Update 2/28/24: This deal from 2019 is back again now in 2024 (ht reader Vita-GJ)
The Offer
- Schwab brokerage has a bonus offer of up to $2,500 for new or existing customers who transfer over funds to the brokerage within 45 days of enrollment/opening.
New customers can signup on the landing page. Existing customers should call 800-503-3307 or visit the nearest branch to enroll. Here are the bonus tiers:
- $200 bonus for $50,000–$99,999 deposit
- $300 bonus for $100,000–$249,999 deposit
- $600 bonus for $250,000–$499,999 deposit
- $1,200 bonus for $500,000–$999,999 deposit
- $2,500 bonus for $1,000,000+ deposit
The Fine Print
- Reader icemule1 was told that this $2,500 bonus offer is intended to run through November 18, 2019, though it may end sooner.
- If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc. (“Schwab”), Charles Schwab Bank (“Schwab Bank”), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern within the timeframes described below. Two kinds of “Fees” are eligible for this guarantee: (1) Program Fees” for the Schwab Private Client (“SPC”), Schwab Managed Portfolios (“SMP”), Schwab Intelligent Portfolios Premium (“SIP Premium”), and Managed Account Connection (“Connection”) investment advisory services sponsored by Schwab (together, the “Participating Services”); and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors (“Account Fees”) or the Charles Schwab Bank Pricing Guide. Program Fee refund requests must be received no later than the next calendar quarter after the Fee was charged. Account Fee refund requests must be received within one year of the date that the Fee was charged. The guarantee does not cover Program Fees for accounts managed by investment advisors who are not affiliated with Schwab or managed by Schwab‐affiliated advisors outside of the SPC, SMP, SIP Premium and Connection services. The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
- Offer valid for Charles Schwab & Co. (“Schwab”) clients who make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrollment. 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 Cash Bonus Award will be credited to the enrolled account within approximately one week.
- For taxable accounts, excluding accounts pledged to Charles Schwab Bank, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the Cash Bonus Award.
- Schwab reserves the right to change the offer terms or terminate the offer at any time without notice and may decline requests to enroll in the offer at its discretion.
- The offer 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 cash bonus, 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.
- The 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 Cash 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
This offer works even for for those with an existing Schwab account, just be sure to call in and have the promo added to your account. If you are new to Schwab, you can just sign up at the direct link and it’ll be added automatically. Remember that you need to leave the funds there for a full year, else the bonus could be clawed back.
There’s a separate referral bonus for new Schwab members of up to $500. (I’m sure that offer won’t stack with this one.) That offer is better for the lower tiers while this offer is better for someone who wants to transfer $250k+. More notably, this offer works even for existing Schwab brokerage customers. We’ll add this to our list of Best Brokerage Bonuses.
As an added bonus, reader icemule1 tells us that Schwab reimburses the fees charged by other brokerages to transfer the investments over, although they don’t advertise this benefit. I assume you need to call in to get that reimbursement; probably worth calling in beforehand to verify with a broker.
Hat tip to reader icemule1
Related:
- Charles Schwab To Remove Commission On Stocks, ETFs & Options
- Charles Schwab Referral Bonus Up To $500
- Best Brokerage Bonuses – Earn Up To $3,500
- Opening a Schwab Brokerage, Checking, and Amex Platinum Credit Card before Year’s End
Deal History:
- Update 10/9/19: Reader icemule1 was told that this $2,500 bonus offer was intended to run through November 18, 2019, but due to high demand it will likely be terminated next week.
The bonus posted for me. I enrolled on phone 2/21, email 2/22 said deposit by 4/8. On 4/9 I got an email saying I’d get the bonus, and on 4/10 I saw the bonus (dated 4/9, so 48 days after I called).
I get a confirmation that I am enrolled with the reward, but the account number doesnot match to the new rollover IRA account that I created. (it is with my non IRA account) and I inquire again today with Schwab representive, she inform me that my account is enrolled. So hopefully that won’t be a problem at the end. (I get it in writing in an email). Any one else have a similar issue. Also if I have mutiple account, IRA and non IRA, I am wondering if I move some money into IRA and some to non IRA will that be combined to get me into the next level or it is account by account
dead
https://www.doctorofcredit.com/schwab-brokerage-bonus-up-to-2500-valid-for-existing-customers-public-offer/#comment-1805620
Chuck I think this deal may be dead. Link now goes to Schwab home page. Is there a new link?
I just wanted to share a DP that Schwab will match other brokerage bonuses. I got a call while setting up my Solo 401k and the rep mentioned this bonus. I thanked him and told him I was planning on doing a better bonus at a competitor. He asked me for the terms – I provided Citi Personal Wealth Management and the rep requested the promotions dept to match it. After a couple of days in review, I got an email with a confirmation matching Citi’s bonus level.
Where it got a little more complicated was that Schwab requires a 1 year hold whereas Citi only ends up being a 1 month hold period.
Similar here. I called to request a match and shared them the details of the competing offers at Citi, Chase and Wells. They are offering my a match at $2000 instead of their $1200 level. Not bad.
Can this be churned?
This bonus is also for existing customers so presumably you can do it again in the future.
This offer looks to be dead already and it previously went away for years, so who knows.
I currently have schwab brokerage account and roth IRA, and thinking of openning a IRA account and move my 401k to it to take advantage of the offer, so do I use the direct link to open the IRA account or I have to call schwab to add the code to my account
I took out $250k last year for the wells fargo bonus. Anyone know if this would trigger if I bring the $250k back into schwab? I’m thinking it would if I move it to a different bank.
Did the same thing, I’d like to know this as well.
Same here for me. Waiting on WF bonus to hit as well. Then will move back to Schwab as well as an IRA from ML to increase the amount I qualify for in the Schwab bonus.
I was told that this is available for trust accounts.
Chatted and was told this offer will run until 3/31.
Thank you for sharing this info. I was planning to check when this was available until.
dang