The Final, Definitive Thread on Brokerage Transfer Bonuses

[hmw]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

[postselect]

Well you don't have to dump $1.5M in there nad hope for the best.

You can open account with the promo code and deposit a measly $50 or whatever and then after you get the promo enrollment confirmation email a day or 2 later, you can dump the $1.5M int here.

Got it TJ. Thank you. The opening deposit doesn’t need to come in at the tier level your aiming for?

Well, definitely check the T&C, but I'm pretty sure they designate a period of time for you to send in qualifying funds and don't stipulate that it must be a single deposit.

How does an existing account holder of Etrade avail the bonus brokerage mentioned in the link https://us.etrade.com/promo/20000cfc-brokerage-062024 ? I am not seeing any login page or any code to enroll?

@postselect, this was the exact offer code I received for that link: rm_promo_24

The rep said to call them at the time of opening to make sure that code is applied.

Thanks @bbrock.

[marathonfi]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

Just did this recently. My transfer was rejected a few times because I did partial and Webull wouldn't do that. I just end up doing a full transfer , and had to add "WEB" prefix also. I attached a Webull statement on the initiating brokerage (Wells Trade) also. Went through on 3rd try I think.

[hmw]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

Just did this recently. My transfer was rejected a few times because I did partial and Webull wouldn't do that. I just end up doing a full transfer , and had to add "WEB" prefix also. I attached a Webull statement on the initiating brokerage (Wells Trade) also. Went through on 3rd try I think.

I am doing a full transfer. Citi PWM has a copy of my Webull statement.

[sc9182]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

Just did this recently. My transfer was rejected a few times because I did partial and Webull wouldn't do that. I just end up doing a full transfer , and had to add "WEB" prefix also. I attached a Webull statement on the initiating brokerage (Wells Trade) also. Went through on 3rd try I think.

I am doing a full transfer. Citi PWM has a copy of my Webull statement.

Don't have experience with WeBull --transfer-out-to--->> Citi

Allow me to share one hiccup I had late last year. I was at one of the brokerages which holds assets at Apex. The destination brokerage also holds assets at Apex. It failed 2-3 times, and since I gave up trying to (having them) fix the issue .. instead chose to do: Apex --> Fidelity --> destination-brokerage (this took 2-3 weeks extra/additional-time, but worked well) -- just my experience ..

[need403bhelp]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

Transfer to Fidelity succeeded for both me and DW. We actually didn’t even put WEB prefix so maybe they fixed on backend I don’t know; we did upload statement.

[zero_coupon]

So it seems the full service brokerage J. P. Morgan Wealth Management account is the one that qualifies for the offer and avoids AUM. However, in the appendix Fee & Commission Schedules for Brokerage Accounts it lists a commission of 1% of principle for stocks and exchange-traded funds and in the next line $0 for stock and ETFS trades made through chase.com. To your knowledge, is that 1% of principle commission for advisor assist trades, it is not very clear?

Good points raised; Believe you are correct - any Advisor assisted trades (which all must be, in this account-type) -- have higher price-points.

You can't initiate trades for free on your own with this account type (full service J. P. Morgan Wealth Management brokerage account)? Only advisor assisted trades? For a 1% fee?

[sc9182]

So it seems the full service brokerage J. P. Morgan Wealth Management account is the one that qualifies for the offer and avoids AUM. However, in the appendix Fee & Commission Schedules for Brokerage Accounts it lists a commission of 1% of principle for stocks and exchange-traded funds and in the next line $0 for stock and ETFS trades made through chase.com. To your knowledge, is that 1% of principle commission for advisor assist trades, it is not very clear?

Good points raised; Believe you are correct - any Advisor assisted trades (which all must be, in this account-type) -- have higher price-points.

You can't initiate trades for free on your own with this account type (full service J. P. Morgan Wealth Management brokerage account)? Only advisor assisted trades? For a 1% fee?

It’s self-directed sort of account, but held under the advisor - with zero AUM fees.

The “trading” fees are higher and have to be executed by the Advisor , iirc (trades are definitely “NOT free” - if you want to hear that). Again- make sure to “choose” (or ensure to choose) non-AUM/no-management-fee account type (even though the account itself is held with an Advisor)

Just don’t trade for 3-months while at JPMC, and move on with life elsewhere. If you can’t — suggest don’t jump thru Chase/JPMC hoops., instead try your bonus elsewhere.

[potatogun]

With JPM full service, you can trade for free on web or app (for most basic instruments). However, the pricing sheet and/or advisor can make it sound like it will have commissions. Of course if you go through the advisor / phone, there WILL be commissions.

[sc9182]

With JPM full service, you can trade for free on web or app (for most basic instruments). However, the pricing sheet and/or advisor can make it sound like it will have commissions. Of course if you go through the advisor / phone, there WILL be commissions.

Interesting, good to know (never traded while going thru this bonus, so, I wouldn't have known about this 'silent' feature/fee-bypass for simple-trades)

However, to move/ACATS in-and-out of the account, the Advisor was required. Could-you/were-you-able-to bypass that requirement as well ?

[potatogun]

For ACATS out (requested at other firm), the advisor is not required. Sending firms must respond/act. It will only get held up if there's an issue and you need to troubleshoot before trying again.

You can start an ACATS online via Investments>Transfer Securities. However, only full account transfer is supported for the happy path via the online form. For partial transfers you need to fill out a PDF. Usually you go through your advisor to do this. HOWEVER, you can secure message the partial transfer PDF: https://www.chase.com/personal/investme ... rage-forms. You can always call the general brokerage help line for assistance.

Your advisor will become aware of the partial transfer request PDF you sent over secure message and be involved with processing it to some degree.

Personally, my strategy is open a new brokerage account at say Fido and do a full account transfer. Fidelity makes it easy enough to keep opening accounts and transfer securities internally.

Interesting, good to know (never traded while going thru this bonus, so, I wouldn't have known about this 'silent' feature/fee-bypass for simple-trades)

However, to move/ACATS in-and-out of the account, the Advisor was required. Could-you/were-you-able-to bypass that requirement as well ?

[BuddyJet]

Well you don't have to dump $1.5M in there nad hope for the best.

You can open account with the promo code and deposit a measly $50 or whatever and then after you get the promo enrollment confirmation email a day or 2 later, you can dump the $1.5M int here.

Got it TJ. Thank you. The opening deposit doesn’t need to come in at the tier level your aiming for?

Well, definitely check the T&C, but I'm pretty sure they designate a period of time for you to send in qualifying funds and don't stipulate that it must be a single deposit.

How does an existing account holder of Etrade avail the bonus brokerage mentioned in the link https://us.etrade.com/promo/20000cfc-brokerage-062024 ? I am not seeing any login page or any code to enroll?

@postselect, this was the exact offer code I received for that link: rm_promo_24

The rep said to call them at the time of opening to make sure that code is applied.

After calling in, my rep said to wait for the confirming email, 24-48 hours, before starting the transfer to ensure the account is coded for the promo.

[pm5987]

Anyone having trouble transferring their Roth IRA account out of Webull?

I received my transfer bonus from Webull recently and I am trying to transfer my Webull Roth IRA account to Citi PWM.

1st attempt failed because I didn't include the prefix "WEB" in front of the account number.

2nd attempt was rejected by Apex (clearing house for Webull). Citi told me the reason was "SLAP". I was told that it was usually due to insufficient funds. I contacted Webull and was told that it might be that there was not enough cash in the account to pay for the $75 ACAT transfer fee. So I sold some shares to make sure I had more than $75 cash in the account. 3rd attempt was rejected again! Citi said the account was "flat". I contacted Webull via their app Friday pm and have not received a reply yet.

Any ideas? Thanks

It took me 3 attempts to ACAT out of Webull Roth IRA... this included multiple messages to customer service. I used the correct WEB prefix AND had some cash leftover for the fees. (i think the first time, the destination brokerage may have dropped the WEB prefix, so i won't hold the first failure on Webull)

After the first 2 failed, they told me to message them upon initiating the next one.
I'd suggest, when you initiate the transfer, you'll see a notification in Webull that the account is restricted. Then immediately message Webull and ask them to process the transfer. If it's your 2nd or 3rd time, you can gently remind them that this is a FINRA requirement for them to process.

Also, i had a feeling this is partially due to their Roth IRA accounts... (IRAs are newer at Webull, and maybe their systems aren't setup to transfer them smoothly). i feel like their taxable accounts would have transferred no problem.

[curious george]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

[tj]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

If you don't have an existing account with a deposit amount in the existing account deposit amount ($200k +), you would be a new customer, even if you have OPEN existing accounts.

[Leesbro63]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

If you don't have an existing account with a deposit amount in the existing account deposit amount ($200k +), you would be a new customer, even if you have existing accounts.

Yeah but can you just fund a left-over Etrade shell account (empty), or must you open a new account? Will you get the bonus for a deposit to a previously dormant but still accessible account?

[tj]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

If you don't have an existing account with a deposit amount in the existing account deposit amount ($200k +), you would be a new customer, even if you have existing accounts.

Yeah but can you just fund a left-over Etrade shell account (empty), or must you open a new account? Will you get the bonus for a deposit to a previously dormant but still accessible account?

No. Open a new account and apply the promo code.

The only way to accomplish waht you are asking is to call them and draw attention to yourself, no reason to do that.

[hmw]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

I find the language for people who already have an account at etrade confusing. But from my past experience a few years ago, I vaguely remember that both new account holder and existing account holder get the same amount of bonus in the end.

[bbrock]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

If you don't have an existing account with a deposit amount in the existing account deposit amount ($200k +), you would be a new customer, even if you have existing accounts.

Yeah but can you just fund a left-over Etrade shell account (empty), or must you open a new account? Will you get the bonus for a deposit to a previously dormant but still accessible account?

No. Open a new account and apply the promo code.

The only way to accomplish waht you are asking is to call them and draw attention to yourself, no reason to do that.

If in doubt, give Etrade a call.

[ZinCO]

Not sure if the above discussion about ETrade is about the latest existing customer bonus structure, but I'm seeing the following as of earlier today:

Account Deposit Receive
$5,000–$9,999 $50
$10,000–$24,999 $100
$25,000–$99,999 $250
$100,000–$199,999 $625
$200,000–$499,999 $1,000
$500,000–$999,999 $2,000
$1,000,000–$1,999,999 $4,500
$2,000,000–$4,999,999 $6,000
$5,000,000–$9,999,999 $7,500
$10,000,000+ $12,500

It might be targeted so I'm not going to post a link, but search for "12500cfc". Hold period is 6 months.

[FrugalProfessor]

Anyone biting on this?

https://www.doctorofcredit.com/tradeup- ... /#comments

https://www.mymoneyblog.com/tradeup-bro ... otion.html

TLDR: Transfer $100k, get $3k. Ambiguous holding period. 1.5-2 years?

[potatogun]

It's not 3%. It's 2% ($2K / $100K). They do some ridiculous math 2% ($1k/$50K) + 1% ($1k/$100K) = 3%. It's likely 2 year hold, with quarterly payouts of the bonus. Also on the tail end 90 day hold after bonus payments or else there is forfeiture of the bonus. See DoC comments for people make sense of the obtuse terms and getting clarification from support.

Anyone biting on this?

https://www.doctorofcredit.com/tradeup- ... /#comments

https://www.mymoneyblog.com/tradeup-bro ... otion.html

TLDR: Transfer $100k, get $3k. Ambiguous holding period. 1.5-2 years?

[tj]

Anyone biting on this?

https://www.doctorofcredit.com/tradeup- ... /#comments

https://www.mymoneyblog.com/tradeup-bro ... otion.html

TLDR: Transfer $100k, get $3k. Ambiguous holding period. 1.5-2 years?

Yup, it was already mentioned here. I might do it - The $50k for 1k, not the $100k for 2k, the hold time is half as long, I think.

[hmw]

Anyone biting on this?

https://www.doctorofcredit.com/tradeup- ... /#comments

https://www.mymoneyblog.com/tradeup-bro ... otion.html

TLDR: Transfer $100k, get $3k. Ambiguous holding period. 1.5-2 years?

I think I will do this one. 2% for 2 years is still a good deal.

[hmw]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

I find the language for people who already have an account at etrade confusing. But from my past experience a few years ago, I vaguely remember that both new account holder and existing account holder get the same amount of bonus in the end.

I can confirm that the bonus is same for new customers and existing customers. Just did a Etrade bonus. I had an existing Etrade account. I got $5000 for 1.5 million transferred. The $5000 was deposited into the new account. Bonus came the day after the transfer was completed.

[calwatch]

Frec, the 0.10% direct indexing outfit, is giving $250 for a new customer. Minimum deposit $20,000 and must be referred by an existing customer (which I am not one, but am considering taking a referral from a friend). Given they are funded with venture capital they could certainly afford to offer a higher bonus for higher deposits. https://docs.frec.com/250_referral_terms.pdf

[BuddyJet]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

I find the language for people who already have an account at etrade confusing. But from my past experience a few years ago, I vaguely remember that both new account holder and existing account holder get the same amount of bonus in the end.

I can confirm that the bonus is same for new customers and existing customers. Just did a Etrade bonus. I had an existing Etrade account. I got $5000 for 1.5 million transferred. The $5000 was deposited into the new account. Bonus came the day after the transfer was completed.

I just did an existing non-retirement bonus offer for existing accounts at $4,500 for 1 million. The next level was $6k for 2 million. They may have multiple offers available since my offer is different than yours.

[hmw]

For etrade - I see the bonus lists lower amounts for existing customers. I was a former customer but closed my account iver a year ago. My login still allows entry into their portal though.
Does anyone know if I will be a new customer or old customer as bonus amounts differ a lot between the two ?

I find the language for people who already have an account at etrade confusing. But from my past experience a few years ago, I vaguely remember that both new account holder and existing account holder get the same amount of bonus in the end.

I can confirm that the bonus is same for new customers and existing customers. Just did a Etrade bonus. I had an existing Etrade account. I got $5000 for 1.5 million transferred. The $5000 was deposited into the new account. Bonus came the day after the transfer was completed.

I just did an existing non-retirement bonus offer for existing accounts at $4,500 for 1 million. The next level was $6k for 2 million. They may have multiple offers available since my offer is different than yours.

I did the $4500 for 1 million bonus in June. It was a better offer.

[sc9182]

New Merrill Edge offer, upto $1000 bonus:
https://www.merrilledge.com/offers/1000offer

code: 1000PR

Looks like IRAs also acceptable. Usual, 90 days hold.

[tj]

New Merrill Edge offer, upto $1000 bonus:
https://www.merrilledge.com/offers/1000offer

code: 1000PR

Looks like IRAs also acceptable. Usual, 90 days hold.

I got targeted for this in the offers section in my BofA account, and I already have a Merrill Edge account.

[manlymatt83]

New Merrill Edge offer, upto $1000 bonus:
https://www.merrilledge.com/offers/1000offer

code: 1000PR

Looks like IRAs also acceptable. Usual, 90 days hold.

How is this different than https://www.merrilledge.com/offers/pr1000

[sc9182]

New Merrill Edge offer, upto $1000 bonus:
https://www.merrilledge.com/offers/1000offer

code: 1000PR

Looks like IRAs also acceptable. Usual, 90 days hold.

How is this different than https://www.merrilledge.com/offers/pr1000

looks the same - wasn’t sure, if this offer has recently been posted here ? (we had $600 or $750 levels recently, not seen $1000 bonus level recently; hence posted)

[chris conte]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

[tj]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

While 2% which is effectively 1% per year for 2 years is tempting, I don't like these long lock up periods. Might want to use the funds before then. If there's definitely no need to use the funds, it's pretty attractive, at least up to SIPC limits, though I know some people have had no concern going beyond that.

[manlymatt83]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

While 2% which is effectively 1% per year for 2 years is tempting, I don't like these long lock up periods. Might want to use the funds before then. If there's definitely no need to use the funds, it's pretty attractive, at least up to SIPC limits, though I know some people have had no concern going beyond that.

I haven't made my 2024 IRA contribution yet. The free $210 on a $7000 contribution really does sound nice compared to just throwing it in Vanguard.

[nitpick]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Isn’t 2% bonus only for margin balance?

[tj]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

While 2% which is effectively 1% per year for 2 years is tempting, I don't like these long lock up periods. Might want to use the funds before then. If there's definitely no need to use the funds, it's pretty attractive, at least up to SIPC limits, though I know some people have had no concern going beyond that.

I haven't made my 2024 IRA contribution yet. The free $210 on a $7000 contribution really does sound nice compared to just throwing it in Vanguard.

That requires a 5 year hold. The juice isn't worth the squeeze for $210.

[tj]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Isn’t 2% bonus only for margin balance?

That's how I read the email, but I was assuming I read it wrong based on the post here.

[sharukh]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Isn’t 2% bonus only for margin balance?

That's how I read the email, but I was assuming I read it wrong based on the post here.

Additional Bonus based on transferred settled margin balance. If the ACATS transfer includes a settled margin balance that is $10,000 or more, Robinhood will deposit an additional 1% of the Net transferred asset value to the customer’s Brokerage Account. If a customer receives an additional 1% deposit, the total 2% deposit shall be the “Bonus” for purposes of the Bonus Offer.

[postselect]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Isn’t 2% bonus only for margin balance?

That's how I read the email, but I was assuming I read it wrong based on the post here.

Additional Bonus based on transferred settled margin balance. If the ACATS transfer includes a settled margin balance that is $10,000 or more, Robinhood will deposit an additional 1% of the Net transferred asset value to the customer’s Brokerage Account. If a customer receives an additional 1% deposit, the total 2% deposit shall be the “Bonus” for purposes of the Bonus Offer.

According to Chatgpt

/////////////
This offer means that if you transfer a margin balance of $10,000 or more from an external brokerage to your Robinhood joint or individual investing account, you will receive a 2% bonus on the value of that transferred margin balance.

How it Works:

1. Transfer Margin Balance: You transfer at least $10,000 in margin (borrowed) funds from another brokerage into your Robinhood account. The margin balance represents money that has been borrowed to invest, which Robinhood allows you to transfer.


2. Earn a 2% Bonus: Once the transfer is completed, Robinhood will give you a 2% bonus based on the value of the margin funds you transferred. For example:

If you transfer $10,000, you would receive a $200 bonus.

If you transfer $50,000, the bonus would be $1,000.




Considerations:

Eligible Accounts: The bonus applies to both joint and individual investing accounts with Robinhood.

Margin Requirements: Since the offer is tied to a margin balance, ensure you meet the minimum margin balance requirement of $10,000 to qualify.

Other Conditions: It's important to check for any additional terms and conditions, such as how long the funds need to remain in the account or any fees associated with the transfer.


This kind of promotion is aimed at attracting customers by offering an incentive to transfer their margin balances to Robinhood. If you're already using margin and meet the transfer amount, it could be a way to gain extra funds while moving your investments.

[bbrock]

Regarding the Tradeup offer. I checked it out. For a 50k transfer, it looks like it would have to be held for the following 3 quarters. And if I was to do it right now, the term would be up at the start of the last quarter 10/1/25. It looks like they count your deposit being made at the start of the next quarter. Is that your understanding?
https://www.tradeup.com/transfer-terms

[potatogun]

Tradeup has a 90 day forfeiture clause, which requires not transferring out until 90 days have passed from the (last?) bonus payment.

If you ACATS in now, the soonest quarter end after the initial 90 day hold is 3/31/25 for the first payment. Then Q2, then Q3. Then hold for 90 days. So essentially after 2025 completes. To optimize a bit, you should ACATS in just before a quarter closes (eg towards, but before end of Dec 2024).

[bbrock]

Tradeup has a 90 day forfeiture clause, which requires not transferring out until 90 days have passed from the (last?) bonus payment.

If you ACATS in now, the soonest quarter end after the initial 90 day hold is 3/31/25 for the first payment. Then Q2, then Q3. Then hold for 90 days. So essentially after 2025 completes. To optimize a bit, you should ACATS in just before a quarter closes (eg towards, but before end of Dec 2024).

Got it. Tx. So a full 1 yr term it sounds then.

[tj]

Tradeup has a 90 day forfeiture clause, which requires not transferring out until 90 days have passed from the (last?) bonus payment.

If you ACATS in now, the soonest quarter end after the initial 90 day hold is 3/31/25 for the first payment. Then Q2, then Q3. Then hold for 90 days. So essentially after 2025 completes. To optimize a bit, you should ACATS in just before a quarter closes (eg towards, but before end of Dec 2024).

There's no real reason to wait to ACATS shares of stocks ETFs until the end of Dec 2024. You're not losing anything by sending it sooner. If you've decided to send the securities to TradeUp, what difference does it make if it's an extra 2 months or not?

[potatogun]

You could say that about any brokerage bonus. Indeed the time value / opportunity cost is not as clear cut as cash, and 2+ mo. isn't really going to make a practical difference in chasing bonuses, but someone could have assets tied up now or be waiting to see if better options turn up.

There's no real reason to wait to ACATS shares of stocks ETFs until the end of Dec 2024. You're not losing anything by sending it sooner. If you've decided to send the securities to TradeUp, what difference does it make if it's an extra 2 months or not?

[tj]

You could say that about any brokerage bonus. Indeed the time value / opportunity cost is not as clear cut as cash, and 2+ mo. isn't really going to make a practical difference in chasing bonuses, but someone could have assets tied up now or be waiting to see if better options turn up.

There's no real reason to wait to ACATS shares of stocks ETFs until the end of Dec 2024. You're not losing anything by sending it sooner. If you've decided to send the securities to TradeUp, what difference does it make if it's an extra 2 months or not?

Indeed. Or they could kill this offer before the end of December and nothing better pops up to replace it.

[bbrock]

Tradeup has a 90 day forfeiture clause, which requires not transferring out until 90 days have passed from the (last?) bonus payment.

If you ACATS in now, the soonest quarter end after the initial 90 day hold is 3/31/25 for the first payment. Then Q2, then Q3. Then hold for 90 days. So essentially after 2025 completes. To optimize a bit, you should ACATS in just before a quarter closes (eg towards, but before end of Dec 2024).

There's no real reason to wait to ACATS shares of stocks ETFs until the end of Dec 2024. You're not losing anything by sending it sooner. If you've decided to send the securities to TradeUp, what difference does it make if it's an extra 2 months or not?

Good pt tj.

Also, @ potatogun, I had to go back and reread this section:
For example, if a user completes an ACAT transfer of $50,000 and qualifies for a 2% cashback bonus, they will receive a total of $1,000. This amount will be distributed in installments of $350 for the first quarter, $350 for the second quarter, and $300 for the third quarter. If the transfer date is August 15, 2024, the first $350 installment will be distributed on December 31, 2024, with subsequent installments of $350 and $300 distributed on March 31, 2025 and June 30, 2025, respectively.



I think if I’m looking at it and I transfer in whether it’s now or in December, first payment will be at the end of Q1, and then the end of Q2, and then the last at end of Q3. So it looks like it would be a 9 months hold.

And, does anyone have prior experience with tradeup and know if you can assign a beneficiary (intend to elect a TOD designation to trust)?

[UncleLeo]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Looks like for IRA transfers it's similar to the promo they had a few months ago: 3% bonus, paid immediately, 5-year hold, untaxed, no need to deal with cost-basis. Any gotchas (apart from it being RH - I'm less concerned when there's no cost basis involved)?
I participated in a similar RH promo from a few months ago, but have another IRA account that was locked due to another bonus at the time.

[potatogun]

There's the 90 day hold or forfeiture of the bonus. So while your 3rd payment may be Q3'25 + 90days to that.

Also, @ potatogun, I had to go back and reread this section:
For example, if a user completes an ACAT transfer of $50,000 and qualifies for a 2% cashback bonus, they will receive a total of $1,000. This amount will be distributed in installments of $350 for the first quarter, $350 for the second quarter, and $300 for the third quarter. If the transfer date is August 15, 2024, the first $350 installment will be distributed on December 31, 2024, with subsequent installments of $350 and $300 distributed on March 31, 2025 and June 30, 2025, respectively.

I think if I’m looking at it and I transfer in whether it’s now or in December, first payment will be at the end of Q1, and then the end of Q2, and then the last at end of Q3. So it looks like it would be a 9 months hold.

And, does anyone have prior experience with tradeup and know if you can assign a beneficiary (intend to elect a TOD designation to trust)?

[amiablealien]

Looks like Robinhood is revamping their transfer bonus--https://go.robinhood.com/hoodweek.

The match is now 1% on accounts with less than $10,000 in assets and 2% on accounts with greater. This is still technically an unlimited match, although I don't know what amount I'd trust holding at Robinhood for the minimum required 2 years.

Isn’t 2% bonus only for margin balance?

T&C says

"Additional Bonus based on transferred settled margin balance. If the ACATS transfer includes a settled margin balance that is $10,000 or more, Robinhood will deposit an additional 1% of the Net transferred asset value to the customer’s Brokerage Account. If a customer receives an additional 1% deposit, the total 2% deposit shall be the “Bonus” for purposes of the Bonus Offer. "


Looks like as far as the margin is for more than $10K, you earn 2% for the whole deposit. So, suppose you transfer an account with $500K in liquidation value including $10K of margin. You'll get full 2% of the $500K. Also, may be a month later, you can add in $10K in cash and get rid of margin as well?

If this is true, this is really a juicy offer from them.