Brokerage Bonuses - Fido

[Disappointed]

I happened to talk to one of the active trader reps today and was told that I can get 300 free trades by depositing $50,000 into one of my accounts.

Not sure if the $ amount can be less or not. This is not the most generous promotion that I have seen but Fido is the only brokerage firm I deal with.

 

[haha]

There is usually a time limit on these free trades. It would take me beyond my likely lifespan to use 300 free trades. As I remember they are usually keyed to one account that you deposit the money in. So for example if you make trades in a taxable, a rollover or a tira, and a Roth, you can only get the free trades on the account that the money goes into. If this is not true of this promotion, please let us know.

Ha

 

[LOL!]

Fidelity also gives out 50,000 frequent flyer miles if one deposits $100K (cash or securities) in an account. That's worth a free round-trip flight to Hawaii. I know folks who just transfer ETF shares from broker to broker without actually trading anything to collect bonuses. So the same shares that went to Fidelity later go to TDAmeritrade and then later to Schwab, then then Fidelity, then to ….

300 free trades is practically worthless since everybody has free commissions on the things you should want to buy anyways and that includes Fidelity.

 

[tmm99]

How long do you have to keep the 100k at Fido? I have never gotten an offer like that.,,


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[Disappointed]

The free trades is limited to the account you deposited the money in and good for six months. You can also Google brokerage bonuses for other promos.


Sent from my iPad using Early Retirement Forum
Mp

 

[jerome len]

I had big bucks in FIDO for years....adding $$$$$$every year and wasn't ever offered anything......until I heard on another blog that others were getting free trades. I called and complained.....then I got 15 free trades each year.....and, I have to call each year and complain to actually get it renewed. So, take it when you can get it.....negotiate when you hear someone else got something.....they have given miles, gift cards and free trades over the past few years.

 

[Fermion]

Capital One offers $600 for $125k deposit in a brokerage account for 90 days. Not sure how much they charge to buy a ETF but that is a decent 90 day risk free return.

 

[hesperus]

I received an offer for either 50K FF miles, or $2500 for depositing over $1M into Fido last fall. I took the cash. It's worth more than the miles.

 

[Fermion]

I received an offer for either 50K FF miles, or $2500 for depositing over $1M into Fido last fall. I took the cash. It's worth more than the miles.

Wow! A 2.5% return with no risk? Sign me up!


edit: I read $25,000 :-(


That would have been a heck of an offer!

 

[ArkTinkerer]

I'm looking at rolling my 401K over when I retire. I've been checking on some of these brokerage bonus offers. I figure I can clear about $2000 in a year by moving my funds to 4 different firms. Still checking on what fees they might charge for closing the accounts but I think this might work about like credit card churning...

 

[Ian S]

I keep getting offers from Chase Bank to open a checking and/or savings account. Might just bite on the checking account which requires a direct deposit setup of paycheck or pension and a minimum of $1500 in the account to avoid monthly fees. I'm considering starting my small megacorp pension anyway so that would fit the bill. They'll give me $300 for doing that. I have about five branches within a mile and a half of me. They'll also give $200 for a savings account but that requires tying up $15,000 which just isn't worth it.

I took advantage of a TD ameritrade offer a few years ago when I closed my American Century account. I may have more consolidating to do so will watch for those offers. I have an old VALIC retirement account from my university employment days that I've been thinking about transferring but almost all of my funds there are in the Fixed Account Plus which yields a set 4.5% and has for many years now. So I've left it there for its safe steady return.

 

[nwsteve]

Fido has a tiered offering for any funds transferred in. I got $600 for a 250K move. I was told the funds needed to stay for 6 month.
Nwsteve

 

[younginvestor2013]

I did some research and found out that one can get a $1,000 bonus for transferring over $250K or more to TD.

Just curious if anyone knows if it is possible to transfer over funds from another brokerage (i.e., Vanguard) "in-kind" and not have to sell any shares with the former broker (so as to not trigger a taxable event)? Or do you have to open the account with pure cash?

 

[nwsteve]

I did some research and found out that one can get a $1,000 bonus for transferring over $250K or more to TD.

Just curious if anyone knows if it is possible to transfer over funds from another brokerage (i.e., Vanguard) "in-kind" and not have to sell any shares with the former broker (so as to not trigger a taxable event)? Or do you have to open the account with pure cash?

My transfer was in-kind from Vanguard. No problem but I need to convert some Admiral funds to their ETF equivalent first. Vanguard does allow any other brokerage house to hold Admiral positions--have to be the ETF or Investor class.
Nwsteve

 

[younginvestor2013]

My transfer was in-kind from Vanguard. No problem but I need to convert some Admiral funds to their ETF equivalent first. Vanguard does allow any other brokerage house to hold Admiral positions--have to be the ETF or Investor class.
Nwsteve

So is there any reason why one wouldn't pursue this with TD?

$1,000 for opening an account with them and not having to sell or buy anything if you don't want to. Just have to keep the account with them for a year. If I don't plan to sell anything in a year's time regardless, I don't see why I shouldn't pursue this.

Am I missing something or overlooking something?

 

[TrvlBug]

I'll have to remember this when DH retires next year and we roll over his 401K, well north of $1m to IRA. We're w/Fido and don't receive any of these offers.

 

[nwsteve]

I'll have to remember this when DH retires next year and we roll over his 401K, well north of $1m to IRA. We're w/Fido and don't receive any of these offers.

I think part of the message here when it comes time to do your rollover, is to FIRST call and see what offers are available. I found with Fido some of the offers are not always publicized. With a 1 Million, you should be able to get some worthwhile benefits.
Nwsteve

 

[hesperus]

I think part of the message here when it comes time to do your rollover, is to FIRST call and see what offers are available. I found with Fido some of the offers are not always publicized. With a 1 Million, you should be able to get some worthwhile benefits.
Nwsteve

It wasn't well publicized when I did an in kind transfer of over $1M to Fido last year. But my private client advisor has always been on top of getting me whatever promotions they have.

 

[nwsteve]

+1 on private client advisor.
I have collected a couple cash bonuses with a "heads-up" from our advisor

 

[Disappointed]

A little bit more info on Fido, the rep told me this morning that they always have promos going on, the $50,000 is the minimum for 300 free trades, eligibility is every twelve months. Other promos are airline mileage, gift card, etc.

 

[mathjak107]

be very careful how and where you transfer the money.

i moved 250k going for the 600 bucks . i moved it in to my core.

well a bill payment went through that day and the way fidelity works is they take what comes in , subtract what goes out .

i fell to 249k on the day and only got credit for the 300.00 level

 

[nwsteve]

be very careful how and where you transfer the money.

i moved 250k going for the 600 bucks . i moved it in to my core.

well a bill payment went through that day and the way fidelity works is they take what comes in , subtract what goes out .

i fell to 249k on the day and only got credit for the 300.00 level

Mathjak
I hope you talked to your advisor about getting an adjustment. I had a similar situation when I transferred a balance in kind and by the time all the paperwork and transfers got done, the balance dropped below the threshold due to market moves--I think the original sum was a 1000 bonus
My advisor went to bat for me and I got the full amount.
Good Luck
Nwsteve

 

[mathjak107]

nope in my case they went by the book and it was only the 300.00 .

they offered me a few free trades though but no where near the difference.

 

[Lakewood90712]

I get these offers on a regular basis. The free trades are not worth much to me. I did do the Chase $500 offer for opening a checking account , and $15k sav. account for at least 90 days. They dropped the direct deposit to checking required amount to at least one $ 500 DD per mo.

Had to listen to a 20 something "I'm your personal banker from now on" for a while so he could try to sell me annuities and insurance.

The guy said he wants to relocate and move to another bank brand, but would have to reimburse chase for the training and testing cost for his series 6 licence he got this year. ...

I gave him a little free advice on that .. " Get a doctors note stating you need a service animal for anxiety , and get a big slobbering dog , I mean service animal, for same. Bring the creature to your sales cubicle every day. They will gladly let you leave w/o repaying training costs"