Merrill Edge is now offering a similar IRA rollover bonus that E-Trade has been offering for some time now, however, the bonuses between the two vary depending on the size of one’s nest egg.
Other than the bonus structure, these two IRA’s offer similar services and have similar terms and conditions. Both accounts come with zero maintenance or annual fees. E-Trade customers will be allowed two months of free trading whereas your first 30 trades with Merrill Edge will be free. Outside of that promotional period, both accounts charge roughly $7.00 per trade.
E-Trade’s IRA Rollover Bonus: Up to $600 added to new customers’ retirement account.
1) Receive $100 when transferring between $25k and $99k.
2) Receive $250 when transferring between $100k and $249k.
3) Receive $600 when transferring between $250k+.
Merrill Edge IRA Rollover Bonus: Up to $500 added to new customers’ retirement account. Breakdown below. Offer found at offers.merrilledge.com.
1) Receive $50 when transferring between $10k – $24,999.
2) Receive $100 when transferring between $25k – $99K.
3) Receive $250 when transferring between $100k and $199k.
4) Receive $500 when transferring above $200k.
Keep in mind that the larger the nest egg you transfer over the greater ‘value’ of a client you’ll be in the eyes of these institutions, so mentioning a competing IRA promotion may provide ample leverage for you to negotiate a higher bounty for your transferred account.
If you’ve just began to build an IRA account, then it appears Merrill Edge may be your better play as far as bonus offers go. They only require a $10k transfer to earn a bonus while E-Trade sets the bar a little higher at $25k. Again, like we mentioned before, it doesn’t hurt to mention the competing offer if/when you speak with one of their representatives, if you’d rather move to E-Trade but are moving less than $25k.