Charles Schwab Referral Bonus Up To $500

Update: Now a soft pull

The Offer

Direct link to offer (this just shows you the offer details. You can’t sign up using this link otherwise you won’t get the bonus. You need to use a referral link)

  • Charles Schwab is offering a referral bonus of up to $500 when you’re referred by a friend with a Charles Schwab account and open a new eligible account. The bonus you receive depends on your net deposit (this must be maintained for one year, minus any market losses):
    • Deposit $1,000-$24,999 and get a $100 bonus
    • Deposit $25,000-$49,999 and get a $200 bonus
    • Deposit $50,000-$99,999 and get a $300 bonus
    • Deposit $100,000 and get a $500 bonus

The Fine Print

  • Offer valid for referred individuals who do not currently have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account) and who open and make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrolling in the offer.
  • Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab.
  • Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded.
  • Net deposits will be calculated as of the 45th day after enrollment, and the bonus award will be credited to the enrolled account within approximately one week.
  • For taxable accounts, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the bonus award.
  • Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.
  • This offer is limited to one per account, with no more than one account enrolled per client.
  • It does not apply to accounts managed by independent investment advisors, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, or education savings accounts.
  • The bonus award, when combined with the value received from all other offers in the last 12 months, may not exceed $5,000 per household, as defined in the Charles Schwab Pricing Guide for Individual Investors.
  • This offer is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents only.
  • Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; their spouses; and employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply.
  • Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt before enrolling. Any related taxes are your responsibility. For taxable accounts, the bonus award will be reported on your Form 1099-INT. IRS guidance may impact your ability to make more than one IRA-to-IRA rollover in a one-year period.

Our Verdict

Previously the bonus was $100, but didn’t have a deposit requirement. Looks like both the checking account and brokerage account are eligible for this offer, opening either account is a hard pull on your credit report but both of the accounts are useful for different reasons (and you can open both and only one hard pull will be done).

Keep in mind you actually need to be referred for this offer, previously it wasn’t required but they are verifying you are verified these days so keep that in mind. The person who refers you doesn’t get anything, so it can be difficult to find somebody to refer you. I’ll add this to our list of the best brokerage bonuses due to the new tiered payout structure.

Do not request a referral in the comments below. You can request a referral in this dedicated thread. 

Hat tip to YCX, nathan, and Tom

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marauder
marauder

7/2 account opened with real friend’s referral code
7/3 schwab login service down literally all day. how did this not make the news or anywhere on the charles schwab social media?
7/4 couldn’t log in, called schwab, told my account was closed because of too many chex inquiries and to apply again later. this is extremely unprofessional and I received zero notification from them and I am still getting emails telling me to transfer in money to make sure I get my bonus.

what a way to build a business relationship with someone who actually wanted to invest and was waiting for their promo to come back.

Don
Don

Opened combined checking/brokerage a couple months ago.
Checking shut down due to chex the next day and brokerage followed due to ‘business decisions.’

Can I open JUST the brokerage (avoiding chex) and expect to not get shut down again?
The irony is I am trying to move my sizeable brokerage here for the long term but they seem unwilling to take my money.

CRog
CRog

Yes, they are ruthless about chex. I had the misfortune of applying for the checking account when I’d already had an existing brokerage with them. They denied the checking account based on chex AND automatically closed the brokerage I already had (put it in suspended mode so I could only withdraw my funds)

Kona
Kona

Opened brokerage today, no hard pull so far. Went back to open and link a checking account right after too because I realized I didn’t do the dual brokerage/checking initially, when what I really wanted was their checking account lol. Can’t transfer funds to checking yet. Will see if they close me in a few days due to Chex… I hope not…

Sam
Sam

anyone had their bonus clawed back if they reduced the amount in their account before the 12 month mark?

Sam
Sam

Don’t I still get the “Great News Friend Referred You” screen when I click https://www.schwab.com/public/schwab/nn/refer-prospect.html

Gadget - Bank Bonus Geek

That link does not have a referral code attached… so if you use it, they will call you and ask for that info.

Game of Federal Reverse
Game of Federal Reverse

Can you please clarify? I want to signup but I don’t have a referral code. So when they call what do I say? There is no way to signup for an account without the referral code and where do I get one if I don’t know a friend who has a Schwab account? Also, on the top of the page DOC writes – “You can’t sign up using this link otherwise you won’t get the bonus”? So, what does that mean – if I don’t use that page, then which page do I use? Thanks for your time.

Gadget - Bank Bonus Geek

On the very last line of the DoC article above, it says go here: https://www.doctorofcredit.com/how-to-get-a-schwab-referral-referral-request-go-here/

When you get a real referral link, it has a code on it. If you use that generic link, they are going to call you and ask who referred you. If you use a real referral link, they won’t need to ask.

Sam F.
Sam F.

Since hard pulls seem to have been suspended for Schwab, I opened a checking and brokerage account via someone’s referal link. Checking the terms to see where need to put my money, I see this but don’t understand what a “Schwab One” account is? Is that my new brokerage account??

“Does a stand-alone Schwab Bank High Yield Investor Checking® account qualify for the offer?
No. Schwab Bank High Yield Investor Checking® accounts qualify only when combined with Schwab One® accounts. Additionally, you must make a qualifying net deposit in a Schwab One® account.”

ETA: A little Googling and I am pretty sure the brokerage account is the “Schwab One” account. Stupid question, but how do I move money into the brokerage account? It’s not like a checking/savings with a routing number, I assume.

Sam F.
Sam F.

Figured it out: Transfer by linking an external account and pull from the Schwab side.

Richard
Richard

Received email today saying I earned the $100.00 referral bonus which will be paid within 7 days. Guess I do not get a bonus on the checking account. Well, gave it a shot.

hahasound
hahasound

Question about verbiage when it says “. The bonus you receive depends on your net deposit (this must be maintained for one year, minus any market losses):”. To clarify, if I were to deposit 100,000 and my investment fall below 100,000 during the 45 day period then I won’t get the bonus $500?

Too much of heaven
Too much of heaven

I’m pretty sure market movements aren’t considered. It’s the total amount that is transferred in that they’ll use to determine what you’re bonus is.

TomJ
TomJ

Will this work when you TRANSFER a RothIRA from other FI to Schwab ?

Too much of heaven
Too much of heaven

Yes. I just transferred two Roths to Schwab and the rep called me to confirm that both were enrolled in the bonus. The Roths are for two people using the same referral link.

tribesman55
tribesman55

If I already have a Schwab brokerage account can I just open another one and do this offer?