We’re continuing IRA Bonus week with more Free Money [1]!
A friend of mine is planning to rollover her old 401ks to IRAs shortly, so I wanted to explore the sign up bonuses currently available for rollover money.
Up first is Schwab [2], where we have some of our IRA money.
Schwab is offering a $200 – $2,500 IRA rollover bonus depending on the amount of your rollover.
How to Get your $200 – $2,500 Rollover Bonus
- Make a rollover into a new or existing Schwab [2] IRA.
- Make a rollover deposit by April 17, 2012.
- Schwab will deposit the bonus to your account within 45 days of April 17.
Amount of the Rollover Bonus
The amount of the rollover bonus is based on the size of the rollover:
- $200 Bonus: $50,000–$99,999
- $300 Bonus: $100,000–$249,999
- $600 Bonus: $250,000–$499,999
- $1,200 Bonus: $500,000–$999,999
- $2,500 Bonus: $1,000,000+
Schwab Terms and Conditions
- This offer is limited to one bonus award per account.
- The total amount received from this offer, when combined with amounts received from any other Schwab offers in the last 12 months, may not exceed $5,000 per household.
- Only outside assets new to Schwab’s retail division qualify for purposes of this bonus award. Transfers between Schwab IRA accounts, for example, do not qualify.
More on Schwab IRA Bonus
Bonus Account. The bonus will be deposited into the account that qualifies for the bonus. So you’ll have to remember that when it comes to your annual IRA contribution limits [3] for next year.
Calculating the Bonus Amount. Schwab is going to calculate the bonus on April 17, 2012 using the following formula: “assets transferred into the account on or after enrollment in the offer minus assets withdrawn or transferred out of the account on or after the enrollment date and on or before April 17, 2012”. So if you are planning to roll money in to take advantage of the bonus, but it’s not your final destination for the money, make sure you have the right amount in the account on April 17!