This post is part of our series on IRA & Brokerage bonuses. Every Tuesday we share another bonus with you.
The Offer
Scottrade is offering a tiered cash deposit bonus of up to $2,000 for customers who rollover a 401k or IRA or fund a Scottrade Individual, Joint, Custodial, or Specialty Brokerage account with qualifying deposits.
The highest bonus value at $2,000 is only available when you deposit $1,000,000 or more, but depositing at least $50,000 or more would still qualify you to receive a lower-tier cash bonus.
Deposit Bonus Up to $2,000
| Bonus | Deposit | Receive | Return on Investment (pre-tax guideline) |
| Deposit Bonus Up to $2,000
|
$50,000+ | $100 | 0.2% |
| $100,000+ | $300 | 0.3% | |
| $200,000+ | $600 | 0.3% | |
| $500,000+ | $1,000 | 0.2% | |
| $1,000,000+ | $2,000 | 0.2% |
To receive the cash bonus you must do the following:
- Rollover a 401k or IRA, or fund a new or existing Scottrade Individual, Joint, Custodial, or Specialty Brokerage account by 04/15/2015 with a qualifying deposit or transfer of cash or securities from external accounts.
Rules:
- Accounts must be funded by 04/15/2015 for offer eligibility.
- Accounts can be registered on-line or at a physical Scottrade branch.
- When you register an account for this offer, your registration for any other Scottrade cash bonus offer will be forfeited.
- You must maintain in your account a balance equal to the sum of the account on its registration date plus net deposits from the cash bonus for at least one year after the registration date to avoid forfeiting the bonus. “Registration Date” is defined as the date your account was registered and “net deposits” are defined as funds deposited into the registered account minus eligible funds withdrawn from the account.
- You must be 18 or older to qualify.
- Offer not valid for Scottrade Options First, Scottrade Bank accounts or of clients of registered investment advisors working with Scottrade.
- Offer not valid for Scottrade employees.
- Limit one offer per registered account.
- Offer is not transferable.
- Brokerage Products are not FDIC-Insured and may incur losses.
The Verdict
With so many brokers to choose from, what’s unique about Scottrade? For one, Scottrade charges $7 for online trades of stocks at $1 or above, putting it on par with Capital One ShareBuilder‘s $6.95 for online trades.
Additionally, if you decide to transfer $10,000 or more to Scottrade from another broker, Scottrade offers to reimburse you for account transfer fees from other brokers by up to $100. To receive the reimbursement offer, you will need to complete a Scottrade Account Transfer Reimbursement Request form along with a statement proving the transfer fees.
If it is important to you that your broker have a large physical branch presence for ease of accessibility, Scottrade offers more physical branches than most top brokers, with over 500 branches nationwide. In addition, Scottrade has a vast selection of 15,000 mutual funds. Scottrade also uniquely accommodates international clients with a Chinese-language version of the site.
In 2014, J.D. Power named Scottrade “Highest in Investor Satisfaction with Self-Directed Services” for the second consecutive year.
Do you have experience using Scottrade? Let us know in the comments below!
The Scottrade cash bonus is now up to $2,500.