Posted byon April 8, 2011
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Lending Club announced a new sign up bonus for IRAs. Obviously, if you need to fund an IRA for tax purposes this bonus could come in handy.
It’s our Free Money Friday offer this week.
Lending Club is offering a $100+ sign up bonus for IRAs.
Here are the Lending Club bonus amounts for IRA transfers, rollover, or contributions:
No Fee IRAs. To qualify for the no fee IRA, you must invest $5,000 for the first 12 months. After that, you must keep $10,000 invested, otherwise they’ll charge you a $100 annual fee.
Paperwork. I filled out an application online, but after you complete the application you have to mail or fax in the paperwork before you can fund the account. Give yourself enough time if you’re trying to open the IRA before the tax deadline.
Funding with a credit card? I read a rumor somewhere that you could fund a Lending Club IRA with a credit card (via paypal), which is why I attempted to set this up in the first place. I did call, and was told that isn’t true; I’m still waiting on the paperwork to verify it for myself.
Retirement Money. I keep the majority of our retirement funds invested in low cost index funds. I haven’t changed my investing philosophy; I’m exploring this with some fun money to take advantage of the bonus money.