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Earning passive income is an important part of planning for money goals including retirement. Whether you’re a seasoned investor or want to start investing, the best brokerage account bonuses can help you earn extra bonus cash. You can find a better online broker as well. Here are some of the best brokerage account bonuses to consider.

Rum drinks of some style beside the Caribbean Sea at Paradise Beach bar
The best brokerage account bonuses can help you earn extra bonus cash to enjoy relaxation. Rum drinks of some style beside the Caribbean Sea at Paradise Beach bar

TradeStation (Up to $5,000)

TradeStation is offering up to $5,000 in bonus cash into eligible brokerage and retirement accounts. You can deposit cash or securities within 45 days of account opening to qualify.

  • $5,000 cash reward with $5 million in qualifying assets
  • $3,500 cash reward with $2 million in qualifying assets
  • $2,500 cash reward with $1 million in qualifying assets
  • $1,200 cash reward with $500,000 in qualifying assets
  • $600 cash reward with $200,000 in qualifying assets
  • $300 cash reward with $100,000 in qualifying assets
  • $200 cash reward with $25,000 in qualifying assets
  • $50 cash reward with $5,000 in qualifying assets

New members will need to enter promo code CASHAFRV when opening an account. It appears that existing TradeStation members may qualify for this promotion after logging into their account.

Related: Can You Buy Stocks With A Credit Card?

E*TRADE (Up to $2,500)

E*TRADE is offering a valuable cash bonus that can be easier to earn than similar brokerage promotions. It’s possible to earn between $50 and $2,500 bonus cash.

  • $2,500 bonus cash: Deposit $1 million or more
  • $1,200 bonus cash: Deposit $500,000 to $999,999
  • $600 bonus cash: Deposit $250,000 to $499,999
  • $300 bonus cash: Deposit $100,000 to $249,999
  • $200 bonus cash: Deposit $25,000 to $99,999
  • $150 bonus cash: Deposit $20,000 to $24,999
  • $100 bonus cash: Deposit $10,000 to $19,999
  • $50 bonus cash: Deposit $5,000 to $9,999

You will need to open a new E*TRADE brokerage or retirement account by January 31, 2021 and make qualifying cash or security deposits within the first 60 days.

Use promo code WINTER21 when opening the new account.

Ally Invest (Up to $3,500)

Ally Invest is offering up to $3,500 bonus cash when you make a qualifying new deposit. Below is how much bonus cash you can earn depending on your deposit amount of cash or securities.

  • $3,500 bonus cash: Deposit $2 million or more
  • $2,500 bonus cash: $1 million to $1.99 million
  • $1,200 bonus cash: $500,000 to $999,999
  • $600 bonus cash: $250,000 to $499,999
  • $300 bonus cash: $100,000 to $249,999
  • $200 bonus cash: $25,000 to $99,999
  • $50 bonus cash: $10,000 to $24,999

You earn the bonus by making a minimum qualifying deposit of at least $10,000. Ally Invest reviews your account deposits 60 days after account opening to determine the bonus amount. The bonus credits within 10 business days but the bonus and deposit amounts cannot be withdrawn for 300 days.

Ally Invest will also credit brokerage transfer fees up to $150 to help you make qualifying deposits at no cost to you.

This bonus isn’t available to current Ally Invest customers or previous investors that have left Ally within the past 90 days.

You can earn this bonus by opening a self-directed brokerage account or a managed portfolio. If you choose the self-directed account, there are no account service fees. Also, Ally Invest doesn’t charge trade commissions to buy or sell U.S. listed stocks and ETFs.

M1 Finance (Up to $2,500)

M1 Finance is a free micro-investing app for stocks and ETFs. You can earn a cash bonus worth up to $2,500 by transferring your existing brokerage accounts within the first 60 days.

  • $2,500 cash bonus by transferring at least $1 million
  • $1,000 cash bonus by transferring between $500,000 and $999,999.99
  • $500 cash bonus by transferring between $250,000 and $499,999.99
  • $250 cash bonus by transferring between $100,000 and $239,999.99

This investing app periodically runs new account bonuses when you deposit new cash. The minimum initial deposit is $100 for taxable accounts and $500 for retirement accounts.

Webull (Up to 4 Free Stocks)

A relatively new but exciting broker is Webull that has a web and mobile platform. Instead of earning a cash bonus, you can earn up to four free stock shares:

  • Open a Webull brokerage account between 12/1/2020 and 12/14/2020
    • Get two free stocks each worth between $2.50 and $250
  • Make an initial deposit of at least $100
    • Get another two stocks each worth between $8 and $1,600

It’s also possible to receive free stock by referring friends to join Webull. From December 1-31, 2020, you earn a total of 10 stock shares for the first 2 referrals. Each additional referral gives you 2 free stocks. All of these stock shares are worth between $8 and $1,600.

This bonus can be worth as little as $22 or as much as $3,700. The free stock shares you earn are random. If you prefer earning a fixed amount of cash, another brokerage promotion can be a better option to calculate your potential bonus amount.

Webull cash and margin accounts are eligible for this promotion but retirement accounts are not. Also, the first $100 in transfer fees are reimbursed with a minimum $2000 initial deposit.

There are no account fees or trade commissions on Webull. It’s also possible to trade cryptocurrencies and options. Webull also supports free extended-hours trading for stocks and ETFs.

Merrill Edge (Up to $900)

Bank of America and Merrill Preferred Rewards members can get up to $900 bonus cash with a new Merrill Edge Self-Directed account. Unlike most brokerage promotions, this offer is available to existing Merrill Edge customers.

Qualifying deposits must be made into Merrill IRAs and cash management accounts before April 15, 2021.

  • $150 cash reward: $20,000 to $49,999 new net deposit
  • $225 cash reward: $50,000 to $99,999 new net deposit
  • $375 cash reward: $100,000 to $199,999 new net deposit
  • $900 cash reward: $200,000 or more new net deposit

Related: The Best Bank of America Credit Cards

Charles Schwab (Up to $500)

Charles Schwab is offering up to $500 bonus cash depending on your deposit amount. One “catch” is that you must join using a Schwab users referral link. You can find a link by searching online and that person doesn’t receive any referral bonus.

Below are the bonus amounts and deposit thresholds:

  • $500 bonus cash: $100,000 net deposit
  • $300 bonus cash: $50,000 to $99,999 net deposit
  • $200 bonus cash: $25,000 to $49,999 net deposit
  • $100 bonus cash: $1,000 to $24,999 net deposit

The qualifying cash or investment securities deposit must be made within 45 days from the account opening. Taxable and retirement Schwab One brokerage and managed accounts qualify for the bonus. You will receive the bonus one or two weeks after the 45-day deposit window.

TD Ameritrade (Up to $2,500)

Opening a TD Ameritrade brokerage or retirement account lets you earn up to $2,500 bonus cash. You will need to deposit at least $250,000 to start earning bonus cash.

  • $2,500 bonus cash by depositing $2 million
  • $1,500 bonus cash by depositing $1 million
  • $700 bonus cash by depositing $500,000
  • $350 bonus cash by depositing $250,000

The qualifying deposits must be made within the first 60 days. A new individual or joint taxable accounts along with IRA TD Ameritrade accounts must open by 12/31/2020.

As a sidenote, TD Ameritrade is merging with Charles Schwab in the near future. Taking advantage of this offer now lets you earn bonus cash while TD Ameritrade remains a separate platform.

Tastyworks (10 Options or 100 Shares)

Active traders may consider Tastyworks to trade stocks and options. Opening a new brokerage account with an initial $2,000 deposit offers a promotion of either 10 options (long calls or puts of liquid equity products) or 100 shares of liquid stock.

Use referral code Stock_Award_20 to claim your brokerage bonus. This offer is valid from 7/1/2020 to 12/31/2020.

NVSTR (Up to $1,000)

Nvstr is offering a bonus worth up to $1,000 cash. The reward amount is random and is worth either $9, $9.50, $10, $12, $20, $500 and $1000. You can earn the bonus by funding an account and making a trade within the first month. The bonus rewards cannot be withdrawn for the first year.

One downside of NVSTR is a $4 monthly subscription fee. This fee includes up to 20 free trades and each extra trade costs $4.50 to buy or sell stock and ETFs.

Summary of the Best Brokerage Account Bonuses

Online brokers offer exciting bonus cash promotions to attract new customers. Switching brokers can be worth it if you can avoiding brokerage fees or getting access to exciting research and investment options. The bonus cash can make comparing online brokers easy.

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Josh Patoka
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