The Final, Definitive Thread on Brokerage Transfer Bonuses

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Rick Ferri
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Rick Ferri » Tue Jun 04, 2019 9:50 am

Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Jun 04, 2019 10:22 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
This is in the OP's initial post, back in 2016....not sure if it's the best but you can start here: https://www.hustlermoneyblog.com/best-b ... e-bonuses/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Tue Jun 04, 2019 10:24 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
Also, https://www.doctorofcredit.com/best-bro ... p-to-3500/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Tue Jun 04, 2019 10:41 am

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
Hi Rick,

There are many websites that track brokerage bonuses, hard to list them all here.

This thread is a good place to ask questions on personal experiences when it comes to account churning, taxes, fee waivers, unadvertised offers, personal (targeted) offers, "small print" issues, etc.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Tue Jun 04, 2019 3:10 pm

neilpilot wrote:
Tue Jun 04, 2019 10:22 am
Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
This is in the OP's initial post, back in 2016....not sure if it's the best but you can start here: https://www.hustlermoneyblog.com/best-b ... e-bonuses/
That's going to be a no. They maintain the links even if the offers die, since they get affiliate income. DoC is probably better since they don't use affiliate links.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Tue Jun 04, 2019 9:40 pm

Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
https://www.bankrate.com/investing/best ... t-bonuses/

There are others too. But this is generally a well regarded site for comparing things like CD rates, mortgage rates, etc.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by klaus14 » Thu Jun 06, 2019 10:02 pm

i got the $1000 from TD A. i am wondering if i can open a second account and get another $1000.
Any ideas?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rascott » Fri Jun 07, 2019 9:58 am

michaeljc70 wrote:
Tue Jun 04, 2019 9:40 pm
Rick Ferri wrote:
Tue Jun 04, 2019 9:50 am
Is there a website or Wiki page that keeps current on brokerage transfer bonuses?

Rick Ferri
https://www.bankrate.com/investing/best ... t-bonuses/

There are others too. But this is generally a well regarded site for comparing things like CD rates, mortgage rates, etc.
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by rascott » Fri Jun 07, 2019 10:03 am

dogagility wrote:
Wed May 01, 2019 4:21 am
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.

I've had some confusion on this as well. I did the 50% more offer in April as well.....I had no BOA accounts, so knew I would need to open a checking account...however still waiting to be eligible for preferred rewards. Transferred $200k+ to ME. Only $25 min into the new checking account. The min balance requirements are a 3 month rolling average, so my thought is that that rolling avg should be hit after 1 month.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Fri Jun 07, 2019 10:17 am

klaus14 wrote:
Thu Jun 06, 2019 10:02 pm
i got the $1000 from TD A. i am wondering if i can open a second account and get another $1000.
Any ideas?
Here's an idea - call or visit TDA and ask.

In the past I collected the then current bonus $ from Scottrade (prior to TDA's acquisition) for adding the specified amount of funds to an existing account. Also, T^DA's web site lists bonus $ to "deposit" the specified amount, not necessarily to a new account. So just ask them about your specific plans.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jun 07, 2019 12:38 pm

rascott wrote:
Fri Jun 07, 2019 9:58 am
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drzzzzz » Fri Jun 07, 2019 2:47 pm

Earl Lemongrab wrote:
Fri Jun 07, 2019 12:38 pm
rascott wrote:
Fri Jun 07, 2019 9:58 am
I'll add that Ally will pay up to $150 in transfer fees charged by the old broker. That's not something most seem to offer.
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.
Except at Vanguard it seems or has someone had Vanguard reimburse fees charged by another broker when transferring assets to Vanguard

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jun 07, 2019 3:03 pm

drzzzzz wrote:
Fri Jun 07, 2019 2:47 pm
Earl Lemongrab wrote:
Fri Jun 07, 2019 12:38 pm
I've had good success in getting fees reimbursed. It's not always advertised, but if you ask it will usually happen.
Except at Vanguard it seems or has someone had Vanguard reimburse fees charged by another broker when transferring assets to Vanguard
Right. We usually don't discuss Vanguard on this thread because they don't have transfer bonuses either.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dogagility » Fri Jun 07, 2019 4:03 pm

rascott wrote:
Fri Jun 07, 2019 10:03 am
dogagility wrote:
Wed May 01, 2019 4:21 am
Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

To increase the credit card rewards bonus, I wanted to be enrolled in their Preferred Rewards program. Typically, there is a three month waiting period in which a person has to have a minimum balance of 20K.

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."

Talked to four people at ME/BoA over the last two weeks to get enrolled in Preferred Rewards "within 30 days" as stated in the offer and received four different answers. Final person said "no there are actually two different Preferred Rewards programs, one for ME and one for BoA, and the three month waiver only applies to the ME side."

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.
I've had some confusion on this as well. I did the 50% more offer in April as well.....I had no BOA accounts, so knew I would need to open a checking account...however still waiting to be eligible for preferred rewards. Transferred $200k+ to ME. Only $25 min into the new checking account. The min balance requirements are a 3 month rolling average, so my thought is that that rolling avg should be hit after 1 month.
I was told I would have to wait 3 months to be eligible for Preferred Rewards, even though my "3 month average combined balance" will clearly be above the $20,000 threshold after only 1 month. Plus, BoA is extracting $5/month from me for the checking account until I am enrolled in Preferred Rewards.

All of this puts a bad BoA taste in my mouth compared to prior experiences at Vanguard and Fidelity.
Taking "risk" since 1995.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 3:40 am

The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jun 27, 2019 12:32 pm

JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 1:55 pm

Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Thu Jun 27, 2019 3:48 pm

JustinR wrote:
Thu Jun 27, 2019 1:55 pm
Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?
Open three accounts, make three transfers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Thu Jun 27, 2019 9:37 pm

Earl Lemongrab wrote:
Thu Jun 27, 2019 3:48 pm
JustinR wrote:
Thu Jun 27, 2019 1:55 pm
Earl Lemongrab wrote:
Thu Jun 27, 2019 12:32 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
I have received many from Etrade. I think they mean is that this particular one can only be used once. Like you can't do multiple transfers.
What do you mean by multiple transfers?
Open three accounts, make three transfers.
I literally did this exact bonus a few months ago though. Do you think that's different?

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

Post by pre » Thu Jun 27, 2019 10:12 pm

JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
Mind sharing the link to the application page for this offer?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Earl Lemongrab » Fri Jun 28, 2019 1:20 pm

JustinR wrote:
Thu Jun 27, 2019 9:37 pm
I literally did this exact bonus a few months ago though. Do you think that's different?
Are you sure it's the same bonus? Same offer code and all?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Fri Jun 28, 2019 9:57 pm

pre wrote:
Thu Jun 27, 2019 10:12 pm
JustinR wrote:
Thu Jun 27, 2019 3:40 am
The fine print on the ETrade offer says "One promotion per customer."

Has anyone experienced this being enforced?
Mind sharing the link to the application page for this offer?
There's no application page. Just call your local Etrade branch and tell them you want to open an account for X bonus (whichever bonus you want from that page). The rep will know what it is and will email you that link for the terms. Your rep will tell you to open an account, then tell them the account number and they'll apply the promo.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by JustinR » Fri Jun 28, 2019 10:00 pm

Earl Lemongrab wrote:
Fri Jun 28, 2019 1:20 pm
JustinR wrote:
Thu Jun 27, 2019 9:37 pm
I literally did this exact bonus a few months ago though. Do you think that's different?
Are you sure it's the same bonus? Same offer code and all?
There's no offer code on the terms. The actual promo code the representative enters for you may or may not be the same. I did it last year, and I think they extended the expiration date. It's the same url.

https://us.etrade.com/promo/disclaimer/dc-tf60d-2500cfc

I think that's the higher standard offer they have (than the public facing one).

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ShadowRegent » Tue Jul 02, 2019 5:32 pm

capjak wrote:
Thu Apr 04, 2019 1:26 pm
Has anyone gotten any "custom" offers from Merrill Edge and what were they?

I know they will do custom offers if you transfer higher $$$ but have to keep the money in the account longer to get it.
I just got offered $1500 for $500k with a 9 month holding period as an existing customer for a taxable brokerage account. Only downside is that they indicated I couldn't move my Rollover IRA away during this period which breaks my backdoor Roth plans a bit, but I guess I'll just wait until 2020 to covert 2019's non-deductible contributions.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by TravelforFun » Wed Jul 03, 2019 8:29 am

ShadowRegent wrote:
Tue Jul 02, 2019 5:32 pm
capjak wrote:
Thu Apr 04, 2019 1:26 pm
Has anyone gotten any "custom" offers from Merrill Edge and what were they?

I know they will do custom offers if you transfer higher $$$ but have to keep the money in the account longer to get it.
I just got offered $1500 for $500k with a 9 month holding period as an existing customer for a taxable brokerage account. Only downside is that they indicated I couldn't move my Rollover IRA away during this period which breaks my backdoor Roth plans a bit, but I guess I'll just wait until 2020 to covert 2019's non-deductible contributions.
What so special about Merrill Edge? I transferred $1 million from Schwab to Etrade and got $3,000 within days. Etrade got tons of good mutual funds and their stock trade fee is low.

TravelforFun

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

Post by ShadowRegent » Wed Jul 03, 2019 10:34 am

TravelforFun wrote:
Wed Jul 03, 2019 8:29 am
ShadowRegent wrote:
Tue Jul 02, 2019 5:32 pm
capjak wrote:
Thu Apr 04, 2019 1:26 pm
Has anyone gotten any "custom" offers from Merrill Edge and what were they?

I know they will do custom offers if you transfer higher $$$ but have to keep the money in the account longer to get it.
I just got offered $1500 for $500k with a 9 month holding period as an existing customer for a taxable brokerage account. Only downside is that they indicated I couldn't move my Rollover IRA away during this period which breaks my backdoor Roth plans a bit, but I guess I'll just wait until 2020 to covert 2019's non-deductible contributions.
What so special about Merrill Edge? I transferred $1 million from Schwab to Etrade and got $3,000 within days. Etrade got tons of good mutual funds and their stock trade fee is low.

TravelforFun
The brokerage itself is fine (nothing special, but no real issues either). You get 100 free trades per month, 5.5% cashback in a chosen category on the Cash Rewards card (I have 3 of them, so I get 5.5% back in 3 categories), and 2.625% cashback on everything with the Premium Rewards card when you have Preferred Rewards Platinum Honors. It's a pretty decent package overall, but you only need $100k to get the rest of those benefits. My plan is to park $100k there long term and start moving the rest around to collect bonuses.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Wed Jul 03, 2019 1:41 pm

5.5% cashback in a chosen category on the Cash Rewards card (I have 3 of them, so I get 5.5% back in 3 categories)
Oohhh. That's clever. How did you get so many?

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

Post by ShadowRegent » Wed Jul 03, 2019 1:55 pm

tj wrote:
Wed Jul 03, 2019 1:41 pm
5.5% cashback in a chosen category on the Cash Rewards card (I have 3 of them, so I get 5.5% back in 3 categories)
Oohhh. That's clever. How did you get so many?
I had a Travel Rewards and Cash Rewards card when I got the Premium Rewards card, so I product changed the travel one over to a second cash rewards since it was no longer useful with the Premium Rewards card. My wife also has the Cash Rewards card, so that makes 3. You can also change the category once per month which is useful. I did the math wrong, though, and it's 5.25% with Platinum Honors. Still pretty good!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Mon Jul 08, 2019 1:09 am

Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Mon Jul 08, 2019 8:26 am

investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Did this at TDA and the bonus was deposited into the Roth, treated as interest. Tax free.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ketawa » Mon Jul 08, 2019 11:35 am

I think I have asked this before and had it answered, but are there any issues holding AQR funds at Merrill Edge? I have QEELX, QICLX, QSMLX, and QSPIX. I also have their N shares equivalents for free rebalancing: QEENX, QICNX, QSMNX, and QSPNX.

Edit - I called Merrill Edge and they said only QSPIX/QSPNX could be held with them. Unless anyone can confirm otherwise, moving there will probably be a nonstarter for me.
Last edited by Ketawa on Mon Jul 08, 2019 11:58 am, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by indexfundfan » Mon Jul 08, 2019 11:56 am

investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Transferred Roth to Merrill Edge a few years ago. Bonus is directly credited into the account and is NOT considered as a contribution.
My signature has been deleted.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by investor997 » Mon Jul 08, 2019 1:16 pm

One other question on transferring a Roth to Merrill...

Should I be worried about the timing of this with respect to ex-Dividend dates of the underlying investments?

My current Roth is at Fidelity and is made up of Fidelity mutual funds (FSKAX, FTIHX, FSNAX). FSNAX just paid a dividend. The other two aren't due for dividends until December. Since these are Fidelity funds I'm thinking it'd be best to liquidate them and buy equivalent ETFs to make them more portable between brokerages. Do I need to worry about the dividend payout dates of the ETFs I buy to replace these funds? In other words, I don't want to do this work for a $500 transfer bonus only to find out I miss a dividend payout by swapping investments.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Mon Jul 08, 2019 1:20 pm

investor997 wrote:
Mon Jul 08, 2019 1:16 pm
One other question on transferring a Roth to Merrill...

Should I be worried about the timing of this with respect to ex-Dividend dates of the underlying investments?

My current Roth is at Fidelity and is made up of Fidelity mutual funds (FSKAX, FTIHX, FSNAX). FSNAX just paid a dividend. The other two aren't due for dividends until December. Since these are Fidelity funds I'm thinking it'd be best to liquidate them and buy equivalent ETFs to make them more portable between brokerages. Do I need to worry about the dividend payout dates of the ETFs I buy to replace these funds? In other words, I don't want to do this work for a $500 transfer bonus only to find out I miss a dividend payout by swapping investments.
You'll get the dividend payment regardless of the date of transfer and ex dividend dates. The only question is which broker gets it. If it's the source broker and not the destination broker, they will do a second transfer once they receive the dividends in my experience.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by tj » Mon Jul 08, 2019 4:46 pm

investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Looks like the Traders Expo has free admission.

https://www.moneyshow.com/registration/ ... ration.asp

Is the e-mail confirmation enough proof? :mrgreen:

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Mon Jul 08, 2019 8:07 pm

tj wrote:
Mon Jul 08, 2019 4:46 pm
investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Looks like the Traders Expo has free admission.

https://www.moneyshow.com/registration/ ... ration.asp

Is the e-mail confirmation enough proof? :mrgreen:
Of course your experience may differ, but when ME granted us a couple of elevated bonuses 18 months ago, they never asked for any evidence of registration or attendance.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by cashmoney » Wed Jul 10, 2019 10:49 am

neilpilot wrote:
Mon Jul 08, 2019 8:07 pm
tj wrote:
Mon Jul 08, 2019 4:46 pm
investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Looks like the Traders Expo has free admission.

https://www.moneyshow.com/registration/ ... ration.asp

Is the e-mail confirmation enough proof? :mrgreen:
Of course your experience may differ, but when ME granted us a couple of elevated bonuses 18 months ago, they never asked for any evidence of registration or attendance.


Finally pulled the trigger to transfer a 3 fund ira from TD Ameritade and was able to use the expo code for the 1000.00 bonus .Yesterday I got a call from the local TD Ameritrade rep offering me 1000.00 to stay with free trades and access to their better sweep account for cash! However I might be better off switching now then switching back to ameritrade in 6 months for their 600.00 bonus .

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Wed Jul 10, 2019 10:58 am

cashmoney wrote:
Wed Jul 10, 2019 10:49 am
neilpilot wrote:
Mon Jul 08, 2019 8:07 pm
tj wrote:
Mon Jul 08, 2019 4:46 pm
investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Looks like the Traders Expo has free admission.

https://www.moneyshow.com/registration/ ... ration.asp

Is the e-mail confirmation enough proof? :mrgreen:
Of course your experience may differ, but when ME granted us a couple of elevated bonuses 18 months ago, they never asked for any evidence of registration or attendance.


Finally pulled the trigger to transfer a 3 fund ira from TD Ameritade and was able to use the expo code for the 1000.00 bonus .Yesterday I got a call from the local TD Ameritrade rep offering me 1000.00 to stay with free trades and access to their better sweep account for cash! However I might be better off switching now then switching back to ameritrade in 6 months for their 600.00 bonus .
We moved only a portion of 2 TDA accounts to ME early last year, with a plan to move all remaining assets from TDA after a 6 month evaluation of ME. However we were extremely unhappy with ME’s customer service, as I posted much earlier in this thread.

So after collecting ME’s bonus 6 months after the accounts were opened, the assets were returned to our existing TDA accounts and we each collected $600 from TDA.

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

Post by cashmoney » Wed Jul 10, 2019 11:23 am

neilpilot wrote:
Wed Jul 10, 2019 10:58 am
cashmoney wrote:
Wed Jul 10, 2019 10:49 am
neilpilot wrote:
Mon Jul 08, 2019 8:07 pm
tj wrote:
Mon Jul 08, 2019 4:46 pm
investor997 wrote:
Mon Jul 08, 2019 1:09 am
Looks like Merrill's got the elevated transfer bonus levels again:

https://www.merrilledge.com/offers/1000offer

I'm thinking of moving my Roth IRA from Fidelity to Merrill to get the higher bonus. Question: Where is the bonus deposited? Directly in the Roth IRA? Is it treated as a contribution?
Looks like the Traders Expo has free admission.

https://www.moneyshow.com/registration/ ... ration.asp

Is the e-mail confirmation enough proof? :mrgreen:
Of course your experience may differ, but when ME granted us a couple of elevated bonuses 18 months ago, they never asked for any evidence of registration or attendance.


Finally pulled the trigger to transfer a 3 fund ira from TD Ameritade and was able to use the expo code for the 1000.00 bonus .Yesterday I got a call from the local TD Ameritrade rep offering me 1000.00 to stay with free trades and access to their better sweep account for cash! However I might be better off switching now then switching back to ameritrade in 6 months for their 600.00 bonus .
We moved only a portion of 2 TDA accounts to ME early last year, with a plan to move all remaining assets from TDA after a 6 month evaluation of ME. However we were extremely unhappy with ME’s customer service, as I posted much earlier in this thread.

So after collecting ME’s bonus 6 months after the accounts were opened, the assets were returned to our existing TDA accounts and we each collected $600 from TDA.


Good to know.I was only only going to use merrill for 6 month anyway then transfer to Fidelity but I will probably just go back to Ameritrade if they are going to pay me now that they are giving be better sweep options in all my accounts there.

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

Post by pre » Wed Jul 10, 2019 11:59 am

neilpilot wrote:
Wed Jul 10, 2019 10:58 am
So after collecting ME’s bonus 6 months after the accounts were opened, the assets were returned to our existing TDA accounts and we each collected $600 from TDA.
May I ask if you opened a new TDA account to qualify for the bonus? Existing accounts don't generally have bonuses -- perhaps a local rep intervened?

neilpilot
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Location: Memphis area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Wed Jul 10, 2019 12:02 pm

pre wrote:
Wed Jul 10, 2019 11:59 am
neilpilot wrote:
Wed Jul 10, 2019 10:58 am
So after collecting ME’s bonus 6 months after the accounts were opened, the assets were returned to our existing TDA accounts and we each collected $600 from TDA.
May I ask if you opened a new TDA account to qualify for the bonus? Existing accounts don't generally have bonuses -- perhaps a local rep intervened?
Returned assets to original existing accounts, and local rep intervened. Bonus came in the form of gift cards, not the usual account deposits. Since I’ve been very happy with TDA and would have transferred those assets back anyway, the $600 was a real bonus.

Ron Ronnerson
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Wed Jul 10, 2019 2:30 pm

pre wrote:
Wed Jul 10, 2019 11:59 am
neilpilot wrote:
Wed Jul 10, 2019 10:58 am
So after collecting ME’s bonus 6 months after the accounts were opened, the assets were returned to our existing TDA accounts and we each collected $600 from TDA.
May I ask if you opened a new TDA account to qualify for the bonus? Existing accounts don't generally have bonuses -- perhaps a local rep intervened?
At least for IRA accounts, it doesn't need to be a new account at TDA. Here is a link: https://www.tdameritrade.com/client/ret ... index.html

We (my wife and I) each did partial Roth IRA transfers from TDA to Merrill Edge and E-Trade last year. The transfer to Merrill Edge was using the link to the San Francisco Money Show for the higher bonus amount. Merrill Edge did not verify attendance but the bonus took something like 6 months to post. The bonus for the transfer to E-Trade posted in 2 months. I'm closing out the E-Trade accounts and transferring the balance back to TDA this week for more bonuses.

We're keeping the Merrill Edge accounts because of their preferred rewards program for balances above $100k. They provide 100 free trades per month and some nice Bank of America credit cards as well. For example, a few months ago, we opened up a Bank of America Premium Rewards credit card in my wife's name that gave a $500 bonus for opening the account. It provides 2.625% back on everything (and a bit higher on travel and dining) as long as the balance is kept above $100k between a Bank of America checking account and a linked Merrill Edge account. There is a $95 annual fee for the credit card but it's worth it to us. I plan to open this same credit card in my name and collect another $500 bonus later this year but will likely close that account before the year is up since we don't need two of these credit cards on an ongoing basis. That's a bit long-winded. I'm just trying to say that these brokerage bonuses can sometimes work nicely in conjunction with credit card bonuses.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jbranx » Tue Jul 16, 2019 9:31 pm

{I deleted an off-topic comment}

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

Post by pre » Tue Jul 16, 2019 10:02 pm

Any folks deal with representatives from the same firm competing for your business? Basically for commission, or so it seems.

We've been planning a refinance with Bank of America, taking advantage of their various "relationship" discounts -- for example, with many lenders, at Bank of America, Chase, and Wells Fargo, they provide mortgage interest discounts of 0.125% for each $250k transferred in as "new" money.

I've been assigned a relationship manager at Merrill Edge, who I've spoken with a handful of times the past three months while planning the refinance, such that I can take advantage of the brokerage bonus concurrently with the mortgage rate discount. I'm intending on transferring over a $500k IRA for a $1500 brokerage bonus, in addition to the 0.25% interest rate discount.

The Merrill Edge relationship manager is based in Rhode Island, part of their "Platinum elite" team catering to existing Merrill clients. He's been professional and cordial, providing input on the process (it's a 401k rollover, then ACATS IRA transfer).

I finally decided to lock on the loan, but my local Bank of America branches are all vertically integrated, with their local Merrill Edge rep's desk located 10 feet from my loan officer.

Basically my loan officer is trying to sell me on using the local Merrill rep to have face-time and ease of access. She let it slip that the Merrill rep only earns a commission if any transferred assets stay for longer than two months. Some mortgage customers apparently don't care about the transfer bonus and will just transfer in $1M for 30 days while the loan closes, and transfers it back to their financial advisors.

Anyway, both the local Merrill rep and the Rhode Island relationship manager assigned to me are offering the same $1500 transfer bonus, but I feel conflicted about which rep to use.

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

Post by pre » Fri Jul 19, 2019 7:47 pm

pre wrote:
Tue Jul 16, 2019 10:02 pm
I'm intending on transferring over a $500k IRA for a $1500 brokerage bonus
Just finished opening my IRA. Here are the standard Merrill bonus tiers

Image

My Experian was frozen, so it's going to take underwriting/back office a few days to approve, per my rep. Should have just lifted the freeze, as I was immediately approved last year

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

Post by SlowMovingInvestor » Fri Jul 19, 2019 8:03 pm

pre wrote:
Fri Jul 19, 2019 7:47 pm
pre wrote:
Tue Jul 16, 2019 10:02 pm
I'm intending on transferring over a $500k IRA for a $1500 brokerage bonus
Just finished opening my IRA. Here are the standard Merrill bonus tiers



My Experian was frozen, so it's going to take underwriting/back office a few days to approve, per my rep. Should have just lifted the freeze, as I was immediately approved last year
$1000 for 300K seems like the sweet spot. Can we get the bonus for non-IRA accounts ?

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

Post by pre » Fri Jul 19, 2019 9:46 pm

SlowMovingInvestor wrote:
Fri Jul 19, 2019 8:03 pm
$1000 for 300K seems like the sweet spot. Can we get the bonus for non-IRA accounts ?
Yea, the above tiers apply for cash accounts, too. The "CMA" in footnote stands for Cash Management Account

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

Post by neilpilot » Fri Jul 19, 2019 9:52 pm

pre wrote:
Fri Jul 19, 2019 9:46 pm
SlowMovingInvestor wrote:
Fri Jul 19, 2019 8:03 pm
$1000 for 300K seems like the sweet spot. Can we get the bonus for non-IRA accounts ?
Yea, the above tiers apply for cash accounts, too. The "CMA" in footnote stands for Cash Management Account
Last year we received 2 new account bonuses from ME, and they matched the table above. EXCEPT the waiting period was 6 months, not 9.

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