The Final, Definitive Thread on Brokerage Transfer Bonuses

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

Post by MisterBill » Sun Feb 02, 2020 10:53 pm

I have two questions regarding bonuses. I just inherited a few municipal bonds and a few shares of stock (total around $35k). It's sitting at a different brokerage firm who I have no interest in starting a relationship with.

First, has anyone had success getting Fidelity to match the Merrill Edge (or other) offer recently? I am a private client and emailed my rep but haven't heard back yet. It's not a huge amount of money but I figure I might as well try to get some money for it. Of course i would also ask them to pay the account transfer fee, if I get charged one (I'm sure they will do that). I see there is a discussion from last September about Fidelity refusing to match offers, so maybe I won't get anywhere with them.

Second, if that doesn't work out, does Merrill actually count cash that you transferred out of your existing CMA against the new deposit? I noticed that their terms say that they deduct assets transferred out of the account within the prior 24 weeks. But you need to open a new CMA account to get the bonus, you can't apply it to an existing account (at least it wasn't allowing me to when I went to sign up). So there is no prior 24 week lookback period. Not a huge deal, but I just transferred around $2k in cash that was sitting in my existing ME account to my BofA account (and will transfer it to Heritage Bank from there). Just want to know whether they will hold it against me in calculating my new deposits.

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

Post by SlowMovingInvestor » Sun Feb 02, 2020 11:43 pm

MisterBill wrote:
Sun Feb 02, 2020 10:53 pm
Second, if that doesn't work out, does Merrill actually count cash that you transferred out of your existing CMA against the new deposit? I noticed that their terms say that they deduct assets transferred out of the account within the prior 24 weeks. But you need to open a new CMA account to get the bonus, you can't apply it to an existing account (at least it wasn't allowing me to when I went to sign up). So there is no prior 24 week lookback period. Not a huge deal, but I just transferred around $2k in cash that was sitting in my existing ME account to my BofA account (and will transfer it to Heritage Bank from there). Just want to know whether they will hold it against me in calculating my new deposits.
Yes, I've seen that in ME's bonus T&C and it is confusing. It is possible they are counting outflow from all your accounts. Or possibly there is a way to sign up an exiting account for the bonus if you talk to a rep.

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

Post by MisterBill » Mon Feb 03, 2020 12:24 am

SlowMovingInvestor wrote:
Sun Feb 02, 2020 11:43 pm
Yes, I've seen that in ME's bonus T&C and it is confusing. It is possible they are counting outflow from all your accounts. Or possibly there is a way to sign up an exiting account for the bonus if you talk to a rep.
Thanks. I'll contact ME once I determine that Fidelity won't match the bonus. I'd actually rather have it at Fidelity since there are municipal bonds and with Fidelity at least the interest payments will go right into a decent MM fund while ME still doesn't have that capability. but I can always move them to Fidelity after 6 months.

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

Post by afoolwithmoney » Mon Feb 03, 2020 12:49 am

Anyone been able to get the Merrill Edge $1000 bonus (the higher one that supposedly expired Jan 9, but I didn't attend the "expo" anyway) after it expired?

Also, to get to $100k in transfers I have to transfer in TWO different accounts each with ACAT fees of $75 each! Has anyone gotten ME to cover more than one transfer fee?

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

Post by neilpilot » Mon Feb 03, 2020 11:14 am

afoolwithmoney wrote:
Mon Feb 03, 2020 12:49 am
Anyone been able to get the Merrill Edge $1000 bonus (the higher one that supposedly expired Jan 9, but I didn't attend the "expo" anyway) after it expired?

Also, to get to $100k in transfers I have to transfer in TWO different accounts each with ACAT fees of $75 each! Has anyone gotten ME to cover more than one transfer fee?
I can't answer your question. I can say that, based on my experience 2 years ago, ME will payout the "expo" bonus even though you don't attend.

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

Post by Gadget » Mon Feb 03, 2020 11:58 am

MisterBill wrote:
Mon Feb 03, 2020 12:24 am
SlowMovingInvestor wrote:
Sun Feb 02, 2020 11:43 pm
Yes, I've seen that in ME's bonus T&C and it is confusing. It is possible they are counting outflow from all your accounts. Or possibly there is a way to sign up an exiting account for the bonus if you talk to a rep.
Thanks. I'll contact ME once I determine that Fidelity won't match the bonus. I'd actually rather have it at Fidelity since there are municipal bonds and with Fidelity at least the interest payments will go right into a decent MM fund while ME still doesn't have that capability. but I can always move them to Fidelity after 6 months.
I setup ME to instantly sweep all cash funds to Fidelity where I do my checking due to the higher rate on money market funds. So I hold VTI in ME, and if there are dividends received they go straight to Fidelity.

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

Post by MisterBill » Mon Feb 03, 2020 6:43 pm

Gadget wrote:
Mon Feb 03, 2020 11:58 am
I setup ME to instantly sweep all cash funds to Fidelity where I do my checking due to the higher rate on money market funds. So I hold VTI in ME, and if there are dividends received they go straight to Fidelity.
How did you do that?

BTW my Fidelity rep got back to me and confirmed that she cannot offer a transfer bonus.

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

Post by sarabayo » Mon Feb 03, 2020 7:06 pm

MisterBill wrote:
Mon Feb 03, 2020 6:43 pm
Gadget wrote:
Mon Feb 03, 2020 11:58 am
I setup ME to instantly sweep all cash funds to Fidelity where I do my checking due to the higher rate on money market funds. So I hold VTI in ME, and if there are dividends received they go straight to Fidelity.
How did you do that?

BTW my Fidelity rep got back to me and confirmed that she cannot offer a transfer bonus.
You have to fill out a "funds transfer form". You can find it in the documents section of the website (give them a call if you can't find it). Your Fidelity account needs to have check writing enabled because you need to scan an image of a voided check and upload it with the form. Make sure to write your account number on the form according to the instructions on this page under the section "If you have the checkwriting feature on your Fidelity account". Do not use the ACH numbers Fidelity gives you on the portfolio view which has more of the digits zeroed out (I was bitten by this, ME rejected my form because "the account number didn't match the check").

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

Post by MisterBill » Mon Feb 03, 2020 7:19 pm

sarabayo wrote:
Mon Feb 03, 2020 7:06 pm
You have to fill out a "funds transfer form". You can find it in the documents section of the website (give them a call if you can't find it). Your Fidelity account needs to have check writing enabled because you need to scan an image of a voided check and upload it with the form. Make sure to write your account number on the form according to the instructions on this page under the section "If you have the checkwriting feature on your Fidelity account". Do not use the ACH numbers Fidelity gives you on the portfolio view which has more of the digits zeroed out (I was bitten by this, ME rejected my form because "the account number didn't match the check").
Thanks! I already have that set up, and in fact I already have a voided check from the account online.

I set up a call with ME for tomorrow to figure out if I need to open a new CMA account to get the transfer bonus. Could have called now but I figured it was easier to have them call me.
Last edited by MisterBill on Tue Feb 04, 2020 12:22 pm, edited 1 time in total.

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

Post by MisterBill » Tue Feb 04, 2020 12:22 pm

So I spoke to a Merrill rep and he was supposedly adding the promotion to my current CMA. He said that the 24 week rule is actually across the relationship, not just the account if I were to open a new one.

Also found that the Funds Transfer Service form was available to fill out online and did so.

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

Post by michaeljc70 » Wed Feb 05, 2020 8:47 pm

Has anyone done the M1 transfer bonus? How have you liked them? Any caveats/issues? It seems that is one of the few I am interested in (IRA, don't want to open additional accounts like for ME). Are in-kind transfers fine? The website for a transfer led me to a pretty primitive page.

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

Post by sc9182 » Thu Feb 06, 2020 1:33 pm

michaeljc70 wrote:
Wed Feb 05, 2020 8:47 pm
Has anyone done the M1 transfer bonus? How have you liked them? Any caveats/issues? It seems that is one of the few I am interested in (IRA, don't want to open additional accounts like for ME). Are in-kind transfers fine? The website for a transfer led me to a pretty primitive page.
Had requested to M1 support, got following responses:

There is no retaining period nor account maintenance fee. Below is a form to fill out for an account transfer into M1.
(but web-site indicates: the Bonus deposits on Mar 15th -- does seem may be 1 month waiting period !?)

Rollover IRA's are transferred into Traditional IRA's in M1. In the event you were to move the account elsewhere, it could be rolled over back into a 401k or other account type. (**my thought**: I am not sure if I got sufficient clarity on this question; Rollover IRAs have some special status, and can be rolled-into a 401k at a later time. Where as Traditional/co-mingled IRA might lose that special status; so may be reader/you better get additional clarity). If you got Traditional IRA - no worries for you ..

Most/if-not-all ETFs are available on the M1 platform so you would be able to transfer this security over "in-kind". We do maintain cost basis information for transferred accounts into M1. (**my thought**: not much clarity about maintaining LOT-level cost-basis)

If a security held in the account is not available on M1, we will liquidate the holding.

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

Post by michaeljc70 » Thu Feb 06, 2020 1:44 pm

sc9182 wrote:
Thu Feb 06, 2020 1:33 pm
michaeljc70 wrote:
Wed Feb 05, 2020 8:47 pm
Has anyone done the M1 transfer bonus? How have you liked them? Any caveats/issues? It seems that is one of the few I am interested in (IRA, don't want to open additional accounts like for ME). Are in-kind transfers fine? The website for a transfer led me to a pretty primitive page.
Had requested to M1 support, got following responses:

There is no retaining period nor account maintenance fee. Below is a form to fill out for an account transfer into M1.
(but web-site indicates: the Bonus deposits on Mar 15th -- does seem may be 1 month waiting period !?)

Rollover IRA's are transferred into Traditional IRA's in M1. In the event you were to move the account elsewhere, it could be rolled over back into a 401k or other account type. (**my thought**: I am not sure if I got sufficient clarity on this question; Rollover IRAs have some special status, and can be rolled-into a 401k at a later time. Where as Traditional/co-mingled IRA might lose that special status; so may be reader/you better get additional clarity). If you got Traditional IRA - no worries for you ..

Most/if-not-all ETFs are available on the M1 platform so you would be able to transfer this security over "in-kind". We do maintain cost basis information for transferred accounts into M1. (**my thought**: not much clarity about maintaining LOT-level cost-basis)

If a security held in the account is not available on M1, we will liquidate the holding.
According to the offer, they only seem to pay the bonus monthly on the 15th (for whatever reason). "Payments for all eligible transfers submitted prior to 1/31/2020 will be made on 2/15/2020 and eligible transfers submitted between 2/1/2020 and 2/15/2020 will receive payment on 3/15/2020."

Cost basis is not important for my tIRA, so I am good there. I guess I would just need to check to make sure my securities are available with them. Since it is a 3 fund portfolio, I'd be surprised if they didn't support them.

More of a non-financial question, but how long do you keep funds at a place you got a bonus from even if there is no retention requirement? On the one hand I like all my accounts at one place and doubt that will be M1 (but who knows). On the other hand I don't want to be a jerk even though I am conforming to their terms on their offer.

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

Post by whodidntante » Sun Feb 09, 2020 9:26 am

Just started the E*Trade offer for existing customers. Should hopefully be a bit richer in 70 days.

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

Post by catdude » Wed Feb 12, 2020 11:49 pm

Got an email from JP Morgan Chase the other day. They're offering a $625 bonus for $250K of "new money". I'm mulling it over... I would be transferring my IRA from Vanguard to JPMC, but sticking with Vanguard funds (mostly Total Bond Index fund) for the underlying investments. Has anybody out there done business with JPMC? Are they OK to deal with? I use Chase for my banking BTW. Were I to pull the trigger on this, no doubt they'd try to upsell me out of index funds....
catdude | | "As much as cats fight, there always seems to be plenty of kittens." (Abraham Lincoln)

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

Post by whodidntante » Thu Feb 13, 2020 12:02 am

catdude wrote:
Wed Feb 12, 2020 11:49 pm
Got an email from JP Morgan Chase the other day. They're offering a $625 bonus for $250K of "new money". I'm mulling it over... I would be transferring my IRA from Vanguard to JPMC, but sticking with Vanguard funds (mostly Total Bond Index fund) for the underlying investments. Has anybody out there done business with JPMC? Are they OK to deal with? I use Chase for my banking BTW. Were I to pull the trigger on this, no doubt they'd try to upsell me out of index funds....
Chase YouInvest is kind of meh, but holds my ETFs just fine.

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

Post by snowman » Thu Feb 13, 2020 12:37 pm

catdude wrote:
Wed Feb 12, 2020 11:49 pm
Got an email from JP Morgan Chase the other day. They're offering a $625 bonus for $250K of "new money". I'm mulling it over... I would be transferring my IRA from Vanguard to JPMC, but sticking with Vanguard funds (mostly Total Bond Index fund) for the underlying investments. Has anybody out there done business with JPMC? Are they OK to deal with? I use Chase for my banking BTW. Were I to pull the trigger on this, no doubt they'd try to upsell me out of index funds....
No experience with JPMC, just reading online they are barely OK. The bonus they offer you is nothing special either. You can get $600 bonus for 250K transfer anytime from number of brokers - TDA, ME, Ally, ETrade, maybe even Schwab. TDA and ME offer $1K bonus on occasion for 250K transfer. I would choose one of those before even thinking about JPMC.

I would also convert MFs to ETFs, as they are really portable and don't incur any trading fees these days.

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

Post by pre » Thu Feb 13, 2020 1:08 pm

catdude wrote:
Wed Feb 12, 2020 11:49 pm
Got an email from JP Morgan Chase the other day. They're offering a $625 bonus for $250K of "new money". I'm mulling it over... I would be transferring my IRA from Vanguard to JPMC, but sticking with Vanguard funds (mostly Total Bond Index fund) for the underlying investments. Has anybody out there done business with JPMC? Are they OK to deal with? I use Chase for my banking BTW. Were I to pull the trigger on this, no doubt they'd try to upsell me out of index funds....
I'd recommend searching through this thread and Bogelheads in general. I and several others shared our experiences with Chase. I did their $1250 offer last summer.

Note the Chase Private Client promotion (open to all, not targeted) is $2000 for $250k at the moment.

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

Post by lazyday » Thu Feb 13, 2020 1:16 pm

Earl Lemongrab wrote:
Thu Jan 17, 2019 12:26 pm
With Ally, be aware that the brokerage bonus is a once-in-a-lifetime thing.
Still true? Has anyone taken a bonus from Ally twice?
Offer is open to U.S. residents only and excludes current Ally Invest account holders and former Ally Invest (formerly TradeKing Securities LLC) account holders who have closed their accounts within the past 90 days.
If you close your account and wait 90 days, it sounds like you might be eligible again.

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

Post by snowman » Thu Feb 13, 2020 1:34 pm

pre wrote:
Thu Feb 13, 2020 1:08 pm
catdude wrote:
Wed Feb 12, 2020 11:49 pm
Got an email from JP Morgan Chase the other day. They're offering a $625 bonus for $250K of "new money". I'm mulling it over... I would be transferring my IRA from Vanguard to JPMC, but sticking with Vanguard funds (mostly Total Bond Index fund) for the underlying investments. Has anybody out there done business with JPMC? Are they OK to deal with? I use Chase for my banking BTW. Were I to pull the trigger on this, no doubt they'd try to upsell me out of index funds....
I'd recommend searching through this thread and Bogelheads in general. I and several others shared our experiences with Chase. I did their $1250 offer last summer.

Note the Chase Private Client promotion (open to all, not targeted) is $2000 for $250k at the moment.
Problem is that catdude wants to transfer retirement account, and retirement accounts are specifically excluded from this promotion.

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

Post by catdude » Thu Feb 13, 2020 6:51 pm

Thanks guys for the feedback on JP Morgan Chase. I think I'll just forget about them....
catdude | | "As much as cats fight, there always seems to be plenty of kittens." (Abraham Lincoln)

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

Post by BlackcatCA » Wed Feb 19, 2020 6:57 pm

afoolwithmoney wrote:
Mon Feb 03, 2020 12:49 am
Anyone been able to get the Merrill Edge $1000 bonus (the higher one that supposedly expired Jan 9, but I didn't attend the "expo" anyway) after it expired?

Also, to get to $100k in transfers I have to transfer in TWO different accounts each with ACAT fees of $75 each! Has anyone gotten ME to cover more than one transfer fee?
I have a couple of similar questions about ME transfer bonus, but cannot find answers from this very long post:

1) I only see a 600 bonus available on ME website. Is there a 1000 bonus? Would calling ME help? Or call BofA?

2) One account i can transfer to ME has $180k in it. The top tier bonus requires $200k. Does it count to transfer one account and add $20k to the ME account directly? Or transfer funds from 2 different accounts to make up 200k? Would ME cover all transfer fees?

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

Post by student » Wed Feb 19, 2020 7:02 pm

BlackcatCA wrote:
Wed Feb 19, 2020 6:57 pm
2) One account i can transfer to ME has $180k in it. The top tier bonus requires $200k. Does it count to transfer one account and add $20k to the ME account directly? Or transfer funds from 2 different accounts to make up 200k? Would ME cover all transfer fees?
Multiple transfer are fine. ME will cover all transfer fees but you have to ask when you open your account.

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

Post by snowman » Wed Feb 19, 2020 7:50 pm

BlackcatCA wrote:
Wed Feb 19, 2020 6:57 pm
afoolwithmoney wrote:
Mon Feb 03, 2020 12:49 am
Anyone been able to get the Merrill Edge $1000 bonus (the higher one that supposedly expired Jan 9, but I didn't attend the "expo" anyway) after it expired?

Also, to get to $100k in transfers I have to transfer in TWO different accounts each with ACAT fees of $75 each! Has anyone gotten ME to cover more than one transfer fee?
I have a couple of similar questions about ME transfer bonus, but cannot find answers from this very long post:

1) I only see a 600 bonus available on ME website. Is there a 1000 bonus? Would calling ME help? Or call BofA?

2) One account i can transfer to ME has $180k in it. The top tier bonus requires $200k. Does it count to transfer one account and add $20k to the ME account directly? Or transfer funds from 2 different accounts to make up 200k? Would ME cover all transfer fees?
1. $1K bonus is for attending expo promo code; I don't think there is one available right now. Current $600 promo can be increased to $900 by opening BofA checking account as well. I would go for that one:

https://www.merrilledge.com/offers/900offer

2. Already answered by student. You are good to go.

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

Post by hailstate » Thu Feb 20, 2020 10:22 am

Morgan Stanley buying E*Trade for $13 billion:

https://www.cnbc.com/2020/02/20/morgan- ... llion.html

May be a good time to get in on an E*Trade bonus, I believe this is the current high offer and expires at the end of the month:

https://us.etrade.com/promo/5000cfc-combined

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

Post by jacoavlu » Thu Feb 20, 2020 2:48 pm

just got my $1000 bonus from short term move of $500,000 to M1 which had no terms requiring funds to stay there, so now I'm going to roll those funds for more bonus.

Split half to Merrill Edge linked with Bank of America Preferred Rewards for $900 bonus there

Other half to Chase Sapphire Checking and You Invest

My question

The Chase Sapphire checking has a $1000 bonus, and You Invest has a $625 bonus for moving $250,000. Is parking $250,000 at You Invest going to get me both bonuses to total $1625? Anyone experienced this?

If it all works out, not too bad. $1000 plus $900 plus $1000 plus $625 = $3525.

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

Post by ofckrupke » Thu Feb 20, 2020 3:10 pm

jacoavlu wrote:
Thu Feb 20, 2020 2:48 pm
The Chase Sapphire checking has a $1000 bonus, and You Invest has a $625 bonus for moving $250,000. Is parking $250,000 at You Invest going to get me both bonuses to total $1625?
No. It's not very hard at all to determine from the fine print of the two offers that if you want both, you need to stagger the operations by 12 months. And, I suppose, do the YouInvest first since you'd most likely want to park the Sapphire money in a Chase/JPMS-custodied holding with a nontrivial expected return when going for that one.

But maybe the $2000 chase private client offer suits you.

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

Post by jacoavlu » Thu Feb 20, 2020 3:35 pm

ofckrupke wrote:
Thu Feb 20, 2020 3:10 pm
jacoavlu wrote:
Thu Feb 20, 2020 2:48 pm
The Chase Sapphire checking has a $1000 bonus, and You Invest has a $625 bonus for moving $250,000. Is parking $250,000 at You Invest going to get me both bonuses to total $1625?
No. It's not very hard at all to determine from the fine print of the two offers that if you want both, you need to stagger the operations by 12 months. And, I suppose, do the YouInvest first since you'd most likely want to park the Sapphire money in a Chase/JPMS-custodied holding with a nontrivial expected return when going for that one.

But maybe the $2000 chase private client offer suits you.
my bad, you are correct it's pretty clear in the terms

curious about your logic on the YouInvest ($625) bonus first. The $1000 checking bonus only requires $75,000 deposit and the bonus may not be available in 12 months.

The private client bonus would be great but I don't have any local Chase branches. Can you get around the "Meet with a Private Client Banker" terms?

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

Post by ofckrupke » Thu Feb 20, 2020 4:11 pm

jacoavlu wrote:
Thu Feb 20, 2020 3:35 pm
curious about your logic on the YouInvest ($625) bonus first. The $1000 checking bonus only requires $75,000 deposit and the bonus may not be available in 12 months.
Yup, offer expiration is a risk. Modulo that though: the YouInvest bonus wants a new account. They cost something to close. So if you do the Sapphire first, you're going to park the $75k where?
OK, I went for the $1k, and opened a YouInvest account to house the new money. But the choice was easier for me because of unwillingness to park $250k at Chase.

Hopefully someone else will answer your question about Private Client.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MikeG62 » Fri Feb 21, 2020 8:50 am

hailstate wrote:
Thu Feb 20, 2020 10:22 am

May be a good time to get in on an E*Trade bonus, I believe this is the current high offer and expires at the end of the month:

https://us.etrade.com/promo/5000cfc-combined
This is a decent bonus offer. I am in the process of double dipping on the Merrill Edge $900 Bonus for transferring $200,000 (one for IRA and one for taxable brokerage account). Could do this one, but may wait until the taxable brokerage bonus is complete - risk of course is a similar E*Trade offer does not exist at that time.

Interesting sentence in the offer details...”You must be the original recipient of this offer to apply”. I wonder if that is leftover language from a targeted bonus offer?
Real Knowledge Comes Only From Experience

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

Post by hotpancakes » Mon Feb 24, 2020 4:31 pm

Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)

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

Post by sc9182 » Mon Feb 24, 2020 5:03 pm

hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
Fidelity no chance - unless you have about $5MM;
Dunno about Schwab.
Heard ETrade can do upwards of $18k for $10MM

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

Post by jacoavlu » Mon Feb 24, 2020 5:05 pm

hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
Schwab has a current promo schwabski.com but wouldn't give me any cash bonus to move $500k back to them recently

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

Post by MisterBill » Tue Feb 25, 2020 12:07 am

jacoavlu wrote:
Mon Feb 24, 2020 5:05 pm
hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
Schwab has a current promo schwabski.com but wouldn't give me any cash bonus to move $500k back to them recently
Ski tickets don't do it for me.

I recently asked my Fidelity Private Client rep if she could offer me anything for transferring new money in and she said that she could not. So I moved it to ME instead.

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

Post by interestediniras » Tue Feb 25, 2020 12:10 am

At about what net worth does it start becoming worthwhile to take advantage of these bonuses? And to what extent are they independent of what assets you hold (i.e. it doesn't matter what your portfolio is)?

klaus14
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by klaus14 » Tue Feb 25, 2020 4:52 am

interestediniras wrote:
Tue Feb 25, 2020 12:10 am
At about what net worth does it start becoming worthwhile to take advantage of these bonuses? And to what extent are they independent of what assets you hold (i.e. it doesn't matter what your portfolio is)?
I only do $1000 bonuses for $200k or $250k transfers. Less than that is not worth the hassle. Because this bonus is fully taxable as income.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Feb 25, 2020 7:43 am

hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
A few months ago Schwab offered to match a decent E*Trade bonus if I transferred my IRA in from TDA. I was about to make the transfer when TDA matched the Schwab offer with a retention bonus.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by snowman » Tue Feb 25, 2020 9:09 am

neilpilot wrote:
Tue Feb 25, 2020 7:43 am
hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
A few months ago Schwab offered to match a decent E*Trade bonus if I transferred my IRA in from TDA. I was about to make the transfer when TDA matched the Schwab offer with a retention bonus.
I just hit 12 month anniversary with TDA, so looking to move again. Did you call TDA and asked about retention bonus, or did you initiate transfer from Schwab, and got the call from TDA? And if it's the former - did you call 800 number, or your local broker?

Thanks.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by neilpilot » Tue Feb 25, 2020 9:12 am

snowman wrote:
Tue Feb 25, 2020 9:09 am
neilpilot wrote:
Tue Feb 25, 2020 7:43 am
hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
A few months ago Schwab offered to match a decent E*Trade bonus if I transferred my IRA in from TDA. I was about to make the transfer when TDA matched the Schwab offer with a retention bonus.
I just hit 12 month anniversary with TDA, so looking to move again. Did you call TDA and asked about retention bonus, or did you initiate transfer from Schwab, and got the call from TDA? And if it's the former - did you call 800 number, or your local broker?

Thanks.
Latter - my local TDA rep called me when the Schwab transfer order came thru

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

Post by hmw » Tue Feb 25, 2020 9:59 am

sc9182 wrote:
Mon Feb 24, 2020 5:03 pm
hotpancakes wrote:
Mon Feb 24, 2020 4:31 pm
Does anyone have any recent data points on whether Fidelity or Schwab offer retention bonuses? If so, how much? Thanks! :-)
Fidelity no chance - unless you have about $5MM;
Dunno about Schwab.
Heard ETrade can do upwards of $18k for $10MM
One data point. I asked for a retention bonus from fidelity (basically matching Schwab’s offer) last year. Fidelity said no. So I moved one million (don’t have 5 millions) from fidelity to Schwab for $2500. A week later, fidelity called me and asked if I could move the money back for $2500. I said I could move a million from another brokerage for the $2500. So I got another $2500 from Fidelity.

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by MisterBill » Tue Feb 25, 2020 12:41 pm

interestediniras wrote:
Tue Feb 25, 2020 12:10 am
At about what net worth does it start becoming worthwhile to take advantage of these bonuses? And to what extent are they independent of what assets you hold (i.e. it doesn't matter what your portfolio is)?
I don't move money around to get the bonuses. In my recent case I had some assets that I had inherited and were at a brokerage I did not want to do business with. Since I was going to be moving them anyway, I figured I might as well get paid for doing it. I would have preferred to put them at Fidelity, but I also have an account at Merrill, so that was easy enough to do.

kxl19
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by kxl19 » Tue Feb 25, 2020 11:47 pm

hailstate wrote:
Thu Feb 20, 2020 10:22 am
Morgan Stanley buying E*Trade for $13 billion:

https://www.cnbc.com/2020/02/20/morgan- ... llion.html

May be a good time to get in on an E*Trade bonus, I believe this is the current high offer and expires at the end of the month:

https://us.etrade.com/promo/5000cfc-combined
FYI - I emailed my local ETrade office asking about the offer, they were able go even higher, saying they have more flexibility. Same 6-month holding period, and offer expires at the end of the quarter. I wonder if the company has an incentive to get more AUM ahead of the Morgan Stanley acquisition.

$500k - $1m: $1500
$1m - 2m: $4000
$2m+: $6,000

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Sign Up Bonuses

Post by calliecake47 » Thu Feb 27, 2020 1:33 pm

[Thread merged into here, see below. --admin LadyGeek]

Just wondering if anyone knows of any current sign up bonuses going on for new brokerage accounts? I know there were some in early January, but wasn't able to take advantage of them at that point in time. Now that I'm ready I'm not really seeing any out there except for e trade, but I don't really know too much about them.
Thanks in advance!

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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek » Thu Feb 27, 2020 5:59 pm

I merged calliecake47's thread into the on-going discussion.
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