Dozens of banks and credit unions lure new business with account-opening promotions. Some reward first-time customers with bonuses worth hundreds of dollars just for opening an account and making qualifying deposits. The best land on our regularly updated roundup of the top new bank account promotions. 10 Best New Brokerage Accounts
You’ve probably seen credit card issuers get in on the action too. Many of the best cash-back credit cards and travel reward cards come with irresistible welcome offers, the best of which rival the most generous new bank account promotions.
America’s top self-directed and managed investment platforms also offer impressive new-account bonuses. Top-tier new broking account promotions dwarf the leading bank and credit card promotions, promising thousands to new customers bringing substantial assets to the table.
Best New Broking Account Promotions: 10 Best New Brokerage Accounts
These are the best broking account promotions from North America’s top online stockbrokers for this month. All are subject to change, so check back often for updates.
Brokerage Account Bonus FAQs of 10 Best New Brokerage Accounts
Do you still have questions about the workings of broking bonuses? Are you seeking reassurance that you will receive your money? We have answers.
Can You Get a Bonus on an Existing Broking Account?
Probably not. It’s much more common to see bonus offers for new broking accounts. Moving funds or securities from an existing broking account is an annoying and possibly costly process, especially if you have to sell securities first. So brokerages use bonus offers to entice new clients to do something they might otherwise not bother with.
How Much Do You Need to Deposit to Get the Bonus?
It depends on the broking. Often, the answer is, “not much”. A few of the offers on this list have no minimum deposit or require only a token deposit, like $5.
Unfortunately, the best offers ask for a lot more. The best you should expect to do is to earn a bonus worth 1% of your qualifying deposit, but even that’s not guaranteed. A bonus worth 0.2% or 0.3% of the deposit still qualifies as a decent deal.
Do Broking Bonuses Expire?
Many do. The expiration date usually means the date by which you must open a new account to qualify, so work backward from there. Once the account is open, you’ll need to complete all qualifying activities within a certain period of time. You may also need to maintain a minimum balance beyond the qualifying activity deadline before you can officially receive your bonus.
Can You Get a Broking Bonus If You Have a Bank Account With the Same Company Already?
It depends on whether the bank and broking operate as independent companies or whether the bank account is housed within the brokerage account itself (as many cash management accounts are). If the latter, you might not qualify for the bonus. If the former, there’s a good chance you will, but always check the fine print to be sure.
What Does “New Money” Mean?
Most broking account bonuses require “new money” deposits that come from sources outside the broking firm, and in some cases, outside its parent company as well. So “new money” means any money that comes from another bank or financial institution. It doesn’t include funds transferred from another account you control at the same financial institution.
Final Word of 10 Best New Brokerage Accounts
If you’re a satisfied investor, you’d be forgiven for feeling no urgency to switch brokerages. Why fix something that’s not broken?
But the prospect of earning hundreds or thousands of dollars in broking bonuses is often reason enough.
Most of these brokerages take pains to ensure their new-account bonuses qualify as easy money. In many cases, moving assets to a newly opened account requires little more than completing an account application and authorising an electronic funds transfer or asset rollover, a process that’s quick and painless enough to complete in a spare 15 minutes.
Even if you’re not ready to take advantage of these broking account bonuses, it’s still beneficial to add a review of the top broking promotions to your due diligence checklist for when you’re ready to start investing on a new trading platform.
