[FL, NJ, NY] Popular Bank: Up To $1,000 Brokerage Bonus

The Offer

Direct link to offer

• Popular Bank is offering a brokerage bonus of up to $1,000. Bonus you receive depends on the amount you deposit (must maintain for 90 days):
  • $50,000 in qualifying assets: $200 bonus
  • $200,000 in qualifying assets: $600 bonus
  • $500,000 in qualifying assets: $1,000 bonus

The Fine Print

• Offer effective as of July 15, 2020. To qualify, customers must transfer existing assets to, open and/or fund an Eligible Account (as set forth below) with a minimum of $50,000 or more in cash and/or securities from a non-Popular Bank account or investment account from another institution. Qualifying new assets exclude existing deposits, funds or securities currently held by the customer at Infinex Investments or Popular Bank. Eligible assets must be maintained for at least ninety (90) calendar days from the date the customer qualifies. (Losses due to trading or market fluctuations will not be taken into consideration.)
• Cash reward amounts will be determined by the following tiers:
  • For the customer to receive the total cash reward of $200, qualifying new assets ranging from $50,000 to $199,999 must be added to a new or existing (and eligible) Popular Investments account. Customer must maintain the investment balance of qualifying new assets for the above-mentioned 90-day period.
  • For the customer to receive the total cash reward of $600, qualifying new assets ranging from $200,000 to $499,999 must be added to a new or existing (and eligible) Popular Investments account. Customer must maintain the investment balance of qualifying new assets for the above-mentioned 90-day period.
  • For the customer to receive the total cash reward of $1,000, qualifying new assets of $500,000 or more must be added to a new or existing (and eligible) Popular Investments account. Customer must maintain the investment balance of at least $500,000 for the above-mentioned 90-day period.
•  On the 90th day from the date a customer qualifies, Eligible Accounts will be reviewed to determine the total qualifying deposit, and corresponding cash rewards will be issued within 10 business days of review.

   

• Cash rewards will be issued in one of two ways: 1) For Popular Bank account holders, the cash reward will be credited to the Popular Bank checking or money market account (MMA) of their choosing within 10 business days of review; 2) For customers without a Popular Bank account, a physical check will be mailed to the customer’s address of record within two (2) weeks after the 90-day review. As a current Popular Bank account holder, should you opt to have the cash reward credited to a Popular Bank account, the account must be open and in good standing to receive the cash reward.
• Eligible Accounts
  • Brokerage accounts
  • Mutual fund brokerage accounts
  • Individual Retirement Accounts (IRAs)
  • Separately Managed Accounts (SMAs)
• Ineligible Accounts and Assets
  • Commercial or institutional accounts
  • Self-directed accounts
  • Life insurance
  • Annuities
  • Non-publicly traded funds or securities
  • Commodities or alternative investments*
• Tax Information: Cash rewards are considered taxable income, and Popular Investments may be required to send you an Internal Revenue Service (IRS) Form 1099-MISC (“Miscellaneous Income”), or a Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding), if applicable. You are responsible for any tax liability associated with your cash reward. Please consult your own tax advisor if you have any questions about your personal situation.

Our Verdict

Nice part of this bonus is that the funds only need to remain in the account for 90 days. Downside is that it looks like you need to open in branch. Will be added to the best brokerage bonus page.