Best IRA Rollover Transfer Bonus Promotions for 2024

If you’ve been looking to roll over your 401(k) into a Rollover IRA, it’s one of the best times to take advantage of stock brokerage promotions.

Stockbrokers offer promotions that can get into the thousands of dollars because they know you can bring thousands of dollars to your new account. They are always looking for new deposits, just like banks, and they’ll pay you because they know moving an IRA is a lot of work. Once you move it to a new brokerage account, chances are you’ll stick with that account for a while.

Best of all, for you, it’s free money that has no immediate tax consequences because a Rollover IRA is a tax-deferred investment vehicle. Everyone wins!

These offers are always changing so if you see one you like, you want to take advantage of it immediately. We will try to keep them as up to date as possible. Some of these names will be familiar from our best brokerage account bonuses page but the ones below all offer Traditional and Roth IRAs, which includes rollovers.

We’ll tell you the best IRA rollover promotions you can get right now, including what to watch out for:

Need help rolling over your 401(k) into an IRA?

Keeping your old 401(k) with a former employer is usually not a great idea but if you don’t want to move it yourself, you can work with a company like Capitalize to do it for you. They will help you find the best IRA for your needs and move it over – for free.

💸 Tastytrade – up to $5,000

Tastytrade has a new account promotion that includes those looking to open or rollover an IRA. To get this offer, just open and fund a new Tastytrade account and transfer in funds. The amount of the bonus, which can be up to $5,000 in cash, is based on the amount you transfer in.

This is valid for new Tastytrade customers and existing Tastytrade customers as long as they have not yet funded an account.

The bonus is based on the amount transferred:

Deposit AmountCash Bonus
$2,000 – $4,999$50
$5,000 – $24,999$100
$25,000 – $99,999$500
$100,000 – $249,999$2,000
$250,000 – $499,999$3,000
$500,000 – $999,999$4,000
$1,000,000+$5,000

The referral/promotion code for this offer is “MYNEWBONUS” and you must put it in the Referral Code Field when applying.

Here’s our full review of Tastytrade.

Learn more about Tastytrade
(Offer expires 12/31/24)

Robinhood – 1% Match (no limit)

Robinhood offers a 3% match on any IRA contributions if you have Robinhood Gold (which costs $75 a year) but they have a different offer for transfers:

⭐ For a limited time, until June 28, 2024, Robinhood is offering a 1% match on transfers to a Robinhood IRA when you have Robinhood Gold. There is no limit to the match. You have to keep Robinhood Gold for at least a year and keep your funds in the account for two years or they claw back the bonus.

For the transfer match, you get 1% on what is transferred – with no limit (this offer does expire June 28th, 2024). The only requirement is that you keep Robinhood Gold for at least a year and that you keep your funds at Robinhood for at least five years.

For these matches, they are not considered contributions. So if, for example, you reach the Roth IRA contribution limit for 2024 of $7,000 then you’ll get an extra $210 from Robinhood. You get $7,210 into your Roth IRA – a nice little bonus above what you could’ve normally contributed.

Learn more about Robinhood

J.P Morgan Self-Directed Investing – up to $700

J.P. Morgan Self-Directed Investing has a bonus offer based on how much you deposit into a new account within 45 days. The account snapshot is determined on day 45 and then you just need to maintain those funds until 90 days from enrollment. The bonus is deposited 15 days after you qualify.

If you can meet the amounts, it’s a decent offer with a relatively low cap (compared to others). This works for a general investment account as well as a Traditional IRA and Roth IRA.

The tiers are:

Deposit AmountBonus Amount
$5,000 – $24,999$50
$25,000 to $99,999$150
$100,000 to $249,999$325
$250,000 or more$700

The account also offers commission-free trades of stock, ETF, and option trades as well as a suite of tools you can use to make smarter investing decisions.

Here’s our full review of J.P. Morgan Self-Directed Investing.

Get your bonus from J.P. Morgan

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT – NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE VALUE

Charles Schwab – up to $500

Charles Schwab Logo

Charles Schwab has a refer a friend program where you can get a bonus for transferring assets as long as an existing client refers you. Unfortunately, I don’t know anyone with an account so I can’t set this up for you.

Here is the Charles Schwab bonus structure:

  • Fund with $25,000 – $49,999 – $100
  • Fund with $50,000 – $99,999 – $300
  • Fund with $100,000 – $499,999 – $500
  • Fund with $500,000 or more – $1,000

The person making the referral doesn’t get anything, unfortunately. The link below will tell you more about the program but you will still need to find someone to refer you.

Learn more about the Charles Schwab offer

Merrill Edge – up to $600

Merrill Edge, a Bank of America company, has a juicy offer of up to $600 if you open a new Merrill Edge Self-Directed brokerage account. Don’t let the title fool you, a Merrill Edge IRA and a Merrill Edge Cash Management Account qualify. In the IRA category, this includes Rollover, Traditional, Roth, and owner-only SEP-IRA accounts too.

Here is the Merrill Edge bonus structure:

Qualifying AssetsCash Bonus
$20,000 – $49,999$100
$50,000 – $99,999$200
$100,000 – $199,999$400
$200,000 or more$1,000

Merrill Edge offers free trades but there is no ACAT fee reimbursement.

Learn more about Merrill Edge

Citi Personal Wealth Management – up to $5,000

Citi Personal Wealth Management has a nice bonus offer when you open a new account and then transfer at least $50,000 in 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 6/30/2024)

Firstrade – up to $250

Firstrade will rebate up to $250 in transfer fees charged by another brokerage when transferring at least $2,500 over to Firstrade.

To do a transfer, you’ll need to set up your Firstrade account and wait one day before initiating the transfer. Once requested, transfers typically take 3-4 business days

Learn more about Firstrade

What to Watch For

Most brokerages are the same. They have comparable technology, market research, similar apps, and trade execution speeds – none of those are a differentiator. What you want is a well-designed interface so you can easily do what you need to without having to navigate a mess of menus. With it being a Rollover IRA, even the tax reporting isn’t a big deal because taxes on capital gains are deferred.

So what is there to watch out for?

Fees. Does the brokerage has a minimum balance requirement and does it charge a maintenance fee? Most will not require a minimum or require an annual fee but some still do, so keep an eye out for it. 

Normally, when you transfer assets from one brokerage to another – there is a fee. With a full transfer of assets, the fee is known as an ACAT transfer. ACAT is the system that is used to transfer the assets and the fee can be quite steep. Some brokers will reimburse that fee when you transfer in money while others won’t. This can cut into your bonus payout.

You can avoid this by liquidating your assets, transferring cash, and repurchasing them. Since it’s an IRA, this wouldn’t trigger a taxable event but you are no longer investing the money during the transfer period. Being out of the market, especially in periods of extreme volatility, can be risky.

This is less of a concern with a rollover because in most cases, you will liquidate your positions, get a check or wire transfer, and deposit that into the new Rollover IRA. You have 60 days to deposit that check into your rollover IRA too but this is often not a concern if you stay on top of it. Two months is a long time.

Finally, the bonus is not considered your contributions when you receive it. When you fulfill the bonus obligations, the account will earn the bonus cash as “dividends or interest” and there are no tax consequences. It’s as if one of your holdings paid you dividends or interest.

If you keep all these in mind, you can take advantage of a Rollover IRA bonus and earn extra cash to your IRA.

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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Gerry Deniega
3 years ago

Merrill Edge promo “Deposit $200,000+, get $900 cash”: I just called Merrill Edge and I was told that this promo expired July 15, 2020.

Sean E
3 years ago

Wouldn’t you pay taxes on your current investment account payout, if you choose to transfer to the Ally invest account?

David Culver
3 years ago

td Ameritrade promotion does not include 401k rollovers per their fine print. just fyi

vinh pham
3 years ago
Reply to  Jim Wang

Hi,
Just checking to make sure.
I was about to roll over my old company 401k balance to a new TDA IRA .
I currently don’t have any TDA account.

Deposit $250,000 – $499,999, get $600 cash
so if i do it, I won’t get this $600 cash ?
i wonder why ?

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