The Final, Definitive Thread on Brokerage Transfer Bonuses

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nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm
LadyGeek wrote: Thu Dec 30, 2021 3:23 pm I'm also an existing Fidelity customer with small holdings, but am looking to move from Vanguard to Fidelity. I don't have investments anywhere else. Who do I contact?
Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by LadyGeek »

Good point. Did they offer a transfer bonus? Fidelity has my phone number because it's in my account. Calling them for potential business dealings puts this in a different category (marketing vs. login credential authentication).
veggivet wrote: Thu Dec 30, 2021 3:52 pm My experience with Fidelity is that their reps are assessed on how much new money they can add to management, and more importantly, how much they can retain. There is an incentive to match current bonus offers, and potentially, to offer retention bonuses down the line. All this assumes portfolios of a certain size...

Good luck, LadyGeek!
Good info, thanks! I had assumed incentives are based on asset size.
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sarabayo
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sarabayo »

nalor511 wrote: Thu Dec 30, 2021 3:55 pm
LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm
LadyGeek wrote: Thu Dec 30, 2021 3:23 pm I'm also an existing Fidelity customer with small holdings, but am looking to move from Vanguard to Fidelity. I don't have investments anywhere else. Who do I contact?
Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
Huh. I recently moved $350k from Vanguard to Fidelity, but I didn't bother asking for a bonus since I thought Fidelity doesn't offer them. Did I miss out on a chance for a bonus, or is $350k small potatoes that'd get me laughed out of the room for asking? 🤔
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

sarabayo wrote: Thu Dec 30, 2021 4:18 pm
nalor511 wrote: Thu Dec 30, 2021 3:55 pm
LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm
LadyGeek wrote: Thu Dec 30, 2021 3:23 pm I'm also an existing Fidelity customer with small holdings, but am looking to move from Vanguard to Fidelity. I don't have investments anywhere else. Who do I contact?
Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
Huh. I recently moved $350k from Vanguard to Fidelity, but I didn't bother asking for a bonus since I thought Fidelity doesn't offer them. Did I miss out on a chance for a bonus, or is $350k small potatoes that'd get me laughed out of the room for asking? 🤔
Schwab will match the best offer for any amount. I think fidelity has tiers starting at $1m, but it never hurts to ask! (They recently had a $50 deposit req for $100 bonus)
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

sarabayo wrote: Thu Dec 30, 2021 4:18 pm
nalor511 wrote: Thu Dec 30, 2021 3:55 pm
LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm
LadyGeek wrote: Thu Dec 30, 2021 3:23 pm I'm also an existing Fidelity customer with small holdings, but am looking to move from Vanguard to Fidelity. I don't have investments anywhere else. Who do I contact?
Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
Huh. I recently moved $350k from Vanguard to Fidelity, but I didn't bother asking for a bonus since I thought Fidelity doesn't offer them. Did I miss out on a chance for a bonus, or is $350k small potatoes that'd get me laughed out of the room for asking? 🤔
It's not small potatoes, but it's not enough to get a transfer bonus at Fidelity. I think those start at a million. Doesn't hurt to ask, though.
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

sarabayo wrote: Thu Dec 30, 2021 4:18 pm
nalor511 wrote: Thu Dec 30, 2021 3:55 pm
LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm
LadyGeek wrote: Thu Dec 30, 2021 3:23 pm I'm also an existing Fidelity customer with small holdings, but am looking to move from Vanguard to Fidelity. I don't have investments anywhere else. Who do I contact?
Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
Huh. I recently moved $350k from Vanguard to Fidelity, but I didn't bother asking for a bonus since I thought Fidelity doesn't offer them. Did I miss out on a chance for a bonus, or is $350k small potatoes that'd get me laughed out of the room for asking? 🤔
My understanding from my friend's experience (in 2019) is that they are willing to match other offers but I think he transferred over 1 mil. In any case, I think one can ask especially if you show offer from major competitors. (Schwab is easy. They matched this year even when I transferred $25k.)
Last edited by student on Thu Dec 30, 2021 5:06 pm, edited 1 time in total.
Kookaburra
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

student wrote: Thu Dec 30, 2021 5:02 pm
sarabayo wrote: Thu Dec 30, 2021 4:18 pm
nalor511 wrote: Thu Dec 30, 2021 3:55 pm
LadyGeek wrote: Thu Dec 30, 2021 3:50 pm
drzzzzz wrote: Thu Dec 30, 2021 3:34 pm

Try calling your closest local branch and ask for the manager and see if that works. I found my local branch rep was fairly easy to reach and wants to bring in assets so he was eager to help out.
Thanks! I have an office near me. I'll give them a call. If nothing else, they'll know who to contact.
I sent Fido a secure email letting them know I wanted a bonus for transferring xxx and that I did not want to be called, to please have a private rep email me. They did, and it was smooth sailing, and I did not have to speak live, which I hate, and everything's in writing, which I love
Huh. I recently moved $350k from Vanguard to Fidelity, but I didn't bother asking for a bonus since I thought Fidelity doesn't offer them. Did I miss out on a chance for a bonus, or is $350k small potatoes that'd get me laughed out of the room for asking? 🤔
My understanding from my friend's experience (in 2019) is that they are willing to match other offers but I think he transferred over 1 mil. In any case, I think one can ask especially if you show offer from major competitors.
Which begs the question: what is the best offer currently out there (at various tiers)? Is it e-Trade?
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

whodidntante wrote: Thu Dec 30, 2021 3:27 pm
nalor511 wrote: Thu Dec 30, 2021 12:52 pm
Kookaburra wrote: Thu Dec 30, 2021 12:36 pm What are e-Trade’s fees for either transferring out or closing out?
IIRC $75/acct, but usually you can get those reimbursed at the destination broker, though obviously it's better to not have been charged it in the first place, but even if you have to eat it, a $3500 bonus goes quite a long way.
Avoidable with partial ACATS.
If you don’t mind, how should I proceed? Transfer everything except 1 share and then close the account so that they send me the cash?
Or leave some cash behind by selling a share and then transferring everything but the cash and then closing the account to await a check?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

EnjoyIt wrote: Thu Dec 30, 2021 8:11 pm
whodidntante wrote: Thu Dec 30, 2021 3:27 pm
nalor511 wrote: Thu Dec 30, 2021 12:52 pm
Kookaburra wrote: Thu Dec 30, 2021 12:36 pm What are e-Trade’s fees for either transferring out or closing out?
IIRC $75/acct, but usually you can get those reimbursed at the destination broker, though obviously it's better to not have been charged it in the first place, but even if you have to eat it, a $3500 bonus goes quite a long way.
Avoidable with partial ACATS.
If you don’t mind, how should I proceed? Transfer everything except 1 share and then close the account so that they send me the cash?
Or leave some cash behind by selling a share and then transferring everything but the cash and then closing the account to await a check?
You have to leave 5 grand behind.
jgman
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jgman »

I am retiring tomorrow from the federal government and was offered a 2k bonus from Schwab for transferring one million from my TSP
student
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by student »

EnjoyIt wrote: Thu Dec 30, 2021 8:15 pm I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
Are you a customer already? If not, just get someone to refer you. https://www.schwab.com/referral
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

whodidntante wrote: Thu Dec 30, 2021 8:16 pm
EnjoyIt wrote: Thu Dec 30, 2021 8:11 pm
whodidntante wrote: Thu Dec 30, 2021 3:27 pm
nalor511 wrote: Thu Dec 30, 2021 12:52 pm
Kookaburra wrote: Thu Dec 30, 2021 12:36 pm What are e-Trade’s fees for either transferring out or closing out?
IIRC $75/acct, but usually you can get those reimbursed at the destination broker, though obviously it's better to not have been charged it in the first place, but even if you have to eat it, a $3500 bonus goes quite a long way.
Avoidable with partial ACATS.
If you don’t mind, how should I proceed? Transfer everything except 1 share and then close the account so that they send me the cash?
Or leave some cash behind by selling a share and then transferring everything but the cash and then closing the account to await a check?
You have to leave 5 grand behind.
And then I assume wait some time for a $5k check to come in after you close your account. Or do you not close the account and just wait for the next round of bonus offers to come through?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

EnjoyIt wrote: Thu Dec 30, 2021 8:15 pm I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
Open an account, send a secure email indicating how much you have to transfer and the bonus you want matched. I let them know I would only respond back to email. They emailed me. Went well
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

nalor511 wrote: Thu Dec 30, 2021 8:54 pm
EnjoyIt wrote: Thu Dec 30, 2021 8:15 pm I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
Open an account, send a secure email indicating how much you have to transfer and the bonus you want matched. I let them know I would only respond back to email. They emailed me. Went well
If you don't want to open an account first...
When I did this, I sent a message to the local branch from here: https://client.schwab.com/public/branch ... chwab.aspx
I said that I was going to roll over $X and was looking at bonuses from...
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

nalor511 wrote: Thu Dec 30, 2021 8:54 pm
EnjoyIt wrote: Thu Dec 30, 2021 8:15 pm I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
Open an account, send a secure email indicating how much you have to transfer and the bonus you want matched. I let them know I would only respond back to email. They emailed me. Went well
jeffyscott wrote: Thu Dec 30, 2021 9:02 pm
nalor511 wrote: Thu Dec 30, 2021 8:54 pm
EnjoyIt wrote: Thu Dec 30, 2021 8:15 pm I tried getting Schwab to provide a bonus. They offered me $1k for $1 million transfer. I inquired about a match, they said they would contact me and never did. Any advice on who to contact?
Open an account, send a secure email indicating how much you have to transfer and the bonus you want matched. I let them know I would only respond back to email. They emailed me. Went well
If you don't want to open an account first...
When I did this, I sent a message to the local branch from here: https://client.schwab.com/public/branch ... chwab.aspx
I said that I was going to roll over $X and was looking at bonuses from...
Thanks and thanks
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Crazy_Aussie »

nerdymarketer wrote: Wed Dec 29, 2021 11:58 pm
indexfundfan wrote: Thu Dec 23, 2021 10:44 am Etrade has a targeted offer which must be enrolled before the end of the year.

$200k : $1000
$500k : $1800
$1mm : $3500

https://us.etrade.com/promo/3500cfc-combined-nov2021

You need to get a rep to code this to your account before the transfer. You have 60 days after enrollment to complete the transfer.
Great offer! I was about to go with one of their offers that paid a bit less, so thanks for sharing this!
I'll add my thanks to the pile.
And it looks like this one you only have to hold for 6 months rather than 12 months.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

EnjoyIt wrote: Thu Dec 30, 2021 8:50 pm
whodidntante wrote: Thu Dec 30, 2021 8:16 pm
EnjoyIt wrote: Thu Dec 30, 2021 8:11 pm
whodidntante wrote: Thu Dec 30, 2021 3:27 pm
nalor511 wrote: Thu Dec 30, 2021 12:52 pm

IIRC $75/acct, but usually you can get those reimbursed at the destination broker, though obviously it's better to not have been charged it in the first place, but even if you have to eat it, a $3500 bonus goes quite a long way.
Avoidable with partial ACATS.
If you don’t mind, how should I proceed? Transfer everything except 1 share and then close the account so that they send me the cash?
Or leave some cash behind by selling a share and then transferring everything but the cash and then closing the account to await a check?
You have to leave 5 grand behind.
And then I assume wait some time for a $5k check to come in after you close your account. Or do you not close the account and just wait for the next round of bonus offers to come through?
Since e*trade offers good bonuses to existing customers frequently, I don't bother closing the account.
Bindarb4
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Bindarb4 »

I recently (Dec 2921) talked to the main Fidelity office regarding bonus offers for new monies and whether they would match the current etrade offer. They stated the only currently offer is a rolling 1K bonus for each 1M transferred into Fidelity and that Fidelity does not match other brokerage firm offers. However, they did suggest contacting the local Fidelity Investment Center because they might be able to do better. So I contacted the local investment center and their offer was the same...which was interesting because a previous personal data point indicated the local investment center not only matched a Schwab offer but doubled it without even being ask. My conclusion is...... you have a better chance at a higher bonus with the investment center and even at the investment center it depends on who you contact. The branch manager appears to be the decision maker and not the folks with just VP in their title. Get any offer in writing,
Helium
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Helium »

Hello,

I would like to get Schwab to match a Citi or Etrade promo.

What is the exact process I should go about this?

I don't have a relationship with Schwab at all. Is a referral required? Should I simply call them directly and ask?

Also, does Schwab match all aspects of the matching offer, including the holding period required, or is the holding period based on their own offer?

And last, does Schwab reimburse transfer fees?
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sycamore »

Helium wrote: Fri Dec 31, 2021 6:22 am Hello,

I would like to get Schwab to match a Citi or Etrade promo.

What is the exact process I should go about this?

I don't have a relationship with Schwab at all. Is a referral required? Should I simply call them directly and ask?

Also, does Schwab match all aspects of the matching offer, including the holding period required, or is the holding period based on their own offer?

And last, does Schwab reimburse transfer fees?
Hello Helium,
First I refer you to the main post in Schwab FAQ thread to learn about Schwab in general and some things about bonuses, transaction fee waivers, and transfer fee reimbursements.

My process was:
1. Signed up for the ETrade promo and open an account (didn't fund it right away). ETrade sent an email with the promo terms. I kept this email and presented it to Schwab. I was planning to open accounts at both Schwab and ETrade so I went ahead and opened the ETrade account first.

If you don't actually want an ETrade (or Citi) account you'll have to get some "proof" of their promo terms, perhaps by saving the URL of the promo webpage's terms & conditions as well as a screenshot/PDF of that webpage.

2. I didn't have a referral. I found a local Schwab office (see the Schwab FAQ thread for links) and sent a message to one of the people indicating I was interested in opening with Schwab and wondered if they have any bonus offers or would match a bonus offer from so-and-so. Also asked to confirm they would waive transaction fees for one fund family. Gave a rough estimate of how much I'd transfer.

I got an email back from them (within a day or so?) asking for contact information so we could talk over the phone. I was okay with that so I gave them a number. Got a call and we discussed various things, including specific transfer and promo amounts. They said they would match the promo and waive fees. IIRC Schwab has their own holding period terms.

3. After that, opened a Schwab account online, initiated the fund transfer (at Schwab to pull from the other broker), kept an eye on the bonus showing up. Make sure you follow any instructions they have on opening the account to make sure the promo gets applied.

There seems to be some variability in whether you'll get a promo match, or get transaction fees waived.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yougotitdude »

Etrade officially agreed to reimburse for close out fees (thanks all!).

They also will do $2,000 on $500,000-$1,000,000

$4,000 for a $1-$2 million

$6,000 for $2-$3 million

$8,000 for $3-$4 million

and $10,000 for over $4,000.
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Leif
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Leif »

Kookaburra wrote: Thu Dec 30, 2021 1:40 pm Does Fidelity have any offers for transferring in? I’m an existing Fidelity customer but with small holdings there. If so, what is the best strategy? Do I call them on the phone, ask for a specific department, and ask them to match e-Trade?
Fidelity promo is $1,000 for 1 million, $2,000 for 2 million, etc., up to $5,000 for 5 million. Nothing below $1.000,000. No pro rate within each million (xfer 1,999,999 gets $1,000). However they do matching for existing offers. So ask them to match the best offer you can find.
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Kookaburra »

yougotitdude wrote: Fri Dec 31, 2021 9:30 am Etrade officially agreed to reimburse for close out fees (thanks all!).

They also will do $2,000 on $500,000-$1,000,000

$4,000 for a $1-$2 million

$6,000 for $2-$3 million

$8,000 for $3-$4 million

and $10,000 for over $4,000.
How did you get them to extend this deal? Are there any strings attached?
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

Leif wrote: Fri Dec 31, 2021 9:56 am
Kookaburra wrote: Thu Dec 30, 2021 1:40 pm Does Fidelity have any offers for transferring in? I’m an existing Fidelity customer but with small holdings there. If so, what is the best strategy? Do I call them on the phone, ask for a specific department, and ask them to match e-Trade?
Fidelity promo is $1,000 for 1 million, $2,000 for 2 million, etc., up to $5,000 for 5 million. Nothing below $1.000,000. No pro rate within each million (xfer 1,999,999 gets $1,000). However they do matching for existing offers. So ask them to match the best offer you can find.
Great info. In July I asked them to match E-Trade $3500/1mil, and they said "no, Fidelity does not match". They offered $2500 and said it was a standing consolidation offer, which can change monthly. :idea:
yougotitdude
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by yougotitdude »

Kookaburra wrote: Fri Dec 31, 2021 1:48 pm
yougotitdude wrote: Fri Dec 31, 2021 9:30 am Etrade officially agreed to reimburse for close out fees (thanks all!).

They also will do $2,000 on $500,000-$1,000,000

$4,000 for a $1-$2 million

$6,000 for $2-$3 million

$8,000 for $3-$4 million

and $10,000 for over $4,000.
How did you get them to extend this deal? Are there any strings attached?
Just called and asked. They transferred to a rep who told me about it. The only string that I see is that the assets 1 year requirement in the account.
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jjunk
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jjunk »

yougotitdude wrote: Fri Dec 31, 2021 8:46 pm
Kookaburra wrote: Fri Dec 31, 2021 1:48 pm
yougotitdude wrote: Fri Dec 31, 2021 9:30 am Etrade officially agreed to reimburse for close out fees (thanks all!).

They also will do $2,000 on $500,000-$1,000,000

$4,000 for a $1-$2 million

$6,000 for $2-$3 million

$8,000 for $3-$4 million

and $10,000 for over $4,000.
How did you get them to extend this deal? Are there any strings attached?
Just called and asked. They transferred to a rep who told me about it. The only string that I see is that the assets 1 year requirement in the account.
I just called E-Trade about this and the rep I spoke with said this promotion ended on Jan 1st. They're checking to see if they can extend it for new customers but they only upped my offer to $3500 for 3.3M in assets. Curious to hear what they'll call me back with. I was actually considering moving to Schwab until I saw the E-Trade promotion but maybe I'll stay put for a bit longer. Does anyone have any good/bad experiences to share about E-Trade? I'd never really considered them but the fact they're now part of Morgan Stanley might make them more interesting.
RubyTuesday
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by RubyTuesday »

I received $5300 in total bonuses from Schwab in Sep/Oct of 2021.

Based on this thread I planned to transfer additional Vanguard assets to eTrade for another $3500.

Instead I asked Schwab to match and they agreed.

So this will be a total of $8,800 in bonuses for less than $3M in total transfers.

Thanks THREAD and bogleheads
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
veggivet
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by veggivet »

Nicely done, Ruby Tuesday! That has to be a record amount of bonus dollars for that size portfolio 👍
EnjoyIt
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by EnjoyIt »

As another data point. I just had Schwab match Etrade's promo. It was pretty straight forward.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
itispossible
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by itispossible »

Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts?
(2) I am assuming this thread is not about current 401(k) balances -- is this right?
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses?
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds?

Thanks.
Helium
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Helium »

EnjoyIt wrote: Tue Jan 04, 2022 4:34 pm As another data point. I just had Schwab match Etrade's promo. It was pretty straight forward.
I did this too, except Schwab is requiring me to leave it there for 12 months (according to the official promo email I received) when Etrade's terms says 6 months.

Were you able to have them match 6 months?

They approved me for $1800 for $500k: https://us.etrade.com/promo/disclaimer/3500cfc-combined

Has anyone who got a matching offer from Schwab able to match Etrade's 6 month duration?

Is 12 months worth doing? Do you think the person who helped me can change the duration?
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Halfvolley
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Halfvolley »

Helium wrote: Wed Jan 05, 2022 2:40 am
Has anyone who got a matching offer from Schwab able to match Etrade's 6 month duration?
Schwab has matched several offers for me over the years as retention bonuses. Most of them shared these characteristics:

1) 12 month holding period even when the matched offer's was less. I've accepted it as standard--the few extra months haven't bothered me. I also haven't died on that hill, so maybe they would budge.

2) Schwab's official "matched" offer letter mysteriously required maintaining the entire account balance for the 12 month period (i.e. competing offer is $3k for $1mm but Schwab's offer letter states $3k for $1.05mm). They adjusted the letter one time after I reminded them of the competing offer. This most recent rep wouldn't adjust. He said that he lost some negotiating power with those in charge after seeing that I collected a separate bonus 12 months prior. Which brings me to #3.

3) Schwab will try to make you feel bad. They will remind you of previous bonuses they've given and even threaten "...but this is your last one." The most recent rep pleaded that we should grow our relationship so that I received enough value from their services and wouldn't have to keep asking for bonuses. I told him thanks but preferred the bonuses.

Would I ever leave Schwab? Look, I'm all about loyalty. In fact, I feel like part of what I'm being paid for here is my loyalty. But if there were somewhere else that valued loyalty more highly, I'm going wherever they value loyalty the most.
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jeffyscott
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

itispossible wrote: Tue Jan 04, 2022 9:50 pm Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts? Yes
(2) I am assuming this thread is not about current 401(k) balances -- is this right? No
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses? Yes
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds? Probably would transfer cash, then could buy Vanguard funds but likely not Admiral shares of managed funds

Thanks.
We have gotten bonuses for rollovers from employer accounts. Usually these can only be rolled via them mailing you a check. The exception might be if your 401K is with a mutual fund company, they may be able to do an in-kind rollover there and then you can transfer the rollover IRA in-kind.

My spouse had employer account at T. Rowe, Schwab had told us it would be possible for that to be rolled in-kind to Schwab but doing so required the co-operation of T. Rowe. Messages to T. Rowe regarding this were ignored (and they also refused to match any bonus), so she rolled to a T. Rowe Price IRA and then transferred that in-kind to Schwab for a bonus.

Vanguard mutual funds may have a transaction fee, so you would want to look into that and possible waivers. They are NTF at E-trade and Schwab may offer waiver. If they are index funds in tax-advantaged accounts, then there would probably be equivalent substitutes available without transaction fees. ETFs are another option for those inclined to use them.
drk
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by drk »

Halfvolley wrote: Wed Jan 05, 2022 5:23 am 3) Schwab will try to make you feel bad. They will remind you of previous bonuses they've given and even threaten "...but this is your last one." The most recent rep pleaded that we should grow our relationship so that I received enough value from their services and wouldn't have to keep asking for bonuses. I told him thanks but preferred the bonuses.
This is how Amex retention offers usually go, too.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
sgboggle
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sgboggle »

Halfvolley wrote: Wed Jan 05, 2022 5:23 am 2) Schwab's official "matched" offer letter mysteriously required maintaining the entire account balance for the 12 month period (i.e. competing offer is $3k for $1mm but Schwab's offer letter states $3k for $1.05mm)
The email I got from Schwab didn't say I needed to keep the whole account balance there; it just said $200,000, which was what the competing offer was for.

It was a little sneaky that they didn't say anything to me on the phone about a 12 month requirement; I just saw it in the email later. Though, I hadn't asked about a holding requirement.
Helium
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Helium »

What would you do in my situation?

- Etrade is offering $1800 for $500k deposit, hold for 6 months

- Schwab is matching that but with a hold of 12 months. I have the account open and the approved bonus is attached to my account, haven't transfered my funds in yet.

Should I go with Etrade for now and try Schwab again in 6 months? Or should I just go with Schwab since the match was approved. I'm afraid they'll say no next time if I don't go ahead with their match today.
Luckywon
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Luckywon »

Helium wrote: Wed Jan 05, 2022 2:03 pm What would you do in my situation?

- Etrade is offering $1800 for $500k deposit, hold for 6 months

- Schwab is matching that but with a hold of 12 months. I have the account open and the approved bonus is attached to my account, haven't transfered my funds in yet.

Should I go with Etrade for now and try Schwab again in 6 months? Or should I just go with Schwab since the match was approved. I'm afraid they'll say no next time if I don't go ahead with their match today.
I'd do Etrade then Schwab. Schwab has been matching bonuses for years now. I suppose it could stop at any time but no reason to think it will in the next 6 months.
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gobel
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by gobel »

Halfvolley wrote: Wed Jan 05, 2022 5:23 am Would I ever leave Schwab? Look, I'm all about loyalty. In fact, I feel like part of what I'm being paid for here is my loyalty. But if there were somewhere else that valued loyalty more highly, I'm going wherever they value loyalty the most.
LOL that's literally the opposite of loyalty! That's the definition of a mercenary.

NTTAWWT of course, but at least be honest with yourself. :moneybag
nalor511
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by nalor511 »

Luckywon wrote: Wed Jan 05, 2022 2:14 pm
Helium wrote: Wed Jan 05, 2022 2:03 pm What would you do in my situation?

- Etrade is offering $1800 for $500k deposit, hold for 6 months

- Schwab is matching that but with a hold of 12 months. I have the account open and the approved bonus is attached to my account, haven't transfered my funds in yet.

Should I go with Etrade for now and try Schwab again in 6 months? Or should I just go with Schwab since the match was approved. I'm afraid they'll say no next time if I don't go ahead with their match today.
I'd do Etrade then Schwab. Schwab has been matching bonuses for years now. I suppose it could stop at any time but no reason to think it will in the next 6 months.
I would probably go with Schwab right off the bat, but then again that is what I did do, so... :happy
ee22bee
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by ee22bee »

itispossible wrote: Tue Jan 04, 2022 9:50 pm Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts?
(2) I am assuming this thread is not about current 401(k) balances -- is this right?
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses?
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds?

Thanks.
@itispossible, jeffyscott gave you solid answers already. I just want to add that, if this will be your first Rollover IRA or tIRA, beware of the pro rata rule if you do the backdoor Roth.
need403bhelp
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by need403bhelp »

M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
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Halfvolley
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Halfvolley »

gobel wrote: Wed Jan 05, 2022 2:15 pm
Halfvolley wrote: Wed Jan 05, 2022 5:23 am Would I ever leave Schwab? Look, I'm all about loyalty. In fact, I feel like part of what I'm being paid for here is my loyalty. But if there were somewhere else that valued loyalty more highly, I'm going wherever they value loyalty the most.
LOL that's literally the opposite of loyalty! That's the definition of a mercenary.

NTTAWWT of course, but at least be honest with yourself. :moneybag
Mercenary as actually the term I used to describe myself to the rep :twisted:. I borrowed the quote on "loyalty" from Dwight Schrute.
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
sc9182
Posts: 2178
Joined: Wed Aug 17, 2016 7:43 pm

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by sc9182 »

whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
Heh - do think about M1's transfer-out (full/partial etc) fees. All of a sudden that $500 may sound too skimpy :-)
If you are consdering $1000 or higher bonus amount -- it may start making sense to write-off these fixed transfer-out fees ..
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whodidntante
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by whodidntante »

sc9182 wrote: Wed Jan 05, 2022 9:01 pm
whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
Heh - do think about M1's transfer-out (full/partial etc) fees. All of a sudden that $500 may sound too skimpy :-)
If you are consdering $1000 or higher bonus amount -- it may start making sense to write-off these fixed transfer-out fees ..
I've managed to be reimbursed for these fees so far. Just avoid substandard brokers like Vanguard. :P
itispossible
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by itispossible »

jljl222 wrote: Wed Jan 05, 2022 3:20 pm
itispossible wrote: Tue Jan 04, 2022 9:50 pm Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts?
(2) I am assuming this thread is not about current 401(k) balances -- is this right?
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses?
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds?

Thanks.
@itispossible, jeffyscott gave you solid answers already. I just want to add that, if this will be your first Rollover IRA or tIRA, beware of the pro rata rule if you do the backdoor Roth.
Thanks. This will be my first conversion of past employer 401k into an IRA (I am assuming this is called Rollover IRA). I have three employer 401-k accounts -- two with past employers and one with current. I have a Roth IRA account but no other traditional IRA. I also have a brokerage account where I invest in certain mutual funds. Will the rollover of past 401-k accounts be into a traditional IRA? And what is the pro rata rule for backdoor Roth and will it apply for me? Thanks.
itispossible
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by itispossible »

jeffyscott wrote: Wed Jan 05, 2022 7:21 am
itispossible wrote: Tue Jan 04, 2022 9:50 pm Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts? Yes
(2) I am assuming this thread is not about current 401(k) balances -- is this right? No
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses? Yes
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds? Probably would transfer cash, then could buy Vanguard funds but likely not Admiral shares of managed funds

Thanks.
We have gotten bonuses for rollovers from employer accounts. Usually these can only be rolled via them mailing you a check. The exception might be if your 401K is with a mutual fund company, they may be able to do an in-kind rollover there and then you can transfer the rollover IRA in-kind.

My spouse had employer account at T. Rowe, Schwab had told us it would be possible for that to be rolled in-kind to Schwab but doing so required the co-operation of T. Rowe. Messages to T. Rowe regarding this were ignored (and they also refused to match any bonus), so she rolled to a T. Rowe Price IRA and then transferred that in-kind to Schwab for a bonus.

Vanguard mutual funds may have a transaction fee, so you would want to look into that and possible waivers. They are NTF at E-trade and Schwab may offer waiver. If they are index funds in tax-advantaged accounts, then there would probably be equivalent substitutes available without transaction fees. ETFs are another option for those inclined to use them.
Thanks for the response. When I convert 401(k) to IRA, will I incur fees/expenses? Also, the Vanguard transaction fee that you referred to -- is that related to transferring from 401(k) at Vanguard to say E-trade/Schwab (and invest in same Vanguard funds)? Finally, what is NTF? Thanks very much.
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jeffyscott
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by jeffyscott »

itispossible wrote: Wed Jan 05, 2022 10:47 pm
jeffyscott wrote: Wed Jan 05, 2022 7:21 am
itispossible wrote: Tue Jan 04, 2022 9:50 pm Hello,

I am new to this and have a couple of very basic questions. Would appreciate a response. I tried reading the thread but it is too long and members are way more advanced in their understanding of the subject -- so hard for me to find responses to my basic questions which are:

(1) Are these transfers of IRAs and monies in other brokerage accounts? Yes
(2) I am assuming this thread is not about current 401(k) balances -- is this right? No
(3) I have a couple of 401(k) accounts from previous employers (not current) that I have not rolled over. Could these be eligible to be transferred to earn the brokerage bonuses? Yes
(4) The amounts in my 401(k) accounts from previous employers are currently invested at Vanguard in Vanguard funds. If I were to transfer to say E-trade or some other brokerage with a bonus, would I be able to keep my current Vanguard funds? Probably would transfer cash, then could buy Vanguard funds but likely not Admiral shares of managed funds

Thanks.
We have gotten bonuses for rollovers from employer accounts. Usually these can only be rolled via them mailing you a check. The exception might be if your 401K is with a mutual fund company, they may be able to do an in-kind rollover there and then you can transfer the rollover IRA in-kind.

My spouse had employer account at T. Rowe, Schwab had told us it would be possible for that to be rolled in-kind to Schwab but doing so required the co-operation of T. Rowe. Messages to T. Rowe regarding this were ignored (and they also refused to match any bonus), so she rolled to a T. Rowe Price IRA and then transferred that in-kind to Schwab for a bonus.

Vanguard mutual funds may have a transaction fee, so you would want to look into that and possible waivers. They are NTF at E-trade and Schwab may offer waiver. If they are index funds in tax-advantaged accounts, then there would probably be equivalent substitutes available without transaction fees. ETFs are another option for those inclined to use them.
Thanks for the response. When I convert 401(k) to IRA, will I incur fees/expenses? Also, the Vanguard transaction fee that you referred to -- is that related to transferring from 401(k) at Vanguard to say E-trade/Schwab (and invest in same Vanguard funds)? Finally, what is NTF? Thanks very much.
I have never heard of being charged a fee to rollover a 401(K) to an IRA, but you can ask the 401(K) administrators to be sure. If you are getting a check, there could be a fee if you want faster service, like overnight mail or a wire transfer of the funds. If you are able to do an in-kind rollover with the current administrator, then it is possible there could be a fee to transfer the new IRA out out charged by the current administrator (and if there is you can likely be reimbursed for this by whoever you transfer to, in addition to getting a bonus).

E-trade or Schwab will certainly not charge you, they will pay you a bonus instead. Even Vanguard won't charge you, they just won't give a bonus or reimburse fees charged by others.

The transaction fees would be charged if you transfer cash in and then buy Vanguard mutual funds, not if you are able to transfer the Vanguard funds in-kind. Schwab and Fidelity charge $75 for purchases of Vanguard mutual funds, no fees to sell. E-trade does not charge transaction fees on most Vanguard mutual funds that they allow you to buy there. Some other brokers may charge something like $10 or $20 per transaction on both purchases and sales.

NTF means "no transaction fee". Each brokerage has a list of NTF funds. You can look up any funds that you have on their website and see if there is a transaction fee. For example:
VTSAX at Schwab: https://www.schwab.com/research/mutual- ... fees/vtsax
VTSAX at E-trade: https://www.etrade.wallst.com/v1/stocks ... mbol=VTSAX
VTSAX at Fidelity: https://fundresearch.fidelity.com/mutua ... /922908728
Slick8503
Posts: 322
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Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Post by Slick8503 »

whodidntante wrote: Wed Jan 05, 2022 8:57 pm
need403bhelp wrote: Wed Jan 05, 2022 5:06 pm M1 finance new ACATS bonus:

https://www.m1finance.com/earn-up-to-5000/

$50,000 – $499,999.99 for $500
$500,000 – $999,999.99 for $1,000
$1,000,000 – $1,999,999.99 for $2,500
$2,000,000 – $4,999,999.99 for $4,000
$5,000,000 +for $5,000

Holding period ~6 months.

Still trying to decide on this one. I opened an account for their cash bonus, the $500 beats other offers (and I'm guessing $5k for $5m too).
That offer is pretty meh for the higher tiers, but I will gladly accept their $500 added into my Roth. Thanks!
If I read the offer correctly it sounds like retirement accounts are not eligible. Someone please correct me if I’m wrong.
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