Say it with me! Free Money Friday! You know the routine, Friday is all about free money here at My Dollar Plan. Today TradeKing is offering a $50 sign up bonus for new accounts opened in October and November.
- Online broker; ranked #1 Discount Broker by SmartMoney Magazine in 2006 & 2007.
- All trades are $4.95 (plus 65 cents per option contract).
- No extra fee for market and limit orders, or for broker-assisted trades.
- No inactivity fee.
How to Get Your $50
- Sign up to open your account.
- Fund it with $2,500.
- Make 1 trade.
- Get your $50 deposited into your account.
About the Sign Up Bonus
From the Terms and Conditions:
- Deadline: Offer expires
October 31 November 30.
- New accounts must be opened and funded with $2,500 or more.
- One trade must be executed within 180 days of account opening.
- Open to US residents only.
- One offer per household.
- A minimum balance of $2,500 is required in the account (minus any trading losses) for the first six months or the credit may be surrendered.
- Offer applies to new non retirement accounts funding for the first time.
- Account must be opened after following a promotional link. It is not available from the site directly.
Do The Math
The $50 over six months is the equivalent of 4%. You will also receive interest on any cash in the account during that time. You can sign up for the sweep option, which is FDIC insured, to get an additional 0.90% on your uninvested money. Even with two trading fees added in, it’s better than almost all of the high yield savings accounts right now.
If you have an account elsewhere, and you are already making trades, this is probably cheaper. I’m going to consider moving one of our Scottrade accounts here to check it out. In addition, our investment club is looking for a new broker, so maybe we’ll consider it for that too!
Update: The offer has been extended through November 30, 2008.
Sign up for your $50 from TradeKing.
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