The Offer
- WeBull brokerage is offering a bonus when you open an account and enroll in the Cash Management feature and then make a deposit. The account earns 5.00% APY at the time of this writing.
- Deposit $2,000: Get $10 bonus
- Deposit $10,000: Get $100 bonus
- Deposit $25,000: Get $300 bonus
- Deposit $100,000: Get $1,200 bonus
- Deposit $500,000: Get $3,000 bonus
Funds need to remain in the cash management account through May 7, 2024.
The Fine Print
- Offer valid 9/25/23 – 10/30/23
- Offer Eligibility: This promotional offer (the “Offer”) is open only to individuals who (a) are at least 18 years of age, (b) reside in the United States, (c) have a valid social security number or tax identification number, (d) and opened a brokerage account (“Webull Brokerage Account”) with Webull Financial LLC (“Webull”) on or after Sep 25, 2023. (“Eligible Customers”).
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Offer Requirements: During the Offer Period, Eligible Customers must activate the cash management feature for their Webull Brokerage Account. Cash Management is only available for some Cash Accounts (excluding IRAs).
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Offer Rewards: Eligible Customers will receive the Offer Rewards set forth in the chart below corresponding to their Net Deposit Amount. “Net Deposit Amount” means the amount equal to (i) the total amount of all cash deposited by an Eligible Customer to their Webull Brokerage Account during the Offer Period, minus (ii) the amount of all cash withdrawn or transferred by an Eligible Customer from their Webull Brokerage Account between 12:00 AM EST on September 25, 2023 and 11:59 PM EST on May 7, 2024.
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Eligible Customers will not accrue Offer Rewards on a cumulative basis. For example, an Eligible Customer with a Net Deposit Amount of $30,000 as of 11:59 PM EST on May 7, 2024 will receive Offer Rewards solely in the amount of $300, and will not be entitled to receive an additional $110 of Offer Rewards for exceeding the preceding Net Deposit Amount tiers.
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Offer Rewards earned by an Eligible Customer will be deposited to such Eligible Customer’s Webull Brokerage Account on or about May 8, 2024. Eligible Customers that have accrued Offer Rewards in accordance with these Terms and Conditions will not need to take any additional actions to accept or claim their accrued Offer Rewards.
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Limit one Offer Reward per Eligible Customer.
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Webull reserves the right, in its sole discretion, to declare an Eligible Customer ineligible to earn Offer Rewards, or to decline to grant accrued Offer Rewards to an Eligible Customer for any reason or for no reason, including without limitation (1) for such Eligible Customer’s failure to satisfy any Offer requirements or any violation of the terms and conditions of the Offer, (2) for any actual or suspected fraudulent, deceptive, or abusive activity in connection with any of the platforms or services offered by Webull or any of its direct or indirect owners, its affiliates, and/or its subsidiaries, (3) in connection with any attempt to undermine the legitimate operation of the Offer by cheating, hacking, deception, or other unfair or improper conduct, or (4) for violation by such Eligible Customer of the terms of any agreement to which it is a party with Webull or any direct or indirect owner, any affiliate, or any subsidiary of Webull.
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Webull reserves the right to change these Terms and Conditions or terminate the Offer at any time without notice. Without limiting the foregoing, if for any reason the Offer is not capable of running as planned including without limitation by reason of any interruption of service, tampering, unauthorized intervention, labor dispute, fraud, or any other cause beyond the control of Webull, which, in the sole opinion of Webull, corrupts or affects the administration, security, fairness, integrity or proper conduct of the Offer, then Webull may, in its sole discretion, elect to cancel, terminate, modify or suspend the Offer. Webull may, in its sole discretion, elect to not pay or to rescind any payment of an Offer Reward if any portion of an Eligible Customer’s Net Deposit Amount does not settle, is reversed, or is otherwise determined to be improper or invalid. The Offer is not transferable or saleable and is available only to legal residents of the United States. This Offer is valid alongside, although separate from, any other promotions offered by Webull or any of its affiliates or subsidiaries. Employees, contractors, or persons similarly associated with Webull or its direct or indirect owners, its affiliates, and/or its subsidiaries; members of their household; referral partners; key opinion leaders and/or influencers; registered representatives of broker-dealers; employees of any securities regulatory organization or exchange; and/or employees of any market maker are not eligible to participate in the Offer or to earn Offer Rewards. The Offer is only available for personal use and may not be used for commercial purposes. Other restrictions may apply. Void where prohibited. No substitution, cash redemption, assignment or transfer of any Offer Reward is permitted, except by Webull, which reserves the right in its sole discretion to substitute an Offer Reward with another prize of equal or greater value.
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All federal, state, and local taxes, if any, related to the Offer Rewards are the responsibility of the recipient.
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Receipt of an Offer Reward does not constitute a solicitation, a recommendation to buy, sell, or hold any asset, or investment advice. Consult with your tax advisor about the appropriate tax treatment for this Offer and any tax implications associated with receipt of any Offer Reward before enrolling. Webull is not responsible for any taxes related to this Offer or the Offer Rewards. This Offer is not sponsored by, endorsed by, or affiliated in any way with any third party.
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ACH Transfers: Clients who fund their account with an ACH transfer are responsible for having enough cash in their initiating bank account to cover the transaction. Webull takes no responsibility for any charges that an Eligible Customer may experience in connection with any ACH Transfer, including without limitation for any charges due to insufficient funds or ACH reversals.
Our Verdict
Looks to be a public offer offer for anyone who activates a new Cash Management account. These are some nice bonus tiers here given that the account earns a respectable 5.00% APY.
It is worth pointing out that if you have cash in another bank or CD earning, say, .50% more than the WeBull rate that would cut into the bonus significantly. For example, if you do the $100k tier and lose .50% for the six month hold period, that would eat into $250 into your $1,200 bonus and leave you with a net gain of $950. (Or if you have funds in bonds which are exempt from state taxes that would likewise be a factor.) Still sounds like this can be a nice deal for a lot of people.
WeBull is also offering a brokerage bonus now as well with similar tiers. I’d think you open a new WeBull brokerage account and cash management account, do separate deposits to each, and get both bonuses. For example, you could transfer $100k in assets to your new WeBull brokerage and get that $1,200 bonus, and separately transfer $100k in cash to your WeBull cash management account and get that $1,200 bonus.
One reader heard from a WeBull rep that you can actually get bonus bonuses with the same funds if you do the Cash Management deal. For example, if you sign up for a new WeBull account, activate the Cash Management account, and transfer in $100k into the the Cash Management account, you would end up getting two separate $1,200 bonuses. Hmm…
I believe (but I’m certain) that this Cash Management deal would be available even for existing WeBull customers who never activated the Cash Management feature whereas the WeBull brokerage bonus is only available for new WeBull customers. (Yes, this is all confusing.)
We’ll add this to our List of Best Bank Account Bonuses.
Hat tip to ShawntheShawn and Jay
Chuck
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