Brokerages are actively vying for investors’ attention by offering competitive bonuses that can be directly deposited into your brokerage account. It’s crucial to stay informed about the latest offers to assess whether it’s advantageous to open a new account and capitalize on these potentially risk-free funds. Bankrate provides an updated list of the top brokerage account bonuses for easy comparison of current offers.
Best brokerage account bonuses in July 2024
- Charles Schwab: $100 to $1,000 (personally referred friend offer)
- J.P. Morgan Self-Directed Investing: $50 to $700
- M1 Finance: $75 to $500
- Tastytrade: $50 to $5,000
- SoFi Invest: $100 to $10,000
- Merrill Edge: $100 to $600
- E-Trade: $100 to $5,000
Charles Schwab: $100, $300, $500 or $1,000 (if you’re referred by a friend)
Schwab offers a referral program where personally referred friends can earn up to $1,000 by using a referral code from a current Schwab customer and opening an eligible account.
To qualify for the bonus:
- Receive a referral code from a friend or family member.
- Be a new Schwab client and make a qualifying net deposit within 45 days of opening an eligible retail brokerage account.
- Limit one bonus per account and one account per client upon receiving the referral.
Eligible accounts include Schwab retail brokerage accounts and IRAs, including those enrolled in Schwab-sponsored investment advisory programs like Schwab Intelligent Portfolios and others.
You’ll receive your bonus approximately one to two weeks after the 45-day period ends, provided you made the qualifying deposit as a new Schwab customer under the referral offer.
Schwab reserves the right to charge back the bonus if taxable accounts are not maintained at Schwab for at least one year.
Bonus tiers for this offer:
- $100 bonus for deposits of $25,000 to $49,999.
- $300 bonus for deposits of $50,000 to $99,999.
- $500 bonus for deposits of $100,000 to $499,999.
- $1,000 bonus for deposits of $500,000 or more.
J.P. Morgan Self-Directed Investing: $50, $150, $325 or $700
You can earn a cash bonus by opening a brokerage or retirement account (traditional IRA or Roth IRA) and funding it with $10,000 or more. Your account must be opened by July 19, 2024, to qualify.
To qualify for the cash bonus:
- Open a J.P. Morgan Self-Directed Investing account through the official offer page.
- Fund the account with at least $5,000 in cash or securities from a non-J.P. Morgan or Chase account within 45 days of opening.
- Maintain the new funds in the account for at least 90 days. The bonus will be deposited within 15 days after meeting these requirements.
You can participate in this bonus offer once in a 12-month period from your last enrollment date.
Here are the cash bonus tiers for this offer:
- $50 bonus for transferring $5,000 to $24,999.
- $150 bonus for transferring $25,000 to $99,999.
- $325 bonus for transferring $100,000 to $249,999.
- $700 bonus for transferring $250,000 or more.
M1 Finance: $75, $150, $250 or $500 bonus
You can earn a cash bonus at M1 Finance by opening a retirement account or taxable brokerage account. Your account must be opened by December 31, 2024, to qualify.
To qualify for the bonus:
- Make a direct transfer of at least $10,000 from your broker to M1 via the ACH transfer system.
- Open your new account with funds from accounts outside of M1 and never have registered for an account before.
- Complete the qualifying transfer within 14 days of opening an eligible retail brokerage account.
- The bonus will be paid on the last day of the month that is six months after the sign-up date. To receive and keep the bonus cash, you must maintain the new account balance through the payout date.
Here are the bonus tiers for this offer:
- $75 bonus for depositing $10,000 to $29,999.
- $150 bonus for depositing $30,000 to $49,999.
- $250 bonus for depositing $50,000 to $99,999.
- $500 bonus for depositing $100,000 or more.
Tastytrade: $50, $100, $500, $2,000, $3,000, $4,000 or $5,000 bonus
Tastytrade is offering new clients cash bonuses for funding an account with at least $2,000 in cash or securities.
To qualify for the bonus:
- You must be a new Tastytrade client and open a taxable account, selecting “MYNEWBONUS” in the referral code section.
- Fund the account with at least $2,000 in cash or securities by December 31, 2024.
Here are the cash bonus tiers for this offer:
- $50 bonus for transferring $2,000 to $4,999.
- $100 bonus for transferring $5,000 to $24,999.
- $500 bonus for transferring $25,000 to $99,999.
- $2,000 bonus for transferring $100,000 to $249,999.
- $3,000 bonus for transferring $250,000 to $499,999.
- $4,000 bonus for transferring $500,000 to $999,999.
- $5,000 bonus for transferring $1,000,000 or more.
You can receive only one award per person, and eligible accounts include individual, joint, business, trust, or autotrade-enabled accounts. IRAs are not eligible for this promotion.
The cash bonus will be deposited into your account approximately one week after making the qualifying deposit. To retain the bonus, you must maintain your minimum deposit (minus any trading losses) and any proceeds from the promotion for at least one year. Failure to do so may result in the broker reclaiming the promotion amount.
SoFi Invest: $100, $200, $500, $750, $1,000, $2,500 or $10,000 bonus
SoFi Invest is currently offering bonuses to customers who transfer investments from another brokerage to SoFi.
To qualify for the bonus:
- You must be a SoFi investing client with either a taxable Invest Active or Active retirement account.
- Transfer assets from another brokerage of at least $5,000 using ACATS.
Here are the bonus tiers for this offer:
- Transfer $5,000 to $24,999 to receive a $100 bonus.
- Transfer $25,000 to $99,999 to receive a $200 bonus.
- Transfer $100,000 to $249,999 to receive a $500 bonus.
- Transfer $250,000 to $499,999 to receive a $750 bonus.
- Transfer $500,000 to $999,999 to receive a $1,000 bonus.
- Transfer $1,000,000 to $4,999,999 to receive a $2,500 bonus.
- Transfer $5,000,000 or more to receive a $10,000 bonus.
Bonuses are based on the amount transferred in a single transaction and require the assets to remain in your SoFi account for 180 days. The bonus will be deposited within 14 days after the end of the month in which the transfer is completed to SoFi.
Please note, SoFi does not accept transfers of mutual funds, cryptocurrency, OTC and pink sheet stocks, and other low-priced stocks. Additionally, if you transfer more than $5,000 in assets through ACATS, SoFi will reimburse you up to $75 for fees incurred from your outgoing brokerage.
Merrill Edge: $100, $150, $250 or $600 bonus
When you open a Merrill Edge IRA or cash management account and make a qualifying deposit within 45 days of opening, you can earn up to a $600 bonus. To participate, use the offer code 600ME during the account opening process online or when speaking to a Merrill Edge financial adviser over the phone or at select Bank of America branches.
To qualify for the cash reward:
- Enroll for the offer at the time of account opening.
- Deposit net new assets of at least $20,000 into your Merrill Edge account within 45 days of opening.
- Maintain that balance for at least 90 days.
The offer is limited to one IRA—rollover, traditional, Roth, and sole-proprietor SEP only—and one cash management account per account holder. Each account holder cannot have more than two enrolled accounts.
Assets from Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), U.S. Trust, or 401(k) accounts administered by MLPF&S do not qualify as net new assets.
You will receive your cash reward approximately two weeks after the initial 90-day period, assuming you meet all eligibility requirements.
Business/corporate accounts, investment club accounts, partnership accounts, and certain types of fiduciary accounts held at Merrill Edge are not eligible for this offer. The offer also does not apply to accounts, including IRAs or CMAs, held with other business units of MLPF&S.
Here are the bonus tiers:
- Deposit $20,000 to $49,999 to receive a $100 cash reward.
- Deposit $50,000 to $99,999 to receive a $150 cash reward.
- Deposit $100,000 to $199,999 to receive a $250 cash reward.
- Deposit $200,000 or more to receive a $600 cash reward.
E-Trade: $100, $150, $300, $600, $800, $1,000, $3,000 or $5,000 bonus
You can earn a cash bonus by opening a retirement or brokerage account and funding it with $50 or more within 60 days of account opening. This offer is valid for accounts opened by July 31, 2024.
To qualify for the cash bonus:
- Use promo code REWARD24 when opening the account.
- Fund your new account with funds or securities from accounts outside of E-Trade. Maintain the new account balance (excluding any trading losses) for at least 12 months to receive the cash bonus.
Here are the cash bonus tiers for this offer:
- Deposit or transfer $50-$999 to receive a $100 bonus.
- Deposit or transfer $1,000-$19,999 to receive a $150 bonus.
- Deposit or transfer $20,000-$99,999 to receive a $300 bonus.
- Deposit or transfer $100,000-$199,999 to receive a $600 bonus.
- Deposit or transfer $200,000-$499,999 to receive an $800 bonus.
- Deposit or transfer $500,000-$999,999 to receive a $1,000 bonus.
- Deposit or transfer $1 million – $1,499,999 to receive a $3,000 bonus.
- Deposit or transfer $1.5 million or more to receive a $5,000 bonus.
How to choose a brokerage account
The top online platforms for stock trading provide investor-friendly features and reasonable fees that traders find justifiable. When selecting the best brokerage account for your needs, consider the following aspects:
- Cost: Fortunately, trading fees have significantly decreased, with many online brokers now offering commission-free trading on stocks and ETFs.
- Brokerage Resources: Evaluate research tools, the quality of the trading app, and the platform’s reliability in executing trades swiftly and efficiently.
- Strategy: Your choice of account should align closely with your investment strategy, considering factors like trading frequency and whether you’re a novice or experienced trader.
If additional features such as customer support are crucial to you, ensure they are also taken into account when making your decision.