401K Bonus Details
The following brokers are all highly rated and offer tools and services that help them stand out.
Firstrade
Rolling a 401(k) into Firstrade comes with many advantages, and the $250 transfer rebate promotion makes it even better.
Firstrade’s $250 bonus is designed to remove the costs associated with moving your existing 401(k) to Firstrade. Brokers charge outgoing account transfer fees that can sometimes be quite high, but it is doubtful that your broker would charge more than $250.
To use the bonus offer, you must share a copy of your brokerage statement with Firstrade once your account is open. The statement should show the ACATS fee, and Firstrade will pay you back for whatever you spent to get your IRA moved over.
Another requirement for using the bonus is maintaining an account balance of at least $2,500 for at least a year.
Reasons to Choose Firstrade
Firstrade is popular for many reasons.
One of the standout advantages of Firstrade is that it provides a diverse range of investment products, enabling portfolio customization to align with individual goals and strategies. Beyond stocks and ETFs, their extensive offerings include mutual funds, fixed-income products, Pink Sheets, and advanced options.
Another important feature is the low trading cost. Firstrade is a commission-free broker whose policy extends beyond stocks and ETFs. Many brokers that label themselves "commission-free" still charge fees for options contracts, mutual funds, and over-the-counter securities. Firstrade eliminates these types of fees.
Charles Schwab
Charles Schwab’s 401(k) rollover special pays new clients up to $1,000. All that is required to access
the bonus is to sign up for a new Charles Schwab account and make a deposit. The higher the deposit, the higher the reward (until you reach the $1,000 limit).
Schwab’s bonuses come in four sizes: $100, $300, $500, and $1,000. To unlock each bonus tier, you must deposit at least $25,000, $50,000, $100,000, and $500,000, respectively.
After determining a bonus size that you are happy with, you can lock it in by rolling your 401(k) into your new Schwab account within the first 45 days of the life of the account.
Reasons to Choose Charles Schwab
There are many reasons to consider Schwab for your 401(k). The company is very large and has a long history of providing reliable services to investors. Many services and tools are also available, like advanced trading platforms, market research, an extensive list of investment vehicles, and many different trading accounts.
Regarding pricing, Charles Schwab is a commission-free broker for stocks and ETFs. Additionally, there are no monthly fees, account minimums, or inactivity penalties to worry about.
Robinhood
Despite the broker's relatively young age, Robinhood’s IRAs are becoming increasingly popular thanks to its generous IRA match promotion.
The base promotion is a 1% contribution match, and it has a few exciting features. First, when the bonus is paid into the IRA, it does not count towards the contribution limit. Second, the bonus is not only applicable to IRA contributions. It also applies to IRA rollovers, including 401(k) plans. Finally, Robinhood doesn’t enforce an upper limit on how much you can earn. You can roll 401(k) plans of any size into Robinhood and receive an instant increase on your nest egg.
To take advantage of the larger promotion, Robinhood Gold members receive a 3% match bonus on all contributions and Rollovers. The only difference between the offer for standard users and Gold members is the size of the bonus. However, Robinhood Gold costs $5 per month, so make sure the premium membership doesn’t overshadow whatever you earn from your IRA bonus.
The terms and conditions of Robinhood’s offer are straightforward. The funds you use to unlock the 401(k) transfer bonus must stay in the account for at least five years.
Reasons to Choose Robinhood
Investors who value ease of use and simplicity without sacrificing control over their own investments can appreciate what Robinhood has to offer.
Robinhood offers access to stocks, ETFs, and advanced options trading. It also offers a convenient spending account and tools for cryptocurrency investing.
If you activate Robinhood Gold, using Robinhood is $5 per month. If you don’t decide to use it, Robinhood is one of the most budget-friendly platforms available.
Webull
Webull’s 401(k) rollover bonus is a promotion that awards free fractional shares.
If you deposit up to $499.99 within the 30-day promotional period, Webull will give you three fractional shares. Depositing $500 to $24,999.99 earns you twenty fractional shares. By depositing at least $25,000 into your Webull IRA account, you can unlock the largest offer of 75 fractional shares.
Each stock's value can range from $3 to $3000. If you deposit exactly $25,000 and each of the 75 fractional shares is worth $3, this would equate to a bonus of 0.9%. However, not all stocks will be valued at $3, so you can anticipate a healthy increase to your IRA with Webull's offer.
Reasons to Choose Webull
Like Robinhood, Webull has not been around as long as companies like Charles Schwab. However, that doesn’t mean it’s not a great option to consider. Webull provides investors with advanced charting tools and excellent mobile accessibility. The broker's platform setup also allows seamless integration across all the various platforms. This is very helpful for people who want the freedom of accessing their accounts from anywhere but don’t want to sacrifice the tools they need and use.
Updated on 9/2/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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