Charles Schwab Referral Bonus: $500 Refer a Friend Program

Charles Schwab friend referral bonus program offer code for recommended friend or family member to open new brokerage account or IRA in 2022

Charles Schwab Friend Referral Bonus

Schwab's Referral Offer rewards referred friends and family of Schwab clients with a Bonus Award for becoming a new Schwab client and making a qualifying net deposit. Only your friend will get a $100 bonus - you will not get it. If you want to be rewarded with free stocks valued up to $12,600 for referring clients to a brokerage, use a referral program from Webull instead.

Webull Promotion

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Charles Schwab Friend Referral Details

All rewards are paid out to qualifying clients about 1-2 weeks after the 45 day eligibility period ends, regardless of when you make the deposit (as long as it's in the first 45 days).

Two examples:

You sign up and enroll March 1st. Even though you make a qualifying deposit March 15th the promotion will "read" your net deposits at the 45 day mark (around April 15th), and process your award. Payment will be made 1-2 weeks after, around April 25th.

You sign up and enroll March 1st. You make a qualifying deposit on April 10th,the promotion will "read" your net deposits at the 45 day mark (around April 15th), and process your award. You award will be posted approximately April 25th.

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Charles Schwab Refer a Friend Program Disclaimer

A minimum deposit of $1000 is required to open most Schwab brokerage accounts.

New clients who do not have a Charles Schwab account, open an eligible retail brokerage account, and enroll in the refer a friend program offer can earn a $100 Referral Bonus Award. The Referral Bonus Award will be credited to the enrolled account within approximately one month of account open. For taxable accounts, the account must be maintained at Schwab for at least one year or Schwab may charge back the Friend Referral Bonus Award.

Charles Schwab Referral Bonus

Schwab reserves the right to change the refer a friend program offer terms or terminate the offer at any time without notice. The Schwab friend referral offer is limited to one per account, with no more than one account enrolled per client. The Schwab friend referral 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.

Charles Schwab Overview

The new account application for Charles Schwab is very frustrating. There are many unnecessary questions, such as drivers license information. Then there was a bug on the screen where a new user creates a password: it had two conflicting password requirements. It took five minutes of constant trying to get past that screen, and the result was one ridiculous, forced-on-us password to remember.

Three days after we verified deposits Schwab made into our bank account, we still had to call the broker to "activate" the account. When you transfer actual money from bank to the brokerage - let's say you start on Monday - the cash will become available for trading only on Friday.

When creating new account, Charles Schwab managed to hide the place for entering bank information to make ACH transfers very well: it's located on Account Features screen. It's called Schwab MoneyLink, and you must click on it to expand it. After entering your bank information you'll see the message: "Complete your MoneyLink enrollment. In about three days, you’ll receive an email with instructions to verify your deposit. Once enrolled, you can transfer money into your account." Three days later we received an email indicating that deposits Schwab made into our bank account were ready to be verified.

The Charles Schwab new account creation takes much too long and the process is entirely too complicated. Schwab can learn a lot from other brokers how to do it right.

If you prefer to speak to an agent over the phone, Schwab’s customer service hotline is 1-800-435-4000.

Charles Schwab customers can get access to StreetSmart Edge - an advanced yet easy to use trading platform that has charts, news, order entry, live data, options chains, as well as technical and fundamental research - all in a single window. With StreetSmart Edge trading from the order execution screen and the portfolio menu is well done. Modifying and canceling orders is fast and intuitive. Selling existing positions from the portfolio screen could be a little more convenient.

Schwab operates more branch locations than Fidelity. The broker has fewer mutual funds, but more no-load, no-transaction-fee funds. Many other features, including trading technology, customer service, options trading, and investment advice, are competitive.

A Schwab deposit account comes with checks and a Visa debit card free of charge. Even better, fees incurred at cash machines are paid for by Schwab.

Charles Schwab Funds

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Schwab has a lot more educational material than many of its rivals, including Ally Invest and Vanguard. Its advanced desktop platform is more user-friendly than TD Ameritrade's, and its network of branch locations is very large by industry standards. Novices will have a hard time finding a better firm than Schwab, although Merrill Edge and Fidelity do have good selections of learning materials.

The broker’s new commission schedule makes it evenly priced with TD Ameritrade and Firstrade who are also both at $0.

Charles Schwab maintenance fee is $0. Some brokers, such as Vanguard and Wellstrade, do charge an account maintenance fee in some cases.

Key Drawbacks

Beyond Schwab’s many zero-cost mutual funds, it charges a steep commission for transaction-fee funds: $49.95 upfront for a purchase transaction. This is more than double the commission that Merrill Edge, for example, charges ($19.95) while offering up its own set of no-fee mutual funds. As a result, dedicated mutual fund investors may find it more beneficial to seek other brokerages than Schwab.

Additionally, although it is possible to trade options on Schwab’s platform, more advanced and active options traders may find it more beneficial to use an options-driven solution.

Charles Schwab Referral Bonus Conclusion

Charles Schwab’s brokerage solution is a solid addition for investors who want a mix of research and accessibility. The platform has few barriers to entry, low commissions and fees (transaction-fee mutual funds excepted), strong guidance in the form of research and financial advice, and many opportunities for investors to maximize their returns overall.

Charles Schwab Refer a Friend Program Disclaimer

Charles Schwab referral bonus terms can change at any time without notice. For the most recent information on the Charles Schwab refer a friend program offer to open account visit their website.

About the Author
Arthur Chachuna is professional personal finance blogger, and the owner of Brokerage-Review.com. He has been an avid investor for 23 years, and has background in both applied math and programming.