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Brokerage New Account Bonuses
11-14-2018, 03:17 PM
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#1
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 238
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Brokerage New Account Bonuses
I have some Pen Fed CDs maturing. I met with Fidelity a few months ago and was told I would get a bonus for opening a new account. Up to $2500 for $1,000,000. Today when I went to open an account, I was told they now only give bonuses for a minimum of $1,000,000. Nothing for $500,000.
Other than Vanguard (who I currently use), what other low cost self directed brokerage firms are recommended? Itnwill be mainly for fixed income and some index funds. Not much in the way of trades. Hoping I will find one with a local office for convenience. And hopefully I can get a bonus for new account. Thanks!
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11-14-2018, 05:02 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
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Here ya go.
https://www.merrilledge.com/offers
If you are moving a lot, talk/chat to the Rep before opening the account, as they have unpublished rewards for large amounts over $200,000.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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11-14-2018, 05:30 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Fidelity has backed away from cash or gift card bonuses in the last while. I got some early on for big deposits and now they only offer me free trades.
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11-14-2018, 05:39 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Location: SoCal, Lausanne
Posts: 4,408
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Try TD Ameritrade. They give cash incentives for large deposits/transfers and have many retail offices if you need that. I have accounts at Fidelity, Schwab, and TD Ameritrade.
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11-14-2018, 07:50 PM
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#6
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Recycles dryer sheets
Join Date: Apr 2012
Location: Long Island
Posts: 141
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In March of 2018, I received a $10,000 incentive from e trade for moving 2.5m from Ameritrade. They also gave me $3.95 stock and MF trades and a 4% margin fee. I don’t know how long the offer was good for but it was a progressive offering based on assets. The company is great and there technology is top rate. I would call them to find out what they are currently offering as I only found out about the offer from a phone call. They did require me to commit to a year with them.
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11-14-2018, 08:25 PM
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#7
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 238
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Thanks everyone for the tips! I have a substantial amount, so hoping for a bonus. I also want to keep some cash available should a good bank CD come up in December.
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11-14-2018, 11:35 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,655
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Just FYI, these bonuses are reported as taxable income. I didn’t realize that, so the value of the bonus DH and I received from Fidelity for moving our account is a lot less than I thought, net.
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11-15-2018, 04:22 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,939
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Quote:
Here ya go.
https://www.merrilledge.com/offers
If you are moving a lot, talk/chat to the Rep before opening the account, as they have unpublished rewards for large amounts over $200,000.
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I closed my Merrill Edge account because Fido bond trading service was better.
__________________
"The mountains are calling, and I must go." John Muir
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11-15-2018, 04:12 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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Quote:
Originally Posted by Scuba
Just FYI, these bonuses are reported as taxable income. I didn’t realize that, so the value of the bonus DH and I received from Fidelity for moving our account is a lot less than I thought, net.
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I have done two transfers to Merrill Edge each for $200,000 and each earning a $1,000 bonus. Neither was reported as income.
__________________
"Luck favors the prepared mind"
Pasteur
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11-15-2018, 04:30 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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Quote:
Originally Posted by Golden sunsets
I have done two transfers to Merrill Edge each for $200,000 and each earning a $1,000 bonus. Neither was reported as income.
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I have also had a bunch of opening bonuses over the last few years and have never gotten a tax statement.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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11-16-2018, 10:31 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Location: central California
Posts: 1,134
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Quote:
Originally Posted by Scuba
Just FYI, these bonuses are reported as taxable income. I didn’t realize that, so the value of the bonus DH and I received from Fidelity for moving our account is a lot less than I thought, net.
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I received the $2,500 bonus from Fidelity this year for transferring $1.025M from my workplace profit-sharing plan to Fidelity rollover IRA. The Fidelity rep said she could transfer the bonus directly into my rollover IRA. I asked if that was a taxable event? She said no, it was considered a gift. I’ll see if I receive a taxable income statement for this, although she assured me I would not.
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11-16-2018, 10:40 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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I think you got some bad info. I have gotten cash bonuses from Fido and it was reported as miscellaneous income when I did my Turbo Tax download.
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11-16-2018, 10:43 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,515
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I always ask for bonuses for moving any amount of money in to my Etrade accounts. I have always gotten some.
I have an account to consolidate that is with Schwab and i will probably check with TD first (My HSA account is there) and see what is possible. My guess is Etrade would match.
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11-16-2018, 11:17 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by Debinnov a
Thanks everyone for the tips! I have a substantial amount, so hoping for a bonus. I also want to keep some cash available should a good bank CD come up in December.
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I started a thread several months ago about the large cash bonus that Ally Invest was offering for new account transfers. You'd get a $2,500 bonus for transferring $1MM+ in assets to a new account. I was very tempted by this at the time, and honestly I still am -- although I got a fair bit of feedback that the amount of cash offered wouldn't compensate for the hassle of switching brokerages. At any rate, looks like it's still the best bonus offer out there right now.
http://www.early-retirement.org/foru...fer-92235.html
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11-16-2018, 04:05 PM
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#16
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gone traveling
Join Date: Dec 2016
Posts: 733
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Quote:
Originally Posted by swakyaby
I received the $2,500 bonus from Fidelity this year for transferring $1.025M from my workplace profit-sharing plan to Fidelity rollover IRA.
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When did you get this bonus? I recently moved amounts over to fidelity, and all I got was a 2 year free trade on only that account!
I'm going to call on monday and tell him, I'll take the hit on $60 in trading fees and move the money if he doesn't give me the 0.25% bonus. I'm quite upset. I even asked about cash bonuses, last month when I moved the money, and had been discussing the move for 10 months.
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11-16-2018, 05:10 PM
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#17
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Full time employment: Posting here.
Join Date: Dec 2006
Posts: 880
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Interesting. Also, have CD's at Penfed, maturing in a couple of years. Never new these
bonus existed. Thanks for the heads up everyone!
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11-16-2018, 05:31 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Location: central California
Posts: 1,134
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Quote:
Originally Posted by Luck_Club
When did you get this bonus? I recently moved amounts over to fidelity, and all I got was a 2 year free trade on only that account!
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Luck Club, it wasn't smooth sailing with Fidelity. Before initiating the transfer of assets, and because I didn't see this offer anywhere on their website, I spoke in person to one of Fidelity's senior investment specialists to confirm whether there is a $2,500 cash bonus to transfer at least $1M to Fidelity. I noticed she hesitated, then quietly said, "yes."
On 3-28-18, a cash check for $1.025M from my retirement plan was directly deposited into my new Fidelity rollover IRA. In June, I inquired when I would see the bonus. The Fidelity rep explained that the transfer took over 60 days, so there would be no bonus. I expressed my irritation, so she offered to ask her boss if they would award the bonus despite the transfer delays, and said his decision would be final. After a week, she called back to say the bonus was deposited in my rollover IRA. At the time, I had approximately $1.6M in assets at Fidelity.
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11-16-2018, 05:46 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by Luck_Club
When did you get this bonus? I recently moved amounts over to fidelity, and all I got was a 2 year free trade on only that account!
I'm going to call on monday and tell him, I'll take the hit on $60 in trading fees and move the money if he doesn't give me the 0.25% bonus. I'm quite upset. I even asked about cash bonuses, last month when I moved the money, and had been discussing the move for 10 months.
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I had two large deposits in the last 12-18 months and Fido told me both times no more cash bonuses - though I had gotten them in the past. Free trades only. They used to offer airline miles, gift cards (got an Apple one once) and cash. Was told those are a thing of the past.
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11-16-2018, 07:08 PM
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#20
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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Is Fidelity still giving complimentary TurboTax?
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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