Are you in the market to initiate a new brokerage account to oversee your investment collection but uncertain about which one to pick?
Numerous online investing platforms are vying for your attention, enticing you with special offers based on the amount you transfer to their platform. Though these offers shouldn’t be your primary factor in deciding, they’re tempting and often hard to ignore.
Below, we’ve detailed various offers, catering to those with existing portfolios looking to relocate their stocks or those beginning afresh.
Delve deeper to uncover the top promotional offers for new brokerage accounts.
💰 Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH623 by 9/14/2023 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.
🏆 Our Top Picks:
- Tastytrade [Best Bonus] – Tastytrade is our Editor’s Pick as the best brokerage promotion because it offers up to $3,000 when you deposit a large amount – it’s the highest bonus amount as a ratio of the deposit.
- Yieldstreet [Best Bonus to Cash Ratio] – Yieldstreet is an investment platform that will give you $500 when you deposit $10,000 – easily the best ratio on this list.
- Moomoo [Best for Free Stocks] – Moomoo has a simple promotion that everyone should do it – open an account and you get 16 Free Stocks + $100 Cash. It’s tiered so you get more stock as you deposit more money – it’s super easy.
💸 Tastytrade – up to $3,000
Tastytrade has a new account promotion – open and fund a new Tastytrade account and transfer in funds to get up to $3,000 in cash. This is a great offer if you are looking to open a Tastytrade account and an increase from their previous offer.
This is valid for new Tastytrade customers and existing Tastytrade customers as long as they have not yet funded an account.
The bonus is based on the amount transferred:
| Deposit Amount | Cash Bonus |
|---|---|
| $5,000 – $24,999 | $100 |
| $24,000 – $99,999 | $500 |
| $100,000 – $249,999 | $2,000 |
| $250,000 or more | $3,000 |
The referral/promotion code for this offer is “NEWBONUS23” and you must put it in the Referral Code Field when applying.
(Offer expires 9/30/2023)
tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Marketing Agent (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website. Marketing Agent is independent and is not an affiliate of tastytrade.
tastytrade was previously known as tastyworks, Inc.
Percent – up to $500
Percent isn’t a traditional brokerage account where you can trade securities like stocks and bonds but rather an alternative investment platform that focuses exclusively on private credit investment opportunities. For their asset-backed deals, these are privately negotiated loans and debt financing made by non-bank lenders and you can invest in these notes as an alternative to traditional investments if you are an accredited investor.
A prime example of who these non-bank lenders lend to is a business that may need credit but doesn’t want to go the traditional bank loan route. They may sell their accounts receivables, like invoices, at a discount to a lender. They avoid the long drawn out nature of loans, you get a discount on their accounts receivables, and everyone is better off.
The cash bonus promotion they’re offering is based on the amount of your first investment, as long as it’s deployed for three months:
| Investment Amount | Cash Bonus |
|---|---|
| $1,000 – $1,999.99 | $100 |
| $2,000 – $4,999.99 | $150 |
| $5,000 – $9,999.99 | $200 |
| $10,000 – $24,999.99 | $300 |
| $25,000 – $49,999.99 | $400 |
| $50,000+ | $500 |
These investments, like all investments, involve risk but getting a cash bonus is a nice way to reduce some of that risk.
J.P Morgan Self-Directed Investing – up to $700
J.P. Morgan Self-Directed Investing has a bonus offer based on how much you deposit into a new account within 45 days. The account snapshot is determined on day 45 and then you just need to maintain those funds until 90 days from enrollment. The bonus is deposited 15 days after you qualify.
If you can meet the amounts, it’s a decent offer with a relatively low cap (compared to others). This works for a general investment account as well as a Traditional IRA and Roth IRA.
The tiers are:
| Deposit Amount | Bonus Amount |
|---|---|
| $5,000 – $24,999 | $50 |
| $25,000 to $99,999 | $150 |
| $100,000 to $249,999 | $325 |
| $250,000 or more | $700 |
The account also offers commission-free trades of stock, ETF, and option trades as well as a suite of tools you can use to make smarter investing decisions.
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT – NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE VALUE
💲Moomoo – 16 Free Stocks + $100 Cash in stock
Moomoo is a commission-free brokerage app just like Webull and Robinhood. Its parent company Moomoo Financial Inc. is a subsidiary of Nasdaq-listed FinTech FUTU and is regulated by the U.S. Securities and Exchange Commission and FINRA, which means your account is protected by the Securities Investor Protection Corporation (SIPC) with insurance up to $500,000.
Moomoo is offering you free shares of stock when you open and fund an account:
| Total Net Deposit | Total Stocks You’ll Get | Eligibility |
|---|---|---|
| $100 – $999.99 | 5 free stocks + $100 Cash | New client |
| $1,000 – $4,999.999 | 15 free stocks + $100 Cash | New client |
| $5,000 or more | 15 free stocks + $100 Cash + 1 free share of $TSLA or $GOOG | New client |
There are no trading requirements but you must keep the cash in there for 60 days.
💲Webull – up to 12 free stocks
Webull is a free trading app from Webull Financial. They are a brokerage based out of New York City and regulated by FINRA, you can look them up on BrokerCheck. We have a full review of Webull and their offer here.
For new signups, open an account and they will give you up to 12 free stocks. They have no fees and no account minimums so it’s truly free stock. We consider them one of the best Robinhood alternatives.
- Get 12 free fractional shares when you open an account and deposit $100,
- That’s it!
Yieldstreet – up to $500
Yieldstreet isn’t a traditional brokerage account where you can trade securities like stocks and bonds, it’s an investment platform where you can invest in alternative investments that offer up cash flow. It’s similar to a brokerage (closer to a brokerage than a traditional bank, for example) in that it’s investment focused, which is why we included it on this list.
You can get a bonus based on how much you deposit into your account:
- Get $250 when you deposit $5,000 – $9,999.99
- Get $500 when you deposit $10,000+
If you wish to learn more about Yieldstreet before signing up, our detailed review of Yieldstreet has more.
💲Robinhood – free stock (valued $5 – $200)
Robinhood is a no-commission fee brokerage that will give you free stock (valued $5 – $200) when you open an account and link a bank account. There are no other requirements of the offer, you just need to open an account.
No deposit (for the stock, you need to deposit for the cash), no transfer, no nothing.
M1 Finance – up to $10,000
M1 Finance is self-directed robo-advisor that facilitates investing by letting you invest in “pies,” or baskets of stocks. You can build your own pie or pick from one of several “Expert Pies” based on your risk tolerance and investment goals. The most surprising part is that it’s completely free, they make money through other financial products (interest on margin, transaction fees on their debit card) and sale of order flow (same as Robinhood and other free brokerages).
They have a new account bonus based on how much you deposit:
| Deposit Amount | Your Bonus |
|---|---|
| $50,000 – $249,999 | $250 |
| $250,000 – $499,999 | $1,000 |
| $500,000 – $999,999 | $2,000 |
| $1,000,000 – $1,999,999 | $4,000 |
| $2,000,000 or more | $10,000 |
Here is our full M1 Finance review for more on the service.
TradeStation – up to $5,000
TradeStation has a new account bonus where you can get $150 in cash or $150 in Bitcoin.
To get $150 cash, open an account with the promotion code TSTVAFYB and then fund that account with $500 or more. Then maintain that balance to get the cash deposited in two $75 deposits. The first will be made at the end of the second full month and the second payment will be made at the end of the third full month.
To get $150 in Bitcoin, open an account with the promotion code TSTVAFYH and then deposit $500 worth of crypto (or purchase $500 worth of crypto). Then maintain that balance to receive two $75 worth of Bitcoin payments.
It’s very important you put in the right codes for whatever promotion you want.
There is also a transfer bonus of up to $5,000 when you transfer in a sizable $5 million. The bonus schedule does start at $5,000 (lower than many on this list) so it’s not just for moneybags!
| Cash Reward | Qualifying Assets |
|---|---|
| $50 | $5,000 |
| $200 | $25,000 |
| $300 | $100,000 |
| $600 | $200,000 |
| $1,200 | $500,000 |
| $2,500 | $1,000,000 |
| $3,500 | $2,000,000 |
| $5,000 | $5,000,000 |
Acorns – $20
Acorns has an investment bonus of $20 when you:
- Set up a Acorns account
- Set up Recurring Investments
- Make your first successful Recurring Investment (min $5)
You will get your $20 within the 10 days of the following month.
Public – up to $10,000
Public has a transfer promotion where you can get a big bonus for transferring a lot of assets into your new account. One of the nice perks of Public and their ACAT transfer process is that they will also reimburse your fees on the transfer as long as you bring over at least $500.
The bonus starts at a transfer of $5,000:
| Transfer Amount | Bonus |
|---|---|
| $5,000 – $24,999 | $150 |
| $25,000 – $99,999 | $250 |
| $100,000 – $249,999 | $1,000 |
| $250,000 – $499,999 | $2,500 |
| $500,000 – $999,999 | $5,000 |
| $1,000,000 | $10,000 |
Tornado – up to $1,000
Tornado has a referral program where you can get up to $1,000 (but at least $10) when you sign up. The referring customer gets $10 to $1,000 too – and it’s a limited time offer. If you’ve never heard of them before, our Tornado review can get you up to speed.
The only requirement is that you make one trade within a month and you can keep the bonus, which you can withdraw after a year. There are no other requirements for the new account bonus.
There is also a deposit bonus. For a limited time, after you open your account, you can get a bonus based on what you deposit. You need to maintain this amount for one year to keep the deposit bonus.
E*TRADE – up to $3,500
When I think of new account promotions, I think of E*TRADE.
For years, they had an offer where you could get up to $3,000 (if you had over a million dollars in assets to transfer!) and 60 days of free trades if you open a non-retirement brokerage account.
With the recent rush of brokerages offering free trades, the promotion is now just cash – remember to use the promotion code BONUS22.
You can find the full details here but this is the offer:
| Deposit Amount | Bonus Amount |
|---|---|
| $5,000 – $19,999 | $50 |
| $20,000 – $49,999 | $100 |
| $50,000 – $99,999 | $200 |
| $100,000 – $199,999 | $300 |
| $200,000 – $499,999 | $600 |
| $500,000 – $999,999 | $1,200 |
| $1,000,000 – $1,499,999 | $2,500 |
| $1,500,000 or more | $3,500 |
They also offer a bonus if you simply add to your existing E*TRADE account – that bonus is even higher (the highest tier is $2mm).
SoFi Invest – $25
SoFi Invest is the brokerage arm of SoFi, the student loan refinancing company. They’ve recently branched out into other areas, including SoFi Money (banking), and they are now offering a $25 bonus if you sign up and deposit at least $100.
With SoFi Invest, you can manage your portfolio (Active Investing) or go with a roboadvisor approach (Auto Investing). With Active Investing, you can invest in stocks, cryptocurrencies, and ETFs without paying a trading commission.
For a limited time, get $50 in stock from SoFi Invest if you sign up with a referral link and deposit at least $100. There’s no trading requirement.
Citi Personal Wealth Management
Citi Personal Wealth Management has a juicy bonus offer when you transfer New-to-Citi funds within 2 months of opening an account. You also will need to enroll in e-delivery of statements and then keep those funds in the account through the end of the next month (or three months after the month of account enrollment). Bonus will be credited three months after you meet the maintenance requirement.
Here’s the Citi bonus transfer schedule:
- Fund with $50,000 – $199,999 – $500
- Fund with $200,000 – $499,999 – $1,000
- Fund with $500,000 – $999,999 – $1,500
- Fund with $1,000,000 – $1,999,999 – $2,500
- Fund with $2,000,000 or more – $3,500
Merrill Edge – up to $1,000
Merrill Edge, a Bank of America Company, will give you up to $1,000 if you open a new Merrill Edge account using the offer code 1000PR. You just need to transfer your funds within 45 days, maintain that balance for 90 days, and you will get the cash bonus in 2 weeks. This bonus applies to individual Merrill Edge IRAs or Cash Management Accounts, which is what they call their taxable brokerage accounts.
Here’s the Merrill Edge bonus transfer schedule:
| Qualifying Assets | Cash Bonus |
|---|---|
| $5,000 – $19,999 | $50 |
| $20,000 – $49,999 | $125 |
| $50,000 – $99,999 | $200 |
| $100,000 – $199,999 | $350 |
| $200,000 or more | $750 |
Charles Schwab – $101 or up to $1,000 Refer a Friend
Charles Schwab has two new account promotional bonuses:
Charles Schwab $101 Starter Kit
Charles Schwab is offering new investors a “Schwab Starter Kit” that includes $101 in stock split up between the top five stocks (“slices”) in the S&P 500. You also get access to investing education and various tools and resources.
To get this, you need to open an account on the promotional page and then fund that account with at least $50 in 30 days. The stocks are “Schwab Stock Slices,” which are simply fractional shares of stock, and you get them on the next trading day.
At the time of this writing, the top five stocks at Amazon, Microsoft, Tesla, Alphabet (Google), and Apple.
Charles Schwab Refer a Friend – Up to $1,000
Charles Schwab also has a refer a friend bonus when you open up a new account with a referral link (here) and transfer in funds of at least $25,000 within 45 days. The bonus is based on how much you deposit, which follows this schedule:
- Fund with $25,000 – $49,999 – $100
- Fund with $50,000 – $99,999 – $300
- Fund with $100,000 – $499,999 – $500
- Fund with $500,000 or more – $1,000
Fidelity Account – $100 Cash
Fidelity has a new promotion where you can get $100 for opening a Fidelity Account, Cash Management Account, Roth or Traditional IRA. All you have to do is deposit $50 or more within 15 days and you’ll get the $100 within 25 days of opening your account.
The promo code is FIDELITY100 and the offer has no shown expiration date. It is limited to one offer per customer and US residents.
What’s important to note is that existing customers are eligible as long as you open an eligible account and meet the requirements. Finally, you must keep the $100 cash reward in the account for a minimum of 90 days.
Fidelity Spire – $50 Promotion
Fidelity has an offer where you open an account and link a goal in the Fidelity Spire app to get $50 cash. Just open a qualified account, set up a monthly deposit of $50 or more and keep it for 6 months, and you’ll get $50 towards that goal.
If your monthly deposit is $10-$24.99, you get $10. For $25 – $49.99, you get $25.
Here are other Fidelity promotions you might want to check out.
Common Queries
Delve into these commonly posed queries about promotional offers and the process of transferring brokerages.
How does the transfer between brokerages function?
The majority of brokerage firms employ ACATS, short for Automated Customer Account Transfer Service. This service facilitates the “in-kind” transfer of your assets. Essentially, this means you can shift your holdings without selling them off, thus preventing a potential taxable incident. If a stock you own has substantial unrealized gains, simply transfer the shares without selling, retaining the original cost basis.
However, you might encounter challenges if certain assets aren’t transferable. For instance, Vanguard Admiral shares from their mutual funds might pose a problem. Some platforms accept them, while others don’t. In such scenarios, you might need to switch them to a different asset class, like the ETF variant, which is generally accepted.
An ACATS transfer usually takes a couple of weeks to finalize.
Is it advisable to frequently switch between brokerages?
Constantly hopping between brokerages solely for promotions isn’t a strategy I’d advocate, even if the process is straightforward.
If you’re contemplating a transition, receiving a bonus for it is a sweet deal. Nonetheless, be aware that some brokerages may impose an exit fee, which you’d pay regardless. Thus, excessive transitions might eat into your bonus earnings.
How are these promotional bonuses taxed?
For newly established taxable brokerage accounts, any bonuses will be categorized as income, mandating its declaration during tax filings.
If you’re setting up retirement accounts, like IRAs, bonuses are directed into those accounts. Consequently, immediate taxation isn’t applicable. For traditional IRAs, you’ll be taxed upon initiating distributions. Roth IRAs, however, are exempt from taxation. For every account, scrutinize the stipulations to understand the brokerage’s approach, giving you clarity.
