5 brokerage transactions will pay for your account opening fees

If you are looking for a new brokerage company, please consider opening your account with one of these institutions. If you meet the minimum deposit requirements and keep your account open within the specified time period, they will pay you new account bonuses for certain account types. (As of May 2020, all promotional data is accurate.)

Key points

  • With discount brokers cutting customer fees and offering $0 trading commissions, the competitive landscape for individual investors and savers has never been better.
  • In order to attract new customers (or steal them from the competition), many financial companies provide financial incentives to eligible customers.
  • Here, we only offer five such offers, including cash dividends, free trading, and higher-than-market incentive rates for savings products.

Charles Schwab: $100 bonus or 500 commission-free transactions

Charles Schwab offers a referral bonus of $100 and deposits $1,000 in the new Schwab brokerage account. You can also get 500 commission-free transactions with a deposit of 100,000 USD; this transaction is valid for two years after opening a new account.

Schwab also provides all customers with unlimited commission-free online trading of most stocks and ETFs.

Motif Investment: 3 months free

Motif Investing now provides free 3 months of automatic Motif BLUE Unlimited investment service. This offer is only applicable to customers who use it for the first time and will be available after the new brokerage account application is approved.

For subscriptions starting at $4.95 per month, Motif BLUE provides automatic investment and rebalancing, real-time quotes, unlimited trading, and more.

$100 bonus for Navy FCU + 3.75% 40 months IRA CD

Navy Federal Credit Union offers a $100 bonus and is available nationwide. When you open a new IRA CD, investors who take advantage of this transaction will also receive an attractive CD interest rate of 3.75%.

To qualify for the bonus, the new account must be funded with an initial balance of at least $100 within 45 days of opening the account. The bonus will be credited to the account 30 days after the qualified account opening deposit.

Ally Invest 3,500 USD cash bonus + 90-day commission-free trading

Ally offers Ally Invest $3,500 cash bonus, When you open a new Ally Invest account, it offers $3,500 in cash rewards and 90 days of commission-free trading. To be eligible, you must do the following:

1. Open a new autonomous trading account before January 31, 2019.

2. Fund your account within 60 days after opening the account to earn bonuses based on your deposit amount:

  • 3,500 USD bonus + free transaction for deposits or transfers above 2,000,000 USD
  • 2,500 USD bonus + free transaction for deposits or transfers above 1,000,000 USD
  • 1,200 USD bonus + free transaction for deposits or transfers above 500,000 USD
  • $600 bonus + free transaction for deposits or transfers over $250,000
  • 300 USD bonus + free transaction for deposits or transfers above 100,000 USD
  • 200 USD bonus + free transaction for deposits or transfers above 25,000 USD
  • 50 USD bonus + free transaction for deposits or transfers above 10,000 USD

3. Deposit the bonus cash credit into your account within 10 working days after meeting the promotion requirements.

4. Once credited, bonuses and initial qualified deposits cannot be withdrawn within 300 days after meeting the requirements.

Get up to 500 commission-free transactions at E*TRADE, plus up to $600 in cash credits

If you decide to use an E*TRADE account, you need to know a few things. First, you must fund your account by transferring funds from an external source within 60 days. This is how it works:

  • Deposit at least $10,000 into your new account.
  • You can get up to 500 commission-free trades of stocks or options within 60 days of funding your new trading account. This does not include option contract costs.
  • Your first 29 stocks or options transactions will be charged at $6.95 (additional 0.75 cents per option contract), and the subsequent transactions will be charged at $4.95 (additional $0.50 per option contract), up to 500 transactions.
  • The commission will be refunded to your account within one week after the transaction is settled.
  • E*TRADE will not compensate any unused commission-free transactions.
  • There is a separate commission plan for stock plan account transactions.

E*TRADE provides credit for cash or securities within 60 days of opening an account, depending on deposits deposited into the account from an external source. Credits are completed within one week after the 60th term. The following is how credit is broken down:

  • Deposit 1,000,000 USD+, get 2,500 USD+ commission-free transaction
  • Deposit $500,000–$999,999, get $1,200 + commission-free transaction
  • Deposit $250,000–$499,999, get $600 + commission-free trading
  • Deposit $100,000–$249,999, get $300 + commission-free transaction
  • Deposit $25,000–$99,999, get $200 + commission-free trading
  • Deposit $10,000–$24,999, only accept commission-free transactions

E*Trade provides all customers with unlimited commission-free online trading of most stocks and ETFs.

Bottom line

These promotions are not a good way to make money quickly, and the bonuses are relatively small, usually 1% or less of the amount you need to deposit. In addition, in many cases, taxes or commissions will erode the value of your bonus.

However, if you are considering opening a new account, the account opening bonus is a good incentive for brokers, banks or credit unions to take a closer look. Just make sure that the type of account you open is the best choice to meet your long-term needs. After paying any fees, you will still be ahead and you will not deposit funds that you may need in the short term.

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