Bonus To Move IRA's To A Brokerage??

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RetiredAndLovingIt

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I opened a Fidelty account last year for my taxable funds to try and simplify my money management and have been buying CD's and Treasuries. It's definitely so much easier than than opening accounts all over the place with banks and I want to get away from that if I can.
Now I'm thinking about moving a good portion of my IRA accounts to a brokerage as well. I'd start with $75K now but I could go a lot higher if I wait a couple of months till some more CD's mature.
Has anyone asked for and received any kind of bonus from any of the brokerages to open an account and transfer IRA to them? Right now I don't even qualify for the $100 at Fidelity since I used that offer last year to open my Cash Management account and it loooks like it can't be used again.
Also is it wise to use a couple of brokerages, for example keep a Roth at Schwab and a Traditional at Fidelity?
Am I understanding the FDIC coverage correctly in that I have unlimited FDIC insurance in CD's /Treasuries as long as I keep CD purchases under $250K with each bank?
Thanks in advance for your feedback.
 
RetiredAndLovingIt said:
...
Also is it wise to use a couple of brokerages, for example keep a Roth at Schwab and a Traditional at Fidelity?
Am I understanding the FDIC coverage correctly in that I have unlimited FDIC insurance in CD's /Treasuries as long as I keep CD purchases under $250K with each bank?
Thanks in advance for your feedback.
Click to expand...
I would keep a roth at the same place as a traditional IRA. That way Roth conversions from the traditional IRA are brain dead simple.


FDIC: Treasuries are not FDIC insured. As for "unlimited" FDIC insurance, there are a finite number of banks that sell brokered CDs, but you can have up to 250K at each one. There are ways to go higher than that based on how accounts are held (joint/individual/trust) as well as other ways for a family to have more than 250K at any given bank and still be FDIC insured.
 
Be a little careful when looking at "bonus" money. As a percentage of most of our accounts it is a tiny fraction, and IMO should not be the major driver of a decision to go with one brokerage or another. I would suggest paying more attention to the broker's web site features if that is important to you, to the proximity of a B&M office if that is important, and to your comfort with the people you'll be working with.
 
I've done it a few times.
I moved the contents "IN KIND" so I didn't sell or buy anything.
I got paid a few thousand dollars from a few moves, and it let me try a new brokerage to see if it did things better than the old one, or worse.
Sometimes you have to keep the value there for a 1 year minimum , which is no problem for some accounts.
 
I did it once and got a thousand dollars & a 1099-MISC for my troubles. Now a days I have to worry about beneficiaries and estate planning. I don't want to have more than one or two brokers.
 
If you bring a large new deposit to your Fido account you might still get a bonus. I did some years ago, but I don't know if they still do that.
 
I had an existing account with Fido. In 12/2021 I asked if there were any incentives for moving funds from another brokerage to my existing account. For the amount I transferred, I received a $3500 bonus, well worth it. I had shopped around with schwab, etrade vanguard etc.... None were even comparable.
 
I was looking at a tastytrade bonus, but found out you need to physically call a trading desk to buy T-Bills. Also they wouldn't ACATS transfer OTCBB stocks or certain bonds. That is enough for me to say not worth it.
 
I e-mailed Fidelity through their secure e-mail in my account to ask and the response was to call them at 800-343-3548 and talk to Investment Solutions team. When I call the number it asks for my Social Security number which I entered and then my password at which point I hung up twice. That does not seem legit to me, has anyone else ran into this when contacting them. I know they need to identify me and I would not mind last 4 of my social plus something else but asking for my password to my account is wrong.
 
sheldon cornped said:
I had an existing account with Fido. In 12/2021 I asked if there were any incentives for moving funds from another brokerage to my existing account. For the amount I transferred, I received a $3500 bonus, well worth it. I had shopped around with schwab, etrade vanguard etc.... None were even comparable.
Click to expand...
Very nice, I doubt they will offer much if anything for my meager initial deposit
 
I’ve gotten transfer or deposit bonuses before. You want to talk to actual person. It’s “negotiable”. In my case they were all 7 figure amounts so that may have made a difference too.
 
RetiredAndLovingIt said:
I e-mailed Fidelity through their secure e-mail in my account to ask and the response was to call them at 800-343-3548 and talk to Investment Solutions team. When I call the number it asks for my Social Security number which I entered and then my password at which point I hung up twice. That does not seem legit to me, has anyone else ran into this when contacting them. I know they need to identify me and I would not mind last 4 of my social plus something else but asking for my password to my account is wrong.
Click to expand...

That’s how it works unless you are voice verified.
 
DW had about $800K from an inheritance to move somewhere. I called my guy at FIDO and was offered nothing. Guess we didn't make the cutoff. We still moved the money over to them, just to consolidate, but it might be moving out at some point.
 
everybody is fretting about bonuses. To mangle Dire Straits: I want to "Get my priority phone number for nothing; Get my Turbo Tax for free".
 
Schwab Empowerment Offer

I went over to the local Schwab branch and asked if they had any promotional offers. Here's the email I got after I opened an account online.

[FONT=Arial, Helvetica, sans-serif]Thank you for choosing Schwab and investing in yourself with this offer. You're off to a great start.

Let's get started.
Make a net transfer of account assets into your eligible retail brokerage account ending in xxx on or before 04/26/2023, to earn your cash bonus in your account.
  • Make a qualifying net transfer of account assets between US$250,000 and US$499,999 and you can earn a cash bonus of US$350.
  • Make a qualifying net transfer of account assets between US$500,000 and US$999,999 and you can earn a cash bonus of US$700.
  • Make a qualifying net transfer of account assets between US$1,000,000 or more and you can earn a cash bonus of US$1500.
How we calculate net deposits.
Net transfers are transfers into the account that are initiated with a paper or online Schwab Transfer of Account request (TOA) minus assets withdrawn from the account and transferred out of Schwab.

When you'll receive your cash bonus.
Net transfers will be calculated as of the 45th day after enrollment and Schwab will deposit the corresponding cash bonus into the account within approximately one week.
[/FONT]
 
RetiredAndLovingIt said:
Thanks for this, I will check it out.
I used to buy CD's from E-Trade Bank many years ago, not sure if this is the same company though.
Click to expand...


You do not need to go to ETrade for the bonus... as others (and me) have pointed out almost all brokers will match...


Not sure about Vanguard though... have not heard anybody mention them.
 
FIREd_2015 said:
I went over to the local Schwab branch and asked if they had any promotional offers. Here's the email I got after I opened an account online.

[FONT=Arial, Helvetica, sans-serif]Thank you for choosing Schwab and investing in yourself with this offer. You're off to a great start.

Let's get started.
Make a net transfer of account assets into your eligible retail brokerage account ending in xxx on or before 04/26/2023, to earn your cash bonus in your account.
  • Make a qualifying net transfer of account assets between US$250,000 and US$499,999 and you can earn a cash bonus of US$350.
  • Make a qualifying net transfer of account assets between US$500,000 and US$999,999 and you can earn a cash bonus of US$700.
  • Make a qualifying net transfer of account assets between US$1,000,000 or more and you can earn a cash bonus of US$1500.
How we calculate net deposits.
Net transfers are transfers into the account that are initiated with a paper or online Schwab Transfer of Account request (TOA) minus assets withdrawn from the account and transferred out of Schwab.

When you'll receive your cash bonus.
Net transfers will be calculated as of the 45th day after enrollment and Schwab will deposit the corresponding cash bonus into the account within approximately one week.
[/FONT][FONT=Arial, Helvetica, sans-serif] [/FONT]
Click to expand...


But Schwab will match the ETrade $3,500 offer if you ask... why go for only $1500?
 
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