The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by Mike14 » Tue Apr 09, 2019 10:34 pm

hailstate wrote:
Fri Apr 05, 2019 11:36 am
I did the exact same E*Trade offer with the exact same language last year. I was not "targeted." Once I found the link, I emailed my local branch and requested an appointment. I told them I would like to open an account and transfer in securities using that offer, and asked them to confirm. No problems.
What does working with local branch entail? Can the account still be opened online, or is a personal visit / mailing in documents necessary?

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

Post by Mike14 » Tue Apr 09, 2019 10:38 pm

tj wrote:
Mon Apr 08, 2019 2:21 pm
JustinR wrote:
Sat Apr 06, 2019 2:21 am
Earl Lemongrab wrote:
Sat Apr 06, 2019 1:53 am
Open accounts with a few dollars seems to attract targeted offers from Etrade. I just got one for an old Roth with a few bucks.
So you can just open Etrade Account #2 for bonus #2?


Absolutely you can. I have two $0 accounts now from two different bonus offers. They don't seem to care
How long after the first one did you apply? I'm ready to do a smaller bonus now, and a larger one in a few month. Both are different account types.

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

Post by Mike14 » Tue Apr 09, 2019 10:50 pm

pre wrote:
Sun Jun 11, 2017 9:18 pm
I transferred from Schwab, all online. I have an IRA I wanted to transfer, as well, and my local Etrade rep said I'd qualify for another bonus in 60 days, so I'll be transferring that from Merrill Edge next month.
Any more info on this, so one bonus enrollment every 60 days at Etrade?
pre wrote:
Sun Jun 11, 2017 9:18 pm
Every time I transfer, I create a new online account profile. Just in case there's a hassle about being/having a "new" customer or account.
Do you only open a new account or are you also creating a separate logon?

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

Post by tj » Tue Apr 09, 2019 11:25 pm

Mike14 wrote:
Tue Apr 09, 2019 10:38 pm
tj wrote:
Mon Apr 08, 2019 2:21 pm
JustinR wrote:
Sat Apr 06, 2019 2:21 am
Earl Lemongrab wrote:
Sat Apr 06, 2019 1:53 am
Open accounts with a few dollars seems to attract targeted offers from Etrade. I just got one for an old Roth with a few bucks.
So you can just open Etrade Account #2 for bonus #2?


Absolutely you can. I have two $0 accounts now from two different bonus offers. They don't seem to care
How long after the first one did you apply? I'm ready to do a smaller bonus now, and a larger one in a few month. Both are different account types.
Beats me, it was multiple years in between them.

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

Post by dogagility » Wed Apr 10, 2019 5:42 am

For a few reasons in addition to capturing a transfer bonus, I just started a transfer of a portion of my fidelity ira to merrill edge. The money at fidelity was in a zero mutual fund, so I first sold this to cash and then bought ITOT etf to make the transfer.

Because of this, the money was in cash for about 30 minutes at the opening bell yesterday. Have to say, being out of the market overnight and knowing I needed to buy back in the next day was a bit stressful. Turns out I made about 1K by being out for those 30 minutes, but it could have easily been a loss greater than the transfer bonus.
"The stock market is a device for transferring money from the impatient to the patient" -- Warren Buffett

Leesbro63
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leesbro63 » Wed Apr 10, 2019 10:47 am

dogagility wrote:
Wed Apr 10, 2019 5:42 am
For a few reasons in addition to capturing a transfer bonus, I just started a transfer of a portion of my fidelity ira to merrill edge. The money at fidelity was in a zero mutual fund, so I first sold this to cash and then bought ITOT etf to make the transfer.

Because of this, the money was in cash for about 30 minutes at the opening bell yesterday. Have to say, being out of the market overnight and knowing I needed to buy back in the next day was a bit stressful. Turns out I made about 1K by being out for those 30 minutes, but it could have easily been a loss greater than the transfer bonus.
Congrats on that working out for you. But yes, I would not ever do a brokerage bonus that wasn't just a straight transfer of ETFs or mutual funds. Because of that very risk...the bonus isn't big enough to compensate for the risk of being on the wrong side of being out of the market for a day or two.

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

Post by SlowMovingInvestor » Wed Apr 10, 2019 11:02 am

Leesbro63 wrote:
Wed Apr 10, 2019 10:47 am
dogagility wrote:
Wed Apr 10, 2019 5:42 am
For a few reasons in addition to capturing a transfer bonus, I just started a transfer of a portion of my fidelity ira to merrill edge. The money at fidelity was in a zero mutual fund, so I first sold this to cash and then bought ITOT etf to make the transfer.

Because of this, the money was in cash for about 30 minutes at the opening bell yesterday. Have to say, being out of the market overnight and knowing I needed to buy back in the next day was a bit stressful. Turns out I made about 1K by being out for those 30 minutes, but it could have easily been a loss greater than the transfer bonus.
Congrats on that working out for you. But yes, I would not ever do a brokerage bonus that wasn't just a straight transfer of ETFs or mutual funds. Because of that very risk...the bonus isn't big enough to compensate for the risk of being on the wrong side of being out of the market for a day or two.
But the direction is random, so I would say the risk is more psychological than real.

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

Post by Ron Ronnerson » Wed Apr 17, 2019 7:34 pm

b0B wrote:
Sat Feb 09, 2019 5:01 pm

Also, don't use the Money Show code. They'll demand proof that you were there.

Also, always open a new account. Don't ask for a bonus to be added to an already open account, as this seems to be asking for scrutiny and trouble.
Just one data point but I used the money code and no proof was demanded of us. I initiated partial transfers from TD Ameritrade to Merrill Edge in two Roth IRA accounts (my wife's and mine) on 10/10/18. The bonus posted on 4/15/19 with no issues.

We also applied for a Bank of America Premium Rewards Credit Card a few months after doing the IRA transfers to Merrill Edge. There is a $500 cash back bonus after spending $3k in 3 months on the card along with a $100 travel incidentals credit. The annual fee on the card is $95 but we will likely keep this credit card since the fee will be offset by the rewards (it gives us 2.625% cash back on everything and 3.5% back on dining and travel). It's nice to know that we can make a few bucks paying property taxes and our utility bills with this credit card. The 2.625% cash back on everything is offered if you bring over $100k or more to Bank of America/Merrill Edge.

We are currently working on the credit card bonus under my wife's name. I plan to apply for the same credit card in a couple of months to hopefully collect another $500.

The best part is that there is no tax on any of these bonuses.

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

Post by WorldWanderer » Thu Apr 18, 2019 8:54 pm

I secured $7,000 in bonuses in 7 days. I'm very happy.
1. Yesterday, Fidelity granted me a $3,000 retention bonus. Here's how I did it: I went into the local Fidelity office and set an appointment with my advisor. (Only the second time in 20 years I've met with the assigned rep).

I shared that I was seriously considering going to E-Trade for a $3,000 bonus and wanted to give him an opportunity to retain me as a client if he so desired. He immediately went to work with a district manager, and then all the way up to a regional vice president. It took about one and a half days for Fidelity to approve it, but it was well worth a few minutes of my time.
This was for a $1 million account.
My tip is to make it personal by reaching out to your assigned rep, versus a random call center representative.

2. I also transferred a $1m account from Vanguard to E-Trade. They had advertised a $3,000 bonus, but I was surprised that they had a short-term bonus for $4k available! This required a 12-month commitment, which I'm comfortable with doing.

Life is good.

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

Post by michaeljc70 » Thu Apr 18, 2019 10:08 pm

Though not exactly a bonus, I received a message from TDA yesterday. If I participated in 1.5 hour survey at their local office (2 miles from where I live), I would get $250. As mentioned above, I just received a $1200 bonus to stay with them.

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

Post by WorldWanderer » Fri Apr 19, 2019 12:00 am

In response to the 2 PM's I received, here are the T's and C's for the $4,000 E-Trade promo;
Cash credits for eligible deposits or transfers of new funds or securities from accounts outside of E*TRADE will be made as follows: $4,000,000 or more will receive $10,000; $3,000,000-$3,999,999 will receive $8,000; $2,000,000-$2,999,999 will receive $6,000; $1,000,000-$1,999,999 will receive $4,000; $500,000-$999,999 will receive $2,000. New funds or securities must: be deposited or transferred within 60 days of enrollment in offer, be from accounts outside of E*TRADE, and remain in the account (minus any trading losses) for a minimum of 12 months of the cash credit may be surrendered. The credit will appear in your account within one week of the close of the 60-day window. Multiple deposits made to eligible accounts will be aggregated and will receive a credit on a pro-rata basis.

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

Post by whodidntante » Fri Apr 19, 2019 12:50 pm

WorldWanderer wrote:
Thu Apr 18, 2019 8:54 pm
I secured $7,000 in bonuses in 7 days. I'm very happy.
:sharebeer

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

Post by misterno » Fri Apr 19, 2019 6:11 pm

hailstate wrote:
Thu Apr 04, 2019 12:08 pm
Hadn't seen this posted for 2019 yet, so apologies if a repeat. The higher E*Trade offer is back with a Dec 2019 expiration.

https://us.etrade.com/what-we-offer/how ... d=95341849
It says money has to stay 6 months to earn the bonus. So i can keep jumping around and collect all the bonuses in the universe?

Am i missing something here?

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

Post by michaeljc70 » Fri Apr 19, 2019 6:19 pm

misterno wrote:
Fri Apr 19, 2019 6:11 pm
hailstate wrote:
Thu Apr 04, 2019 12:08 pm
Hadn't seen this posted for 2019 yet, so apologies if a repeat. The higher E*Trade offer is back with a Dec 2019 expiration.

https://us.etrade.com/what-we-offer/how ... d=95341849
It says money has to stay 6 months to earn the bonus. So i can keep jumping around and collect all the bonuses in the universe?

Am i missing something here?
This one says "You must be the original recipient of this offer to enroll."

Other than that, no, you can keep jumping around as long as you keep the account funded as long as required by the bonus. I suspect, and I'm sure I mentioned this above somewhere, eventually they will crack down like they have on credit card rewards. This is a much smaller field (especially for the bigger rewards). I mean, if a company gives me $1500 and I have a 3 fund portfolio I rebalance once a year, there is no way this can work for them.

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

Post by millervt » Sat Apr 20, 2019 2:24 pm

I have $50K of emergency funds that I would like to use to chase bonuses. For example, I just moved $25K to chase you invest where I have it in the VMMXX money market fund, earning 2.x% (yes I realize its not literally risk free, but i'm willing to do that fund to get a decent (non guaranteed) return + bonus. I have $25K that i'd like to move to etrade for their $200 bonus, but I can't seem to find that or an equivalent MM fund to buy? It needs to be a commission free, nearly risk free-ish type fund. Maybe i'm just missing it?

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

Post by snowman » Sat Apr 20, 2019 3:50 pm

millervt wrote:
Sat Apr 20, 2019 2:24 pm
I have $50K of emergency funds that I would like to use to chase bonuses. For example, I just moved $25K to chase you invest where I have it in the VMMXX money market fund, earning 2.x% (yes I realize its not literally risk free, but i'm willing to do that fund to get a decent (non guaranteed) return + bonus. I have $25K that i'd like to move to etrade for their $200 bonus, but I can't seem to find that or an equivalent MM fund to buy? It needs to be a commission free, nearly risk free-ish type fund. Maybe i'm just missing it?
Can't you just reshuffle existing holdings in other accounts? I.e. sell 25K of VTI and buy 25K of MMF at Broker X, and buy 25K of VTI at Etrade?

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

Post by millervt » Sat Apr 20, 2019 6:53 pm

unless i'm missing something, I don't have any taxable regular brokerage funds anywhere, everything is either in ira/401K or in my emergency fund, so while I could change the composition of my ira to include money market over at vanguard, it wouldn't really serve the same reason.

I was just hoping to find something equivalent to a no commission stable-ish value money market fund at etrade. It may exist and maybe I just can't find it. I'm completely new to brokerages like this.

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

Post by whodidntante » Sat Apr 20, 2019 8:27 pm

millervt wrote:
Sat Apr 20, 2019 6:53 pm
unless i'm missing something, I don't have any taxable regular brokerage funds anywhere, everything is either in ira/401K or in my emergency fund, so while I could change the composition of my ira to include money market over at vanguard, it wouldn't really serve the same reason.

I was just hoping to find something equivalent to a no commission stable-ish value money market fund at etrade. It may exist and maybe I just can't find it. I'm completely new to brokerages like this.
BIL should be a sufficiently boring commission free fund. Low risk and low reward. Although it can lose a small amount of money.

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

Post by JustinR » Sun Apr 21, 2019 5:57 am

It looks like Etrade doesn't have a time restriction from your last bonus: https://us.etrade.com/what-we-offer/how ... enrollment

1) Does this mean that I can do a bonus at Etrade, move it away to Merrill, then move it back 3 months later for another bonus?

2) If I have $350k, can I split it up into $100k and $250k and do two bonuses at the same time in separate Etrade accounts?

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

Post by Makaveli » Sun Apr 21, 2019 6:44 am

Anyone see the Chase $1250 offer? Meet with private banker in brick and mortar, upgrade account to private client, and transfer 250k in assets for min 3 months. Seems like a reasonable hoop to jump through.

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

Post by DrDubious » Sun Apr 21, 2019 10:51 am

Sorry if this has been asked and answered earlier in the thread, but has anyone encountered any difficulties with tracking of basis when transferring from one broker to another?

The holdings I have been thinking about moving have had dividends re-investing for a while now, and I am afraid that the risk of screwing up the history on those lots might cause nightmares down the road that exceed whatever the bonus is worth.

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

Post by Earl Lemongrab » Sun Apr 21, 2019 10:59 am

DrDubious wrote:
Sun Apr 21, 2019 10:51 am
Sorry if this has been asked and answered earlier in the thread, but has anyone encountered any difficulties with tracking of basis when transferring from one broker to another?
I haven't so far. Most custodians have a view that shows tax lot information that you can download as a CSV file or the like.

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

Post by pre » Thu Apr 25, 2019 2:41 pm

Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.

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

Post by TravelforFun » Thu Apr 25, 2019 10:19 pm

WorldWanderer wrote:
Thu Apr 18, 2019 8:54 pm
I secured $7,000 in bonuses in 7 days. I'm very happy.
1. Yesterday, Fidelity granted me a $3,000 retention bonus. Here's how I did it: I went into the local Fidelity office and set an appointment with my advisor. (Only the second time in 20 years I've met with the assigned rep).

I shared that I was seriously considering going to E-Trade for a $3,000 bonus and wanted to give him an opportunity to retain me as a client if he so desired. He immediately went to work with a district manager, and then all the way up to a regional vice president. It took about one and a half days for Fidelity to approve it, but it was well worth a few minutes of my time.
This was for a $1 million account.
My tip is to make it personal by reaching out to your assigned rep, versus a random call center representative.

2. I also transferred a $1m account from Vanguard to E-Trade. They had advertised a $3,000 bonus, but I was surprised that they had a short-term bonus for $4k available! This required a 12-month commitment, which I'm comfortable with doing.

Life is good.
Great job, WorldWanderer. I got $3K when I transferred one of my accounts from Schwab to ETrade this month. I wasn't even aware of the $4K bonus offer or I would have asked.

TravelforFun

Pu239
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Fri Apr 26, 2019 10:09 am

pre wrote:
Thu Apr 25, 2019 2:41 pm
Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.
The $250k must be maintained for 90 days and bonus can be taken back if account is closed within 6 months. If market conditions drop the balance below $250k, I assume bonus might be in jeopardy unless balance is brought back up. Most other bonuses I've seen are contingent on the opening balance amount and are not affected by market fluctuations.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot

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

Post by JustinR » Sat Apr 27, 2019 4:50 am

Pu239 wrote:
Fri Apr 26, 2019 10:09 am
pre wrote:
Thu Apr 25, 2019 2:41 pm
Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.
The $250k must be maintained for 90 days and bonus can be taken back if account is closed within 6 months. If market conditions drop the balance below $250k, I assume bonus might be in jeopardy unless balance is brought back up. Most other bonuses I've seen are contingent on the opening balance amount and are not affected by market fluctuations.
1) The terms don't say anything about a 6 month clawback period.

2) From the terms: "Maintain at least a $250,000 balance for at least 90 days from the date of funding (gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements)."

Be sure to read the actual terms when deciding which bonus to do.

Pu239
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Pu239 » Sat Apr 27, 2019 11:33 am

JustinR wrote:
Sat Apr 27, 2019 4:50 am
Pu239 wrote:
Fri Apr 26, 2019 10:09 am
pre wrote:
Thu Apr 25, 2019 2:41 pm
Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.
The $250k must be maintained for 90 days and bonus can be taken back if account is closed within 6 months. If market conditions drop the balance below $250k, I assume bonus might be in jeopardy unless balance is brought back up. Most other bonuses I've seen are contingent on the opening balance amount and are not affected by market fluctuations.
1) The terms don't say anything about a 6 month clawback period.

2) From the terms: "Maintain at least a $250,000 balance for at least 90 days from the date of funding (gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements)."

Be sure to read the actual terms when deciding which bonus to do.
I stand corrected! Thanks.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot

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

Post by Ricchan » Sat Apr 27, 2019 2:28 pm

Wrote this up in my notes earlier to keep track of what's available, and figured it wouldn't hurt to share here as well.
These all assume new account openings.

Code: Select all

Chase   : $200/25k, $300/100k, $625/250k
ETrade  : $200/25k, $300/100k, $600/250k, $1200/500k, $2500/1m
Ally    : $200/25k, $300/100k, $600/250k, $1200/500k, $2500/1m, $3500/2m
TDAmer  : $100/25k, $200/50k, $500/100k, $1000/250k
Merrill : $150/20k, $225/50k, $375/100k, $900/200k (with preferred rewards)
Please feel free to point out any mistakes or omissions.
Last edited by Ricchan on Sat Apr 27, 2019 3:01 pm, edited 2 times in total.

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

Post by ausmatt » Sat Apr 27, 2019 2:39 pm

pre wrote:
Thu Apr 25, 2019 2:41 pm
Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.
I have experience with Chase and the You Invest platform. And I don’t really like it. It’s not a great online platform and the fills are not great. Find choices are okay.

I don’t find any difference in the private client versus the sapphire banking (which also has a bonus; $75k minimum ... but I just hold BSV here as emergency fund).

I strongly prefer E*trade or fidelity as brokerages to the chase one.

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

Post by pre » Sat Apr 27, 2019 3:16 pm

ausmatt wrote:
Sat Apr 27, 2019 2:39 pm
pre wrote:
Thu Apr 25, 2019 2:41 pm
Have any folks had experience with Chase Private Client and JP Morgan Securities? They have a $1250 cash promotion going for $250k in assets for only 90 days, so I've been highly considering it.

https://www.doctorofcredit.com/chase-12 ... ate-client

I was initially looking to transfer in $75k assets in their new self directed You Invest brokerage for $750 or 60k Ultimate Rewards, but the $1250 caught my eye.

This Chase Private Client offer excludes You Invest accounts, so one would have to transfer assets into JPM Securities' full service brokerage. Calling around, they charge $25-50 trading commissions and a $75 outgoing fee, with no annual management fees. I'd just be transferring some ETFs in kind and not conducting any trades.
I have experience with Chase and the You Invest platform. And I don’t really like it. It’s not a great online platform and the fills are not great. Find choices are okay.

I don’t find any difference in the private client versus the sapphire banking (which also has a bonus; $75k minimum ... but I just hold BSV here as emergency fund).

I strongly prefer E*trade or fidelity as brokerages to the chase one.
Thanks for sharing your experience. I played around with You Invest, and per your experience, find it pretty underwhelming. Coming from TDA/Merrill/ETrade, everything is very much bare bones.

Searching through the archives, there are quite a few CPC Bogleheads. After reading through those older posts, I called the CPC 800-number and spoke to some phone reps about all their brokerage options. Seemed pretty straight forward, so I decided to proceed.

I just visited a local branch and met with a CPC banker and JPMS advisor to open up my checking and full service investment accounts. My CPC banker was familiar with the $1250 bonus offer, so setting up the checking account and entering the invite/coupon code seemed straight forward.

A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.

Took about an hour altogether, mostly setting up the brokerage account and initiating the asset transfer. They want me to return in a week or two to review my asset allocation and schmooze some more, so we'll see.

Of note, they don't seem eager to reimburse for any outgoing fees from the delivery firm. One CPC phone rep said they can offer reimbursement, but at the discretion of the local financial advisor; when I brought it up, however, my advisor said they generally only reimburse for managed clients, not self directed accounts

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

Post by veggivet » Sun Apr 28, 2019 10:10 am

Ricchan wrote:
Sat Apr 27, 2019 2:28 pm
Wrote this up in my notes earlier to keep track of what's available, and figured it wouldn't hurt to share here as well.
These all assume new account openings.

Code: Select all

Chase   : $200/25k, $300/100k, $625/250k
ETrade  : $200/25k, $300/100k, $600/250k, $1200/500k, $2500/1m
Ally    : $200/25k, $300/100k, $600/250k, $1200/500k, $2500/1m, $3500/2m
TDAmer  : $100/25k, $200/50k, $500/100k, $1000/250k
Merrill : $150/20k, $225/50k, $375/100k, $900/200k (with preferred rewards)
Please feel free to point out any mistakes or omissions.
I believe TDAmer is offering $2500/1m at this time as well.
If you watch your pennies, your dollars will take care of themselves.

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

Post by SlowMovingInvestor » Tue Apr 30, 2019 1:20 pm

pre wrote:
Sat Apr 27, 2019 3:16 pm

I just visited a local branch and met with a CPC banker and JPMS advisor to open up my checking and full service investment accounts. My CPC banker was familiar with the $1250 bonus offer, so setting up the checking account and entering the invite/coupon code seemed straight forward.
Please keep us updated on how the transfer goes. I assume JPM has had their back end asset management IT setup for a while, but I am not entirely confident they will transfer cost basis properly. Certainly YouInvest seems to have had glitches in it's front end at least, but that may be a newer system.

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

Post by SlowMovingInvestor » Tue Apr 30, 2019 5:12 pm

pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?

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

Post by pre » Tue Apr 30, 2019 6:40 pm

SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions

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

Post by SlowMovingInvestor » Tue Apr 30, 2019 8:04 pm

pre wrote:
Tue Apr 30, 2019 6:40 pm
SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions
Looking at that commission schedule -- $65 for a Treasury auction purchase ! Maybe they don't provide an online way to do it, so one has to call an FA, but still ...

Unless I'm mistaken, it seems like the $1250 offer specifically does not count $$ moved to YouInvest for the $250K requirement. But CPC in general even counts that $$. So you could get the $1250, then move the assets to YouInvest after a few months and still keep CPC if you find it valuable.

I would still prefer to move IRA assets to JPM because I am concerned about their tax reporting and cost basis transfers.

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

Post by pre » Tue Apr 30, 2019 9:02 pm

SlowMovingInvestor wrote:
Tue Apr 30, 2019 8:04 pm
pre wrote:
Tue Apr 30, 2019 6:40 pm
SlowMovingInvestor wrote:
Tue Apr 30, 2019 5:12 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm
A bit of a sell on their managed account, but I emphasized wanting to play around on my own while transferring over existing assets in kind. Not to mention avoiding the management fees.
Just to confirm -- there aren't any JPM management fees if you transfer assets like ETFs, bonds and MFs over, only if you sign up for their managed accounts ?
Right, at least from my understanding. No annual/management fees for non-managed accounts for CPC customers. There's a $50 annual fee for non CPC folks, $30 for IRAs -- I found this schedule of fees from another Boglehead thread: https://www.chase.com/content/dam/chase ... hedule.pdf

My advisor was pretty helpful and said she recommends her CPC clients looking for self directed trading to just use You Invest instead of the non-managed/full service brokerage to avoid commissions
Looking at that commission schedule -- $65 for a Treasury auction purchase ! Maybe they don't provide an online way to do it, so one has to call an FA, but still ...

Unless I'm mistaken, it seems like the $1250 offer specifically does not count $$ moved to YouInvest for the $250K requirement. But CPC in general even counts that $$. So you could get the $1250, then move the assets to YouInvest after a few months and still keep CPC if you find it valuable.

I would still prefer to move IRA assets to JPM because I am concerned about their tax reporting and cost basis transfers.
Right, You Invest assets don't count towards the $250k for the CPC bonus. But You Invest holdings do count towards CPC eligibility. In fact, when I first met my CPC advisor, she recommended I just conduct the transfer into a You Invest account, but the CPC banker and I pointed out that You Invest holdings would be ineligible for the bonus. I'm fortunate I got assigned an experienced CPC banker who was familiar with this bonus and its requirements.

I can understand the importance of properly tracking lots/cost basis. Guess I'm fortunate that my account only holds one large lot with one cost basis.

I don't know how JPMS works with regards to intra-firm transfers from full service to the You Invest side. I'd wonder if they charge $75 for such a transaction. Maybe something I can inquire about the next time my CPC advisor contacts me. But I agree, something like that makes the most sense as far as maintaining CPC status.

The only benefits that I foresee being useful are the mortgage discount and Arts and Culture card (for museums and such). I'm likely going to keep my assets at Chase for 6-12 months to not negatively affect things with Chase/my CPC team. Then head back to TDA/Merrill for another promotion.

Hopefully this $1k+ bonus will be a reoccurring offer, as the terms mention one brokerage bonus a year. I have 5 branches within a few miles of home, so I can churn the offer again with another CPC team.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by dogagility » Wed May 01, 2019 4:21 am

Allow me to vent about ME/BoA. I recently took advantage of their IRA transfer bonus program. Signed up, transferred 200K into an Edge IRA, opened up a BoA checking account, opened a Premium Rewards credit card.

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

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

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

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.
"The stock market is a device for transferring money from the impatient to the patient" -- Warren Buffett

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

Post by SlowMovingInvestor » Wed May 01, 2019 9:58 am

pre wrote:
Tue Apr 30, 2019 9:02 pm
Hopefully this $1k+ bonus will be a reoccurring offer, as the terms mention one brokerage bonus a year.
That solves the issue of whether I should try for this bonus, since I already signed up for the Sapphire 60K bonus this year.

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

Post by pre » Wed May 01, 2019 10:16 am

dogagility wrote:
Wed May 01, 2019 4:21 am

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

However, the details of the IRA transfer bonus stated: "Until April 30, 2019, when you enroll in the 50% More offer, you are consenting to be enrolled in the Preferred Rewards Program within 30 days of funding your new Merrill Edge account with a minimum of $20,000. During the promotional period, the Preferred Rewards requirement to maintain your combined balances for a three month calendar period will be waived."
I can empathize with your frustration. We also had to wait 3 months for Platinum Honors status to take effect so as to take advantage of their mortgage discount. The silver lining is, the Preferred Rewards status will remain for months even after one falls below the asset requirement. The algorithm only checks like once a year, so I had almost 11 months more of those benefits even after not meeting the criteria.
Last edited by pre on Wed May 01, 2019 4:39 pm, edited 1 time in total.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Wed May 01, 2019 4:19 pm

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

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

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

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

Of course, nowhere on their websites is this stated.

What a load of BS and poor customer service.
I totally agree. We had a similar experience trying to resolve a different issue with ME when we opened 2 new accounts in Jan 2018. I posted the details much earlier in this thread.

I was assured that I would be able to link my DW's account with mine (online) even before we opened the accounts. That was a prerequisite of our move to ME. Well that was a simple task that, after literally a dozen customer service contacts, they were not able to achieve. They looked good to me on paper, but their CS was burdensome and ineffective.

Suffice it to say that I couldn't wait to transfer my assets out of my new ME accounts and back to TD Ameritrade.

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

Post by Earl Lemongrab » Thu May 02, 2019 2:20 am

It's unfortunate that some people have had problems. My experience has been very positive.

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

Post by yougotitdude » Thu May 02, 2019 2:37 am

Earl Lemongrab wrote:
Thu May 02, 2019 2:20 am
It's unfortunate that some people have had problems. My experience has been very positive.
I agree. Merrill Edge has been great for me.

I had TD Ameritrade for a while and couldn't wait to transfer from them. They messed up a roth conversion by roughly 4x the amount requested!

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

Post by neilpilot » Thu May 02, 2019 11:07 am

yougotitdude wrote:
Thu May 02, 2019 2:37 am
Earl Lemongrab wrote:
Thu May 02, 2019 2:20 am
It's unfortunate that some people have had problems. My experience has been very positive.
I agree. Merrill Edge has been great for me.

I had TD Ameritrade for a while and couldn't wait to transfer from them. They messed up a roth conversion by roughly 4x the amount requested!
It's unfortunate that you had that problem. It was concern about TDA's acquisition of Scottrade that prompted my unfortunate exploration of MEdge. But my experience has been very positive ever since TDA acquired my accounts thru Scottrade.

I did an in-kind tIRA to Roth conversion at TDA in Dec 2018 and it went thru without a hitch.

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

Post by erictiger » Thu May 02, 2019 6:46 pm

I tried to transfer one Vanguard index fund (VTSAX) from Merrill Edge to E*Trade for the bonus. But E*Trade told me since I cannot buy/sell VTSAX at E*Trade, they cannot accept this fund for transfer. Anyone had same experience? I had no problem when transferring the fund from Vanguard to ME.

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

Post by student » Thu May 02, 2019 7:10 pm

erictiger wrote:
Thu May 02, 2019 6:46 pm
I tried to transfer one Vanguard index fund (VTSAX) from Merrill Edge to E*Trade for the bonus. But E*Trade told me since I cannot buy/sell VTSAX at E*Trade, they cannot accept this fund for transfer. Anyone had same experience? I had no problem when transferring the fund from Vanguard to ME.
I don't understand. When I look at VTSAX on etrade, it says it is available and even as a non-transaction fee fund.

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

Post by Earl Lemongrab » Thu May 02, 2019 7:57 pm

Things have been changing since Vanguard lowered the minimum for some Admiral funds and closed the corresponding Investor share funds. Many Admiral funds are becoming available at other places. So don't rely on any old information. Check with the custodian.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Makaveli » Fri May 03, 2019 9:43 am

SlowMovingInvestor wrote:
Tue Apr 30, 2019 1:20 pm
pre wrote:
Sat Apr 27, 2019 3:16 pm

I just visited a local branch and met with a CPC banker and JPMS advisor to open up my checking and full service investment accounts. My CPC banker was familiar with the $1250 bonus offer, so setting up the checking account and entering the invite/coupon code seemed straight forward.
Please keep us updated on how the transfer goes. I assume JPM has had their back end asset management IT setup for a while, but I am not entirely confident they will transfer cost basis properly. Certainly YouInvest seems to have had glitches in it's front end at least, but that may be a newer system.
I set up the $1,250 promo the other day, in total it took me two trips to the bank that amounted to 1.5 hours. In kind transfer of 5 Vanguard ETF's. I will not be trading so no additional fees (advisor said he can wave them for me if I decided to change my mind). After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50... and only done to jump to another institution's promo... making it worth it.

Great hourly rate. Onwards.

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

Post by pre » Fri May 03, 2019 11:29 am

Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable

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

Post by tj » Fri May 03, 2019 2:01 pm

pre wrote:
Fri May 03, 2019 11:29 am
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable
Why not just leave the account open and empty?

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

Post by pre » Fri May 03, 2019 2:19 pm

tj wrote:
Fri May 03, 2019 2:01 pm
pre wrote:
Fri May 03, 2019 11:29 am
Makaveli wrote:
Fri May 03, 2019 9:43 am
After reading the fine print the only fee I may run into is the "account closing". I believe that will be $25-$50...
Alas, they charge $75. But hopefully reimbursable
Why not just leave the account open and empty?
That might be the route to take. Just called the CPC JPMS phone line and was told there shouldn't be a partial transfers fee...

Regardless, Merrill/TDA/ETrade/Schwab have always reimbursed without issue, fortunately

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