Update 2/28/24: This deal from 2019 is back again now in 2024 (ht reader Vita-GJ)
The Offer
- Schwab brokerage has a bonus offer of up to $2,500 for new or existing customers who transfer over funds to the brokerage within 45 days of enrollment/opening.
New customers can signup on the landing page. Existing customers should call 800-503-3307 or visit the nearest branch to enroll. Here are the bonus tiers:
- $200 bonus for $50,000–$99,999 deposit
- $300 bonus for $100,000–$249,999 deposit
- $600 bonus for $250,000–$499,999 deposit
- $1,200 bonus for $500,000–$999,999 deposit
- $2,500 bonus for $1,000,000+ deposit
The Fine Print
- Reader icemule1 was told that this $2,500 bonus offer is intended to run through November 18, 2019, though it may end sooner.
- If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc. (“Schwab”), Charles Schwab Bank (“Schwab Bank”), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern within the timeframes described below. Two kinds of “Fees” are eligible for this guarantee: (1) Program Fees” for the Schwab Private Client (“SPC”), Schwab Managed Portfolios (“SMP”), Schwab Intelligent Portfolios Premium (“SIP Premium”), and Managed Account Connection (“Connection”) investment advisory services sponsored by Schwab (together, the “Participating Services”); and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors (“Account Fees”) or the Charles Schwab Bank Pricing Guide. Program Fee refund requests must be received no later than the next calendar quarter after the Fee was charged. Account Fee refund requests must be received within one year of the date that the Fee was charged. The guarantee does not cover Program Fees for accounts managed by investment advisors who are not affiliated with Schwab or managed by Schwab‐affiliated advisors outside of the SPC, SMP, SIP Premium and Connection services. The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
- Offer valid for Charles Schwab & Co. (“Schwab”) clients who make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrollment. Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab. Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded. Net deposits will be calculated as of the 45th day after enrollment and the Cash Bonus Award will be credited to the enrolled account within approximately one week.
- For taxable accounts, excluding accounts pledged to Charles Schwab Bank, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the Cash Bonus Award.
- Schwab reserves the right to change the offer terms or terminate the offer at any time without notice and may decline requests to enroll in the offer at its discretion.
- The offer does not apply to accounts managed by independent investment advisors, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, or education savings accounts.
- The cash bonus, when combined with the value received from all other offers in the last 12 months, may not exceed $5,000 per household, as defined in the Charles Schwab Pricing Guide for Individual Investors.
- The offer is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents only.
- Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; their spouses; and employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply.
- Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt before enrolling. Any related taxes are your responsibility. For taxable accounts, the Cash Bonus Award will be reported on your Form 1099-INT. IRS guidance may impact your ability to make more than one IRA to IRA rollover in a one-year period.
Our Verdict
This offer works even for for those with an existing Schwab account, just be sure to call in and have the promo added to your account. If you are new to Schwab, you can just sign up at the direct link and it’ll be added automatically. Remember that you need to leave the funds there for a full year, else the bonus could be clawed back.
There’s a separate referral bonus for new Schwab members of up to $500. (I’m sure that offer won’t stack with this one.) That offer is better for the lower tiers while this offer is better for someone who wants to transfer $250k+. More notably, this offer works even for existing Schwab brokerage customers. We’ll add this to our list of Best Brokerage Bonuses.
As an added bonus, reader icemule1 tells us that Schwab reimburses the fees charged by other brokerages to transfer the investments over, although they don’t advertise this benefit. I assume you need to call in to get that reimbursement; probably worth calling in beforehand to verify with a broker.
Hat tip to reader icemule1
Related:
Deal History:
- Update 10/9/19: Reader icemule1 was told that this $2,500 bonus offer was intended to run through November 18, 2019, but due to high demand it will likely be terminated next week.
Chuck
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