Contents
The Offer
- Charles Schwab is offering $101 in the form of Schwab Stock Slices. Requirements are as follows:
- Open an account via the landing page
- Fund your account with a minimum of $50 within 30 days of opening the account to qualify
- Once funded, Schwab will deposit $101 in your account to purchase your stock slices
Our Verdict
Most brokerage bonuses have much higher requirements. Having this account is also useful if you wanted to apply for the Charles Schwab Platinum.
Hat tip to dnet4
One of the Q/A actually spells out the exact step and if I’m reading this right, you can technically just pocket the $111 or move it to a checking/savings? Can someone chime in please? I dont have any relationship with Schwab at the moment.
can I cancel the Stock Slices order?
Once the orders are placed, you will have a short period of time (from approximately 8:00 pm Eastern Time until approximately 9:25am the next morning) to cancel the orders. To cancel the orders, you will need to go to the Order Status page on schwab.com or to any of Schwab’s other trading platforms or call a Schwab representative at 800-435-5000. If you cancel your orders, you keep the $101 cash bonus and can save or invest it however you want. If you take no action, the orders will be executed shortly after market open the next trading day. You will see the stocks reflected in your account and Schwab will send you trade confirmations.
is there a reason we starting a new post for this? Seems like a duplicate of:
Open Schwab Brokerage, Deposit $50 & Get $101 Bonus (Schwab Starter Kit Offer) – Doctor Of Credit
2 DPs of people being able to churn it there.
Didn’t realize we already posted.
Bigger question is like
avsterbone asked if we will have enough time to satisfy the requirement of deposit given the holidays. if sommeone can confirm if we have enough time.
where does it say that the promotion ends Dec 31st?
Terms state;
Fund your account with a minimum of $50 within 30 days of opening the account to qualify.
Funds don’t need to be in before the end of the year.
Opening the account was painless.
You can’t transfer money in until 3 days from account opening so unclear if bonus will post before new year.
I was able to transfer $50 to the brokerage right after opening
is the $101 reported on a 1099 if you do this and keep it as cash? i know a friend did this bonus 2 years ago and got a 1099-B for the stocks (ie: he did not cancel the orders like you’re saying and just let them go through) but the gain on the form was $0 (the basis schwab reported for the 5 stocks was basically the same exact amount as the gain so it canceled it out and no tax owed)
so do you think if you do what you’re saying you’ll get a 1099 for $101? or would you get no form at all?
I did get 1099 in 2022 for only cash bonus. For ~$70 after tax not worth the trouble for me I think….esp. since I could hit a snag due to trying to churn.
I already have a self-directed brokerage account and a 401k at Schwab.
Am I still eligible? Can I just open another new brokerage account and get this bonus?
To be eligible to receive the $101 cash bonus, you must be an individual who does not have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Schwab Stock Plan Services account).
Currently have an IRA through Schwab, would I just need to open a new brokerage account to qualify?
So is this churnable? Last bonuses 4/2022 closed in June of that year.
Same boat. I closed mine 8/2023. Just tried my login and password (saved from last time) and it doesn’t work. I guess I’m new again.
I have a Roth IRA with Schwab so I might be safe for this one.
Seems like I already had a brokeage account opened with my checking account so now I have 2 brokeage accounts opened. Not sure which one to deposit the $50 into. Anyone know how long it takes for them to deposit the stock slices after deposit?
Says “New Customers” and takes you to a page on which to open a new account, fyi.
Hopefully they will still pay out to exisiting customers. Will update if they do
They won’t, I tried it before when I had my TD Ameritrade moved over to Schwab. They didn’t pay the bonus even after I messaged
Pro-tip: watch for the stock orders to be created after hours. You can cancel them and then invest in what you want.
Don’t they trade after hours? So I guess cancelation requires timing correctly (?)
The capability to trade in extended hours doesn’t mean it would be used by default. If they were doing slice buys automatically, I would expect for Schwab to do it during main market hours. You would need to opt-in to extended hours. Similarly if you ever put in a trade, you can specify whether it’s in extended hours or standard market hours.
Sounds like Matt has actually done the tip suggested also?