Posted by William Charles on September 6, 2019
Brokerage Bonuses

Published on September 6th, 2019 | by William Charles

79

Charles Schwab Referral Bonus Up To $500

The Offer

Direct link to offer

  • 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  • Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab.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.

Hat tip to YCX, nathan, and Tom



79
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Madeline Alright
Madeline Alright

I only have the Schwab checking account, does anyone know whether I’m eligible for this brokerage bonus?

artgriego
artgriego

you have to open brokerage when opening checking, or did you somehow slip through?

Danh
Danh

Please remove comment as I got answer.

Barnals
Barnals

Is there a post that has people’s referral links in the comments? Looking to sign up and don’t have a link.

Chuck

It’s not a good idea to use a link from the web since Schwab has recently been cracking down and asking for identifying details of the friend. It’s possible that will be the case with this new offer as well. Find a friend to refer you.

GL
GL

Can someone refer me please? 🙂

tennismenace3
tennismenace3

I will refer you. Send me an email. ctmcd1@yahoo.com

Chris
Chris

Can you refer me too!

kevin
kevin

I can refer you, trsk.com@gmail.com

Mike Scott
Mike Scott

I would also like a referral please! Mike

Nil
Nil

I can refer you. Pls send email to crazy.copy@yahoo.com

Samus
Samus

I sent you an e-mail and didn’t get any reply

kevin
kevin

Samus I can refer you, trsk.com@gmail.com

JuicyJosh

Please correct if I’m wrong. The bank account is Chex sensitive but the brokerage is not? If you open both, do they potentially close only checking or both?

Dmitry Radinsky
Dmitry Radinsky

Could someone refer me also please? Thanks in advance!

Gadget 🕵️

I believe the brokerage cash management acct has all the benefits of the checking, no Chex pull, but no FDIC insurance. I didn’t do a checking acct. EQ HP was done… Took a couple days to pop on CK.

If anyone wants a referral, I have a link on my webpage (just click my name above). GL!

SOZ
SOZ

TVM.

el_pistolero
el_pistolero

JuicyJosh They will close both accounts. See my post above.
I am planning to apply just for the brokerage account this time tho. Looking for a few data points on my post above.

lilurbanachiever
lilurbanachiever

Ugh, opened an account just a month ago. Got the $100 referral bonus with no issues. But $500 would’ve been nicer, obviously. Hmm, might have to call them to see if they match(.

Stephanie
Stephanie

They do match. But you have to deposit the required amount first, then call. The bonus offer is new and I was lucky to get a well informed rep. He said not everyone has dealt with this that much yet. He was able to match the offer in our account with no problem.

sam
sam

any reason we cant close current brokerage/checking and reopen as part of this promotion?

Debit
Debit

Most of their bonuses are once in a lifetime. Call them first before going through the process.

Schwek
Schwek

If someone needs a referral, send me an email at: sanilas.misc@gmail.com

Martin
Martin

“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.”

This makes the bonus more difficult than the previous $100 offer with no balance requirement, which only requires keeping the account open for a year.

John
John

So probably not worth it if you have to maintain at least 100K in their checking account for at least a year (to earn $500). You earn at least 4 times for the year if you put that 100K in a high yield saving account giving at least 2% APY.

Steve

That’s why you leave the money in the brokerage account (in whatever assets you want), not in the checking account.

Snorlax
Snorlax

You don’t put it in a checking account, you put it in a brokerage account.

Savingwizard
Savingwizard

For Charles Schwab, if you find a better offer, you can normally call your local office to get the offer matched. I once got them matched 1k for 20k deposit offer from Tdameritrade.

Steve

Did they match it for adding money to an existing Schwab account, or did you not have any Schwab account at the time? (Also, 1k for 20k sounds unlikely; did you mean 200k?)

I tried a month ago as an existing Schwab user to get a bonus for adding more money, but they wouldn’t give me anything except free trades (or a free round of golf). They did at least reimburse the ACAT fee charged by the sending brokerage.

savingwizard
savingwizard

Sorry, I mean 200k and never got the bonus before.

sa13doc
sa13doc

so question, if I make the total deposit on day 40 and withdraw on day 50. Do i qualify for the bonus? or 45days from the deposit date?

Piotr
Piotr

If anyone would like a referral, my email is piotrpie92@gmail.com. Thank you!

VG
VG

Can you refer me pls – vgtest1980@gmail.com

OffRoad
OffRoad

From the T&C:
“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.”

I am planning to open a checking account. Does it mean I don’t need to keep the fund for a year, and can withdraw after the 45th day(the day they record and post bonus)? Since checking account is from the bank and not the brokerage, it shouldn’t count as ‘taxable accounts’?

sam
sam

why would you think a checking account is not taxable? you owe taxes on any interest. non-taxable would be IRA

Azurik
Azurik

I’ll take one too please 🙂

Back to Top ↑