Update 3/2/22: The $10k/$500 deal is expired. New deal is for $200 in stock with $2,000 deposit. Direct Link (ht Jon)
Update 1/3/22: Deal has been extended through 2/28/22. New promo code is: OPEN_NOW_2022.
Update 12/9/21: Readers tell us that this offer stacks with the Tastyworks referral program which offers a bonus for the referrer (details here); no added bonus for the new member. You need to call in after signing up with the below offer to get the referrer their credit. We won’t be creating a referral post for this, but if you have friends who are doing the bonus this is a nice referrer bonus which they value at up to $100 per referral, see details here. I don’t know how long after signup you can add the referral bonus. Again, NO REFERRALS IN THE COMMENTS BELOW.
The Offer
Direct link to offer | New link
- Tastyworks is offering a bonus of $500 bonus when you open a new non-IRA Tastyworks account and fund the account with $10,000 or more.
The Fine Print
- The 2021 Give Me 5 Promotion begins at 12:00am CST on 09/22/2021 and ends at 11:59pm CST on 12/31/2021 (the “Promotional Period”). Sponsor’s computer is the official clock for the Promotion.
- The Give Me 5 Promotion offer is available to all approved new customers (as determined by tax ID) who are legal U.S. residents or residents of Australia, and are ages 18+ as of date of participation (a “Qualified Customer”). The Promotion offer is valid on new eligible tastyworks brokerage accounts opened during the Promotional Period and funded with $10,000.00 USD by 11:59pm CST on 12/31/21 (a “Qualified Account”). IRA and Trust accounts are not eligible for the Promotion.
- A cash deposit of $500.00 USD will be posted to the Qualified Customer’s Qualified Account approximately one (1) week from the time the initial funding amount of at least $10,000.00 USD has settled and is reflected in the Qualified Account’s Net Liquidating balance.
- In order to be eligible for this Promotion, the Referral Code of “GIVE_ME_FIVE_2021” is required to be entered in the REFERRAL CODE FIELD when applying for an eligible account. Sponsor’s system records are the official determination of an eligible account’s open date. Funds must remain in the account (minus any trading losses) for a minimum of three (3) months or the cash credit(s) may be surrendered.
- Offer is not valid for internal transfers. The offer is not transferable, saleable, or valid in combination with certain other offers. This Promotion offer is not valid for existing tastyworks customers, customers who have a funded brokerage account, or customers who previously had a funded brokerage account with tastyworks prior to the start of the Promotional Period (09/22/2021).
- New customers only
Our Verdict
This is a relatively easy brokerage bonus to complete. Even if you don’t do investing deals, this one could make sense like a simple bank bonus: transfer in $10,000 in cash, let it sit there for three months minimum, and you’ll get a $500 bonus.
There’s also an available bonus from Tastyworks to deposit $2,000 and get 100 shares (worth around $220). We’ll add this new one to our list of the best brokerage account bonuses as well.
Hat tip to readers CH and ShawntheShawn
Just an FYI, not sure I saw it in the comments. Not only do you have to leave the principal in, you also have to leave the $500 bonus in the account for (3) months. https://tastyworks.freshdesk.com/support/solutions/articles/43000641011-give-me-five-promo-faq My understanding is this is (3) months from bonus deposit, but double-check.
Also, they appear to use Equifax for the out-of-wallet questions, so if you are frozen with Equifax, you may want to unfreeze that for a better chance of not having to authenticate by uploading documents. Then, re-freeze Equifax.
All 3 of my reports are frozen and I didn’t have any problems with security questions, but they did ask me to upload my ID.
I unfroze equifax during signup (for 2 days) and a week later they still had not approved the application and I emailed them and they told me to unfreeze equifax or send DL & SSN Card
I forgot about this and all my CRs were frozen. I was asked to upload my DL, My SSN card and then my passport copy.
I told them if having a CRS unfrozen is important to you, make it very clear before we submit the application instead of the PITA later about uploading documents. I don’t think they cared about my feedback.
Is it a hard pull?
no, its an ID request
Does this mean that after the initial $10k is in the account for 90 days and the $500 bonus has posted I can pull the $10k out and leave just the $500 in for another 90 days, or does $10k + $500 need to stay in for what is a combined 6 months?
Waiting for the answer to this. Leaving $10k in for 6 months changes the math for me.
Why would you have to leave in 6 months? The bonus posts quickly after deposit.
From deal details above:
“A cash deposit of $500.00 USD will be posted to the Qualified Customer’s Qualified Account approximately one (1) week from the time the initial funding amount of at least $10,000.00 USD has settled and is reflected in the Qualified Account’s Net Liquidating balance.”
From Data point below:
“Lightning fast bonus posted the next day.
12-30-21 Applied and used the application form to link checking account during application. ACH pulled $10,001.00 from Etrade Checking account to TW.
12-31-21 $500 bonus posted.”
.
No, only 90 days from the moment the funds posted to the account, after 91 days or more you can withdraw the whole $10500
Here is a quote directly from them :”The initial funding minimum amount of $2,000 USD for the $200 USD Award or $10,000 USD for the $500 USD Award cannot be withdrawn from the Qualified Account for a minimum of three (3) months or the applicable cash credit will be surrendered.”
What is the 6 months are you referring to? Or are you thinking the bonus does not pay until 3 months? When I did this the bonus paid in 2 days, so effectively just 92 day hold for the $10k.
You have to keep the initial 10k + $500 bonus in the account together for 90 days
Bonus updated, really good deal for $1m+
DP – Bonus-earning and account-closing data points:
– 11/29/2021 – Account (Brokerage) opened online
– 12/6/2021 – $10,100 transferred in
– 12/8/2021 – $500 bonus deposited into account
– 12/30/2022 – Requested that account be closed (via email). Closure reply received within an hour, but still showed as “Funded” on site.
– 12/31/2022 – Account showed as “Closed”
,
New Promotion for those unaware:
https://info.tastyworks.com/tasty-offer
$100 : For a deposit of $5,000 – $24,999
$500 : For a deposit of $25,000 – $99,999
$2,000 : For a deposit of $100,000+
(The Promotion begins at 12:00am CT on 09/12/2022 and ends at 11:59pm CT on 03/31/2023 (the “Promotional Period”).)
Conclusion:
Better Offer if you have a lot more money ($25,000 and above)
Everything else is debatable when compared to previous offers.
Previous offer was around $200 for $2,000 in deposits I think
And there was also the $500 for $10,000 in deposits I think?
https://www.doctorofcredit.com/tastyworks-brokerage-bonus-fund-with-2000-earn-200-bonus/
12/23/21 Opened
12/21/22 Closed by phone
Close the $0 balance account? Keep it open?
Got the $500 bonus on Feb 26th. When can I withdraw the full $10.5K ? 3 months or 6 months from Feb 26th?
1/24 Funded $10000
1/26 Received $500 bonus
4/26 Withdrew full amount
P1, opened mid 12/2021, funded 10k at the end of 12/2021, bonus posted 2 days later. Transfer is greyed out until 3 months from bonus post date and needed ID verification to transfer out. Then emailed to close.
P2, opened end of 12/2021, funded beginning of 1/2022, bonus posted 3 biz days later. Transfer 1 day after 3 months from bonus post date when the button automatically became available. Then emailed to close.
Anybody received 1099 on the bonus?
No 1099 for last year’s $500 bonus.
Same here