[Webull 3% Offer]

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madbrain
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[Webull 3% Offer]

Post by madbrain »

[Moved from the "Robinhood 3% IRA Match" thread by Moderator Misenplace]
grtwallchina75 wrote: Wed Feb 28, 2024 8:28 pm https://www.webull.com/ko-yield/1708508176523-bb98c7

Webull is offering 4.5% match on IRA transfer, sounds like brokerage competition for assets, are all these brokers going to fails ?

I doubt but I'd like to get your opinions.
Looks like this bonus is paid to a taxable brokerage account, not to the IRA. And it's 0.9% per year which is not the same as 4.5% upfront.
Lyrrad
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Re: Robinhood 3% IRA Match

Post by Lyrrad »

madbrain wrote: Wed Feb 28, 2024 8:36 pm
grtwallchina75 wrote: Wed Feb 28, 2024 8:28 pm https://www.webull.com/ko-yield/1708508176523-bb98c7

Webull is offering 4.5% match on IRA transfer, sounds like brokerage competition for assets, are all these brokers going to fails ?

I doubt but I'd like to get your opinions.
Looks like this bonus is paid to a taxable brokerage account, not to the IRA. And it's 0.9% per year which is not the same as 4.5% upfront.
Seems much worse if rolling over a Roth IRA. At a 40% marginal tax rate, it's 2.7% over five years, and there's the risk that WeBull won't survive five years to pay the bonus. I think that a company going public through a SPAC is a red flag.

If Robinhood went under, I'd expect that we'd be able to keep the 3% match, since I don't see anything in the terms that indicates that they would be able to take it back if we didn't violate the terms of the offer.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

Lyrrad wrote: Wed Feb 28, 2024 9:00 pm
madbrain wrote: Wed Feb 28, 2024 8:36 pm
grtwallchina75 wrote: Wed Feb 28, 2024 8:28 pm https://www.webull.com/ko-yield/1708508176523-bb98c7

Webull is offering 4.5% match on IRA transfer, sounds like brokerage competition for assets, are all these brokers going to fails ?

I doubt but I'd like to get your opinions.
Looks like this bonus is paid to a taxable brokerage account, not to the IRA. And it's 0.9% per year which is not the same as 4.5% upfront.
Seems much worse if rolling over a Roth IRA. At a 40% marginal tax rate, it's 2.7% over five years, and there's the risk that WeBull won't survive five years to pay the bonus. I think that a company going public through a SPAC is a red flag.

If Robinhood went under, I'd expect that we'd be able to keep the 3% match, since I don't see anything in the terms that indicates that they would be able to take it back if we didn't violate the terms of the offer.
I agree with your take. The Robinhood offer is good enough.
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madbrain
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Re: Robinhood 3% IRA Match

Post by madbrain »

Lyrrad wrote: Wed Feb 28, 2024 9:00 pm Seems much worse if rolling over a Roth IRA. At a 40% marginal tax rate, it's 2.7% over five years, and there's the risk that WeBull won't survive five years to pay the bonus. I think that a company going public through a SPAC is a red flag.
Yes. There is also a $1M limit for the eligible deposit.
placeholder
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Re: Robinhood 3% IRA Match

Post by placeholder »

Yeah the webull doesn't work well for me because even though I'm technically in the 12% federal bracket it's the so called bump bracket because every dollar of ordinary income added also shoves out a dollar of 0% qualified dividends giving me a net taxation of 32% with state tax on a roth transfer plus not getting the bonus upfront with the loss of potential growth.
EliteZags
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[Webull 3% Offer]

Post by EliteZags »

[Split from Subject: Robinhood 3% IRA Match by Moderator Misenplace]
I also stuck with RH for IRA due to being untaxed bonus

however still strongly considering moving my individual stock positions in my taxable to Webull for that 3% transfer bonus , my post got moved to the bonus thread, could be targeted promo for those with margin account opened:

-----------------------------

seems like Webull responding to the Robinhood 3% IRA transfer bonus, got this email this morning
Dear Valued Clients:

Thank you for being a part of Webull! Enjoy commission-free trading on a wide range of assets, advanced charting tools, and real-time market data! Webull is revolutionizing the way individuals approach investing!

Check out this limited-time offer! Earn 2% cashback on deposits and 3% cashback from ACAT transfers made to your Margin Account between 2/21/2024 12:00 AM ET – 3/15/2024 11:59 PM ET!

You can participate in this promotion via both funding methods!

haven't looked too much into it but sounds like it's essentially a 3% bonus on transfers into taxable trading acct? essentially tripling Robinhood's 1% taxable transfer match
I posted the terms viewable from app, states acct must maintain at least the total transfer amount through Aug2025

I've used Webull as my 'play money' trading acct that's nearing 6 figures, but wouldn't mind transferring in all my individual stock positions in Vanguard over for a couple grand free money, pretty much all long holds at this pt I don't do much actual trading

any thoughts on what else needs to be considered here?


Image Image Image Image
Last edited by EliteZags on Thu Feb 29, 2024 3:56 pm, edited 1 time in total.
Misenplace
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Re: [Webull 3% Offer]

Post by Misenplace »

EliteZags, I split your post out to its own topic.

Thanks to the member who reported the issue and explained what was wrong.

Moderator Misenplace
pm5987
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Re: [Webull 3% Offer]

Post by pm5987 »

anyone have experience w Webull? and Webull promotions?
BlackcatCA
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Re: [Webull 3% Offer]

Post by BlackcatCA »

Misenplace wrote: Thu Feb 29, 2024 3:15 pm EliteZags, I split your post out to its own topic.

Thanks to the member who reported the issue and explained what was wrong.

Moderator Misenplace
Thank you! Really appreciate having this topic standalone.

Is it also possible to pull Webull items from the impossibly large “Definitive… brokerage transfer” thread?
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Nate79
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Re: [Webull 3% Offer]

Post by Nate79 »

They also have a 3.5% IRA transfer bonus (is 4.5% if you refer someone and they also do a transfer, that person also gets 4.5%).


I previously did a taxable transfer bonus with them. They paid it on time as promised. Their email support is very helpful/quick. I hate their platform but for a buy/hold investor for the bonus I will put up with it.
finsec
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Re: [Webull 3% Offer]

Post by finsec »

Nate79 wrote: Thu Feb 29, 2024 5:49 pm They also have a 3.5% IRA transfer bonus (is 4.5% if you refer someone and they also do a transfer, that person also gets 4.5%).


I previously did a taxable transfer bonus with them. They paid it on time as promised. Their email support is very helpful/quick. I hate their platform but for a buy/hold investor for the bonus I will put up with it.
Do you have a link or screenshot with details of this along with the full terms and conditions? 4.5% if unlimited is a hell of a bonus...
the_wiki
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Re: [Webull 3% Offer]

Post by the_wiki »

The only thing that worries me a little is the Chinese ownership. Not a lot of legal cooperation between our countries if things go south. I’m sure that is a very low odds scenario but something to think about.
tjtv
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Re: [Webull 3% Offer]

Post by tjtv »

Is there any way for a new customer to take advantage of this taxable offer? I know how to get the IRA version of the offer, but this taxable version of the offer seems like it was targeted via email to existing customers.
EliteZags
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Re: [Webull 3% Offer]

Post by EliteZags »

finsec wrote: Thu Feb 29, 2024 6:13 pm
Nate79 wrote: Thu Feb 29, 2024 5:49 pm They also have a 3.5% IRA transfer bonus (is 4.5% if you refer someone and they also do a transfer, that person also gets 4.5%).


I previously did a taxable transfer bonus with them. They paid it on time as promised. Their email support is very helpful/quick. I hate their platform but for a buy/hold investor for the bonus I will put up with it.
Do you have a link or screenshot with details of this along with the full terms and conditions? 4.5% if unlimited is a hell of a bonus...

from the RH thread the Webull bonus is reported to be deposited into taxable acct and in partial amounts over several years which makes it much less valuable, whereas the RH 3% is immediate into Roth (even above contribution limit) and never gets taxed, which for most will end up being worth more

I suppose the Webull 4.5% could be better in transferring Traditional IRA
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Nate79
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Re: [Webull 3% Offer]

Post by Nate79 »

EliteZags wrote: Thu Feb 29, 2024 7:02 pm
finsec wrote: Thu Feb 29, 2024 6:13 pm
Nate79 wrote: Thu Feb 29, 2024 5:49 pm They also have a 3.5% IRA transfer bonus (is 4.5% if you refer someone and they also do a transfer, that person also gets 4.5%).


I previously did a taxable transfer bonus with them. They paid it on time as promised. Their email support is very helpful/quick. I hate their platform but for a buy/hold investor for the bonus I will put up with it.
Do you have a link or screenshot with details of this along with the full terms and conditions? 4.5% if unlimited is a hell of a bonus...

from the RH thread the Webull bonus is reported to be deposited into taxable acct and in partial amounts over several years which makes it much less valuable, whereas the RH 3% is immediate into Roth (even above contribution limit) and never gets taxed, which for most will end up being worth more

I suppose the Webull 4.5% could be better in transferring Traditional IRA
Indeed, now that I read the T&C that pay 1/5 per year.

Hopefully this link to the terms works:
https://www.webull.com/ko-yield/1708508 ... 3Afalse%7D
livelovelaugh00
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Re: [Webull 3% Offer]

Post by livelovelaugh00 »

NO, not going to put my money in CCP''s pocket. No way to invest in CCP for them to hurt us.
manuvns
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Re: [Webull 3% Offer]

Post by manuvns »

I have been trading on webull for some time now , and i like it due to zero cost trading especially option and have received some bonues as well! i will be moving some assets to webull to get the bonus of 3% , you will have to keep an eye on rewards center on webull to claim it i think ,but i am not sure will check with customer service
Thanks!
manuvns
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Re: [Webull 3% Offer]

Post by manuvns »

according to the terms of 3% acat bonus 60% will post on Dec 31th 2024 and another 40% will post on Aug 31th 2025 the same for 2% deposit bonus . all transfers must be inititated by March 15th .
Thanks!
Misenplace
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Re: [Webull 3% Offer]

Post by Misenplace »

At the request of a member, some additional posts about the Webull offer haven been moved here from the "Robinwood 3% Match" thread.

Moderator Misenplace
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StevieG72
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Re: [Webull 3% Offer]

Post by StevieG72 »

I don’t understand the margin requirement, can someone explain?

Margin amount must match deposit? So if you deposit 1 million, you need 1 million in margin as well? At what cost?

I am surely missing something.
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spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

I made my ACAT transfer today from eTrade taxable account to Webull.

Greater than $2 million transfer, I expect to get $60k ($36k at end of year; $24k at middle of next year).

No plans to sell any of these assets during this time.

This is a ridiculous bonus.

Crossing my fingers nothing goes wrong.
nalor511
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Re: [Webull 3% Offer]

Post by nalor511 »

spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm I made my ACAT transfer today from eTrade taxable account to Webull.

Greater than $2 million transfer, I expect to get $60k ($36k at end of year; $24k at middle of next year).

No plans to sell any of these assets during this time.

This is a ridiculous bonus.

Crossing my fingers nothing goes wrong.
The bonus posts 1/5 each year over 5 years, not over two years ... No?
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

nalor511 wrote: Sat Mar 02, 2024 12:41 am
spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm I made my ACAT transfer today from eTrade taxable account to Webull.

Greater than $2 million transfer, I expect to get $60k ($36k at end of year; $24k at middle of next year).

No plans to sell any of these assets during this time.

This is a ridiculous bonus.

Crossing my fingers nothing goes wrong.
The bonus posts 1/5 each year over 5 years, not over two years ... No?
the terms of the bonus for the Brokerage Margin account vs the IRA account are different.
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ClevrChico
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Re: [Webull 3% Offer]

Post by ClevrChico »

spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm This is a ridiculous bonus.
I'd love to see the math behind them offering this huge bonus. Maybe they're hoping enough customers stay long-term to make it up on fees, float on sweep, and payment for order flow?
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

ClevrChico wrote: Sat Mar 02, 2024 8:35 am
spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm This is a ridiculous bonus.
I'd love to see the math behind them offering this huge bonus. Maybe they're hoping enough customers stay long-term to make it up on fees, float on sweep, and payment for order flow?
I believe they know they will be taking a loss but want to boost their numbers before stock market debut
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StevieG72
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Re: [Webull 3% Offer]

Post by StevieG72 »

spacecadet610 wrote: Sat Mar 02, 2024 12:47 am
nalor511 wrote: Sat Mar 02, 2024 12:41 am
spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm I made my ACAT transfer today from eTrade taxable account to Webull.

Greater than $2 million transfer, I expect to get $60k ($36k at end of year; $24k at middle of next year).

No plans to sell any of these assets during this time.

This is a ridiculous bonus.

Crossing my fingers nothing goes wrong.
The bonus posts 1/5 each year over 5 years, not over two years ... No?
the terms of the bonus for the Brokerage Margin account vs the IRA account are different.
Anyone care to summarize? I looked at it a few times, clear as mud!
Fools think their own way is right, but the wise listen to others.
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

StevieG72 wrote: Sat Mar 02, 2024 12:46 pm
spacecadet610 wrote: Sat Mar 02, 2024 12:47 am
nalor511 wrote: Sat Mar 02, 2024 12:41 am
spacecadet610 wrote: Fri Mar 01, 2024 11:32 pm I made my ACAT transfer today from eTrade taxable account to Webull.

Greater than $2 million transfer, I expect to get $60k ($36k at end of year; $24k at middle of next year).

No plans to sell any of these assets during this time.

This is a ridiculous bonus.

Crossing my fingers nothing goes wrong.
The bonus posts 1/5 each year over 5 years, not over two years ... No?
the terms of the bonus for the Brokerage Margin account vs the IRA account are different.
Anyone care to summarize? I looked at it a few times, clear as mud!
The Brokerage bonus pays out twice: 60% end of this year, 40% middle of next year.

The IRA bonus pays out 5 times: 20% every year starting next year.

Seems like the robinhood one is better for my Roth IRA, Only 3% but paid up front into the Roth (minus additional $60 for RH gold) while the WeBull is higher but pays 20% every year for 5 yrs and doesn't even go into the Roth but instead into the regular brokerage account
EliteZags
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Re: [Webull 3% Offer]

Post by EliteZags »

remaining questions trying to confirm before transferring:

-does cash balance transferring from brokerage account get the 3% transfer or 3% deposit bonus?
-does the lockup amount only apply to the portion/value of funds transferred in?
ie: currently have $100K in Webull, transfer in $90K equities / $10K cash- is the cash able to be withdrawn before lockup period ends without affecting bonus, since total account value is still above the transfer amount?
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StewedCarrot
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Re: [Webull 3% Offer]

Post by StewedCarrot »

pm5987 wrote: Thu Feb 29, 2024 5:38 pm anyone have experience w Webull? and Webull promotions?
I opened an IRA for the bonus there last year. I feel like they play hide and seek with the promotions. Have to log in and claim, and you can't see if the promos are applied. Oh, and the interface will make your eyes bleed.

Overall, I look forward to transferring out ASAP.
EliteZags
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Re: [Webull 3% Offer]

Post by EliteZags »

Oh, and the interface will make your eyes bleed.
interestingly it's one of the more popular interfaces used in market analysis Youtube streams (ie Meet Kevin)
pm5987
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Re: [Webull 3% Offer]

Post by pm5987 »

EliteZags wrote: Mon Mar 04, 2024 3:23 pm
Oh, and the interface will make your eyes bleed.
interestingly it's one of the more popular interfaces used in market analysis Youtube streams (ie Meet Kevin)
Yea, it looks way better than Robinhood. I'm trying out both Robinhood and Webull before I transfer any IRA accts... so seeing what people think.
So far, it seems like Webull is slower on customer support, but has actual inbound communication lines, and possibly more competent agents, while Robinhood will respond quickly but with very basic support. I get a weird feeling when Robinhood's UI needs 30min to 24hours to generate an account history.... what are their computers doing on the backend? Also don't like the aggressive push of crypto.
Webull seems very gimmicky on offers, but fairly serious on trading. While Robinhood is gimmicky on everything.

Also seems like Webull uses Apex clearing, which (i assume) provides another layer of legitimacy... since another firm is actually holding the assets.
tj
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Re: [Webull 3% Offer]

Post by tj »

pm5987 wrote: Mon Mar 04, 2024 3:32 pm
Also seems like Webull uses Apex clearing, which (i assume) provides another layer of legitimacy... since another firm is actually holding the assets.
According to this post, Webull no longer uses Apex and went in house.

viewtopic.php?p=7691423#p7691423
pm5987
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Re: [Webull 3% Offer]

Post by pm5987 »

tj wrote: Mon Mar 04, 2024 3:37 pm
pm5987 wrote: Mon Mar 04, 2024 3:32 pm
Also seems like Webull uses Apex clearing, which (i assume) provides another layer of legitimacy... since another firm is actually holding the assets.
According to this post, Webull no longer uses Apex and went in house.

viewtopic.php?p=7691423#p7691423
Yea, looks like Webull is using "omnibus clearing" https://www.webull.com/help/faq/10806-Omnibus-FAQs
My understanding is the assets are still held at Apex (in the name of Webull instead of user "john doe") and Webull will generate the statements.
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StewedCarrot
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Re: [Webull 3% Offer]

Post by StewedCarrot »

EliteZags wrote: Mon Mar 04, 2024 3:23 pm
Oh, and the interface will make your eyes bleed.
interestingly it's one of the more popular interfaces used in market analysis Youtube streams (ie Meet Kevin)
Makes sense. WeBull is trying to amp-up excitement so people trade more. Youtubers want to amp-up excitement so people keep watching. :dollar
gtrplayer
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Re: [Webull 3% Offer]

Post by gtrplayer »

EliteZags wrote: Mon Mar 04, 2024 3:23 pm
Oh, and the interface will make your eyes bleed.
interestingly it's one of the more popular interfaces used in market analysis Youtube streams (ie Meet Kevin)
The interface looks like what people think stock trading should look like - a headache.

Webull isn’t exactly designed for index investing but it works fine once you get used to it. I got an account out of curiosity and for the free share offer. I don’t use it very much.

The very prominent “risk level - safe” leads to some “humorous” screenshots when a person has a huge amount in a way OTM 0DTE call.
pm5987
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Re: [Webull 3% Offer]

Post by pm5987 »

yea, the app is definitely more complicated than most other trading apps

compared to Robinhood though, i'm liking it 10x times better. In context of the RH 3% offer, i think i'm gonna try Webull on the IRA offer, since the app seems superior to me. Robinhood seems oversimplified to me... and weird things like generating an activity statement takes 30min to 24 hours.

Webull app looks more like a traditional brokerage app, in the way it displays account values and holdings.
I found it fun to explore all the financial data in it (i only index though)

Also, it has some detailed account info, like which devices are logged in, and i can remove them. (makes me feel it's more secure and less buggy than RH)
Overall I'm impressed if i'm comparing with RH... they are trying to be a real brokerage, not a kids toy trading app. (however their promotions DO look like a kids toy)
nalor511
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Re: [Webull 3% Offer]

Post by nalor511 »

pm5987 wrote: Thu Mar 07, 2024 12:10 am yea, the app is definitely more complicated than most other trading apps

compared to Robinhood though, i'm liking it 10x times better. In context of the RH 3% offer, i think i'm gonna try Webull on the IRA offer, since the app seems superior to me. Robinhood seems oversimplified to me... and weird things like generating an activity statement takes 30min to 24 hours.

Webull app looks more like a traditional brokerage app, in the way it displays account values and holdings.
I found it fun to explore all the financial data in it (i only index though)

Also, it has some detailed account info, like which devices are logged in, and i can remove them. (makes me feel it's more secure and less buggy than RH)
Overall I'm impressed if i'm comparing with RH... they are trying to be a real brokerage, not a kids toy trading app. (however their promotions DO look like a kids toy)
The RH offer is worth more than the webull offer, because it's paid to IRA/Roth for RH as opposed to taxable for webull.
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

Has anyone gone through with this offer besides me?

I signed up for the promotion and already transferred my $2million into the margin account on Monday.

Is there a way to see if I satisfied the requirements for the promotion and will qualify for the bonus? I'd hate to wait until the end of the year only to find out I did something wrong.
nalor511
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Re: [Webull 3% Offer]

Post by nalor511 »

spacecadet610 wrote: Fri Mar 08, 2024 1:43 pm ...
Is there a way to see if I satisfied the requirements for the promotion and will qualify for the bonus? I'd hate to wait until the end of the year only to find out I did something wrong.
Ask them.
tjtv
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Re: [Webull 3% Offer]

Post by tjtv »

spacecadet610 wrote: Fri Mar 08, 2024 1:43 pm Has anyone gone through with this offer besides me?

I signed up for the promotion and already transferred my $2million into the margin account on Monday.

Is there a way to see if I satisfied the requirements for the promotion and will qualify for the bonus? I'd hate to wait until the end of the year only to find out I did something wrong.
How did you get the offer? Were you previously a webull customer and they sent a targeted email to you about the promotion? Or were you a brand new webull customer that signed up specifically for the promo?
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

I signed up back in December just for a different promotion.

Had $500 in assets in there when i got the offer.
Last edited by spacecadet610 on Fri Mar 08, 2024 3:18 pm, edited 1 time in total.
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

nalor511 wrote: Fri Mar 08, 2024 1:54 pm
spacecadet610 wrote: Fri Mar 08, 2024 1:43 pm ...
Is there a way to see if I satisfied the requirements for the promotion and will qualify for the bonus? I'd hate to wait until the end of the year only to find out I did something wrong.
Ask them.
I just did and they said as long as I fulfilled the requirements I will get the promotion
SlowMovingInvestor
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Re: [Webull 3% Offer]

Post by SlowMovingInvestor »

I've been ignoring WeBull promo emails until right now, so I missed the brokerage account (3% on ACAT, 2% on cash transfer) bonus. I'm not really interested in transferring securities right now in any case. But I could be interested in transferring cash for some quick extra interest.

Questions

1) The bonus T&C seems to imply the transfer has to be completed by March 15th, which wouldn't work with ACH. I'm reluctant to do a wire. Would an ACH initiated before the transfer starts be valid? I know in the past, WeBull has said that transfers initiated before end of bonus period qualify even if the transfer is not completed by the end of the period.

2) As I understand it, cash accounts pay around 5% (upto 100k) and the cash is FDIC insured. Is that correct? That would be a good HYSA rate, and the 2% would be a nice pop on the top for a 100K transfer

3) From my own experience, Webull doesn't consider past bonuses received a disqualifying event for future bonuses paid out to different account types (or in the same account type after the retention period is over), if anything it's the opposite, with customers being mail bombed to participate in future bonuses (which some such as I don't read in time, alas :( ). Is that correct?

Thanks for any comments!
spacecadet610
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Re: [Webull 3% Offer]

Post by spacecadet610 »

I believe the 2% cash bonus is only for the margin WeBull account.

It's unclear to me whether the cash in a margin account gets the 5% APR interest.

I do know that the cash in a WeBull cash account gets the 5% interest rate.
SlowMovingInvestor wrote: Tue Mar 12, 2024 8:48 pm I've been ignoring WeBull promo emails until right now, so I missed the brokerage account (3% on ACAT, 2% on cash transfer) bonus. I'm not really interested in transferring securities right now in any case. But I could be interested in transferring cash for some quick extra interest.

Questions

1) The bonus T&C seems to imply the transfer has to be completed by March 15th, which wouldn't work with ACH. I'm reluctant to do a wire. Would an ACH initiated before the transfer starts be valid? I know in the past, WeBull has said that transfers initiated before end of bonus period qualify even if the transfer is not completed by the end of the period.

2) As I understand it, cash accounts pay around 5% (upto 100k) and the cash is FDIC insured. Is that correct? That would be a good HYSA rate, and the 2% would be a nice pop on the top for a 100K transfer

3) From my own experience, Webull doesn't consider past bonuses received a disqualifying event for future bonuses paid out to different account types (or in the same account type after the retention period is over), if anything it's the opposite, with customers being mail bombed to participate in future bonuses (which some such as I don't read in time, alas :( ). Is that correct?

Thanks for any comments!
SlowMovingInvestor
Posts: 3536
Joined: Sun Sep 11, 2016 11:27 am

Re: [Webull 3% Offer]

Post by SlowMovingInvestor »

spacecadet610 wrote: Tue Mar 12, 2024 9:11 pm I believe the 2% cash bonus is only for the margin WeBull account.

It's unclear to me whether the cash in a margin account gets the 5% APR interest.

I do know that the cash in a WeBull cash account gets the 5% interest rate.
SlowMovingInvestor wrote: Tue Mar 12, 2024 8:48 pm I've been ignoring WeBull promo emails until right now, so I missed the brokerage account (3% on ACAT, 2% on cash transfer) bonus. I'm not really interested in transferring securities right now in any case. But I could be interested in transferring cash for some quick extra interest.

Questions

1) The bonus T&C seems to imply the transfer has to be completed by March 15th, which wouldn't work with ACH. I'm reluctant to do a wire. Would an ACH initiated before the transfer starts be valid? I know in the past, WeBull has said that transfers initiated before end of bonus period qualify even if the transfer is not completed by the end of the period.

2) As I understand it, cash accounts pay around 5% (upto 100k) and the cash is FDIC insured. Is that correct? That would be a good HYSA rate, and the 2% would be a nice pop on the top for a 100K transfer

3) From my own experience, Webull doesn't consider past bonuses received a disqualifying event for future bonuses paid out to different account types (or in the same account type after the retention period is over), if anything it's the opposite, with customers being mail bombed to participate in future bonuses (which some such as I don't read in time, alas :( ). Is that correct?

Thanks for any comments!
I checked, and that is correct. Margin accounts don't seem to get the cash management rate although it's hard to make out how much (if any) the sweep in a margin account pays.

In any case, it seems like this can't be used as a bonus for pure cash profitably given 5% rates in outside HYSAs.

Thanks for the info!
spacecadet610
Posts: 145
Joined: Sun Aug 26, 2012 1:41 pm

Re: [Webull 3% Offer]

Post by spacecadet610 »

SlowMovingInvestor wrote: Tue Mar 12, 2024 9:59 pm
spacecadet610 wrote: Tue Mar 12, 2024 9:11 pm I believe the 2% cash bonus is only for the margin WeBull account.

It's unclear to me whether the cash in a margin account gets the 5% APR interest.

I do know that the cash in a WeBull cash account gets the 5% interest rate.
SlowMovingInvestor wrote: Tue Mar 12, 2024 8:48 pm I've been ignoring WeBull promo emails until right now, so I missed the brokerage account (3% on ACAT, 2% on cash transfer) bonus. I'm not really interested in transferring securities right now in any case. But I could be interested in transferring cash for some quick extra interest.

Questions

1) The bonus T&C seems to imply the transfer has to be completed by March 15th, which wouldn't work with ACH. I'm reluctant to do a wire. Would an ACH initiated before the transfer starts be valid? I know in the past, WeBull has said that transfers initiated before end of bonus period qualify even if the transfer is not completed by the end of the period.

2) As I understand it, cash accounts pay around 5% (upto 100k) and the cash is FDIC insured. Is that correct? That would be a good HYSA rate, and the 2% would be a nice pop on the top for a 100K transfer

3) From my own experience, Webull doesn't consider past bonuses received a disqualifying event for future bonuses paid out to different account types (or in the same account type after the retention period is over), if anything it's the opposite, with customers being mail bombed to participate in future bonuses (which some such as I don't read in time, alas :( ). Is that correct?

Thanks for any comments!
I checked, and that is correct. Margin accounts don't seem to get the cash management rate although it's hard to make out how much (if any) the sweep in a margin account pays.

In any case, it seems like this can't be used as a bonus for pure cash profitably given 5% rates in outside HYSAs.

Thanks for the info!
You could put your cash in a WeBull Margin account and buy a cash equivalent ETF like SGOV which would match the high yields seen elsewhere.
SlowMovingInvestor
Posts: 3536
Joined: Sun Sep 11, 2016 11:27 am

Re: [Webull 3% Offer]

Post by SlowMovingInvestor »

spacecadet610 wrote: Tue Mar 12, 2024 10:06 pm
You could put your cash in a WeBull Margin account and buy a cash equivalent ETF like SGOV which would match the high yields seen elsewhere.
That's a great suggestion.

I normally don't buy MM like ETFs because I don't like the idea of keeping track of cost basis for some ETFs (even if the cost basis changes are minimal). How well does WeBull keep track of cost basis, or do I have to do it manually? My WeBull account is an IRA, so I haven't bothered to see how well their software tracks cost basis.
spacecadet610
Posts: 145
Joined: Sun Aug 26, 2012 1:41 pm

Re: [Webull 3% Offer]

Post by spacecadet610 »

SlowMovingInvestor wrote: Wed Mar 13, 2024 10:38 am
spacecadet610 wrote: Tue Mar 12, 2024 10:06 pm
You could put your cash in a WeBull Margin account and buy a cash equivalent ETF like SGOV which would match the high yields seen elsewhere.
That's a great suggestion.

I normally don't buy MM like ETFs because I don't like the idea of keeping track of cost basis for some ETFs (even if the cost basis changes are minimal). How well does WeBull keep track of cost basis, or do I have to do it manually? My WeBull account is an IRA, so I haven't bothered to see how well their software tracks cost basis.
Webull keeps track of cost basis just like any other brokerage.

FYI i noticed today that it looks like the cash in my WeBull Margin account is earning 5% interest
EliteZags
Posts: 41
Joined: Wed Jan 08, 2014 6:44 pm

Re: [Webull 3% Offer]

Post by EliteZags »

here's the questions I got somewhat answers to:
Hi I have some questions regarding this promotion and transfers:

-does the cash/money market balance transferred from brokerage account get the 3% transfer or 2% deposit bonus?

-how are cost basis lots tracked from shares that are transferred?

-does the lockup amount only apply to the portion/value of funds transferred in?
ie: currently have $100K in Webull, transfer in $90K equities / $10K cash- is the cash able to be withdrawn before lockup period ends without affecting bonus, since total account value will still be above the transfer amount?


1. It depends on the transfer method. If you transfer via ACAT, you'll get 3% cashback.
If you transfer via ACH or wire, you'll get 2% cashback.

2. Normally, the delivery broker will send the cost basis information to the receiving broker after the transfer is completed.

3. Any withdrawal during the promotion period will be deducted from the counted amount. Thank you.

Sincerely,
Simone
Webull eService Representative
SlowMovingInvestor
Posts: 3536
Joined: Sun Sep 11, 2016 11:27 am

Re: [Webull 3% Offer]

Post by SlowMovingInvestor »

spacecadet610 wrote: Wed Mar 13, 2024 10:53 am
FYI i noticed today that it looks like the cash in my WeBull Margin account is earning 5% interest
How does one figure out whether the cash in a WeBull Margin account is earning interest? Do I have to wait till the end of the month?
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