Update 12/11/21: Added new $1,000 bonus tier with $500,000 deposit. Hat tip to reader Parts Unknown
Update 3/31/21: Requirements for the $100 bonus are now the same as they were for the $200 bonus and the $200 bonus has been removed entirely. Disappointing to see as it makes the offer far worse.
The Offer
Direct link to offer (READ CAREFULLY: 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 $25,000-$49,999 and get a $100 bonus
- Deposit $50,000-$99,999 and get a $300 bonus
- Deposit $100,000-$499,999 and get a $500 bonus
- Deposit $500,000 and get a $1,000 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- Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab.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).
- Opening the brokerage account makes you eligible for the Charles Schwab American Express cards.
- The checking account refunds all ATM fees (including international withdrawals) and does not charge any forex fees making it a great option for overseas travel.
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
Update: Now a soft pull
Schwab rep told me both this bonus and the other “investor rewards” bonus are not eligible for their 401k accounts.
Would you qualify for this bonus if you only want to use a Charles Schwab account to buy t-bills?
It doesn’t matter what you choose to invest in.
I signed-up for the checking/brokerage account Friday. The brokerage account was up and running in a few hours. Saturday, I received a call from a Schwab rep. Very nice and really just conversation. Yeah, a little inquisitive, but not offensive and really expected. Yesterday, yeah on a Sunday, checking account is up and running. Thus far no hard pulls and I’ve check all three and normally I get an email if I cough towards my credit.
My primary reason is getting the Amex card so I eliminate my Amex business platinum and still get a penny plus on my points if and when I never use them all. Personal platinum I can justify with the coupon book, business no so much. How much Dell stuff can one get? Now let’s see if the Amex Schwab card gets an approval and yes I know, no SUB.
Sensitive to Chexsystems for the Schwab checking account (checking account is required for some of the brokerage accounts). I tried to open a checking account and it was declined, despite already being a schwab customer. The reason given was my chexsystems report. There is no negative history on my chexsystems report, but it does show that I had 5 other bank inquiries in the past 2 months.
Similar experience.
I opened a Roth IRA. A few days later I applied for checking and taxable brokerage. The brokerage account was opened immediately. A few days later I received notification that the checking account was declined, and the same day they closed the taxable brokerage account!
The Roth IRA was unaffected. It’s still open and I am initiating a transfer from another Roth IRA for their transfer promotion.
I opened Charles Invest and Checking. After a few days, I suddenly couldn’t log in. I called and was told that my account had been closed. It says there is negative information on chex. I checked chex and it is normal and charlers did not pull. What is going on? Thanks.
I believe if you just open the brokerage account, Charles Schwab does not pull Chex; however, they pull Chex if you open the checking account. You may want to check the end of the Inquiries Viewed By Others section in your Chex report, as December inquires for whatever reasons tend to appear towards the end of your report.
Eason
If you just want a debit card with global ATM fee reimbursements, there is no need to open the checking, see here: https://www.doctorofcredit.com/charles-schwab-referral-bonus-up-to-500/#comment-1365923
Got it，Thanks very much.
So could I reopen again latter？Thanks.
I do not know, but I assume you should be able to open just the brokerage later.
Eason
if you have a schwab one account (with their $101 promo), are you eligible for the regular brokerage account referral bonus, or does this count as an existing customer?
They’re denying me because they are counting my TD Ameritrade account from 9 years ago as a Schwab account. Ridiculous.
I need a schwab referral, please
There is a dedicated page for requesting a Schwab referral.
https://www.doctorofcredit.com/how-to-get-a-schwab-referral-referral-request-go-here/
Thanks, and done!
Hi Gadget:
Is this referral offer still available? if so, Can i just open a checking account?
After fund deposit do I need keep fund for bonus post in account or can move out after few days? Should I go to your website to get referral code? Thanks!
Yes, the offer is still available. It’s a brokerage offer. AFAIK, there is no bonus offer for the checking account.
Terms are not very clear on how long to leave the funds. You have 45 days to get it there, and then I would leave in place until the bonus posts.
The checking account is not recommended. They are Chex-inquiry sensitive – if you open the brokerage and the checking at the same time, they have been known to close both accounts if they don’t like your Chex activity. If you only open the brokerage, they don’t pull Chex. Also, the checking account is mostly useless as a fake “Direct Deposit” for other bank bonuses as their transfers typically present as P2P.
The brokerage account has many of the same features of a checking account, with check writing and a debit card. No bill pay, IIRC.
No offense, I don’t care where you get your ref code… there is no incentive for me. I am just giving you my opinion. They send me Thank You cards, with not even so much as a coupon for a coffee or bubble gum. Waste of paper and postage.
Gadget, Thank you very much.
I just understand from your message the people use Charles Schwab for fake DD is from brokerage account. I believe I have one from TD transfer there.
Does anyone have a recent 2023 datapoint on the bonus working for current TDAmeritrade clients? I ask cos Schwab bought TDAmeritrade and some TD accounts have started the conversion to Schwab. Mine has been converted over yet … wondering if its too late.
I had an account with TD ameritrade a few months back in March and recently opened Schwab about a month ago in late May. I still haven’t received my bonus for the Schwab starter kit, but I talk to support and they said they put in a ticket for me to get the bonus and I’m waiting for it to be resolved. Long story short, if you have a open TD ameritrade account and then decide to open up a Schwab account, without talking to support you will most likely not qualify as it seems they count you as an existing customer. Ill update you to let you know if I get the bonus.
Thanks for the datapoint. I guess I’ll pass on this, better to focus on ones I can qualify for eh 🙂
I might have made a mistake were you talking about the Schwab starter kit bonus where you deposit 50 and get 101, or the referral bonus? I was referring to the Schwab starter kit 101 bonus.
I was asking about the larger bonus but no problem at all. If it won’t work for a $101 bonus then I suspect it wouldn’t for the larger amounts. Thank you for the feedback
I opened a td Ameritrade account on 4/25 and received their promo bonus for transferring assets on 5/10.
I opened the Schwab 101 starter kit on 5/10 and received the bonus on 5/16
This is good news … Thanks for the feedback. I might try the starter kit, decided to go with another broker to guarantee the higher bonus. When that’s done, I might circle back.
If my husband opens a new brokerage account with this starter kit for $101, can he then fund it with more than $5000 to use their Intelligent Portfolios feature?