The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by SlowMovingInvestor » Thu Aug 09, 2018 5:41 pm

ME doesn't have any public offers above $200K. So one has to ask a rep for offers above that, I presume ? What are the offers at each level ? I'm guessing 2500 for $1 M - $5M. That's below Fido, which is offering $3.5 at the $2.5M rule.

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

Post by pre » Thu Aug 09, 2018 8:17 pm

Earl Lemongrab wrote:
Tue May 01, 2018 7:23 pm
For straight cash with 100k, the TD Ameritrade deal is probably the best at $500.

https://www.tdameritrade.com/offer/tdba ... index.html
Per chance have any folks taken advantage of this TDA offer without being a TD Bank customer? It looks like TD Bank is restricted to the East Coast...

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

Post by motorcyclesarecool » Thu Aug 09, 2018 8:47 pm

Yes. Got $500 in Roth IRA for transferring 100k. Not a TD Bank customer.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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

Post by pre » Thu Aug 09, 2018 9:11 pm

motorcyclesarecool wrote:
Thu Aug 09, 2018 8:47 pm
Yes. Got $500 in Roth IRA for transferring 100k. Not a TD Bank customer.
Much appreciated. May I ask if any other TDA bonuses earned this year, aside from the Roth?

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

Post by motorcyclesarecool » Thu Aug 09, 2018 9:22 pm

pre wrote:
Thu Aug 09, 2018 9:11 pm
Much appreciated. May I ask if any other TDA bonuses earned this year, aside from the Roth?
No. this is our only one.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

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

Post by JustinR » Fri Aug 10, 2018 5:03 am

Reposting my question for the new page:

When a brokerage matches another brokerage's bonus offer, do they also match the time-to-hold limits? For example, if ME requires you to hold the money there for 3 months, but TDA requires one year, would TDA:

A) match ME's bonus along with the 3 month timeframe, or
B) match ME's bonus but with a 1 year timeframe?

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

Post by SlowMovingInvestor » Fri Aug 10, 2018 6:06 am

JustinR wrote:
Fri Aug 10, 2018 5:03 am
Reposting my question for the new page:

When a brokerage matches another brokerage's bonus offer, do they also match the time-to-hold limits? For example, if ME requires you to hold the money there for 3 months, but TDA requires one year, would TDA:

A) match ME's bonus along with the 3 month timeframe, or
B) match ME's bonus but with a 1 year timeframe?
I think it's all up for negotiation really. No hard and fast rules. TDAM's standard timeframe is 1 year, but they may shrink it if you insist that they match ME's holding period. Assuming their back end systems allow it, of course.

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

Post by yougotitdude » Fri Aug 10, 2018 6:18 am

Thanks guys. The rep implied that it was lifetime for the $2,500. He said one offer per year per account registration. I

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

Post by SlowMovingInvestor » Sun Aug 12, 2018 11:34 am

I recollect there was some discussion of a PNC bonus a while back, but it seems to have expired. I know there are people who hold funds at Chase, and get private Client Status from that.

I have $500-1M in IRA that is free to move, and would be interested in hearing about bonuses from 'non conventional' sources. Since it's IRA, I'm not concerned about cost basis or even having to liquidate some holdings. It is important that they have decent IT infrastructure for online access, security etc.

-- Does Chase give any bonuses, or is it just Private Client Status ? (that means nothing to me --- other than possible getting around 5/24).
-- Among other large banks -- PNC, HSBC bank etc. -- any bonuses available ?
-- Some of the roboadvisors do offer bonuses, but the negative is that they want a %age of assets in fees, which would negate any bonus unless they had a free offering period.
-- I'm wondering about Ally -- they do have $1200 for $500K -- how decent is their platform (which I gather is just the old TradeKing platform) ? Not for trading, but for basics such as online and security ? Worth contacting them to see if they'll up it to 1500 ? It seems to me that Ally has NO NTF funds -- is that correct ?

EDITED: I should add that I'm also fine with mileage or hotel points as bonuses for somewhat smaller breakpoints (100K or so). Fido used to have a decent mileage bonus for 100K for several years, but no more.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Mon Aug 13, 2018 8:37 am

SlowMovingInvestor wrote:
Sun Aug 12, 2018 11:34 am
I recollect there was some discussion of a PNC bonus a while back, but it seems to have expired. I know there are people who hold funds at Chase, and get private Client Status from that.

I have $500-1M in IRA that is free to move, and would be interested in hearing about bonuses from 'non conventional' sources. Since it's IRA, I'm not concerned about cost basis or even having to liquidate some holdings. It is important that they have decent IT infrastructure for online access, security etc.

-- Does Chase give any bonuses, or is it just Private Client Status ? (that means nothing to me --- other than possible getting around 5/24).
-- Among other large banks -- PNC, HSBC bank etc. -- any bonuses available ?
-- Some of the roboadvisors do offer bonuses, but the negative is that they want a %age of assets in fees, which would negate any bonus unless they had a free offering period.
-- I'm wondering about Ally -- they do have $1200 for $500K -- how decent is their platform (which I gather is just the old TradeKing platform) ? Not for trading, but for basics such as online and security ? Worth contacting them to see if they'll up it to 1500 ? It seems to me that Ally has NO NTF funds -- is that correct ?

EDITED: I should add that I'm also fine with mileage or hotel points as bonuses for somewhat smaller breakpoints (100K or so). Fido used to have a decent mileage bonus for 100K for several years, but no more.
Why does it have to be from 'non conventional' sources? As far as I now, most will let you keep moving stuff back and forth. I got a bonus from Etrade, moved to TDA for a bonus and am now moving back to Etrade for another bonus.

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

Post by SlowMovingInvestor » Mon Aug 13, 2018 8:41 am

michaeljc70 wrote:
Mon Aug 13, 2018 8:37 am
SlowMovingInvestor wrote:
Sun Aug 12, 2018 11:34 am
I recollect there was some discussion of a PNC bonus a while back, but it seems to have expired. I know there are people who hold funds at Chase, and get private Client Status from that.

I have $500-1M in IRA that is free to move, and would be interested in hearing about bonuses from 'non conventional' sources. Since it's IRA, I'm not concerned about cost basis or even having to liquidate some holdings. It is important that they have decent IT infrastructure for online access, security etc.

-- Does Chase give any bonuses, or is it just Private Client Status ? (that means nothing to me --- other than possible getting around 5/24).
-- Among other large banks -- PNC, HSBC bank etc. -- any bonuses available ?
-- Some of the roboadvisors do offer bonuses, but the negative is that they want a %age of assets in fees, which would negate any bonus unless they had a free offering period.
-- I'm wondering about Ally -- they do have $1200 for $500K -- how decent is their platform (which I gather is just the old TradeKing platform) ? Not for trading, but for basics such as online and security ? Worth contacting them to see if they'll up it to 1500 ? It seems to me that Ally has NO NTF funds -- is that correct ?

EDITED: I should add that I'm also fine with mileage or hotel points as bonuses for somewhat smaller breakpoints (100K or so). Fido used to have a decent mileage bonus for 100K for several years, but no more.
Why does it have to be from 'non conventional' sources? As far as I now, most will let you keep moving stuff back and forth. I got a bonus from Etrade, moved to TDA for a bonus and am now moving back to Etrade for another bonus.
Because I already have multiple accounts scattered across brokerages, with bonuses due at some or within the waiting period :). Schwab is available -- but isn't offering me anything (see my post above). So looking at unconventional sources.

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

Post by gips » Mon Aug 13, 2018 10:20 am

does anyone know if brokered cds can be transferred to another brokerage?

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Mon Aug 13, 2018 10:58 am

I was going to transfer my IRA to Etrade, but at the bottom of their terms it says not valid for retirement accounts. In looking around currently, it seems like Ally is the best option. I am looking to move an IRA in the 500k-1000k range. They are offering $1200. Is there any better option for my situation?

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

Post by Earl Lemongrab » Mon Aug 13, 2018 12:49 pm

michaeljc70 wrote:
Mon Aug 13, 2018 10:58 am
I was going to transfer my IRA to Etrade, but at the bottom of their terms it says not valid for retirement accounts. In looking around currently, it seems like Ally is the best option. I am looking to move an IRA in the 500k-1000k range. They are offering $1200. Is there any better option for my situation?
There's this offer:

https://www.tdameritrade.com/offer/tdba ... index.html

It says "For TDBank customers" in the header, but not the terms. Some have reported getting the bonus. Otherwise, most custodians will have bonuses for higher amounts than advertised, so I would contact whichever one you're interested in and see what they can do for a 500k IRA.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Mon Aug 13, 2018 12:51 pm

Earl Lemongrab wrote:
Mon Aug 13, 2018 12:49 pm
michaeljc70 wrote:
Mon Aug 13, 2018 10:58 am
I was going to transfer my IRA to Etrade, but at the bottom of their terms it says not valid for retirement accounts. In looking around currently, it seems like Ally is the best option. I am looking to move an IRA in the 500k-1000k range. They are offering $1200. Is there any better option for my situation?
There's this offer:

https://www.tdameritrade.com/offer/tdba ... index.html

It says "For TDBank customers" in the header, but not the terms. Some have reported getting the bonus. Otherwise, most custodians will have bonuses for higher amounts than advertised, so I would contact whichever one you're interested in and see what they can do for a 500k IRA.
Thanks, but TDA is where I am moving the account from. They gave me $1200 last year.

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

Post by Earl Lemongrab » Mon Aug 13, 2018 12:58 pm

michaeljc70 wrote:
Mon Aug 13, 2018 12:51 pm
Thanks, but TDA is where I am moving the account from. They gave me $1200 last year.
Well, I'd contact Merrill Edge and tell them you were looking at moving that kind of money and see. Remember that there are often more offer codes than are publicly advertised.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Mike14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Mon Aug 13, 2018 4:59 pm

For those who transferred Vanguard Admiral to Merrill Edge:
Did fractional shares transfer? Will they let you buy more? Are dividends re-invested in the same Vanguard fund?

Thank you

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

Post by SlowMovingInvestor » Mon Aug 13, 2018 8:51 pm

Mike14 wrote:
Mon Aug 13, 2018 4:59 pm
For those who transferred Vanguard Admiral to Merrill Edge:
Did fractional shares transfer? Will they let you buy more? Are dividends re-invested in the same Vanguard fund?

Thank you
Fractional shares do transfer for all MFs (including Admiral). I didn't ask about buying more or reinvesting dividends. I would speculate that they would either not allow it or charge their $20 fee for transaction, but might allow dividend re-investing.

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

Post by SlowMovingInvestor » Tue Aug 14, 2018 7:07 pm

I contacted another Schwab office about possible promos/bonuses. Was told that the only thing they had right now was 500 free trades or some golf related bonuses. Neither interesting to me :)

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

Post by NoHeat » Tue Aug 14, 2018 8:20 pm

SlowMovingInvestor wrote:
Thu Aug 09, 2018 3:12 pm
yougotitdude wrote:
Thu Aug 09, 2018 1:29 pm
I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?
You mean $2500 on a lifetime basis ? Or $2500 for a single transfer ?
I got $2500 from ME about a year ago when I transferred in $1 million. I asked for a larger reward, arguing that a smaller transfer at that time resulted in a reward that was a higher percentage of the transfer, but I was told that $2500 was the max possible. They did offer me reduced option commissions, but these were still not as good as at IB.

Afterwards, my thought was that the one-time earnings of 0.25% required too much hassle — maybe I could have done better by putting my time into doing better research, for example finding a broker with better money market interest rates, instead of doing paperwork and negotiations for a deal.

michaeljc70
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Tue Aug 14, 2018 9:44 pm

NoHeat wrote:
Tue Aug 14, 2018 8:20 pm
SlowMovingInvestor wrote:
Thu Aug 09, 2018 3:12 pm
yougotitdude wrote:
Thu Aug 09, 2018 1:29 pm
I just spoke with a rep from Merrill Edge. He said the maximum anyone can get is $2,500 (unless it's over $5 million) per account owner across all accounts. Is that right? Anyone gotten more?
You mean $2500 on a lifetime basis ? Or $2500 for a single transfer ?
I got $2500 from ME about a year ago when I transferred in $1 million. I asked for a larger reward, arguing that a smaller transfer at that time resulted in a reward that was a higher percentage of the transfer, but I was told that $2500 was the max possible. They did offer me reduced option commissions, but these were still not as good as at IB.

Afterwards, my thought was that the one-time earnings of 0.25% required too much hassle — maybe I could have done better by putting my time into doing better research, for example finding a broker with better money market interest rates, instead of doing paperwork and negotiations for a deal.
How much time did you spend on the transfer? Rather than percent, you can look at that. If it was an hour or two, not many people make $2500 or $1250 an hour.

It does bring up an interesting aspect though. How much trouble is too much trouble for X dollars. Though a $1200 bonus or $2500 bonus is small in terms of my NW, it is still not an amount I would dismiss easily. I also suppose it depends on your bandwidth. If you are retired and have lots of time, it is different than missing work or time you could have been making $$$.

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

Post by Earl Lemongrab » Tue Aug 14, 2018 11:53 pm

NoHeat wrote:
Tue Aug 14, 2018 8:20 pm
Afterwards, my thought was that the one-time earnings of 0.25%
This is the wrong way to think of it. It's not earnings on your assets, it's reward for the effort you put in. How long did spend doing it? Hour maybe? Pretty good hourly rate.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

sc9182
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Wed Aug 15, 2018 6:25 am

Earl Lemongrab wrote:
Tue Aug 14, 2018 11:53 pm
NoHeat wrote:
Tue Aug 14, 2018 8:20 pm
Afterwards, my thought was that the one-time earnings of 0.25%
This is the wrong way to think of it. It's not earnings on your assets, it's reward for the effort you put in. How long did spend doing it? Hour maybe? Pretty good hourly rate.
It gets better if you can negotiate/get match from your existing brokerage, Retention Bonus for not jumping. In such case, you've practically haven't moved a needle, spent an hour or two may be talking/email/meeting-over with them.

Now talk about yielding $2500 or $3500 over couple of hours effort. Get giddy at that "hourly rate" :-)

Do this year after year! (so long this bonus/retention theme goes on). Earl might suggest moving more frequntly to optimize bonus returns, but I am just happy to stay put and get my annual Retention bonus.

To do the actual moving though- there may be some amount of planning required. Some very custom variants of mutual funds, not-so-easily transferable assets may give some friction. Mine are mostly well known index based ETFs/funds and couple of three stox. If my brokerage really want me to get out, and decides not to match with Retention offer, I would sure to bring suitcase to carry my money elsewhere (virtual transfer suitcase, that is; not real suitcase, not cash monies!)
Last edited by sc9182 on Wed Aug 15, 2018 6:43 am, edited 2 times in total.

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

Post by SlowMovingInvestor » Wed Aug 15, 2018 6:41 am

Earl Lemongrab wrote:
Tue Aug 14, 2018 11:53 pm
NoHeat wrote:
Tue Aug 14, 2018 8:20 pm
Afterwards, my thought was that the one-time earnings of 0.25%
This is the wrong way to think of it. It's not earnings on your assets, it's reward for the effort you put in. How long did spend doing it? Hour maybe? Pretty good hourly rate.
Also, tax deferrment for IRA bonuses and never taxation for Roth IRA bonuses.

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

Post by Earl Lemongrab » Thu Aug 16, 2018 6:06 pm

whodidntante wrote:
Sun Jul 08, 2018 12:21 am
HSBC has a $750 bonus on $100k for 90 days. Investments count even though you know HSBC as a bank. The account requires you to maintain 100k or you are charged a $50/mo fee.

https://www.us.hsbc.com/checking-accoun ... ffer-2018/

Every penny I have is currently earning me a bonus somewhere, so I haven't done this one. Maybe someone here can use it.
Did anyone try this? Time is running out, so if there's any experience with it that would be useful information.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Thu Aug 16, 2018 7:46 pm

Earl Lemongrab wrote:
Thu Aug 16, 2018 6:06 pm
whodidntante wrote:
Sun Jul 08, 2018 12:21 am
HSBC has a $750 bonus on $100k for 90 days. Investments count even though you know HSBC as a bank. The account requires you to maintain 100k or you are charged a $50/mo fee.

https://www.us.hsbc.com/checking-accoun ... ffer-2018/

Every penny I have is currently earning me a bonus somewhere, so I haven't done this one. Maybe someone here can use it.
Did anyone try this? Time is running out, so if there's any experience with it that would be useful information.
Their website seems to indicate they have self directed investment accounts, and the fees aren't bad, but I feel kind of uneasy about taking a chance in moving assets there -- not confident enough of their security and back end software for their self directed securities. Plus, it would require a physical visit, which would be a bit of a pain because they don't have that many branches around here. And I would definitely not consider moving anything other than an IRA because of basis and tax issues.

HSBC used to have decent bonuses for moving cash there for the lower level account types ($400 for $10K) or so, but definitely not worth it for moving $100K cash for 90 days (more likely to be 120 in reality) for $750 either.

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

Post by Earl Lemongrab » Thu Aug 16, 2018 7:51 pm

Are you sure about the physical visit? Where did you see that? If you can't set it up online then I wouldn't be interested.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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

Post by SlowMovingInvestor » Thu Aug 16, 2018 7:56 pm

Earl Lemongrab wrote:
Thu Aug 16, 2018 7:51 pm
Are you sure about the physical visit? Where did you see that? If you can't set it up online then I wouldn't be interested.
I'm sure you can set the bank account up online. I think setting up a securities account does require a visit to a branch.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Thu Aug 16, 2018 8:09 pm

Earl Lemongrab wrote:
Thu Aug 16, 2018 6:06 pm
whodidntante wrote:
Sun Jul 08, 2018 12:21 am
HSBC has a $750 bonus on $100k for 90 days. Investments count even though you know HSBC as a bank. The account requires you to maintain 100k or you are charged a $50/mo fee.

https://www.us.hsbc.com/checking-accoun ... ffer-2018/

Every penny I have is currently earning me a bonus somewhere, so I haven't done this one. Maybe someone here can use it.
Did anyone try this? Time is running out, so if there's any experience with it that would be useful information.
That is a big bonus for $100k. I'm contemplating it, but hate splitting up my accounts all over the place. I guess I can split them to get the best bonus for each (I have a tIRA, Roth IRA and taxable account) and then move them all to a brokerage for a bonus later. It sounds like you'll get calls from your "premier relationship manager", but I got calls from an Etrade rep and never picked up or called them back once.

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

Post by SlowMovingInvestor » Thu Aug 16, 2018 8:57 pm

michaeljc70 wrote:
Thu Aug 16, 2018 8:09 pm

That is a big bonus for $100k. I'm contemplating it, but hate splitting up my accounts all over the place. I guess I can split them to get the best bonus for each (I have a tIRA, Roth IRA and taxable account) and then move them all to a brokerage for a bonus later. It sounds like you'll get calls from your "premier relationship manager", but I got calls from an Etrade rep and never picked up or called them back once.

A side comment -- the HSBC Premier Saving account web page says that it'll give you some of HSBC"s best interest rates. They may be HSBC's best, but are actually a princely 0.10% or so !

I know it doesn't matter if you transfer securities, but still.

I'm generally (as I said before) somewhat undecided, but even if I did open an account, I would definitely not move a taxable account there. I really don't trust HSBC to do cost basis transfer and tax reporting properly for securities accounts. Even a small mistake there could easily cost > $750.

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

Post by Earl Lemongrab » Thu Aug 16, 2018 11:46 pm

SlowMovingInvestor wrote:
Thu Aug 16, 2018 8:57 pm

I'm generally (as I said before) somewhat undecided, but even if I did open an account, I would definitely not move a taxable account there. I really don't trust HSBC to do cost basis transfer and tax reporting properly for securities accounts. Even a small mistake there could easily cost > $750.
Any time I move, I download a snapshot of the basis. I don't trust any of them.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by FunnelCakeBob » Fri Aug 17, 2018 12:43 am

Earl Lemongrab wrote:
Thu Aug 16, 2018 6:06 pm
whodidntante wrote:
Sun Jul 08, 2018 12:21 am
HSBC has a $750 bonus on $100k for 90 days. Investments count even though you know HSBC as a bank. The account requires you to maintain 100k or you are charged a $50/mo fee.

https://www.us.hsbc.com/checking-accoun ... ffer-2018/

Every penny I have is currently earning me a bonus somewhere, so I haven't done this one. Maybe someone here can use it.
Did anyone try this? Time is running out, so if there's any experience with it that would be useful information.
I just opened an account for the $350 offer for their Advanced Checking promotion. It requires 10k deposit within 30 days of account opening (and maintaining this amount for 90 days), which I felt gave me more bang for my buck than trusting them with 100k, since the account pays only 0.01 APY.

I felt their account opening process to be somewhat onerous than other institutions. They have BSA/AML policies that the account opening group implements very stringently. A few days after applying online, I was asked for a copy of government-issued photo ID. I stopped by a branch where a very nice and helpful rep was able to scan and email it to the requesting group. I've heard of other account openers being asked for current utility bills showing name and address matching the ones provided on the application. Be sure to also temporarily remove any Equifax credit freeze as it's necessary for initial customer authentication questions when applying online. After submitting the copy of ID, it was radio silence for almost a week until I received a couple of welcoming emails. If you want to set up online access rather than go to the branch to conduct transactions, you'll have to go through another process requiring certain passcodes. Again, the branch employee was very helpful in guiding me and I did it the same day. Once I set up online access, I was able to ACH the deposit from my other bank. My offers says the bonus will be paid up 8 weeks after meeting the 90 day requirement.

Hope the above was helpful. If you apply, be sure to be patient and keep on top of things until you have set up the account. Good luck everyone.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by michaeljc70 » Fri Aug 17, 2018 8:44 am

If I do the online process for the HSBC deposit account, is there also an online process to transfer my taxable investment account? I don't want to go into a branch and don't have $100k in cash laying around.

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

Post by FunnelCakeBob » Fri Aug 17, 2018 10:00 am

michaeljc70 wrote:
Fri Aug 17, 2018 8:44 am
If I do the online process for the HSBC deposit account, is there also an online process to transfer my taxable investment account? I don't want to go into a branch and don't have $100k in cash laying around.
I don't know for sure. They may have an online process or require you to mail or fax in the form. My take is HSBC would require additional documentation for you to prove who you are at account opening and perhaps also prove your ownership of the account that's being transferred.

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

Post by zeugmite » Fri Aug 17, 2018 8:39 pm

Finally received ME bonuses from last December's offer, just want to report that I had to contact their customer support to get them to pay the full amount because, as I suspected then, the broker assigned to the account is a total liar and probably maliciously handled the account to assign a commission to himself, but by doing so, removed the original offer and put in the generic one.

See original post here:
viewtopic.php?p=3710521#p3710521

Throughout the six months he kept promising in writing that he will fix the bonuses if the whole amount is not given, and he clearly saw the bonus code was wrong, was partly paid at 3 months instead of 6, and in the end when it came time to step up, total radio silence and not even responding to email. ME did pay because I had saved the original confirmations, but just beware of this behavior by unscrupulous brokers.

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

Post by pre » Sat Aug 18, 2018 1:41 am

zeugmite wrote:
Fri Aug 17, 2018 8:39 pm
Finally received ME bonuses from last December's offer, just want to report that I had to contact their customer support to get them to pay the full amount because, as I suspected then, the broker assigned to the account is a total liar and probably maliciously handled the account to assign a commission to himself, but by doing so, removed the original offer and put in the generic one.

See original post here:
viewtopic.php?p=3710521#p3710521

Throughout the six months he kept promising in writing that he will fix the bonuses if the whole amount is not given, and he clearly saw the bonus code was wrong, was partly paid at 3 months instead of 6, and in the end when it came time to step up, total radio silence and not even responding to email. ME did pay because I had saved the original confirmations, but just beware of this behavior by unscrupulous brokers.
Unfortunate to hear of your experience. I've opened many accounts with ME over the years, and worked with a good dozen consultants, and have been fortunate to not have any issues. I'm glad you saved the communications

Incidentally, I also signed up with the elevated/increased offer in December for myself, as well one for a relative, and we were credited at the 6 month mark

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NavyIC3
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by NavyIC3 » Sat Aug 18, 2018 8:15 am

Fidelity offers free trades for a transfer but that's only good if you trade often. Has anyone negotiated a cash bonus from Fidelity?

Ron Ronnerson
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Location: Bay Area

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Sat Aug 18, 2018 8:27 am

SlowMovingInvestor wrote:
Thu Aug 16, 2018 7:46 pm
Earl Lemongrab wrote:
Thu Aug 16, 2018 6:06 pm
whodidntante wrote:
Sun Jul 08, 2018 12:21 am
HSBC has a $750 bonus on $100k for 90 days. Investments count even though you know HSBC as a bank. The account requires you to maintain 100k or you are charged a $50/mo fee.

https://www.us.hsbc.com/checking-accoun ... ffer-2018/

Every penny I have is currently earning me a bonus somewhere, so I haven't done this one. Maybe someone here can use it.
Did anyone try this? Time is running out, so if there's any experience with it that would be useful information.
Their website seems to indicate they have self directed investment accounts, and the fees aren't bad, but I feel kind of uneasy about taking a chance in moving assets there -- not confident enough of their security and back end software for their self directed securities. Plus, it would require a physical visit, which would be a bit of a pain because they don't have that many branches around here. And I would definitely not consider moving anything other than an IRA because of basis and tax issues.

HSBC used to have decent bonuses for moving cash there for the lower level account types ($400 for $10K) or so, but definitely not worth it for moving $100K cash for 90 days (more likely to be 120 in reality) for $750 either.
My wife and I each opened a checking account at HSBC in late 2016 to receive bonuses. It was this offer: https://www.doctorofcredit.com/hsbc-350 ... unt-bonus/

I would suggest reading the comments at the bottom of the page on the link above so you're aware of what you might encounter. In case you don't feel like going to the link, this is posted at the top of the page: "Originally posted on 9/8/16. Reposting on 11/17/16 since this deal is expiring tomorrow. While this bonus is excellent, beware that it’s an extended process and hassle getting approved and setting up this account (and some people end up getting denied). Only do it if you have the time and patience to deal with it and feel it’s worth the $350."

We opened our accounts by going into a branch. It took an hour to answer the questions and fill out the paperwork. They are thorough and required a bunch of documentation to verify identity. I'm glad we opened our accounts in person because those who opened online often ended up waiting for long periods for their account to be established and many people were apparently declined.

HSBC didn't inspire a lot of confidence. We only had to deposit a small amount (I think it was $3k or so) and do some bill pays to earn the bonus. We received our bonuses without any issue but I would proceed with caution when dealing with HSBC, especially if the offer requires $100k.

If you're transferring investments, hopefully the transfer goes through smoothly. For those transferring cash, I'm not sure why you would do that. $750/$100k for 4 months (offer says 3 months but that would be cutting it a bit close) is 2.25%. That's about what an online savings account offers these days.

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

Post by SlowMovingInvestor » Sat Aug 18, 2018 9:43 am

NavyIC3 wrote:
Sat Aug 18, 2018 8:15 am
Fidelity offers free trades for a transfer but that's only good if you trade often. Has anyone negotiated a cash bonus from Fidelity?
At $1M plus, you should be able to get bonuses begining around $2500. Whether advertised or not.

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

Post by SlowMovingInvestor » Sat Aug 18, 2018 9:48 am

SlowMovingInvestor wrote:
Mon Aug 13, 2018 8:51 pm
Mike14 wrote:
Mon Aug 13, 2018 4:59 pm
For those who transferred Vanguard Admiral to Merrill Edge:
Did fractional shares transfer? Will they let you buy more? Are dividends re-invested in the same Vanguard fund?

Thank you
Fractional shares do transfer for all MFs (including Admiral). I didn't ask about buying more or reinvesting dividends. I would speculate that they would either not allow it or charge their $20 fee for transaction, but might allow dividend re-investing.
So i recently did the reverse (Vanguard MFs from ME to VG), and the fractional MF shares were sold at Merill. Very small amounts, but I'm not sure who was responsible for the sale -- i.e. did VG refuse to accept fractionals so ME sold them, or is it the case that ME is unable to send fractionals.

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

Post by zeugmite » Sat Aug 18, 2018 5:02 pm

SlowMovingInvestor wrote:
Sat Aug 18, 2018 9:48 am
So i recently did the reverse (Vanguard MFs from ME to VG), and the fractional MF shares were sold at Merill. Very small amounts, but I'm not sure who was responsible for the sale -- i.e. did VG refuse to accept fractionals so ME sold them, or is it the case that ME is unable to send fractionals.
I thought fractional shares are normal for mutual funds and they operate on a cash value basis?

For stocks/ETF's, treatment of fractional share transfer (to Merrill Edge) seems to be that the fractional part gets liquidated, but the total integer portion (including what's accumulated from DRIP's) gets transferred in kind, with their cost-bases and purchase dates aggregated to integer share steppings. As a result, reinvestments look very strange.

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

Post by SlowMovingInvestor » Sat Aug 18, 2018 8:15 pm

zeugmite wrote:
Sat Aug 18, 2018 5:02 pm
SlowMovingInvestor wrote:
Sat Aug 18, 2018 9:48 am
So i recently did the reverse (Vanguard MFs from ME to VG), and the fractional MF shares were sold at Merill. Very small amounts, but I'm not sure who was responsible for the sale -- i.e. did VG refuse to accept fractionals so ME sold them, or is it the case that ME is unable to send fractionals.
I thought fractional shares are normal for mutual funds and they operate on a cash value basis?
That's what should have happened, but didn't. Like I said, I don't know who's to 'blame'.

VG's IT systems are often criticized here, but ME's systems have a lot of quirks too.

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

Post by SlowMovingInvestor » Thu Aug 23, 2018 4:54 pm

About to initiate a transfer from TDAM to another firm. I have a lot of small holdings at TDAM in that account (the result of TDAMs ETF changes last year), and would prefer not to initiate a partial transfer simply because it's cumbersome.

But if I do a full transfer, will TDAM charge the full transfer fee ($75) ? I'm not sure how they differentiate between a ' full' transfer and a 'partial' 'transfer. Is transferring all the assets out a partial ?

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

Post by whodidntante » Thu Aug 23, 2018 5:53 pm

SlowMovingInvestor wrote:
Thu Aug 23, 2018 4:54 pm
About to initiate a transfer from TDAM to another firm. I have a lot of small holdings at TDAM in that account (the result of TDAMs ETF changes last year), and would prefer not to initiate a partial transfer simply because it's cumbersome.

But if I do a full transfer, will TDAM charge the full transfer fee ($75) ? I'm not sure how they differentiate between a ' full' transfer and a 'partial' 'transfer. Is transferring all the assets out a partial ?
A full transfer closes the account. It means you brought all shares and all cash to the target broker.

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

Post by SlowMovingInvestor » Thu Aug 23, 2018 6:21 pm

whodidntante wrote:
Thu Aug 23, 2018 5:53 pm
SlowMovingInvestor wrote:
Thu Aug 23, 2018 4:54 pm
About to initiate a transfer from TDAM to another firm. I have a lot of small holdings at TDAM in that account (the result of TDAMs ETF changes last year), and would prefer not to initiate a partial transfer simply because it's cumbersome.

But if I do a full transfer, will TDAM charge the full transfer fee ($75) ? I'm not sure how they differentiate between a ' full' transfer and a 'partial' 'transfer. Is transferring all the assets out a partial ?
A full transfer closes the account. It means you brought all shares and all cash to the target broker.
Is there any disadvantage (other than the fee) to doing a full transfer ? This is an IRA, so I really don't need account statements (but I'll save them anyway).

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

Post by whodidntante » Thu Aug 23, 2018 6:23 pm

SlowMovingInvestor wrote:
Thu Aug 23, 2018 6:21 pm
whodidntante wrote:
Thu Aug 23, 2018 5:53 pm
SlowMovingInvestor wrote:
Thu Aug 23, 2018 4:54 pm
About to initiate a transfer from TDAM to another firm. I have a lot of small holdings at TDAM in that account (the result of TDAMs ETF changes last year), and would prefer not to initiate a partial transfer simply because it's cumbersome.

But if I do a full transfer, will TDAM charge the full transfer fee ($75) ? I'm not sure how they differentiate between a ' full' transfer and a 'partial' 'transfer. Is transferring all the assets out a partial ?
A full transfer closes the account. It means you brought all shares and all cash to the target broker.
Is there any disadvantage (other than the fee) to doing a full transfer ? This is an IRA, so I really don't need account statements (but I'll save them anyway).
If you don't mind having access to the account shut off, no. I generally do a full transfer because brokers will reimburse the fees, so I don't care what the fee is. I know that Earl is partial to partial transfers. LOL

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

Post by pre » Thu Aug 23, 2018 6:35 pm

SlowMovingInvestor wrote:
Thu Aug 23, 2018 6:21 pm
whodidntante wrote:
Thu Aug 23, 2018 5:53 pm
SlowMovingInvestor wrote:
Thu Aug 23, 2018 4:54 pm
About to initiate a transfer from TDAM to another firm. I have a lot of small holdings at TDAM in that account (the result of TDAMs ETF changes last year), and would prefer not to initiate a partial transfer simply because it's cumbersome.

But if I do a full transfer, will TDAM charge the full transfer fee ($75) ? I'm not sure how they differentiate between a ' full' transfer and a 'partial' 'transfer. Is transferring all the assets out a partial ?
A full transfer closes the account. It means you brought all shares and all cash to the target broker.
Is there any disadvantage (other than the fee) to doing a full transfer ? This is an IRA, so I really don't need account statements (but I'll save them anyway).
Generally prefer full transfers, myself. Cleaner to have one less account to worry about/monitor in later years. Also seems easier to qualify for bonuses as a "new" account -- if it involves a consultant/broker to get the bonus, even an empty residual account makes one an "existing" customer, and thus less lucrative offers/matching. Experienced this with ETrade and Schwab, in particular

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

Post by SlowMovingInvestor » Thu Aug 23, 2018 8:07 pm

whodidntante wrote:
Thu Aug 23, 2018 6:23 pm
SlowMovingInvestor wrote:
Thu Aug 23, 2018 6:21 pm

Is there any disadvantage (other than the fee) to doing a full transfer ? This is an IRA, so I really don't need account statements (but I'll save them anyway).
If you don't mind having access to the account shut off, no. I generally do a full transfer because brokers will reimburse the fees, so I don't care what the fee is. I know that Earl is partial to partial transfers. LOL
The other broker in this case says they'll reimubrse account transfer fees, but not account closing fees, which is kind of strange :)

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

Post by gostars » Thu Aug 23, 2018 9:30 pm

TDA classifies it as a transfer fee, not an account closure fee, per https://www.tdameritrade.com/pricing/br ... -fees.page.

If you leave anything behind, TDA considers that partial. That can include nonmarketable shares that haven't been removed yet.

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

Post by SJR » Thu Aug 23, 2018 9:51 pm

An interesting personal experience that I had:

I signed up with a specific offer which included up to $150 in transfer fee credits per account. TDA credited that together with the bonus on the day the assets hit. No proof was required. Thus far the sending brokerage hasn't charged a fee (but at most, it would be $25 per account based on their fee schedule).

That's an extra $300 over the bonus I was due to receive.

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