Brokerages are currently engaged in fierce competition for investors’ funds. One way they stand out is by offering attractive bonuses that can be directly added to your brokerage account. It’s crucial to stay informed about the top offers available so you can make an informed decision on whether now is the right time to open a brokerage account and seize the opportunity to receive risk-free cash.
Bankrate keeps track of the best brokerage account bonuses to assist you in comparing the active offers.
Top Brokerage Account Bonuses in September 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 is offering a chance for personally referred friends to earn up to $1,000 by using a referral code provided by a current Schwab customer when opening an eligible account at Schwab.
To qualify for the bonus award, you must:
- 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 becoming a Schwab customer and opening an eligible retail brokerage account.
Each account is limited to one bonus per client when receiving a referral.
This offer is applicable to Schwab retail brokerage accounts and IRAs, including accounts enrolled in Schwab-sponsored investment advisory programs like Schwab Intelligent Portfolios, Schwab Managed Portfolios, Schwab Managed Account Select and Connection, as well as Schwab Wealth Advisory.
The bonus will be credited approximately one to two weeks after the end of the 45-day period if you made a qualifying deposit upon becoming a new Schwab customer and enrolling in the referral offer.
If taxable accounts are not maintained at Schwab for at least one year, Schwab may reclaim the bonus award.
Here are the bonus tiers for this offer:
- To receive a $100 bonus, deposit $25,000-$49,999.
- To receive a $300 bonus, deposit $50,000-$99,999.
- To receive a $500 bonus, deposit $100,000-$499,999.
- To receive a $1,000 bonus, deposit $500,000 or more.
Refer to Bankrate’s Charles Schwab review for more information.
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 $5,000 or more. The account must be opened by Oct. 11, 2024, to be eligible.
To qualify for the cash bonus, you must:
- 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.
You can only participate in this bonus offer once in a 12-month period from the last enrollment date.
Here are the cash bonus tiers for this offer:
- To receive a $50 bonus, transfer $5,000-$24,999.
- To receive a $150 bonus, transfer $25,000-$99,999.
- To receive a $325 bonus, transfer $100,000-$249,999.
- To receive a $700 bonus, transfer $250,000 or more.
Refer to Bankrate’s review of J.P. Morgan Self-Directed Investing for more details.
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. The account must be opened by Dec. 31, 2024.
To receive the bonus award, you must:
- 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.
- Make a qualifying transfer within 14 days of opening an eligible retail brokerage account.
- Have an individual or joint taxable account to receive the bonus payment.
The bonus will be paid on the last day of the month that is six months after the sign-up date. To keep the bonus cash, you’ll need to maintain the new account balance through the payout date.
Here are the bonus tiers for this offer:
- To receive a $75 bonus, deposit $10,000-$29,999.
- To receive a $150 bonus, deposit $30,000-$49,999.
- To receive a $250 bonus, deposit $50,000-$99,999.
- To receive a $500 bonus, deposit $100,000 or more.
Refer to Bankrate’s M1 Finance review for more information.
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 a minimum of $2,000 in cash or securities.
To receive the bonus award, you must:
- Be a new Tastytrade client and open a taxable account, selecting “MYNEWBONUS” in the referral code section.
- Open and fund the account with at least $2,000 in cash or securities by Dec. 31, 2024.
Here are the cash bonus tiers for this offer:
- To receive a $50 bonus, transfer $2,000-$4,999.
- To receive a $100 bonus, transfer $5,000-$24,999.
- To receive a $500 bonus, transfer $25,000-$99,999.
- To receive a $2,000 bonus, transfer $100,000-$249,999.
- To receive a $3,000 bonus, transfer $250,000-$499,999.
- To receive a $4,000 bonus, transfer $500,000-$999,999.
- To receive a $5,000 bonus, transfer $1,000,000 or more.
You are limited to one award per person and must open an individual, joint, business, trust, or autotrade-enabled account. IRAs are not eligible for this offer.
The cash will be deposited into your account approximately one week after making the qualifying deposit. You must maintain your minimum deposit (minus any trading losses) and any proceeds from the promotion for at least a year to retain the bonus. Otherwise, the broker may deduct the promotion amount from your account.
Refer to Bankrate’s Tastytrade review for more information.
SoFi Invest: $100, $200, $500, $750, $1,000, $2,500 or $10,000 bonus
SoFi Invest is offering a bonus to customers who transfer investments from another brokerage to SoFi.
To receive the bonus award, 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 via ACATS.
Here are the cash bonus tiers for this offer:
- To receive a $100 bonus, transfer $5,000-$24,999.
- To receive a $200 bonus, transfer $25,000-$99,999.
- To receive a $500 bonus, transfer $100,000-$249,999.
- To receive a $750 bonus, transfer $250,000-$499,999.
- To receive a $1,000 bonus, transfer $500,000-$999,999.
- To receive a $2,500 bonus, transfer $1,000,000-$4,999,999.
- To receive a $10,000 bonus, transfer $5,000,000 or more.
Bonuses are based on the one-time transfer amount, and the assets must remain in your account for 180 days. The bonus will be paid within 14 days of the last day of the month in which the transfer to SoFi was completed.
SoFi does not accept mutual funds, cryptocurrency, OTC, pink sheet stocks, or other low-priced stocks.
If you transfer more than $5,000 in assets via ACATS, SoFi will reimburse you for up to $75 in fees from your outgoing brokerage.
Refer to Bankrate’s SoFi review for more information.
Merrill Edge: $100, $150, $250 or $600 bonus
By opening a Merrill Edge IRA or cash management account and making a qualifying deposit within 45 days of opening, you can earn up to a $600 bonus. Use the offer code 600ME during account opening, whether applying online or speaking with a Merrill Edge financial adviser over the phone or at select Bank of America branches.
To receive a cash reward, you must:
- Enroll for the offer when opening the account.
- Deposit net new assets of at least $20,000 into your Merrill Edge account within 45 days of opening the account.
- 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. 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 are not considered qualifying net new assets.
You will receive your cash reward two weeks after the initial 90-day period, provided you meet the 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:
- To receive the $100 cash reward, deposit $20,000 to $49,999.
- To receive the $150 cash reward, deposit $50,000 to $99,999.
- To receive the $250 cash reward, deposit $100,000 to $199,999.
- To receive the $600 cash reward, deposit $200,000 or more.
Refer to Bankrate’s Merrill Edge review for more information.
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. The account must be opened by Sept. 30, 2024.
To receive a cash bonus, you must:
- Use promo code REWARD24 when opening the account.
- Open your new account with funds or securities from accounts outside of E-Trade. You also need to keep the new account (minus any trading losses) for at least 12 months to receive the cash bonus.
Here are the cash bonus tiers for this offer:
- To receive a $100 bonus, deposit or transfer $50-$999.
- To receive a $150 bonus, deposit or transfer $1,000-$19,999.
- To receive a $300 bonus, deposit or transfer $20,000-$99,999.
- To receive a $600 bonus, deposit or transfer $100,000-$199,999.
- To receive a $800 bonus, deposit or transfer $200,000-$499,999.
- To receive a $1,000 bonus, deposit or transfer $500,000-$999,999.
- To receive a $3,000 bonus, deposit or transfer $1 million – $1,499,999.
- To receive a $5,000 bonus, deposit or transfer $1.5 million or more.
Refer to Bankrate’s E-Trade review for more information.
Choosing the Right Brokerage Account
The best online stock trading platforms offer investor-friendly features and reasonable fees that traders can easily justify. When selecting the best brokerage account for your needs, consider the following factors:
- Price: Fortunately, trading fees have been rapidly decreasing, with most online brokers now charging no trading commissions on stocks and ETFs.
- Broker resources: Consider factors such as research tools, the quality of the trading app, and the ability to place trades quickly and reliably.
- Strategy: Your choice of account will ultimately depend on your personal investment strategy, including how frequently you plan to trade and whether you are a beginner or more experienced investor.
If other features like customer support are important to you, be sure to take those into account when making your decision.