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Transfer (partial) IRA to collect $600 bonus?
Old 11-20-2013, 03:24 PM   #1
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Transfer (partial) IRA to collect $600 bonus?

I got an email from CapitalOne offering a $600 bonus if you transfer $125K into a Capital OneŽ ShareBuilderŽ account - IRA or regular.

So why not? Any reason to not do this? I don't particularly about for CapOne, and I'm happy with my current broker, so I'd leave the account open only long enough to get the bonus (9 months).
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Old 11-20-2013, 03:49 PM   #2
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I can only think of two negatives. 1) You might get a 1099 from CapitalOne and 2) You might get charged a fee from your current broker. Also I'm not sure it applies here but be leery of float time. Some brokers will put a hold on your money and it make take days before it get released and you can invest on the other side. Other than that I'll bet that it's worth you time to do it.
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Old 11-20-2013, 05:58 PM   #3
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0.5% for 9 months is not worth it if it only sits there in cash making nothing more. Short-term capital gains and losses might eat $600 if you invest for only 9 months. What are the fees to do anything useful with your $125k? If you like 0% interest rate credit card loans, this might work for you as well. I wouldn't do it.
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