The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by FunnelCakeBob » Sat Oct 27, 2018 8:53 pm

madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?

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

Post by tj » Sun Oct 28, 2018 12:39 am

FunnelCakeBob wrote:
Sat Oct 27, 2018 8:53 pm
madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?


Travel. I never bother with travel redemptions. Its 1 cent per point when redeeming for cash regardless.

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 2:10 pm

tj wrote:
Sun Oct 28, 2018 12:39 am
FunnelCakeBob wrote:
Sat Oct 27, 2018 8:53 pm
madbrain wrote:
Sat Oct 27, 2018 8:19 pm
I haven't seen this offer, but if you have the Chase Sapphire Reserve, 60k points are worth $900.
Thanks for this info. Is the extra 50% applicable only to redemption for travel rewards under CSR or does it apply to redemtion for cash as well?
Travel. I never bother with travel redemptions. Its 1 cent per point when redeeming for cash regardless.
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Oct 28, 2018 4:01 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 2:10 pm
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.
I understand your thought process, but this seems incorrect. Chase has already assigned a cash value to Ultimate Rewards points: 1 cent per point. We know this because this is the only rate at which you can exchange these points for cash. That Chase will offer you a bonus if you choose to redeem them for travel booked through its portal is beside the point.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante » Sun Oct 28, 2018 4:08 pm

b0B wrote:
Sat Oct 27, 2018 12:52 pm
How much can you bounce back and forth between two brokerages without getting flagged?
I've never had a problem. I make sure that I follow the letter of the promotion and err on the side of being slightly careful. E.g. if you're supposed to leave the assets there for 12 months, leave the assets there for 12 months. I don't recommend testing if they will clawback the bonus money or not.

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 4:14 pm

drk wrote:
Sun Oct 28, 2018 4:01 pm
SlowMovingInvestor wrote:
Sun Oct 28, 2018 2:10 pm
It's reasonable to assume that travel redemptions have less value from an accounting perspective than cash, so the ceiling for UR value is likely 1.5c/point, whereas the floor is likely 1.25c/pt. So reasonable to assume that a 1099 will value points in that range, probably at 1.25c/pt, which is still a great deal if you can redeem these points for international biz class.
I understand your thought process, but this seems incorrect. Chase has already assigned a cash value to Ultimate Rewards points: 1 cent per point. We know this because this is the only rate at which you can exchange these points for cash. That Chase will offer you a bonus if you choose to redeem them for travel booked through its portal is beside the point.
It would be nice if they 1099ed them at 1c/point surely, but I (for some reason) thought you convert at 1.25c/point

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk » Sun Oct 28, 2018 4:27 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 4:14 pm
It would be nice if they 1099ed them at 1c/point surely, but I (for some reason) thought you convert at 1.25c/point
Chase lets you redeem points with a 25% or 50% bonus because they get kickbacks from the travel booking company (i.e. Expedia). Treating that as the cash value would be straightforward to challenge: if it were the cash value, Chase would let me exchange them for 1.25 or 1.5 cents per point. But they don't, so it's not.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MA405 » Sun Oct 28, 2018 4:45 pm

When I was at my Chase branch to upgrade my checking acct to Sapphire in response to the promotion, I was offered a choice of 60K points or $750 cash. Based on that, I am expecting a 1099 for $750 if it comes at all (I chose points).

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

Post by SlowMovingInvestor » Sun Oct 28, 2018 6:00 pm

MA405 wrote:
Sun Oct 28, 2018 4:45 pm
When I was at my Chase branch to upgrade my checking acct to Sapphire in response to the promotion, I was offered a choice of 60K points or $750 cash. Based on that, I am expecting a 1099 for $750 if it comes at all (I chose points).
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MA405 » Sun Oct 28, 2018 11:02 pm

SlowMovingInvestor wrote:
Sun Oct 28, 2018 6:00 pm
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.

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

Post by SlowMovingInvestor » Mon Oct 29, 2018 8:28 am

MA405 wrote:
Sun Oct 28, 2018 11:02 pm
SlowMovingInvestor wrote:
Sun Oct 28, 2018 6:00 pm
If you don't mind answering this -- are you planning to move securities to a Chase YouInvest account to meet the balance requirement ?
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.
It should take 5 business days after receipt if your previous firm uses ACATS. Otherwise 2-3 weeks.

Let us know how it goes. I want to do my transfer in the new year so I don't have to worry about year end tax reporting from Chase, so I'll likely upgrade to a Sapphire account in early Dec (45 days to carry out transfer after that).

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Mike14 » Mon Oct 29, 2018 8:52 pm

MA405 wrote:
Sun Oct 28, 2018 11:02 pm
Yes, transfer is in process... I hope. Partial transfer required mailing of the form, not sure when I should see some transfer activity.
Please keep us posted. Market fluctuations won't be affecting bonus eligibility, but it looks like whether the fee is based will depend on the actual monthly balance. Are you transferring in a bit extra?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Wed Oct 31, 2018 12:51 pm

The enhanced Merrill Edge offers are available again, until Jan 12, 2019:

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

This offer appears to be limited to Traders Expo attendees. The Traders Expo is in Las Vegas from Nov 12-14. You can register for free here:

https://conferences.moneyshow.com/trade ... las-vegas/

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hailstate » Wed Oct 31, 2018 1:43 pm

Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by hale2 » Wed Oct 31, 2018 3:18 pm

hailstate wrote:
Wed Oct 31, 2018 1:43 pm
Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>
I tried to get a retention bonus last week from TD Ameritrade. All they offered were some free trades. I'm in the process of moving those account to Merrill Edge (where they were before). Hopefully you'll have better luck with them than I did.

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

Post by Earl Lemongrab » Wed Oct 31, 2018 3:56 pm

Right now, at least with sufficient assets for Preferred Rewards, Edge is better than TDA with their new commission-free list.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Ron Ronnerson » Wed Oct 31, 2018 6:01 pm

hale2 wrote:
Wed Oct 31, 2018 3:18 pm
hailstate wrote:
Wed Oct 31, 2018 1:43 pm
Thanks to this forum, I have not only learned a lot about brokerage bonuses, but am ready to request a retention bonus from TD Ameritrade. I have never been through this process before, so I was hoping someone could provide feedback on the following email ... or if it sounds good, perhaps other readers could use it as a jumping off point as well.

-----

Hello <broker>,

I have been a TD Ameritrade customer since 2006. I was very disappointed when TD Ameritrade changed their commission-free ETF offerings to completely remove Vanguard offerings.

I have researched other brokerages and have begun to work with E*Trade. Their commission-free ETF list includes many Vanguard offerings. Additionally, they are offering a cash bonus of $1500 to transfer my account.

I'm still a bit unsure about the whole transition, as I've been with TD Ameritrade for a long time, and have always appreciated your customer service and investment platform. As a long-time customer, I wanted to reach out to you before I made any decisions.

Thank you,

-<HailState>
I tried to get a retention bonus last week from TD Ameritrade. All they offered were some free trades. I'm in the process of moving those account to Merrill Edge (where they were before). Hopefully you'll have better luck with them than I did.
I had the same experience a few weeks ago. TDA told me they’re not able to offer a retention bonus but could give some free trades. I ended up doing partial transfers from TDA to Merrill Edge and E-Trade to get two bonuses for me and two bonuses for my wife. There’s no harm in checking about a retention bonus with TDA first, though. Good luck.

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

Post by hailstate » Thu Nov 08, 2018 12:10 pm

Thanks for the feedback, everyone. Unfortunately all I could get out of TD Ameritrade were free trades as well. Guess I'll just transfer half a million to E*Trade, get $1500, and go from there.

And thank you for the recommendation, Earl. I opened an Edge account last year and am currently enjoying free trades. I just wanted a plausible reason to ask TD to match E*Trade, the Vanguard ETFs seemed as good as anything else.

Does anyone know if you can do the Edge bonus multiple times? I assume I'd need to open a new CMA account, can I do that if I already have one? The link I posted above has the $1000 for $200k offer again.

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

Post by Earl Lemongrab » Thu Nov 08, 2018 3:14 pm

Given TDA's new commission-free lineup, I'm less of a fan than I was in the past. I don't see a lot of reason to stay beyond required minimums for bonuses.

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

Post by hailstate » Fri Nov 09, 2018 4:08 pm

Retention update: I let my TDA broker know as a courtesy that I had decided to transfer to E*Trade. Lo and behold, she (finally) came back and said she might be able to get a cash retention. I read the email on my way out of the E*Trade branch, so I didn't pursue it further.

So perhaps if anyone would like to push TDA until you tell them you're leaving, they may finally cough up a cash offer. Took a week, eight emails, and telling her I was transferring. Good luck.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Sun Nov 11, 2018 1:11 pm

Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 1:18 pm

marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)

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

Post by Earl Lemongrab » Sun Nov 11, 2018 1:27 pm

Generally yes, although some won't give a bonus for rolling from a 401(k) they administer. So go to a different custodian. Occasionally there are offers that are not valid for IRAs.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Sun Nov 11, 2018 1:33 pm

b0B wrote:
Sun Nov 11, 2018 1:18 pm
marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)
Thanks. I must have been looking at the Brokerage page. The link to the retirement page look like it would accomplish what I want.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Sun Nov 11, 2018 1:39 pm

Earl Lemongrab wrote:
Sun Nov 11, 2018 1:27 pm
Generally yes, although some won't give a bonus for rolling from a 401(k) they administer. So go to a different custodian. Occasionally there are offers that are not valid for IRAs.
Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).

I noticed these say account opened by 12/31, then funded within 60 days. Due to backdoor transactions in 2018 (hopefully last year of doing that!), i don't want to have any money in IRA on 12/31. What are peoples experience regarding delay in getting transfers finalized? If i open the account in late December, then initiate transfer in January, will it make it into account within the 30 days?

Alternatively, will the offer most likely get rolled over to next year, or do they take them away for extended periods of time? My first time doing this (well second, i guess including the recent ALLY offer).

Thanks for the help.
Once in a while you get shown the light, in the strangest of places if you look at it right.

b0B
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 1:44 pm

^ Opening and funding are two different deadlines.

I wonder if the account must be new, or if pre-existing is okay. Anyone know?

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

Post by Earl Lemongrab » Sun Nov 11, 2018 2:24 pm

If you're talking rollovers from a 401(k), then up to a few weeks. Usually, if going to a different custodian, it will involve a check made out to the new account and then either sent to you to be forwarded or directly to the custodian. I wouldn't be concerned about a 60-day deadline.

b0B
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by b0B » Sun Nov 11, 2018 2:46 pm

marcopolo wrote:
Sun Nov 11, 2018 1:33 pm
b0B wrote:
Sun Nov 11, 2018 1:18 pm
marcopolo wrote:
Sun Nov 11, 2018 1:11 pm
Are the E-trade and/or TDA offers good for Rollover IRA (rolling over 401k to tIRA)?

There is some language in the E-trade fine print saying: "This offer is not valid for retirement or E*TRADE Bank accounts"
I think that means IRAs do not give bonus?, but maybe it only means 401k plan?

If neither of these are applicable for 401k --> IRA rollover, what other good options are there for rolling over around $1.25M?
Which link are you looking at. There's more than one, e.g.
https://us.etrade.com/what-we-offer/how ... /brokerage
https://us.etrade.com/what-we-offer/how ... retirement
(not sure if there are others)
Thanks. I must have been looking at the Brokerage page. The link to the retirement page look like it would accomplish what I want.
OOPS! I just realized those links have the usual bonus amounts. This one has higher bonus amounts.
https://us.etrade.com/what-we-offer/how ... enrollment

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Nov 12, 2018 8:12 am

marcopolo wrote:
Sun Nov 11, 2018 1:39 pm

Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.

I wrote about my experience in this thread back on May 1st of this year.

Ended up speaking to my private client group advisor subsequently (about something else) and he brought up the retention bonus. Said something like good to see you got the $2,500 retention bonus. Then went on to say we are not supposed to offer that to clients. However, for those who call and ask we have been doing it.

I'd call and suggest you are seriously considering moving the funds out of Fidelity. Tell them you'd like to stay with them, but can't turn a blind eye to a four figure transfer bonus (and mention you know of others who have gotten a retention bonus from Fidelity). See what they say.

Good luck.
Real Knowledge Comes Only From Experience

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Mon Nov 12, 2018 9:06 am

MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
marcopolo wrote:
Sun Nov 11, 2018 1:39 pm

Yeah. My 401k is administered by Fidelity. I would have preferred to roll over into fidelity IRA, but they will not give bonus for their own administered 401k rollovers. I guess i will just send to Etrade, then back to fidelity (maybe with a visit through TDA as well).
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.

I wrote about my experience in this thread back on May 1st of this year.

Ended up speaking to my private client group advisor subsequently (about something else) and he brought up the retention bonus. Said something like good to see you got the $2,500 retention bonus. Then went on to say we are not supposed to offer that to clients. However, for those who call and ask we have been doing it.

I'd call and suggest you are seriously considering moving the funds out of Fidelity. Tell them you'd like to stay with them, but can't turn a blind eye to a four figure transfer bonus (and mention you know of others who have gotten a retention bonus from Fidelity). See what they say.

Good luck.
Interesting. Thanks for the info.
I will give this a try as it gets closer to the end of the year. I have to wait until 2019 to execute the rollover.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Mon Nov 12, 2018 4:53 pm

MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
[
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.
Only 60 days ? You do have to keep the money there for a year, right ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Nov 12, 2018 6:59 pm

SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
MikeG62 wrote:
Mon Nov 12, 2018 8:12 am
[
Marcopolo,

I did precisely this with Fidelity earlier this year. I called and spoke with a private client group CS rep. Said I would be rolling over my 401K to a rollover IRA and I was looking at a number of brokers, all of whom were offering bonuses for the transfer. I asked if Fidelity was willing to offer me a retention bonus to stay (said I would prefer to stay with Fidelity, but was not going to pass on a large transfer bonus if that was available to me). CS rep asked if I would mind being put on hold for a few minutes while he ran this to ground (my answer was of course no). He came back on the line and said they would give me $2,500 to rollover the funds to a Fidelity rollover IRA. Only requirement was that the funds had to remain in the rollover IRA for at least 60 days. So I went ahead and opened the rollover IRA with Fidelity and moved the funds over. The bonus posted within a week or two of my passing the 60 day mark.
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
Real Knowledge Comes Only From Experience

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

Post by Earl Lemongrab » Mon Nov 12, 2018 7:06 pm

MikeG62 wrote:
Mon Nov 12, 2018 6:59 pm
SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
Yeah, not getting the bonus paid until close of the funding period is typical, other than TD Ameritrade. I doubt that you're free to move without them taking the bonus back though. The retention period is usually different than the funding period.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Mon Nov 12, 2018 7:18 pm

Earl Lemongrab wrote:
Mon Nov 12, 2018 7:06 pm
MikeG62 wrote:
Mon Nov 12, 2018 6:59 pm
SlowMovingInvestor wrote:
Mon Nov 12, 2018 4:53 pm
Only 60 days ? You do have to keep the money there for a year, right ?
That's not the way I remember it. They said the bonus would not post until I completed the 60 day holding period. I think I am free to move the money elsewhere without any retribution from Fidelity. Having said that, I have no plans to move it.
Yeah, not getting the bonus paid until close of the funding period is typical, other than TD Ameritrade. I doubt that you're free to move without them taking the bonus back though. The retention period is usually different than the funding period.
You could be right, although the way I remember the conversation was that the 60 day period (after funding the rollover IRA) was the only requirement to get the bonus.

Having said that, I just read this language in the fine print of the Fidelity transfer bonus policy (this for new funds moved to Fidelity):

Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.

In any event, I have no plans or intentions to move the funds.
Real Knowledge Comes Only From Experience

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

Post by SlowMovingInvestor » Mon Nov 12, 2018 7:21 pm

MikeG62 wrote:
Mon Nov 12, 2018 7:18 pm

Having said that, I just read this language in the fine print of the Fidelity transfer bonus policy (this for new funds moved to Fidelity):

Account holders must maintain the minimum qualifying account balance (minus any losses related to trading or market volatility, or margin debit balances) at Fidelity for at least nine months from the date on which the bonus award is credited to the account, or Fidelity may charge the account the cost of the bonus award.

In any event, I have no plans or intentions to move the funds.
Yes, my recollection is that 9 month holding period is pretty standard for Fido.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Tue Nov 13, 2018 9:32 am

About the Chase Sapphire offer

https://accounts.chase.com/consumer/ban ... ome_3/hero

Is it OK if you create the YouInvest account first, then sign up and transfer to the YouInvest account ? For logistical reasons, I want to do it that way. I also want to hold off on initiating the transfer until 2019 to avoid extra tax reporting headaches.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Tue Nov 13, 2018 9:41 am

SlowMovingInvestor wrote:
Tue Nov 13, 2018 9:32 am
About the Chase Sapphire offer

https://accounts.chase.com/consumer/ban ... ome_3/hero

Is it OK if you create the YouInvest account first, then sign up and transfer to the YouInvest account ? For logistical reasons, I want to do it that way. I also want to hold off on initiating the transfer until 2019 to avoid extra tax reporting headaches.
Yes, but don't transfer the 75k until after you've done the upgrade to sapphire banking.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by HIinvestor » Wed Nov 14, 2018 5:52 pm

I know its more modest than others, but just got a $774 retention bonus from Fidelity for leaving our funds with them. It's money we would have had and it's only for keeping our money with them (as we intended to do) for 9 months. Originally, they declined to give anything but I called them back and told them that e-trade and TD Ameritrade were offering bonuses for signing with them. I'm satisfied--free money!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by SlowMovingInvestor » Wed Nov 14, 2018 6:17 pm

HIinvestor wrote:
Wed Nov 14, 2018 5:52 pm
I know its more modest than others, but just got a $774 retention bonus from Fidelity for leaving our funds with them. It's money we would have had and it's only for keeping our money with them (as we intended to do) for 9 months. Originally, they declined to give anything but I called them back and told them that e-trade and TD Ameritrade were offering bonuses for signing with them. I'm satisfied--free money!
$774 is an odd number :).

If you don't mind sharing. what balance ?

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by InertiaMan » Thu Nov 22, 2018 2:46 pm

Since I'm early retired, and currently laying around waiting for a fractured femur to heal, these xfer bonuses have caught my attention. I recently did the Ally bonus and parked $100k there in a no-penalty 2.1% CD. Nice $1000 bonus for losing ~ 75 days of liquidity.

Now I'm considering harvesting some additional bonuses. I have substantial cash and 401k/IRA balances to work with. Mid 6 figures in Prime MM at Vanguard (recently sold muni funds for TLH). A (barely) 7 figure balance in former employer 401k at Fidelity that I intended to rollover into an IRA anyway. A mid 6 figure IRA at Fidelity. Etc.

So which bonuses should I chase? I think I'd like to focus on bank accounts rather than credit cards, though I will listen to suggestions on the latter. Some that I'm considering and/or aware of:
- $3000 at eTrade for $1M seems like a candidate for my 401k
- $1000 for $200k at Merrill Edge using some of Vanguard funds
- $400 for only $15k at Citi (or $600 for $50k? can't seem to find that one)
- soliciting a retention bonus at Fidelity when I inquire about the 401k rollover to IRA
- I have a small Roth ($44k) and small IRA ($13k) at TD Ameritrade (originally Scottrade) and don't really want that custodian . . . any logical destinations for a temporary stop for bonus before it lands at Fidelity?

And some questions related to the mechanics of this:
1) for the bonuses dependent on direct deposit, are there any tricks to create a direct deposit if I have no payroll or SS? I assume a simple periodic ACH xfer from another bank won't suffice?
2) any problems transferring assets in-kind? Example 1: I have QSPIX in my Fido 401k brokerage Example 2: I have brokered CDs in my Fido IRA
3) given the scale of my assets at Fidelity, I'm wondering if I could xfer a big chunk for bonuses, and THEN solicit a retention bonus for not transferring the remainder. ??
4) -EDIT- forgot to ask about asset options at some of these places. In the absence of a well-yielding MM fund, I'm assuming I can buy 3 mo or 6 mo treasuries without a punitive fee at Merrill Edge? Or should I buy them at Vanguard first and xfer in-kind?
5) what is the likelihood that I will need to receive paper documents to complete some of these xfers? I ask because I am staying with a sibling in the midwest while I'm recuperating and have only infrequent access (every 30 days?) to my mail at home out west. I'm guessing a new account won't send material to your non-legal/non-"billing" address??

I have most my assets at Fidelity and am generally happy with them. But the scale of these bonuses + my current boredom and immobility = seems silly not to pursue some "free" money.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Sun Dec 02, 2018 11:46 am

InertiaMan wrote:
Thu Nov 22, 2018 2:46 pm
Since I'm early retired, and currently laying around waiting for a fractured femur to heal, these xfer bonuses have caught my attention. I recently did the Ally bonus and parked $100k there in a no-penalty 2.1% CD. Nice $1000 bonus for losing ~ 75 days of liquidity.

Now I'm considering harvesting some additional bonuses. I have substantial cash and 401k/IRA balances to work with. Mid 6 figures in Prime MM at Vanguard (recently sold muni funds for TLH). A (barely) 7 figure balance in former employer 401k at Fidelity that I intended to rollover into an IRA anyway. A mid 6 figure IRA at Fidelity. Etc.

So which bonuses should I chase? I think I'd like to focus on bank accounts rather than credit cards, though I will listen to suggestions on the latter. Some that I'm considering and/or aware of:
- $3000 at eTrade for $1M seems like a candidate for my 401k
- $1000 for $200k at Merrill Edge using some of Vanguard funds
- $400 for only $15k at Citi (or $600 for $50k? can't seem to find that one)
- soliciting a retention bonus at Fidelity when I inquire about the 401k rollover to IRA
- I have a small Roth ($44k) and small IRA ($13k) at TD Ameritrade (originally Scottrade) and don't really want that custodian . . . any logical destinations for a temporary stop for bonus before it lands at Fidelity?
..
Kudos attaining 7-figure amounts in your former employer 401K plan, you sure seem like a disciplined max-contributor for 401K. That employer's 401k plan + their matching must be quite decent! (with self-employed 401K, attaining 7-figure may be tad-bit easier on shorter time-span)

A few things to keep in-mind. Make sure to save cost-basis of LOTs - especially in brokerage/yet-to-be-taxed accounts ! You may have to make a few phone calls AFTER transfer(s) - because these transfers known to mess-up cost-basis, especially, if you have multiple lots of same stock/etf etc.

Second - pay attention to the length/duration -- most of the big-ticket transfers eTrade or Fidelity for the $1MM transfers: expect you to stay with them for 9 months to 1 full year. Nothing wrong with that, just know this fact. Merrill may be 6 month duration ..

As far Fidelity - do point them to the eTrade promotion, and ask for matching retention bonus. Personally, prefer not to co-mingle 401k-to-Rollover-IRA funds with personal IRA funds. Maintain Rollover-IRA as a Rollover type -- these funds can be easily transferred-in to 401k accounts easily in future. (401k amounts may be withdrawn earlier at age 55 compared to 59 1/2 IRA funds; ignoring not-so-flexible SEPP method)

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by OkieIndexer » Mon Dec 03, 2018 1:32 pm

After hanging out here for 11 years, I don't think there's ever a final, definitive thread on anything. :mrgreen:
"In bull markets, people say 'The more risk I take, the greater my return.' But when people aren't afraid of risk, they'll accept risk without being compensated." -Howard Marks, Oaktree Capital

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

Post by Earl Lemongrab » Mon Dec 03, 2018 2:17 pm

OkieIndexer wrote:
Mon Dec 03, 2018 1:32 pm
After hanging out here for 11 years, I don't think there's ever a final, definitive thread on anything. :mrgreen:
I think we've done a pretty good job with this one. I like having the information gathered in one place and a handy link to post when the situation arises. Also people have done a good job of spotting some of the less-advertised offers.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by marcopolo » Mon Dec 03, 2018 2:49 pm

sc9182 wrote:
Sun Dec 02, 2018 11:46 am
InertiaMan wrote:
Thu Nov 22, 2018 2:46 pm
Since I'm early retired, and currently laying around waiting for a fractured femur to heal, these xfer bonuses have caught my attention. I recently did the Ally bonus and parked $100k there in a no-penalty 2.1% CD. Nice $1000 bonus for losing ~ 75 days of liquidity.

Now I'm considering harvesting some additional bonuses. I have substantial cash and 401k/IRA balances to work with. Mid 6 figures in Prime MM at Vanguard (recently sold muni funds for TLH). A (barely) 7 figure balance in former employer 401k at Fidelity that I intended to rollover into an IRA anyway. A mid 6 figure IRA at Fidelity. Etc.

So which bonuses should I chase? I think I'd like to focus on bank accounts rather than credit cards, though I will listen to suggestions on the latter. Some that I'm considering and/or aware of:
- $3000 at eTrade for $1M seems like a candidate for my 401k
- $1000 for $200k at Merrill Edge using some of Vanguard funds
- $400 for only $15k at Citi (or $600 for $50k? can't seem to find that one)
- soliciting a retention bonus at Fidelity when I inquire about the 401k rollover to IRA
- I have a small Roth ($44k) and small IRA ($13k) at TD Ameritrade (originally Scottrade) and don't really want that custodian . . . any logical destinations for a temporary stop for bonus before it lands at Fidelity?
..
Kudos attaining 7-figure amounts in your former employer 401K plan, you sure seem like a disciplined max-contributor for 401K. That employer's 401k plan + their matching must be quite decent! (with self-employed 401K, attaining 7-figure may be tad-bit easier on shorter time-span)

A few things to keep in-mind. Make sure to save cost-basis of LOTs - especially in brokerage/yet-to-be-taxed accounts ! You may have to make a few phone calls AFTER transfer(s) - because these transfers known to mess-up cost-basis, especially, if you have multiple lots of same stock/etf etc.

Second - pay attention to the length/duration -- most of the big-ticket transfers eTrade or Fidelity for the $1MM transfers: expect you to stay with them for 9 months to 1 full year. Nothing wrong with that, just know this fact. Merrill may be 6 month duration ..

As far Fidelity - do point them to the eTrade promotion, and ask for matching retention bonus. Personally, prefer not to co-mingle 401k-to-Rollover-IRA funds with personal IRA funds. Maintain Rollover-IRA as a Rollover type -- these funds can be easily transferred-in to 401k accounts easily in future. (401k amounts may be withdrawn earlier at age 55 compared to 59 1/2 IRA funds; ignoring not-so-flexible SEPP method)

Perhaps I am missing something here. Can you explain the significance of maintaining cost basis of lots in 401k/IRA rollover scenarios.
I understand the need to keep track of deductible and non-deductible contributions. But, i do not understand the need for tracking dost basis of individual lots in 401K/IRA accounts. What would be the advantage of that?
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 » Mon Dec 03, 2018 9:40 pm

marcopolo wrote:
Mon Dec 03, 2018 2:49 pm
sc9182 wrote:
Sun Dec 02, 2018 11:46 am
InertiaMan wrote:
Thu Nov 22, 2018 2:46 pm
Since I'm early retired, and currently laying around waiting for a fractured femur to heal, these xfer bonuses have caught my attention. I recently did the Ally bonus and parked $100k there in a no-penalty 2.1% CD. Nice $1000 bonus for losing ~ 75 days of liquidity.

Now I'm considering harvesting some additional bonuses. I have substantial cash and 401k/IRA balances to work with. Mid 6 figures in Prime MM at Vanguard (recently sold muni funds for TLH). A (barely) 7 figure balance in former employer 401k at Fidelity that I intended to rollover into an IRA anyway. A mid 6 figure IRA at Fidelity. Etc.

So which bonuses should I chase? I think I'd like to focus on bank accounts rather than credit cards, though I will listen to suggestions on the latter. Some that I'm considering and/or aware of:
- $3000 at eTrade for $1M seems like a candidate for my 401k
- $1000 for $200k at Merrill Edge using some of Vanguard funds
- $400 for only $15k at Citi (or $600 for $50k? can't seem to find that one)
- soliciting a retention bonus at Fidelity when I inquire about the 401k rollover to IRA
- I have a small Roth ($44k) and small IRA ($13k) at TD Ameritrade (originally Scottrade) and don't really want that custodian . . . any logical destinations for a temporary stop for bonus before it lands at Fidelity?
..
Kudos attaining 7-figure amounts in your former employer 401K plan, you sure seem like a disciplined max-contributor for 401K. That employer's 401k plan + their matching must be quite decent! (with self-employed 401K, attaining 7-figure may be tad-bit easier on shorter time-span)

A few things to keep in-mind. Make sure to save cost-basis of LOTs - especially in brokerage/yet-to-be-taxed accounts ! You may have to make a few phone calls AFTER transfer(s) - because these transfers known to mess-up cost-basis, especially, if you have multiple lots of same stock/etf etc.

Second - pay attention to the length/duration -- most of the big-ticket transfers eTrade or Fidelity for the $1MM transfers: expect you to stay with them for 9 months to 1 full year. Nothing wrong with that, just know this fact. Merrill may be 6 month duration ..

As far Fidelity - do point them to the eTrade promotion, and ask for matching retention bonus. Personally, prefer not to co-mingle 401k-to-Rollover-IRA funds with personal IRA funds. Maintain Rollover-IRA as a Rollover type -- these funds can be easily transferred-in to 401k accounts easily in future. (401k amounts may be withdrawn earlier at age 55 compared to 59 1/2 IRA funds; ignoring not-so-flexible SEPP method)
Perhaps I am missing something here. Can you explain the significance of maintaining cost basis of lots in 401k/IRA rollover scenarios.
I understand the need to keep track of deductible and non-deductible contributions. But, i do not understand the need for tracking dost basis of individual lots in 401K/IRA accounts. What would be the advantage of that?
Sure wasn’t much clear about tax lots, that piece was meant for brokerage type monies, not for 401k/Ira account types. In Roth IRA scenarios it may be worth to keep track of your net-inflows as: taking out your basis $ after 5-year holding period may be considered.

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

Post by hailstate » Fri Dec 07, 2018 1:42 pm

Here is some info on the Chase Sapphire Checking offer of 60,000 UR bonus if you open the account and add $75k.

https://accounts.chase.com/consumer/ban ... a=66876373

Had a few extra minutes this week and stopped by to chat with a Chase Private Client banker. Hopefully this is helpful to some. This is all with an eye to opening the account and then transferring $75k+ in assets to YouInvest.

-They will refund transfer fees, she’d need to work with her back office but it shouldn’t be a problem.
-No problem to transfer ETFs etc. Some mutual funds or classes may be hit or miss but publicly traded securities should work fine.
-There are no higher Sapphire Banking bonuses available, there is a CPC bonus for $1250 that requires transferring $250k.
-She said they will not 1099 the points. I’m not sure that this is accurate, but that’s what she said, multiple times.
-There is a maintenance fee of $25 every month the account is under $75k. There is no leeway for market losses.
-You can combine with the current savings bonuses. I.e., transfer in $25k to savings and then only $50k to YouInvest. However, since you probably don’t want the balance in savings the entire six months, I’m not sure how helpful this is.
-There is no fee to transfer assets out of your YouInvest account - *edit: appears to be incorrect*
-There is no account closing fee.
-Accounts must be opened for six months.
-As an aside, we were getting along nicely so I asked her if she thought this would be an ongoing offer. She said she’s not in marketing but her gut says that they’re trying to make a big splash with this like they did with the CSR, and future offers may be lower.

Hope this comment isn’t too long and that it helps a few people considering this offer. Again, these are just her answers and I’d definitely double check some of them.
Last edited by hailstate on Fri Dec 07, 2018 4:30 pm, edited 1 time in total.

arf30
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Fri Dec 07, 2018 2:19 pm

hailstate wrote:
Fri Dec 07, 2018 1:42 pm
-There is no fee to transfer assets out of your YouInvest account.
I'm not sure she was right about this one, unless this fee schedule is out of date - "$75 Applies when any securities are transferred out of the account. "

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

Post by tj » Fri Dec 07, 2018 2:31 pm

-You can combine with the current savings bonuses. I.e., transfer in $25k to savings and then only $50k to YouInvest. However, since you probably don’t want the balance in savings the entire six months, I’m not sure how helpful this is.
You shouldn't need to keep $25k in savings for six months.

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

Post by hailstate » Fri Dec 07, 2018 4:25 pm

arf30 wrote:
Fri Dec 07, 2018 2:19 pm
I'm not sure she was right about this one, unless this fee schedule is out of date - "$75 Applies when any securities are transferred out of the account. "
Good catch arf. At least that fee should be reimbursed by the next brokerage :happy

TJ - while you could take the $25k out of savings after 90 days, your combined balances at that point may drop under $75k and trigger the monthly fee (if you did only $50k to YouInvest and then $25k savings to meet the $75k threshhold).

Like I said I'm not convinced on all of these (like not getting 1099'd), but hopefully the info may be helpful to anyone considering this bonus.

arf30
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by arf30 » Fri Dec 07, 2018 4:37 pm

Chase can be aggressive with fees - if going for the bonus plan to keep the 75k in a money market fund, or at least 100k+ in equities.

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