Update 10/6/24: This targeted offer is back with 4.25% (base) + 3.0% bonus for 180 days when you deposit $50k-$99,999 (ht B2)
Contents
The Offer
Direct Link to offer (keep in mind this might be a targeted offer)
- Deposit new funds into your WeBull cash account between 7/10/24 – 8/9/24 and receive a bonus 3% APY for 180 days.
You need a new deposit of more than $50,000 to get the 3% bonus. Deposits of between $25,000 and $50,000 will get a 2.5% bonus.
Our Verdict
The regular interest rate on WeBull Cash Account is currently 5% APY; with this boost it’ll be 8% APY. The boost is only for new funds added to your WeBull Cash Account. I’m not sure if this offer is targeted or was sent out to all WeBull Cash Account users. Whoever is eligible for this offer will find it very interesting for parking their cash when comparing it to other high yield savings accounts. Let us know if I’m missing any of the details here.
Updates:
- Readers note that you’ll want to transfer in the funds as close as possible to August 9th since the bonus 3% boost only begins on August 16th.
- Readers note that this should be able to stack with the 2% ACAT transfer bonus by ACATing in $50k+ before the end of July, leaving the cash there for like 6.5 months, and then you can invest the money or just leave it in cash, if you’d like, until the 2 years are up.
Hat tip to readers Robert and JD and Nathan
I just received the below email from WeBull. I’m guessing that someone on DoC will figure out some shenanigans to pull with this new feature!
“We’re excited to announce Webull now accepts Your Debit Card! Our new Debit Card Funding feature gives you quick access to funds to match the pace of today’s markets.​
Link Your Debit Card​Webull’s Debit Card Account Funding Offers You:​
Minimal Effort​
Access funds quickly to trade when it matters most.​
Unmatched Accessibility
Fund your individual brokerage account with no hassle.​
​Convenience​
Setup is simple, link your debit card with ease, requiring no extra steps.​
​Here’s how to get started:​
1. Open the Webull App​
2. Go to Accounts​ Overview, select account (IRA excluded)
3. Click on Transfer​
4. Link a debit card and then initiate a deposit​
*Please note that debit card deposit limits may differ from the other payment methods, such as Wire transfers and ACH. Some banks may charge fees for debit card funding.​
Take control of your trading by linking your debit card today for convenient, flexible funding!”
Hmm, interesting
1.75 fee
Chuck
Wonder if it can be an easy method to unload VGC at 1.75% fee
09/09/2024: Booster claimed. Also beginning of boost period.
03/07/2025: Boost period ends.
03/13/2025: Delivery date listed, but I actually received it the day before.
Brought my balance up to $50k and left it there for most of the period. Ended up with $741.86 of additional interest.
Hi all
I’m having difficulties redeeming the cash from the cash management account. How do I transfer it to.my margin account ? Do I have terminate the cash management account?
The bonus interest posted to my WB account either yesterday or today!
Same for me. Was a bit worried as the message “will be posted on Feb. 22nd” disappeared. But it’s a happy ending for me, Thanks for the heads up!
So, does the bonus interest not get posted on the total balance on the cash management account until 180 days from the opening? I will reach 180 days in April. I do see that “total interest earned” includes the bonus interest too but the total balance on the cash management account doesn’t include the bonus interest.
I doubt that you mean “opening” as I’m pretty sure that all of us were targeted as existing customers. However, if you meant to write “the start of the promo” then my answer is “yes” and “no” to your question.
Yes, the bonus interest is delayed. However, it came in more than 180 days after the promo started. It actually came 3 or 4 days early from the date that the app said it would but it was still over 180 days from when the promo began.
where are you guys seeing the Cash Management account tax statement?
Under tax statements, I only have one for the brokerage account but nothing for the Cash Management account. I looked all over the app.
Mine is a combined “1099 Composite” statement. Isn’t yours also?
The interest from the CMA should be shown under “Interest Income” on the 3rd page of the doc.
found it thanks! Mine is the wrong amount too :/ damn what is everyone else doing to get these corrected?
What’s wrong on your 1099?
1800
Do you mean it shows $1800 for interest? If so, what should it have showed? I just assumed that WB got my interest amount correct but I guess I’ll have to check their work!
anyone got higher than actual bonus on webull 1099misc?
Seems like my 1099 has double one of the bonuses. I’m pretty sure I got $1200 but it’s saying I have $2400 for one of them. The other two bonuses seem correct. Anyone else?
Same…what a shitshow
Same with me. My statement from last year shows the $1,200 bonus, but the 1099 has $2,400.
I just received this email:
Dear Valued Client,
We want to inform you that an error has been identified in the “Other Income” section of your tax document. We are aware of the issue and are actively working to correct it as quickly as possible.
Once your corrected tax document is available, you will receive a notification via email and through the mobile app for your review. You can also visit the E-Document Center, linked below, to access your tax documents at any time.
We appreciate your patience and understanding as we work to resolve this matter. If you have any questions, please don’t hesitate to reach out.
Sincerely,
The Webull Team
What was the $1200 bonus for?
https://www.doctorofcredit.com/new-webull-brokerage-customers-can-get-bonus-of-up-to-5000/
The 1099-MISC part of my 2024 tax form shows roughly $1250.
I only did a single $1200 promo from Oct 2023, claimed and credited in May 2024.
So no idea where exactly that extra $50 Misc Income is supposed to be from, but not gonna worry about it…
Btw, my monthly regular interest amounts shown on page 6 of the tax form are all correct.
Mine has $3600. Should be $2400. I have already emailed support, but last year I remember getting several revised tax forms from them.
did anyone’s interest posted yet? I remember it said sometimes on 2/18 but i check the promo codes and it shows completed with 2/16/2024 so not sure if it already posted or need to wait until the 18th
mine shows delivered on 2/16 but it hasn’t showed up in my account. I remember something about 2/22.
My account also shows delivered, but it hasn’t posted yet.
ya so strange even till now still nothing
My bonus posted today.
I just went to withdraw most of my money and ran into 2 separate issues that might be of interest to some of you.
#1. They forced me to upload a bank statement for my linked account when I tried to withdraw $3K+. When I entered a lower amount (ie $2K), it did not ask for this. I found this interesting.
#2. More importantly, they have a withdrawal limit of $50K per day. It’s not that big of a deal but now I’ll have to wait until next week to transfer the rest of my money out. It’s too bad that
Charles7 didn’t pose his question yesterday as I would have seen that 2.11.25 was the last day of the “Boost” promo and could have transferred half yesterday and half today.
so we max withdraw is $50k per day? Also is it better to withdraw on weekday so we don’t lose the weekend interest assuming it takes a days to process?
Yes. If you have $100K in your account, I would recommend withdrawing $50K on Tues and then $50K on Wed as Mon is a bank holiday.
Yes, that happened to me, too. I thought that it was fishy that they were only asking for a statement when I’ve
linked via Plaid (and still was linked)confirmed via microdeposits and deposited money over the course of 2 months. But, when I withdraw large sums, they want to prove that it’s your acct. I saw this as a stalling tactic. I had also noticed that when I didn’t request a higher amt, statement wasn’t requested. A rep explained that a certain amt triggers the request. What annoyed me most about the statement req is that I specifically chose microdeposits over Plaid bc I didn’t want to share my acct transactions. But, the rep said that you can literally block out everything but the info that they need, which I believe was name and acct #.I wrote to them about it and they said the verification is on a transaction basis, so they could request a statement again later. Ridiculous, but IIRC, the statement upload was approved instantly.
I hadn’t planned to go into the weeds of my recent experience but I will now due to your comment.
You are correct that they request a statement each time that the transfer is $3K+. I initially did only a $3K transfer and uploaded my statement. I did a relatively low amount as I was worried that the transfer would get delayed and I would end up losing several days of interest on $100K (at this time I didn’t know about the $50K daily withdrawal limit).
After that appeared to go through instantly (like you wrote), I decided to transfer the other $47K and uploaded my statement again. That also appeared to go through instantly.
I expected the $50K to arrive on Friday. However, only the $3K transfer got processed on Thursday and the Friday transfer didn’t process until late on Friday. Therefore, like I told
Alex, I will now lose 4 days of interest on $47K! Isn’t that ridiculous that they processed the small transfer but not the large transfer when I initiated them only minutes apart on Thursday?
BTW, did you do this bonus?
Last year, I did a similar APY promo, but it was for a shorter term. I also did the promo that paid stock. I recently signed up for the promo that pays a percentage of your deposit.
As far as them not processing the larger withdrawal until later, that could make sense bc of the amt if they truly do another review for larger transactions. Could also be a way for them to keep your money for an extra day.
Did they request the statement when you transferred to the external account that was used to fund the Webull account? A few months ago, when I tried to transfer to a new account they asked for it but they didn’t ask when I transferred to the funding account.
I don’t recall.
Am I the only one having a Big sum (~$1800) of pending interest? Today the 12th is the last day of our +3% bonus, but I am wondering about this pending amount and when it will be released, if so. Anyone else?
I just checked mine and it is a little under $1500, which makes sense based on the math. Any day how/why you have an extra $300?
BTW, while checking the “APY Booster Card” to answer your question, I noticed that it shows that my Boost ended on 2.11.25. I must have miscalculated it by a day and didn’t realize that it showed this info on the app.
It would have been nice if even 1 person had replied to my comment #2003098 that I made yesterday and alerted me of this so I could have initiated my withdrawal yesterday!
Does yours also show an “Expected Delivery Date” of 2.22.25 for the Boost?
Hi Eric. no idea why I have a little more (it shows $1793.58 on mine, I may have started few days earlier than you or something like that. Can’t really do my math on the phone for now. regading withdrawal I’ll wait that this pending amount clears, and wait a bit for feedback here/reddit. We’re still making 3.75%, not great but won’t kill me to wait a bit more and not risk it. Regading the apy card booster, I have no idea where to find this, unfortunately. Tried to look on the app but didn’t find it, but I think it most likely shows the same data as you. I found that when clicking on the interest earned amount it says “pending interest will be paid on or before the 15th of every month”. let see if it also concerns this chunk of money.
I found it in the “Rewards” section on the app.
I found it on the website, but not the website. Same as you, rewards release on 02/22. let see.
I think that you meant to put “app” instead of “website” in 1 of those spots. 😉
I have in my records that today is the last day that we are earning the extra % on our money (ie 3% on $100K). Are you all planning on transferring the money out today, tomorrow or waiting until the bonus interest posts to your account?
I bought $100k of SGOV and will acat transfer to fidelity (I forgot to leave $75 in the account for the fee, but by 2/16 should have the “normal” interest post and have that covered). Fidelity should refund the acat fee from webull.
In all previous times, when I initiated a transfer from WB, the money reached my external account the next business day. I had a bad feeling that they would treat this differently since it’s a much larger transfer but I went through with it anyway yesterday.
The transfer still shows as “Pending” today. I bet that it will be released today and that the funds won’t arrive in my external account until next Tues or Wed, costing me at least 4 days of interest!
Yeah I agree they’ve been pretty quick. I’m preparing the 100k for another bonus (BoA Business Savings), and there doesn’t seem to be a good way to get it there when I want it other than transferring to fidelity and then using their free wires. It seems complicated to change the withdrawal account on WeBull, and they want statements (which I don’t have for a new account).