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Maximizing Bonus Money in Brokerage Asset Transfers

fundly
in Other Investing
I thought I would share this hack as I have benefited greatly by doing this. If you are contemplating transferring assets to another brokerage that gives out a bonus for doing so, transfer the lowest amount for that tiers bonus and then transfer the same amount in say 60-90 days and get a 2nd bonus. Not all brokerages allow this but my new one did. Example: If a transfer of 100-250K gets a $300 bonus do a first transfer of 100k and a 2nd transfer of the same when allowed ,for a second bonus instead of transferring the 200k at one time. You will have to do the research to find out which brokerages will allow this. Having a financial advisor at the new brokerage can make this easier also. I will hold back on which one I have done this with so not to have it backfire on me. In the past 120 days I have tripled my bonuses by doing this. Happy Transferring!!

Comments

  • larryB
    I might add to be very certain of exactly how long the money must remain in its new home to retain the bonus. And other fine print. I once lost a bank transfer bonus because I bought a CD with funds from the ONLINE savings account I had transferred into.
  • fundly
    Depending on the brokerage ,typically the transferred assets have to stay in the new home for 2 months but can be up to one year so that the bonus is not lost. As with investing, due diligence is necessary to get all the information needed prior to making the transfers. I made the transfers out of ALLY invest which had very poor customer service to the new brokerage and have been extremely happy with the new home.
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