Deal has now ended, view more brokerage bonuses by clicking here
The Offer
- Tastyworks is offering a bonus of $250 bonus when you transfer a new non-IRA tastyworks account with $5,000 USD or more to Tastyworks. They will also pay transfer fees up to $100
The Fine Print
- Offer valid on new tastyworks non-retirement brokerage accounts opened by 12/31/2019 (“Qualifying Receiving Account”) and funded via Automated Customer Account Transfer (“ACAT”) within ninety (90) days from the account open date with a Net Liquidating Value of $5,000.00 USD or more at the time of ACAT settlement. Sponsor’s system records are the official determination of the Qualifying Receiving Account’s open date. Once the ACAT has settled with a minimum Net Liquidating Value of $5,000, a cash deposit of $250.00 USD will be posted to the Qualifying Receiving Account within thirty (30) business days. Offer is not valid for internal transfers.
- Qualifying Receiving Accounts can receive a cash rebate up to $100.00 USD for ACAT fees charged by the delivering broker within 90 days of account opening date.
Our Verdict
Haven’t really heard of tastyworks before, but as far as brokerage bonuses goes this looks looks to be an easy one to complete. The bonus itself isn’t huge but the requirement of $5,000+ makes it much more achievable than some other brokerage deals.
Hat tip to reader Fred
Anyone get any kind of 1099?
I closed my acct, but I could still log into my acct. More recently they insisted on setting up 2FA, and I can’t do it (no smartphone) so I can’t see in the acct if there are 1099s, and I don’t know if they’ll mail anything.
These people are weirdos. Account has been closed for months and just received a padded envelope containing nothing but a tastyworks sticker and a button.
Each person in my household received their $250 from this promotion recently. We each had to contact the company to receive our bonuses. More hassle than I bargained for, but at least the company honored their promotion. We left our $5000 in the account until the bonus became withdrawable.
Not sure how much I will be using this brokerage account in the future, so I just went ahead and made a full withdrawal of all my funds in the account, plus the bonus. It would be nice if you could take advantage of multiple tastyworks bonuses, but I have not seen a positive DP for this quite yet.
Tastywork refused to pay the $250 promotional credit. I did the ACTA transfer of $5000 back in Feburary and have not received the credit. They said I needed to keep the $5000 for 90 days per their policy. I withdrew some of the money out in March. It is not in their term that I need to keep the money for 90 days. They stood strong for not paying it. What website can I go to for filing a complaint?
You can file a CFPB complaint.
As a tip, what I always do is leave the money in until I get the bonus, just in case.
I should have. But there were positive data points saying received the credit even after fund was withdrew. It seemed they usually paid within a month after the transfer. This is disappointing.
Tastywork is a member of FINRA. I cant find a brokerage option in CFPB. I will file in FINRA
Update: got an email saying they will post the $250 tomorrow after I emailed them saying I will file a complaint in FINRA. I was about to file but will see if the credit will be posted
We are in the same situation as you. I E-mailed them asking if if it was OK to withdraw the 5K after ACAT settled or if there was a hold requirement. I got two E-mail confirmations from two different agents that it was OK to withdraw the funds right away.
I withdrew the funds and was paid the $250 bonus after a few days. I told P2 that it was OK to withdraw funds, which P2 did. However, P2 didn’t get the bonus and E-mailed and called them asking why not. P2 was told that the funds needed to remain for 3 months (agent 1), 6 months (agent 2) or that funds needed to be in the account until bonus posted (agent 3) .
We E-mailed them my E-mails, where I had been informed that the funds could be withdrawn. We both got very nasty letters back from the CEO accusing us of trying to steal money from them and he closed both of our accounts. We can’t even withdraw the remaining funds in our accounts. P2 said that she would file a complaint with FINRA but got no response back.
P2 subsequently filled a complaint with FINRA that was forwarded to Tastyworks. P2 is now waiting for their response.
p.s. We had actually planned to invest with them after the volatility had calmed down. Not anymore of course. One of the worst companies we have ever dealt with!
They did post the bonus today and I am still waiting for the ACAT fee which they said they will post in a couple days. I used their app on Windows to trade last week. Comparing with Robinhood, it seems more complicated and has some sort of limitation on buying shares. I agree with you. I will probably transfer my fund back to CS once they post my ACAT fee after this incident. It was not a pleasant experience. I am sure FINRA will rule in your’s wife favor as they have violated the terms for not paying the bonus.
The Terms for the Tesla drawing states:
“All existing brokerage customers of tastyworks who have a funded account with at least a $2000 USD balance as of March 31, 2020, are eligible and will automatically receive one (1) entry into this Sweepstakes (“Entrant”).”
However, they now tell me that the $2000 has to be there on 3/31/20 to be eligible. Did anyone else inquire about this?
Edit:
Regarding the $250 Promo they stated that it is OK to withdraw the $5K before 3/31/20 and still get the $250. I assume that several people here withdrew the $5K before 3/31/20 and before the bonus posted?
I didn’t inquire, but assumed based on the terms that yes, you need an account with $2,000 plus on 3/31/2020.
That being said…don’t think any of us are going to win a Tesla….
There is also another promotion available, to earn real money trading 2 days with fake money.
They seem to offer a lot of promotions but yes, you need to have a funded account with them to take part.
For that fake money trading promotion, it says it’s for both new and existing customers. But based on the terms, it kinda sounds like even existing customers need to open another new account and fund it with $2000 (even if they have $2000 in an existing account)?
Negative.
From the promotion page you can login and register right there like I did. AFAIK there is no need to open an additional new account. You simply have to have an existing account for the promotion to be valid (either as a new user or existing one).
There helpdesk responds very quickly, so you can always email them for clarification, but it seems straight forward to me. I am waiting until next week, hoping the market overall is doing better before starting my 2 days of trading.
Looks like they have a new promotion, and it works for existing customers. Some kind of trading contest that appears to use a fictional account and trading activity?
Anyone else seen this?
https://challenge.tastyworks.com/?utm_source=RED&utm_medium=CUBE03&utm_campaign=TRADING_CHALLENGE
They force you to leave $0.01 in the account so you can’t get balance to zero.
How do you close account?
From their Help Center page:
“To close your account, you will need to liquidate all of your positions and withdrawal all your funds. After you have made the withdrawal and the funds have landed in your bank account, then send our accounts team an email at [email protected]. Please provide a reason for closing your account and include the account number in your email”.
Surprised they didn’t let you zero out the account since they tell you that’s what you need to do to close the account. Let us know what you find out when you contact them.
Thanks! I’ll wait a while, then email even if account’s not quite empty.
I had no issue zeroing out my account. I transferred out the $5k when the bonus posted, and then transferred out the full $250 bonus about a week later when the hold lifted.
I did what you did, but for some reason, I could not get that last cent. Apparently it’s not a universal problem, so I’ll just wait a while, then email.
That may explain why I’m only seeing 249.99 cash available for withdrawal, even though I have stock positions.
Okay, so it’s not just me. It’s weird they would hold back that last cent.
Same thing happened to me. I’m going to just let that one cent sit there and keep the account open since there are no inactivity fees, just in case they run any promotions later for current account holders.
If your bonus is not automatically posting, try chat. That’s what it took for us.
According to some comments posted below, there is a 5 business day hold on withdrawing the bonus. Mine posted today, so I figure I should be able to withdraw it by this time next week.
Let us know if/when you can withdraw it.
My bonus posted today 2/21
Mine too. I submitted the ACAT form on 1/19, and the ACAT posted 1/29. Bonus posted 2/20 but might not’ve shown up until today 2/21.