Sharebuilder has a new promotion offering free window trades for all of 2010 if you open an IRA with them before April 15th (1,500 max). These usually cost $4 each, $12/month for 6, or $20/month for 20. Thanks to reader Ron for the tip.
Open an IRA before 4/15/10 to receive 1,500 Automatic Investment Plan credits. The trade credits will be posted to your account the next business day and will expire on 12/31/10. This offer applies to Individual Retirement Accounts only. AIP credits for mutual fund purchases apply only after the minimum investment has been met.
It is important to note that these Automatic Investments are not real-time market/limit trades that most brokerages offer, but market orders that only execute in batches once a week on Tuesdays. In most cases, this is best suited for people gradually dollar-cost-averaging into ETFs or widely-traded stocks. If you want to do an ACAT transfer out, it will cost you $75.
For taxable accounts, Sharebuilder is offering a $50 cash bonus as long as you open a new account with $50 by April 16th with promo code 50WCFA. It doesn’t appear that you even need to make a trade.
You must open a new account with ShareBuilder and deposit at least $50 to be eligible for this promotion. Initial deposit must be completed by 4/16/10. ShareBuilder will deposit a $50 bonus approximately 4-6 weeks after your first $50 deposit. The $50 bonus offer is available for Individual, Joint and Custodial accounts only.
For more background, you can see my slightly-dated Sharebuilder review as well as a follow-up post on a possibly better way to invest with them.
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Blah blah, $4, Blah, blah $75, Blah Blah ACAT Transfer Out…
Forgive my Blah’s, but that’s what most of this sounds like to me. I have more than I need in my savings account and I know I’m already contributing the max to my 401k that is matched by my employer. I realize my next step should be an IRA (not sure what my tax bracket will be when I retire) but when I hear about all these charges it scares the crap out of me! I don’t want to end up losing more money that I earn in interest. And what about tax ramifications?
Is there any single source that explains these things for those of us who may not be so well-versed in a simply and easy to understand way?
Klein,
The two links to other posts that is given below this post are also helpful. Check them out. This might seem more understandable.
Klein, to clarify the $75.
Doing a “full account transfer” would mean transferring your securities to another brokerage without selling them first. Every brokerage has a fee for this.
You could sell your securities and cash out without paying that $75. (though you would pay $10 for the trade to sell them, and if you’re going to re-buy the same security it’s probably smart to leave it where it’s at or pay the $75).
I opened up 5 accounts using the code(one for each member of my family)you get the bonus for custodial accounts.After the money was deposited in the account they confirmed that I had met the conditions for the bonus,it will be deposited in 6-8 weeks and cant be taken out for 90 days.$250,Not bad for ten minutes on the computer.
Yeah, I just wanted to point out that it costs $75 to leave, so opening an IRA with Sharebuilder using this promo would really work best if you intend to stay with them for the foreseeable future. Otherwise the $75 hit would negate most savings over other discount brokers.
Jonathan,
I’ve heard you can withdraw your money for no cost after you keep it there 3 months after getting your $50 reward. Is that correct? Or am I now down $25 for doing this promotion??
sharebuilder is also linked to ING Direct and you can move money back and forth very easily
I guess I need to go to school to become a Financial Planner.
I’m sorry I missed this opportunity. Does anyone know of any other ways to know about this promo codes before they expire? It seems, I find these googling for the codes, but they are all way past expiration..
http://www.retailmenot.com/view/sharebuilder.com