Author Topic: Best rollover IRA signup bonuses?  (Read 1789 times)

FrugalSaver

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Best rollover IRA signup bonuses?
« on: November 21, 2020, 11:19:18 AM »
I’ll be rolling over a 7 figure 401k. The best I’ve seen is $2500 which it seems at least eTrade and TD Ameritrade have.

Doing more research this weekend. Anyone have any experience here or recommendations?


kpd905

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Re: Best rollover IRA signup bonuses?
« Reply #1 on: November 22, 2020, 06:42:18 AM »
I have been moving a few of our IRAs around to chase bonuses, but unfortunately mine are only eligible for $200-500 bonuses.  There is a Bogleheads thread dedicated to this topic here: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=196884&sid=c2b4a1447812bc9c68e7980387219205&start=2500

The only way I could think you could make more than the $2500 is if you were to split the IRA and move chunks of it to different places.  Depending on your balance, you could get the $2500 from Etrade or TD Ameritrade, $900 from Merrill Edge for $200,000, and another $2,000 from Chase Private Client for $250,000.  Probably good to get the money from Etrade or TD Ameritrade while you can, since they've both been bought out.


Rubic

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Re: Best rollover IRA signup bonuses?
« Reply #2 on: November 22, 2020, 08:22:07 AM »
I've done this several times.  One thing to remember is you don't have to roll out 100% all at once.  I typically fill up one offer with an amount to maximize the bonus, then find a different offer at another brokerage firm for a second (or even third!) bonus.  Generally you have to keep the funds invested for one year, but then you can start looking for other bonus offers.

Doctor of Credit has a list of the best brokerage bonuses:

https://www.doctorofcredit.com/best-brokerage-bonuses-earn-up-to-3500/

trygeek

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Re: Best rollover IRA signup bonuses?
« Reply #3 on: November 22, 2020, 12:20:37 PM »
If you do this yearly and make 1% each time 2500 on a 250000 dollar account it could add up significantly over a long period.

Rubic

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Re: Best rollover IRA signup bonuses?
« Reply #4 on: November 22, 2020, 01:15:06 PM »
If you do this yearly and make 1% each time 2500 on a 250000 dollar account it could add up significantly over a long period.

The $2,500 bonuses are typically for $1M accounts. 

On a percentage basis, the amounts aren't that large, ranging from
0.5% down to 0.2% or lower, but whether you're talking about $500
or $3500, it's still real money.

kpd905

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Re: Best rollover IRA signup bonuses?
« Reply #5 on: November 22, 2020, 04:00:17 PM »
Chase just increased their Private Client offer to $3,000 for depositing $500,000 and holding for 90 days: https://account.chase.com/consumer/banking/XY62292

Seems like a really good deal for @FrugalSaver especially if you can split your account and get this plus another bonus (or two).

The $2,500 bonuses are typically for $1M accounts. 

On a percentage basis, the amounts aren't that large, ranging from
0.5% down to 0.2% or lower, but whether you're talking about $500
or $3500, it's still real money.

Once you get to the large balances this could cover over 10% of an early retirees yearly budget.  Unfortunately, with so many buyouts/mergers in this space, the options for bonuses might dry up pretty quickly.
« Last Edit: November 22, 2020, 04:40:49 PM by kpd905 »

Rubic

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Re: Best rollover IRA signup bonuses?
« Reply #6 on: November 23, 2020, 04:54:10 AM »
Once you get to the large balances this could cover over 10% of an early retirees yearly budget.  Unfortunately, with so many buyouts/mergers in this space, the options for bonuses might dry up pretty quickly.

This is true.  I got lucky with my ScottTrade bonus a few years ago, just
a couple months before it was acquired by AmeriTrade.

billy

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Re: Best rollover IRA signup bonuses?
« Reply #7 on: November 23, 2020, 07:08:57 AM »
If I move my rIRA to another broker like Fidelity that will reimburse me the transfer fee from M1 finance, doesn't that cause a issue as the new broker is adding money to my account that already is at the contribution limit?

kpd905

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Re: Best rollover IRA signup bonuses?
« Reply #8 on: November 24, 2020, 03:38:48 AM »
If I move my rIRA to another broker like Fidelity that will reimburse me the transfer fee from M1 finance, doesn't that cause a issue as the new broker is adding money to my account that already is at the contribution limit?

No, the bonus is considered earnings, not a contribution.