Are you looking to open a new brokerage account to manage your portfolio of investments but aren’t sure which one?
Many online investment platforms compete for business by offering new account promotions based on the assets you can transfer to their platform. While promotions shouldn’t be the only consideration, these promotion/bonus amounts are too hard to look past.
There are a range of bonuses listed below, whether you have an established portfolio and looking to transfer stocks, or starting new.
Continue reading to review the best brokerage account promotions for new accounts.
💰 Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH323 by 3/15/2023 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.
🏆 Our Top Picks:
- Tastyworks [Best Bonus] – Tastyworks is our Editor’s Pick as the best brokerage promotion because it offers a bonus of five shares of stock worth at least $40 when you deposit $2,000 – it’s the highest bonus amount as a ratio of the deposit.
- Moomoo [Best for Free Stock] – Moomoo has a simple promotion that everyone should do it – open an account and you get up to 12 free stocks. It’s tiered so you get more stock as you deposit more money – it’s super easy.
Table of Contents
- 💸 Tastyworks – up to $2,000 cash
- Firstrade – up to $4,000
- 💲 Moomoo – up to $25,000 in stock
- 💲 Webull – up to 12 free stocks
- 💲 Robinhood – free stock (valued $5 - $200)
- Yieldstreet – up to $500
- Axos Invest – $200
- M1 Finance – up to $10,000
- TradeStation – up to $5,000
- Tornado – up to $1,000
- Public – up to $10,000
- E*TRADE – up to $3,500
- SoFi Invest – $25
- Citi Personal Wealth Management
- Merrill Edge – up to $750
- Charles Schwab – $101 in stock
- Fidelity Account – $100 Cash
- Fidelity Spire – $50 Promotion
- Frequently Asked Questions
💸 Tastyworks – up to $2,000 cash
Tastyworks has a simple promotion – open and fund a new Tastyworks account and transfer in funds to get up to $2,000 in cash. This is valid for new Tastyworks customers and existing Tastyworks customers as long as they have not yet funded an account:
The bonus is based on the amount transferred:
- Deposit $5K – $24,999 for a $100 cash bonus
- Deposit $25K – $99,999 for a $500 cash bonus
- Deposit $100K+ for a $2,000 cash bonus
The referral/promotion code for this offer is “TIERED_2022” and you must put it in the Referral Code Field when applying.
Learn more about Tastyworks
(Offer expires 3/31/2023)
tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Jim Wang Enterprises, LLC (“Marketing Agent”) whereby tastyworks pays compensation to Marketing Agent to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website.
Firstrade – up to $4,000
Firstrade has a limited time promotion available until November 10th, 2022 – you can get up to $4,000 cash when you open and fund your account with more than $5,000. Firstrade is a brokerage based out of Flushing New York and they’ve been in business since 1985.
They offer commission free trades on all trades – stocks, options contracts, ETFs, mutual funds, bonds – plus no deposit minimums and no hidden fees.
Here is their bonus schedule:
|Deposit or |
|$5,000 – $9,999||$50|
|$10,000 – $24,999||$100|
|$25,000 – $99,999||$300|
|$100,000 – $499,999||$700|
|$500,000 – $999,999||$1,500|
|$1,000,000 – $1,499,999||$3,000|
This bonus is only available for a limited time so if you’re considering Firstrade, I’d get it before it expires on November 10th, 2022!
Learn more about Firstrade
(Offer expires 11/30/2022)
💲 Moomoo – up to $25,000 in stock
Moomoo is a commission-free brokerage app just like Webull and Robinhood. Its parent company Moomoo Financial Inc. is a subsidiary of Nasdaq-listed FinTech FUTU and is regulated by the U.S. Securities and Exchange Commission and FINRA, which means your account is protected by the Securities Investor Protection Corporation (SIPC) with insurance up to $500,000.
Moomoo is offering you free shares of stock when you open and fund an account:
- Open a brokerage account and get 1 free stock,
- Fund your account with $100+ and get 4 free stocks,
- Fund your account to $1,000+ and get 10 free stocks.
You get a free share of stock no matter what, more if you make a deposit into your account. There are no trading requirements.
💲 Webull – up to 12 free stocks
Webull is a free trading app from Webull Financial. They are a brokerage based out of New York City and regulated by FINRA, you can look them up on BrokerCheck. We have a full review of Webull and their offer here.
For new signups, open an account and they will give you up to 12 free stocks. They have no fees and no account minimums so it’s truly free stock. We consider them one of the best Robinhood alternatives.
- Get 2 free stock ($3 - $300) when you open an account,
- Deposit any amount, get up to 10 free fractional share stocks each valued $7-$3000
💲 Robinhood – free stock (valued $5 - $200)
Robinhood is a no-commission fee brokerage that will give you free stock (valued $5 - $200) when you open an account and link a bank account. There are no other requirements of the offer, you just need to open an account.
No deposit (for the stock, you need to deposit for the cash), no transfer, no nothing.
Yieldstreet – up to $500
Yieldstreet isn’t a traditional brokerage account where you can trade securities like stocks and bonds, it’s an investment platform where you can invest in alternative investments that offer up cash flow. It’s similar to a brokerage (closer to a brokerage than a traditional bank, for example) in that it’s investment focused, which is why we included it on this list.
You can get a bonus based on how much you deposit into your account:
- Get $50 when you deposit $1,000 – $4,999.99
- Get $250 when you deposit $5,000 – $9,999.99
- Get $500 when you deposit $10,000+
If you wish to learn more about Yieldstreet before signing up, our detailed review of Yieldstreet has more.
Axos Invest – $200
Axos Bank has long been a popular bank because of their Axos Bank promotions but now you can get cash for opening a new Self-Directed Trading account!
The bonus is quite straight forward. All you have to do is open an account, make a qualifying deposit of $2,000 and make one trade within 60 days. Then, you get $200.
This is an increase from previous promotions so I’d jump on this while it’s available. They change this offer around throughout the year but this is a good one.
As a brokerage, they have no annual fees and no inactivity fees, commission-free trading on eligible stocks and ETFs. You also get 12 months of Axos Elite Membership, which includes margin trading, extended market hours, and more.
M1 Finance – up to $10,000
M1 Finance is self-directed robo-advisor that facilitates investing by letting you invest in “pies,” or baskets of stocks. You can build your own pie or pick from one of several “Expert Pies” based on your risk tolerance and investment goals. The most surprising part is that it’s completely free, they make money through other financial products (interest on margin, transaction fees on their debit card) and sale of order flow (same as Robinhood and other free brokerages).
They have a new account bonus based on how much you deposit:
|Deposit Amount||Your Bonus|
|$50,000 – $249,999||$250|
|$250,000 – $499,999||$1,000|
|$500,000 – $999,999||$2,000|
|$1,000,000 – $1,999,999||$4,000|
|$2,000,000 or more||$10,000|
Here is our full M1 Finance review for more on the service.
TradeStation – up to $5,000
TradeStation has a new account bonus where you can get $150 in cash or $150 in Bitcoin.
To get $150 cash, open an account with the promotion code TSTVAFYB and then fund that account with $500 or more. Then maintain that balance to get the cash deposited in two $75 deposits. The first will be made at the end of the second full month and the second payment will be made at the end of the third full month.
To get $150 in Bitcoin, open an account with the promotion code TSTVAFYH and then deposit $500 worth of crypto (or purchase $500 worth of crypto). Then maintain that balance to receive two $75 worth of Bitcoin payments.
It’s very important you put in the right codes for whatever promotion you want.
There is also a transfer bonus of up to $5,000 when you transfer in a sizable $5 million. The bonus schedule does start at $5,000 (lower than many on this list) so it’s not just for moneybags!
|Cash Reward||Qualifying Assets|
Tornado – up to $1,000
Tornado has a referral program where you can get up to $1,000 (but at least $10) when you sign up. The referring customer gets $10 to $1,000 too – and it’s a limited time offer. If you’ve never heard of them before, our Tornado review can get you up to speed.
The only requirement is that you make one trade within a month and you can keep the bonus, which you can withdraw after a year. There are no other requirements for the new account bonus.
There is also a deposit bonus. For a limited time, after you open your account, you can get a bonus based on what you deposit. You need to maintain this amount for one year to keep the deposit bonus.
Public – up to $10,000
Public has a transfer promotion where you can get a big bonus for transferring a lot of assets into your new account. One of the nice perks of Public and their ACAT transfer process is that they will also reimburse your fees on the transfer as long as you bring over at least $500.
|$5,000 – $24,999||$150|
|$25,000 – $99,999||$250|
|$100,000 – $249,999||$1,000|
|$250,000 – $499,999||$2,500|
|$500,000 – $999,999||$5,000|
E*TRADE – up to $3,500
When I think of new account promotions, I think of E*TRADE.
For years, they had an offer where you could get up to $3,000 (if you had over a million dollars in assets to transfer!) and 60 days of free trades if you open a non-retirement brokerage account.
With the recent rush of brokerages offering free trades, the promotion is now just cash – remember to use the promotion code BONUS22.
You can find the full details here but this is the offer:
|Deposit Amount||Bonus Amount|
|$5,000 – $19,999||$50|
|$20,000 – $49,999||$100|
|$50,000 – $99,999||$200|
|$100,000 – $199,999||$300|
|$200,000 – $499,999||$600|
|$500,000 – $999,999||$1,200|
|$1,000,000 – $1,499,999||$2,500|
|$1,500,000 or more||$3,500|
They also offer a bonus if you simply add to your existing E*TRADE account – that bonus is even higher (the highest tier is $2mm).
SoFi Invest – $25
SoFi Invest is the brokerage arm of SoFi, the student loan refinancing company. They’ve recently branched out into other areas, including SoFi Money (banking), and they are now offering a $25 bonus if you sign up and deposit at least $100.
With SoFi Invest, you can manage your portfolio (Active Investing) or go with a roboadvisor approach (Auto Investing). With Active Investing, you can invest in stocks, cryptocurrencies, and ETFs without paying a trading commission.
For a limited time, get $50 in stock from SoFi Invest if you sign up with a referral link and deposit at least $100. There’s no trading requirement.
Citi Personal Wealth Management
Citi Personal Wealth Management has a juicy bonus offer when you transfer New-to-Citi funds within 2 months of opening an account. You also will need to enroll in e-delivery of statements and then keep those funds in the account through the end of the next month (or three months after the month of account enrollment). Bonus will be credited three months after you meet the maintenance requirement.
Here’s the Citi bonus transfer schedule:
- Fund with $50,000 – $199,999 – $500
- Fund with $200,000 – $499,999 – $1,000
- Fund with $500,000 – $999,999 – $1,500
- Fund with $1,000,000 – $1,999,999 – $2,500
- Fund with $2,000,000 or more – $3,500
See the offer at Citi
(Offer expires 3/31/22)
Merrill Edge – up to $750
Merrill Edge, a Bank of America Company, will give you up to $750 if you open a new Merrill Edge account using the offer code 750ME. You just need to transfer your funds within 45 days, maintain that balance for 90 days, and you will get the cash bonus in 2 weeks. This bonus applies to individual Merrill Edge IRAs or Cash Management Accounts, which is what they call their taxable brokerage accounts.
Here’s the Merrill Edge bonus transfer schedule:
|Qualifying Assets||Cash Bonus|
|$5,000 – $19,999||$50|
|$20,000 – $49,999||$125|
|$50,000 – $99,999||$200|
|$100,000 – $199,999||$350|
|$200,000 or more||$750|
Charles Schwab – $101 in stock
Charles Schwab is offering new investors a “Schwab Starter Kit” that includes $101 in stock split up between the top five stocks (“slices”) in the S&P 500. You also get access to investing education and various tools and resources.
To get this, you need to open an account on the promotional page and then fund that account with at least $50 in 30 days. The stocks are “Schwab Stock Slices,” which are simply fractional shares of stock, and you get them on the next trading day.
At the time of this writing, the top five stocks at Amazon, Microsoft, Tesla, Alphabet (Google), and Apple.
(No expiration shown)
Fidelity Account – $100 Cash
Fidelity has a new promotion where you can get $100 for opening a Fidelity Account, Cash Management Account, Roth or Traditional IRA. All you have to do is deposit $50 or more within 15 days and you’ll get the $100 within 25 days of opening your account.
The promo code is FIDELITY100 and the offer has no shown expiration date. It is limited to one offer per customer and US residents.
What’s important to note is that existing customers are eligible as long as you open an eligible account and meet the requirements. Finally, you must keep the $100 cash reward in the account for a minimum of 90 days.
Fidelity Spire – $50 Promotion
Fidelity has an offer where you open an account and link a goal in the Fidelity Spire app to get $50 cash. Just open a qualified account, set up a monthly deposit of $50 or more and keep it for 6 months, and you’ll get $50 towards that goal.
If your monthly deposit is $10-$24.99, you get $10. For $25 – $49.99, you get $25.
Here are other Fidelity promotions you might want to check out.
(Offer does not list an expiration date)
Frequently Asked Questions
Here are some frequently asked questions about bonuses and the brokerage transfer process.
Almost every brokerage firm supports ACATS, which stands for Automated Customer Account Transfer Service, which lets you transfer your assets “in-kind.” This means that your holdings are transferred without you having to sell them (and create a taxable event). If you have big unrealized gains in a stock, the shares just get moved over without you having to sell them and you keep the same cost basis.
You may run into hiccups if some items can’t be transferred. One common example is Vanguard Admiral shares of their mutual funds. Some brokerages will take them, others won’t. In these cases, you may have to transfer them to another asset type (like the ETF version), which will accept them.
ACATS does take a week or two to complete the transfer.
I don’t think it’s worth switching from broker to broker, grabbing up the bonuses, but the process isn’t difficult.
If you’re looking to make a move anyway, getting paid a little for the effort is better than not being paid.
Some brokers may charge you to leave, which is something you’d be paying anyway, so hopping around may reduce your returns from the bonus perspective.
If you are creating new taxable brokerage accounts, the bonuses will be reported as income and you will have to claim them on your taxes as income.
If you are creating retirement accounts, like an IRA, the bonuses are going into those accounts so you won’t owe taxes on them immediately. For traditional IRAs, you’ll just be taxed when you start taking distributions. Roth IRAs will never be taxed. For each account, review the terms and conditions to see how the brokerage is treating it and you’ll know for certain.