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 [1] Friday offer this week.
Lending Club [2] is offering a $100+ sign up bonus for IRAs.
How to Get Your $100+ IRA Sign up Bonus
- Open a Lending Club IRA [2].
- Contribute (or transfer) a minimum of $10,000 by April 30, 2011.
- Invest the funds in Lending Club notes by May 31, 2011.
- Get a 1% to 3% bonus based on your contribution.
Lending Club IRA Bonuses
Here are the Lending Club bonus amounts for IRA transfers, rollover, or contributions:
- $10,000: 1% cash bonus
- $50,000: 2% cash bonus
- $100,000: 3% cash bonus
Lending Club Terms and Conditions
- To receive the bonus, eligible funds must be continuously maintained in your Lending Club account and must be fully invested on the Lending Club primary platform market by May 31, 2011.
- Existing account balances and transfers prior to program enrollment date do not count towards satisfaction of the investment requirements needed to earn this bonus. The transferred funds that qualify for this bonus offering will be locked for investment purposes only and unavailable for withdrawal from the eligible Lending Club account.
- Transactions in the secondary market (the trading platform operated by FolioFN) do not count as new investor funds or “investing funds” and will not contribute towards the earning of the bonus offer within this program.
- One bonus per tax ID and a maximum bonus of $7,500 per tax ID.
More on Lending Club IRAs
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 [3].
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.
For more lender details and information about Lending Club [2], check out our full Lending Club Review [4].