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.
💰 Get $300, $700, or $1,500 from a Citi Priority Account Today!
Citi Priority is offering $300, $700, or $1,500 when you open a Citi Priority Account by 7/17/2022.
Then, within 20 days of opening your account, deposit New-to-Citi funds and keep it there for 60 days after the 21st day. The bonus is based on the amount you transfer.
This is a limited time offer so don’t wait!
Our Top Picks:
|Broker||Why We Like Them|
[Best for Free Stock]
|Webull is our Editor’s Pick as the best brokerage promotion because the promotion is so simple – |
open an account and you get up to 2 free stocks.
It’s just like Robinhood, but you can always do both offers!
Get free stock from Webull
[Highest Cash Bonus]
|Ally Invest has the highest cash bonus if you transfer your assets to their brokerage. |
As long as you transfer more than $10,000 in assets, you get free cash.
They also offer free trades so it’s a winner all around.
Get a cash bonus from Ally Invest
Table of Contents
- Ally Invest – up to $3,000
- Webull – up to 2 free stocks
- Robinhood – free share of stock
- J.P Morgan Self-Directed Investing – up to $625
- Axos Invest – $150
- Moomoo – up to $7,350 in stock
- M1 Finance – up to $500
- TradeStation – $250
- Tornado – free stock valued between $9 and $1,000
- E*TRADE – Up to $3,500
- Tastyworks – $200 or $500
- SoFi Invest – $50
- Popular Bank
- Citi Personal Wealth Management
- Merrill Edge – up to $600
- Charles Schwab – up to $500
- Fidelity Account – $100 Cash
- Fidelity Spire – $50 Promotion
- Frequently Asked Questions
Ally Invest – up to $3,000
Ally Invest is the online brokerage account I use because they offer free trades (U.S. stock, ETFs, and options) with no minimums and monthly balance requirements. I have an Ally Bank account so managing it all with one login is convenient too.
I wish I would’ve taken advantage of their new account bonuses for transfers because it’s one of the most generous.
Here is the schedule based on how much you deposit within 60 days of account opening:
|Deposit or Transfer|
|$10,000 – $24,999||$100|
|$25,000 – $99,999||$250|
|$100,000 – $249,999||$300|
|$250,000 – $499,999||$600|
|$500,000 – $999,999||$1,200|
|$1,000,000 – $1,999,999||$2,000|
|$2,000,000 or more||$3,000|
This promotion is valid for one new Ally Invest Securities LLC account, Ally invest Advisors Robo Portfolios are not eligible.
They will also credit transfer fees if you move your account from another brokerage – up to $150 ACAT fee reimbursement.
(here is our full review of Ally Invest)
Webull – up to 2 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 2 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 1 free stock ($3 - $300) when you open an account,
- Make an initial deposit of any amount (even a penny), get another free stock worth $7 - $ 3,000
Robinhood – free share of stock
Robinhood is a no-commission fee brokerage that will give you a free share of stock when you open an account. There are no other requirements of the offer, you just need to open an account. no deposit, no transfer, no nothing.
J.P Morgan Self-Directed Investing – up to $625
J.P. Morgan Self-Directed Investing has a bonus offer based on how much you deposit into a new account within 45 days. If you can meet the amounts, it’s a decent offer with a relatively low cap (compared to others).
Just have to take advantage by 4/7/2022.
The tiers are:
|Deposit Amount||Bonus Amount|
|$25,000 to $99,999||$125|
|$100,000 to $249,999||$300|
|$250,000 or more||$625|
Axos Invest – $150
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 promotion is quite easy, just open an account with $2,500 and maintain that balance for 90 days – get $150.
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.
Moomoo – up to $7,350 in stock
Moomoo is the cutely-named brokerage app of Futu Inc., a brokerage that’s been in business since 2015 and regulated by the U.S. Securities and Exchange Commission. They are also a no commission brokerage just like Webull and Robinhood and Moomoo is offering you free shares of stock when you open an account.
You get stock when you:
- Open a brokerage account and get 1 free stock, worth up to $3500.
- Fund your account with minimum $1 and get 1 free stock, worth up to $3500
- Fund your account to $2000 and get 3 free stocks (each stock worth up to $3500)
M1 Finance – up to $500
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|
|$1,000 – $4,999.99||$30|
|$5,000 – $9,999.99||$75|
|$10,000 – $29,999.99||$150|
|$30,000 – $49,999.99||$300|
|$50,000 or more||$500|
Here is our full M1 Finance review for more on the service.
TradeStation – $250
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.
Tornado – free stock valued between $9 and $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 year and you can keep the bonus. 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.
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.
You can find the full details here but this is the offer:
|Deposit Amount||Bonus Amount|
|$5,000 – $24,999||$100|
|$25,000 – $99,999||$200|
|$100,000 – $199,999||$500|
|$200,000 – $499,999||$1,000|
|$500,000 – $999,999||$1,800|
|$1,000,000 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).
Tastyworks – $200 or $500
Tastyworks has a simple promotion – open and fund a new Tastyworks account with $10,000 and you’ll get $500. Open it with $2,000 or more and you’ll get $200.
It’s called the “Open Now 2022” and it’s as simple as opening a non-IRA or non-Trust account and fund it with $10,000 by 12/31/2021. In return, you will get a cash deposit of $500. That’s it.
The referral/promotion code for this offer is “OPEN_NOW_2022” and you must put it in the Referral Code Field when applying.
Learn more about Tastyworks
(Offer expires 2/28/2022)
SoFi Invest – $50
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 $50 bonus if you sign up and deposit at least $25.
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 $1,000. There’s no trading requirement.
For new accounts, they will waive the management fee of 0.25% depending on how much you transfer:
- Deposit $15,000 – $99,999, get 1 month managed free
- Deposit $100,000 – $249,999, get 6 months managed free
- Deposit $250,000+, get 12 months managed free
Residents of New York, Florida, and New Jersey can take advantage of broker promotion by Popular Bank. Popular Bank will give you up to $1,000 if you open a new brokerage account (in branch) and deposit funds of at least $50,000. The bonus is based on this schedule:
- Get $200 bonus when you deposit $50,000 in qualifying assets
- Get $600 bonus when you deposit $200,000 in qualifying assets
- Get $1,000 bonus when you deposit $500,000 in qualifying assets
Then maintain that balance for at least 90 days and you will get the bonus. If you have a Popular Bank deposit account, you’ll get the bonus deposited into your account. If you don’t, you will receive a check. This applies for brokerage accounts, mutual fund brokerage accounts, IRAs and SMAs.
(No expiration shown)
Citi Personal Wealth Management
Citi Personal Wealth Management has a juicy bonus offer when you transfer New-to-Citibank 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 9/30/21)
Merrill Edge – up to $600
Merrill Edge, a Bank of America Company, will give you up to $1,000 if you open a new Merrill Edge account using the offer code 600ME. 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:
- Fund with $20,000 – $49,999: $100
- Fund with $50,000 – $99,999: $150
- Fund with $100,000 – $199,999: $250
- Fund with $200,000+ $600
If you are a Preferred Reward client, you may get up to $900 with this alternative offer.
Charles Schwab – up to $500
Charles Schwab will give Stock Plan Services clients a bonus of up to $500 when you open a new account and transfer in new funds with 45 days. If you are not a Stock Plan Service, they won’t give you this promotion (they will even let you apply and enter in a promotion code, but they won’t give you the bonus).
Here’s Charles Schwab’s bonus transfer schedule:
- Fund with $10,000 – $24,999: $100
- Fund with $25,000 – $45,999: $200
- Fund with $50,000 – $99,999: $300
- Fund with $100,000+ $500
Update: I have received reports from readers that you don’t get cash but instead get “trade credits” which can be used to pay the commission for trades. If you are considering this offer, call to confirm the details.
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.