Brokerage firms and bonuses discussion

Brokerage firms and bonuses discussion


Chase is running a promotion for new accounts for Sapphire checking accounts. You need $75,000 in new money for 60,000 points. See

However, they now have a brokerage arm (You Invest), and funds with them count. To me, this makes it a brokerage offer.

You can transfer in positions from other firms for the $75,000 and also avoid also the monthly fees. The funds need stay only 90 days so this can be a good deal, but they can reclaim the bonus if the account is closed in less than 6 months (so significant assets of $75,000 will probably have to be left there to avoid the $25 monthly fees on the checking account or one might choose to pay the fee for a few months). It is not clear whether downgrading the account would be regarded as closing it,.

It appears you must have a Chase Freedom or Sapphire card to sign up without visiting a branch.

Some blog discussion suggests you may be able to take a smaller bonus for a new checking account and then upgrade in the branch after some months.

One review says the new brokerage option is poor quality without specially trained representatives, but the commissions are low at $2.95 or free (for most new customers using this offer).

You Invest also appears to have a $200 cash offer for bringing in $25,000. This is a relatively high percentage (.8%), and may be attractive to one with fewer assets.


TDA rep told me she could get me Amazon credits for transferring assets into an existing account. She quoted $200 Amazon credits for $50k moved in, and $1200 Amazon for moving in $500k.
Question: anybody out there ever get Amazon credits from TDA and do they 1099 for them?


Is it possible to roll over IRA from one brokerage firm to other brokerage firm and take advantage of bonus offers? Any restrictions on moving from one roll over IRA to other roll over IRA. BofA sent me $500 offer for roll over IRA.


(post withdrawn by author, will be automatically deleted in 24 hours unless flagged)


We rolled over Roth IRAs from TDAmeritrade to Fidelity several years ago, but not to capture bonuses. I’m not sure about restrictions.


Yes, just double check with the bonus paying broker before you do it. Moving IRAs takes a bit more paperwork and takes a little longer, but no reason you can’t do it.


Also, check with your existing IRA broker to see if there is a fee for closing your IRA there. Some brokers charge a fee. Some brokers (for your new account) will reimburse you for the fee that the old broker charges.