Brokerage firms and bonuses discussion

Got new WeBull promotion offer via E-mail:

30 shares for over $25,000
50 for over $100,000
100 for over $500,000

While they are a real hassle to deal with, the terms are attractive since the holding period is short. For a new $25,000 you get over a 1.00% bonus, and with a 3 month holding period this could raise your return by 4.3% over what you would have earned from the investments.

Their margin rates are unusually low which may make them more attractive.

" Dear client,

Check out our Special 2nd Anniversary Deposit Tier Promotion below! You may earn up to 100 FREE stocks , each valued between $9 - $1000 !

Duration: 5/15/2020 - 5/31/2020

During this promotion, you can earn up to 100 FREE stocks when you deposit the required amount ( not including deposits made prior to this promotion ) into your Webull brokerage account.

Is it good idea to open a joint account with Spouse. We are filing taxes married join filing status. We have some savings in our both individual bank accounts. We can pool into one trading account and get better promotion. One account to keep track of as we already have 2 account each for IRA and 401k.
I am still investing from IRA accounts. Would like to invest money in savings account if market drops further.
Thanks

Why not open under one of your names? and then the other one can do the same later when a deal comes along

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Thinking about managing one account. And also we can pool money from both of our savings account into one trading account which can give a big promotion. When we open joint trading account with Merrill, can both of us have our own bank and CC to take advantage of rewards?

Yes, each of you can have your own separate bank and credit card accounts.
For credit cards, since you earn a return on their cash back accounts on only your selected accounts, the optimal may be you open one and she open one, in different categories. Make the other an authorized user. You may for instance get money back on on line purchases, and also fast food this way.
The Komen cards give the same terms, plus a very small donation for breast cancer research. These are thus slightly better.
Possibly they may let each of you have both a Komen, and a Cash back card.

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There are several variants - MLB, US Pride. I triev to product change my old Merrill+ card to US Pride, they said I could only change it to BofA Cash Rewards. I was fine with having two BofA Cash Rewards though.

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Here are the current E-trade offers. I understand, that if you bring money over for both IRA and a taxable brokerage, they will use the total and divide the money among the accounts.

" The table below provides details about the various offer tiers.

Deposit Amount Cash Credit
$25,000-$99,999 $200
$100,000-$249,999 $500
$250,000-$499,999 $1,000
$500,000-$999,999 $1,500
$1,000,000+ $2,500
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That was my experience. The total bonus earned was divided proportionally based on the assets in each account.

ProfessorEd,
is there an ETrade link, or is this ETrade offer one of those that you have to call to get?

E*TRADE those offers are public

https://us.etrade.com/what-we-offer/how-it-works/brokerage

If you want more than $2500 for more than 1M, give them a call :).

Thanks xerty. I saw that E*Trade web page today earlier. Not as good as what Professor Ed published, for example only $600 bonus vs $1000 bonus at the $250k level. Wish I was able to flip around more than $1M in each brokerage!

I did speak with my TDA rep and mentioned the offer out there for TD Bank customers. He is going to try matching that for me, even though I’m not a TD bank customer. He didn’t seem too confident they would allow it.

Does ETrade report the bonus as income to the IRS?
I guess I know the answer but…

I think most do it for $600+, that’s the reporting threshold I think. Don’t have experience for less than that recently to know for sure.

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Here is the current Amertrade schedule, from their representative.They may be in a position to negotiate if there were offers from other firms.

· $250,000 - $499,999 … $350 cash

· $500,000 - $999,999 … $700 cash

· $1,000,000+ … $1,500 cash

Hustler Money blog has been useful in keeping up with offers available… What used to be a long list has shrunk to few The major attractive one is from ally Investments, which is below (and which does appear to be better than the Amertrade one above .

(Expires 12/31/2020)

Here’s a breakdown of what you can get:

Bonus Amount Deposit or Transfer Amount
$3,500 and free trades $2M+
$2,500 and free trades $1M – $1.99M
$1,200 and free trades $500k – $999.9k
$600 and free trades $250k – $499.9k
$300 and free trades $100k – $249.9k
$200 and free trades $25k – $99.9k
$50 and free trades $10k – $24.9k

How To Earn The Cash Bonus

EARN UP TO $3500 BONUS EARN THE TRANSFER FEE CREDIT

Cash Bonus:

  • Funding – Accounts must be opened by the expiration date and funded within 60 days of account opening.
  • The qualifying deposit to open the new account must be from outside Ally Invest.
  • The new account must be funded with a minimum qualifying deposit of $10,000 or more to receive the Minimum Cash Bonus and Commission-Free Trades for up to 90 days Bonus.
  • The minimum qualifying funds to receive bonus offer must remain in the account (minus any trading losses) for a minimum of 90 days from the date of funding.
  • Accounts will receive the specified credit, depending on the initial deposit amount, deposited into the account within ten (10) days of meeting the qualifying requirements.
  • Once the account is credited, the bonus and initial qualifying deposit is not available for withdrawal for 300 days after the requirements have been met.
  • If the qualifying deposit(s) are removed the bonus payout may be revoked.
    See the table below for the deposit required for each bonus amount.