IRA Promotion Offers
Opening a new retirement account or rolling an existing IRA to a new broker is a simple process, but there are many options and details to consider. Among the various considerations is how brokers reward you for your business.
With so many online brokers offering retirement accounts, competition within the industry has become quite fierce. Brokers are constantly trying to outdo one another.
Types of IRA Bonus Offers
Brokerage competition is excellent for investors, but it also means choosing between available offers is more complex. Here are a few things you can think about while comparing IRA promotions, bonuses, and incentives.
You’ll find promotions focused on reducing trading costs, rewarding traders for large deposits, reimbursing transfer fees, and even eliminating IRA fees. IRA account bonus offers are undoubtedly attractive. However, they do not all help investors in the same way. It is vital to select promotions designed to benefit you and your personal situation.
IRA Promotion Offers
While IRA promotions are always subject to change, here are some of the most popular IRA account
promotions right now:
IRA Deposit Bonus
IRA bonuses come in many forms, but the deposit bonus promotion is usually the most lucrative. Deposit bonuses come when new customers add money to their brokerage accounts. You can unlock these bonuses by transferring cash, securities, or a combination of the two.
Deposit bonuses range from a few dollars to several thousand and are usually distributed on a tiered system. The more you deposit, the larger your bonus gets. If you are rolling an IRA of considerable size, consider a broker with a higher ceiling on their deposit bonus.
IRA Referral Bonus
The referral bonus is similar in many ways to the deposit bonus. The broker rewards you when you sign up for and fund a new IRA account. Referral bonuses often come in the form of free stocks or cash, but they can also be reduced fees for services and memberships.
You must use a referrer’s link to sign up for a new IRA account to take advantage of the referral bonus.
Reduced Fee IRA Bonuses
Reduced fee bonuses are also interesting and can benefit investors in several ways. Brokers take differing approaches to reduced-fee bonuses, with some being more advantageous than others. In general, these bonuses attract investors who are already interested in the services being discounted. However, they can also serve as an introduction to tools you may come to like.
Selecting the Best Broker for Your IRA
In addition to choosing a broker based on its promotions and incentives, the broker you select should offer the features, products, and tools that meet your needs and expectations.
Choosing a broker that satisfies your investment style is essential, no matter what type of investor you are.
Investing in an IRA Account
When looking for the perfect broker to host your IRA, you’ll want to ensure that tools are available to enhance your experience.
Are you looking for features that enhance compound growth? Automated deposits, dividend reinvestment (DRIP), and securities lending might be good features to have. How about a hands-off approach? You might be looking for Robo-investing, auto-rebalancing, and managed portfolios.
Does a well-balanced, diversified portfolio help you achieve your goals? Fractional shares, international stocks, and a healthy selection of investible securities could be interesting features for you.
Perhaps you are more nuanced in your investing strategies. In that case, you may need highly leveraged products like futures to help you grow your retirement account more aggressively or protect yourself from bear markets.
Best IRA Promotions, Bonuses, and Incentives Summary
Selecting a broker to help you grow your nest egg can be an exciting process, but it also has many details to consider.
You want to find a broker you will be happy with for years to come, but you also want to benefit from the rewards and promotions brokers offer. We all know about the incredible power of compound growth in long-term accounts, and getting a nice boost when you open the account is certainly helpful.
If you find it challenging to narrow your choices to just one broker, remember that you can open several IRAs and different brokers. Doing so will allow you to take advantage of more bonus offers and access a more diverse range of brokerage tools and services. However, if you follow this approach, remember that contribution limits are per person, not per account.
Disclaimer
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Updated on 1/23/2023.
Ben Wright is an investor, a trader, an educator, and something of an explorer. He spends his days in the markets when he is not teaching or spending time with his family. Ben writes about stockbrokers, markets, investment vehicles, promotional offers, and tools that help investors make the most of their time in the markets.
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