This post is part of our series on IRA & Brokerage bonuses. Every Tuesday we share another bonus with you.
The Offer
Charles Schwab is offering a referral deposit bonus in the form of $100 cash to new customers who open a retail brokerage account and fund it with at least $10,000 in external deposits within 45 days of offer enrollment.
$100 Cash Bonus
To receive the cash bonus, you must do the following:
- Use the link above to open a new Schwab brokerage account.
- Fund the account with $10,000 or more in external deposits within 45 days of enrollment.
Rules:
- No specific offer expiration date could be found.
- Offer valid for new Schwab brokerage clients only.
- Offer excludes accounts managed by independent investment advisors, the Schwab Global Account, ERISA-covered retirement plans, tax-qualified retirement plans and accounts, or educational savings accounts.
- New accounts should receive the cash credit within 1 week after making the qualifying deposit.
- Offer not transferable, saleable, or valid in combination with any other offer.
- This bonus award in combination with the award value received from other Schwab offers in the last 12 months should not exceed $5,000 per household.
- Offer for US residents who are not employees of Charles Schwab or its affiliates.
- You must maintain the qualifying net deposits in the account for one year or you may be charged back for the award.
- For taxable accounts, you are responsible for any taxes imposed on this bonus award.
- Offer valid for one account per household.
- Investing involves risk.
The Verdict
If you were already considering investing a sizeable amount with Schwab but have not already done so, this $100 bonus might give you an additional incentive. However, for those not already inclined to choose Schwab, the deposit requirement is rather hefty for a comparatively small bonus, so should not sway your decision. There are other brokers we have covered, such as TradeKing, that can yield you a similar or larger cash bonus for a fraction of the qualifying deposit investment cited in this promotion.
A brokerage account with Charles Schwab provides access to stocks, options, bonds, mutual funds, ETFs, mutual funds, and more. In terms of standard fees, Charles Schwab is on the high end of the fee spectrum, albeit not the highest of those we have covered. Standard online equity trades are $8.95. Schwab also offers its own selection of commission-free Schwab ETFs.
Charles Schwab was included in Kiplinger’s Personal Finance 2014 survey of Best Online Brokers.
Do you have experience with Schwab’s trading platform? Let us know in the comments below!
You forgot to mention that it will be a hard pull to open it. At least it was in my case when I opened a checking + brokerage account last year.
Thanks, David!
If the deposit only had to sit for a month or two I would consider it, but 12 months is not worth it.
It doesn’t seem to have a minimum amount of time you have to keep the money there. The bit about 12 months just says you can’t have already received this offer within that period
Hey there Dan, he may be referring to this lingo in the offer details: “For taxable accounts, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the value of the Bonus Award.” But if anyone has experience of that limitation not being enforced, let us know!
I use schwab as my main account for the checking account. No fees for anything. ATM fee refunds and smartphone check deposits including money orders. I don’t make trades with them that have commissions.
Awesome, thanks for sharing, Oren!