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Bonus To Move IRA's To A Brokerage??
Old 03-16-2023, 04:30 PM   #1
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Bonus To Move IRA's To A Brokerage??

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.
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Old 03-16-2023, 04:36 PM   #2
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Originally Posted by RetiredAndLovingIt View Post
...
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.
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.
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Old 03-16-2023, 06:59 PM   #3
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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.
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Old 03-16-2023, 08:38 PM   #4
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[QUOTE=Spock;2910522]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.

That's a very important point, I do Roth Conversions every year.
Thanks for bringing this to my attention.
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Old 03-16-2023, 08:40 PM   #5
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As far as I now this is still going on....


I know Schwab will match, not sure about others...







https://us.etrade.com/what-we-offer/how-it-works/promo
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Old 03-16-2023, 08:44 PM   #6
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I requested $3k and got that from Fido - moving my 401k to them after retiring.

I used an article like this to justify it with Fido /

https://www.moneycrashers.com/best-i...er-promotions/
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Old 03-16-2023, 09:14 PM   #7
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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.
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Old 03-16-2023, 10:27 PM   #8
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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.
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Old 03-16-2023, 11:04 PM   #9
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Etrade has some incentive payments for new accounts. Google it.
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Old 03-16-2023, 11:54 PM   #10
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Etrade has some incentive payments for new accounts. Google it.

see post 5
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Old 03-17-2023, 04:59 AM   #11
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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.
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Old 03-17-2023, 12:16 PM   #12
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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.
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Old 03-17-2023, 12:20 PM   #13
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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.
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Old 03-17-2023, 01:55 PM   #14
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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.
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Old 03-17-2023, 01:56 PM   #15
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Originally Posted by sheldon cornped View Post
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.
Very nice, I doubt they will offer much if anything for my meager initial deposit
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Old 03-17-2023, 02:06 PM   #16
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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.
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Old 03-17-2023, 02:06 PM   #17
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As far as I now this is still going on....


I know Schwab will match, not sure about others...







https://us.etrade.com/what-we-offer/how-it-works/promo
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.
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Old 03-17-2023, 02:08 PM   #18
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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.
Thatís how it works unless you are voice verified.
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Old 03-17-2023, 02:09 PM   #19
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I requested $3k and got that from Fido - moving my 401k to them after retiring.

I used an article like this to justify it with Fido /

https://www.moneycrashers.com/best-i...er-promotions/
Great information, thanks so much
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Old 03-17-2023, 03:01 PM   #20
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Thatís how it works unless you are voice verified.
Thanks, I'm reading up on it just now. I suppose I'll have to enter my password until I get set up and then change the password ASAP.
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