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Will anyone be taking Schwad up on Transfer deal ?
I just transferred my Vanguard taxable account to Schwab (considerably < $5M!). The transfer completed yesterday. Contacted Schwab last night because there were a few discrepancies. Vanguard may be responsible for these discrepancies. Need to contact Schwab later today to dig deeper...
Edit/Add: Vanguard did not transfer fractional shares for my ETF yesterday. It sold the fractional shares earlier today. The proceeds of the ETF sale plus residual cash equals the discrepancy amount.
I did (not for $5M - I wish!). Schwab told me that the higher bonus dollar amounts were for transfers from Fidelity but not from Vanguard. Was the offer you received for transfers from anywhere (or even better, from multiple sources combined)?
Since I had just closed my Vanguard accounts, I used Schwab as a replacement for Vanguard, not as a place in lieu of Fidelity, which I still use.
If the objective is to maximize bonus dollar value, one can use Merrill and/or E*Trade as additional receptacles for assets. With Merrill you can harvest another $1K bonus for a $250K transfer (any combo of sources) for up to two accounts (total $2K) - one taxable, one IRA. With E*Trade, you can get $5K for just $1.5M in assets, but this must be into a taxable account.
Robinhood offers 1% without a cap, so $50,000 for a $5m transfer with a 2y holding period. Stocks and ETFs, no mutual funds. Tempting, but I passed on it.
Robinhood offers 1% without a cap, so $50,000 for a $5m transfer with a 2y holding period. Stocks and ETFs, no mutual funds. Tempting, but I passed on it.
It also seems to have a separate 1% IRA match (I assume non-stackable) for transfers (as opposed to contributions which get a 3% match with Gold). But this 1% IRA match has a 5 year holding period. Hard to find the actual terms of this one, all I've got is this FAQ page. https://robinhood.com/us/en/support/articles/ira-match-faq/
Bottom line - between Robinhood's somewhat sketchy reputation and the fact that they don't carry OEFs or bonds, let alone anything more esoteric, I passed as well.
Here's how Schwab Investor Reward Plus works. Make a qualifying net deposit of cash or securities into an eligible account: Earn a cash bonus of: $50,000–$249,999__$300 $250,000–$499,999__ $600 $500,000–$999,999__ $1,200 $1,000,000–$4,999,999__$2,500 $5,000,000 or more__$6,000
Comments
The transfer completed yesterday.
Contacted Schwab last night because there were a few discrepancies.
Vanguard may be responsible for these discrepancies.
Need to contact Schwab later today to dig deeper...Edit/Add:
Vanguard did not transfer fractional shares for my ETF yesterday.
It sold the fractional shares earlier today.
The proceeds of the ETF sale plus residual cash equals the discrepancy amount.
Vanguardan unloved brokerage. I could use another $6K this year.Since I had just closed my Vanguard accounts, I used Schwab as a replacement for Vanguard, not as a place in lieu of Fidelity, which I still use.
If the objective is to maximize bonus dollar value, one can use Merrill and/or E*Trade as additional receptacles for assets. With Merrill you can harvest another $1K bonus for a $250K transfer (any combo of sources) for up to two accounts (total $2K) - one taxable, one IRA. With E*Trade, you can get $5K for just $1.5M in assets, but this must be into a taxable account.
Holding periods are different with each promotion. Schwab requires assets to remain for a year, Merrill 90 days, and E*Trade 6 months.
https://www.merrilledge.com/offers/pr1000
https://us.etrade.com/what-we-offer/how-it-works/promo
Just be careful about keeping the assets there long enough. That's something you don't have to worry about until well after you have recovered.
https://go.robinhood.com/acats
https://robinhood.com/us/en/support/articles/robinhood-gold-deposit-boost/
It announced this new feature in March, and the match recently went live.
It also seems to have a separate 1% IRA match (I assume non-stackable) for transfers (as opposed to contributions which get a 3% match with Gold). But this 1% IRA match has a 5 year holding period. Hard to find the actual terms of this one, all I've got is this FAQ page.
https://robinhood.com/us/en/support/articles/ira-match-faq/
Bottom line - between Robinhood's somewhat sketchy reputation and the fact that they don't carry OEFs or bonds, let alone anything more esoteric, I passed as well.
Can you summarize the Schwab offer brackets? I’d be interested to see if my Schwab rep would match even though I didn’t get the email. Thx.
Here's how Schwab Investor Reward Plus works.
Make a qualifying net deposit of cash or securities into an eligible account:
Earn a cash bonus of:
$50,000–$249,999__$300
$250,000–$499,999__ $600
$500,000–$999,999__ $1,200
$1,000,000–$4,999,999__$2,500
$5,000,000 or more__$6,000