:04 pm
whodidntante wrote: Fri Jan 01, 2021 11:27 am TradeStation has a deposit promo active right now. It appears to be available to new or existing customers.
https://www.tradestation.com/promo/cash-reward/

Code: Select all

Cash Reward	Qualifying Assets	
$50 $5,000	
$200 $25,000	
$300 $100,000	
$600 $200,000	
$1,200 $500,000	
$2,500 $1,000,000	
$3,500 $2,000,000	
$5,000 $5,000,000	
I have an account at TradeStation. The platform is fine, however, I hereby aware you that TradeStation is not an "everything is free" broker. You can avoid fees but you need to pay attention to the choices you are making. Look at the types of accounts they have and don't subscribe to data feeds that involve a charge, and understand what you are able to do free of charge.
Do they accept Vanguard mutual funds?
They claim to. https://www.tradestation.com/trading-pr ... utualfunds
Obviously, if you going to maximize your bonus game, you want to convert to ETFs if you can.
Tradestation takes awhile for the bonus. I asked since I hadn't seen it yet and I transferred ij back in August and got the following response:

Code: Select all

The cash credit will be applied to your account 270 days after funding as long as the account is still active.
rich126
Posts: 4453
Joined: Thu Mar 01, 2018 3:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rich126 »

caklim00 wrote: Wed Jan 20, 2021 3:58 pm
whodidntante wrote: Thu Jan 07, 2021 6:33 pm
Mike14 wrote: Thu Jan 07, 2021 12:04 pm
whodidntante wrote: Fri Jan 01, 2021 11:27 am TradeStation has a deposit promo active right now. It appears to be available to new or existing customers.
https://www.tradestation.com/promo/cash-reward/

Code: Select all

Cash Reward	Qualifying Assets	
$50 $5,000	
$200 $25,000	
$300 $100,000	
$600 $200,000	
$1,200 $500,000	
$2,500 $1,000,000	
$3,500 $2,000,000	
$5,000 $5,000,000	
I have an account at TradeStation. The platform is fine, however, I hereby aware you that TradeStation is not an "everything is free" broker. You can avoid fees but you need to pay attention to the choices you are making. Look at the types of accounts they have and don't subscribe to data feeds that involve a charge, and understand what you are able to do free of charge.
Do they accept Vanguard mutual funds?
They claim to. https://www.tradestation.com/trading-pr ... utualfunds
Obviously, if you going to maximize your bonus game, you want to convert to ETFs if you can.
Tradestation takes awhile for the bonus. I asked since I hadn't seen it yet and I transferred ij back in August and got the following response:

Code: Select all

The cash credit will be applied to your account[b] 270 days after funding as long as the account is still active[/b].
9 months? That is crazy.
----------------------------- | If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
J295
Posts: 3399
Joined: Sun Jan 01, 2012 10:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by J295 »

Thinking about rolling over my 401(k) that is at Fidelity in to Schwab in order to get the $2.5 bonus. It’s still maintained at Fido with my former employer, and I’m retired.

Will the bonus be reported as income? Will it be deposited in the rollover IRA or elsewhere ?

We’ve been with Fidelity nearly 40 years and it’s been great. We will keep our other accounts there. Having said that, is Schwab ok?

The rollover IRA will hold four positions and may used once a year to alter positions to satisfy asset allocation adjustments.

Thanks
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

J295 wrote: Wed Jan 20, 2021 6:42 pm Thinking about rolling over my 401(k) that is at Fidelity in to Schwab in order to get the $2.5 bonus. It’s still maintained at Fido with my former employer, and I’m retired.

Will the bonus be reported as income? Will it be deposited in the rollover IRA or elsewhere ?

We’ve been with Fidelity nearly 40 years and it’s been great. We will keep our other accounts there. Having said that, is Schwab ok?

The rollover IRA will hold four positions and may used once a year to alter positions to satisfy asset allocation adjustments.

Thanks
My Schwab bonus confirmation email said that IRA accounts are not eligible so be sure your offer allows IRAs.

Like you, I prefer Fidelity but Schwab is OK. You will just have to learn a new website but it isn’t bad just different.
People say nothing is impossible. I do nothing all day.
sc9182
Posts: 2165
Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

BuddyJet wrote: Wed Jan 20, 2021 7:02 pm
J295 wrote: Wed Jan 20, 2021 6:42 pm Thinking about rolling over my 401(k) that is at Fidelity in to Schwab in order to get the $2.5 bonus. It’s still maintained at Fido with my former employer, and I’m retired.

Will the bonus be reported as income? Will it be deposited in the rollover IRA or elsewhere ?

We’ve been with Fidelity nearly 40 years and it’s been great. We will keep our other accounts there. Having said that, is Schwab ok?

The rollover IRA will hold four positions and may used once a year to alter positions to satisfy asset allocation adjustments.

Thanks
My Schwab bonus confirmation email said that IRA accounts are not eligible so be sure your offer allows IRAs.

Like you, I prefer Fidelity but Schwab is OK. You will just have to learn a new website but it isn’t bad just different.
Just ensure talk to a “specific” account Rep - and get email confirmation that Rollover IRA is eligible for bonus $$.

With that said - Schwab is almost as good as Fidelity (some areas Fidelity does better imho - especially with customer service and their deep knowledge and promptness to assist you).

I’ve got the cash bonus $$ deposited in “Rollover-IRA” account itself (transaction labeled as: “Misc Credits”). So, no need for 1099/tax issues.
J295
Posts: 3399
Joined: Sun Jan 01, 2012 10:40 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by J295 »

Thank you !!
User avatar
tarnation
Posts: 2544
Joined: Thu Apr 26, 2007 12:36 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tarnation »

This is a long thread. I will need to recontribute 33k ( for this year ) from a COVID related distribution. Who’s got the best current deal for that level?
Image
placeholder
Posts: 8371
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

tarnation wrote: Thu Jan 21, 2021 1:41 pm This is a long thread. I will need to recontribute 33k ( for this year ) from a COVID related distribution. Who’s got the best current deal for that level?
This etrade offer would give you 200 for that:

https://us.etrade.com/what-we-offer/how-it-works/promo
jimf
Posts: 11
Joined: Mon Mar 12, 2018 6:05 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jimf »

I have $150k in Ally savings waiting to pay off my wife's student loans once forbearance ends on 9/30. I'm planning to put $50k into Citi for $500, and $100k into Schwab for another $500.

Does anyone have a better recommendation for where to park it?

[OT comment removed by admin LadyGeek]
User avatar
LadyGeek
Site Admin
Posts: 95466
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

I removed an off-topic comment and several posts on the previous page. Posting referral links or asking for referrals are not permitted. As a reminder, see: No Solicitation
Please do not solicit business or website traffic on this forum.

* Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
SlowMovingInvestor
Posts: 3482
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

I'm thinking of signing up for this M1 FInance bonus.

https://www.m1finance.com/transfer/

I intend to transfer an IRA, and get the bonus in either the IRA or a supplemental regular account that I open just to receive the bonus (if M1 doesn' t allow bonuses to be deposited in IRAs).

I intend to turn off any rebalancing in M1 Finance, then transfer ETFs there. So I should keep the same pie all through.

Any gotchas I need to watch out for ?
BuddyJet
Posts: 1106
Joined: Mon Jun 24, 2019 8:56 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BuddyJet »

SlowMovingInvestor wrote: Thu Jan 28, 2021 12:48 pm I'm thinking of signing up for this M1 FInance bonus.

https://www.m1finance.com/transfer/

I intend to transfer an IRA, and get the bonus in either the IRA or a supplemental regular account that I open just to receive the bonus (if M1 doesn' t allow bonuses to be deposited in IRAs).

I intend to turn off any rebalancing in M1 Finance, then transfer ETFs there. So I should keep the same pie all through.

Any gotchas I need to watch out for ?
Before you decide on that offer, this one may be better.

https://www.m1finance.com/earn-up-to-4375/
People say nothing is impossible. I do nothing all day.
EnjoyIt
Posts: 8244
Joined: Sun Dec 29, 2013 7:06 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

BuddyJet wrote: Thu Jan 28, 2021 9:28 pm
SlowMovingInvestor wrote: Thu Jan 28, 2021 12:48 pm I'm thinking of signing up for this M1 FInance bonus.

https://www.m1finance.com/transfer/

I intend to transfer an IRA, and get the bonus in either the IRA or a supplemental regular account that I open just to receive the bonus (if M1 doesn' t allow bonuses to be deposited in IRAs).

I intend to turn off any rebalancing in M1 Finance, then transfer ETFs there. So I should keep the same pie all through.

Any gotchas I need to watch out for ?
Before you decide on that offer, this one may be better.

https://www.m1finance.com/earn-up-to-4375/
Great offer. I wish I wasn’t tied up right now elsewhere. Ally has a 6 month holding period on my transfer. I’m stuck with them well past feb 14th expiration on this great offer.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
User avatar
JoMoney
Posts: 16260
Joined: Tue Jul 23, 2013 5:31 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JoMoney »

If you get a "Brokerage Transfer Bonus" in an IRA, does it show up on an IRA Form 5498 in any way other than the total account balance ?
Does it count against your contributions for the year, or get reported as any kind of "contribution" to the account or is it treated for all intents and purposes as earnings?
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
User avatar
BrandonBogle
Posts: 4467
Joined: Mon Jan 28, 2013 10:19 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by BrandonBogle »

JoMoney wrote: Fri Jan 29, 2021 4:25 pm If you get a "Brokerage Transfer Bonus" in an IRA, does it show up on an IRA Form 5498 in any way other than the total account balance ?
Does it count against your contributions for the year, or get reported as any kind of "contribution" to the account or is it treated for all intents and purposes as earnings?
Typically it is treated like investment earnings/interest in the IRA. Thus, for the companies that operate that way, it won’t count towards contributions nor show up any way other than part of your balance.

However, some companies may not necessarily operate this way. It should say in the T&C of the offer how it would apply.
placeholder
Posts: 8371
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

This topic was discussed in the early days of this thread and to my knowledge none of the current players do anything but mark them as earnings or interest.
SlowMovingInvestor
Posts: 3482
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

But note that some companies (for whatever reason) don't deposit bonuses in IRAs even if you transfer an IRA there. They insist on depositing it in a regular account that you create. From some previous discussions, M1Finance might be like that.

It is much better to get the bonus in a regular account, especially in a Roth (which will never be taxed), certainly.
placeholder
Posts: 8371
Joined: Tue Aug 06, 2013 12:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by placeholder »

None of the ones I get bonuses from have done anything but put the bonus in the ira so if you could list the ones that do that in your experience that would be a benefit.
jimf
Posts: 11
Joined: Mon Mar 12, 2018 6:05 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jimf »

whodidntante wrote: Thu Jan 07, 2021 6:36 pm
cookymonster wrote: Thu Jan 07, 2021 6:32 pm I’m working on the Citi PWM bonus. Getting the account established was a long, painful series of phone calls and docusigns. They told me they were having long delays in account setups due to COVID. I had given up on it before I heard from the rep about a month later.

I moved in $50k, and that is the most I would recommend doing. The interface is very basic. A lot of functionality is missing, such as settings to change dividend reinvestment, transfer out to bank via ACH, etc. When I get a dividend in March, I am not sure if it will be reinvested or not. I haven’t felt like calling them again to deal with it.
I have been following reports from people who are completing this offer and I have done other Citi offers in the past. Citi is the worst bank in the world.
I can confirm this. I signed up for Citi and Schwab on the same day. Schwab was complete and funded within 48 hours; Citi just finished setting up my account 2 weeks and 4 phone calls later. Now I'm trying to figure out how to actually fund the Citi PWM account -- it seems like I'll have to call them again.
SlowMovingInvestor
Posts: 3482
Joined: Sun Sep 11, 2016 11:27 am

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor »

placeholder wrote: Tue Feb 02, 2021 8:14 pm None of the ones I get bonuses from have done anything but put the bonus in the ira so if you could list the ones that do that in your experience that would be a benefit.
Etrade did it to me once, but I'm not sure if it was a mistake. And M1Finance seems to be doing it too.
Post Reply