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New York City Council passes 2021 budget, including some police cuts Thousands of Your Favorite Fast Food Locations Could Close Best brokerage account bonuses in July 2020

Brokerages are aggressively competing for your money. One way they do this is by offering competitive bonuses to add to your brokerage account.

© Smith Collection/Gado/Getty Images A picture of Charles Schwab brokerage building

Bankrate tracks the best brokerage account bonuses to help you compare active offers.

It's important to know the best offers so that you can decide whether it's a good time to open a brokerage account and take advantage of these offers.

Continue reading to check out Bankrate’s top brokerage account bonuses in 2020.

Best brokerage account bonuses in July 2020
  • Ally Invest: $50 to $3,500
  • Merrill Edge: $100 to $600
  • TD Ameritrade: $350 to $2,500
  • Charles Schwab: $100 to $500 (personally referred friend offer)
Ally Invest: $50, $200, $300, $600, $1,200, $2,500 or $3,500 bonus

New Ally Invest clients can earn up to a $3,500 cash bonus if they open a new account by Dec. 31, 2020. The qualifying deposit must contain funds from outside of Ally Financial.

A person can only get the offer on one new Ally Invest Securities LLC account.

Ally Invest checks your deposit 60 days after your account is opened to determine the total qualifying deposit. You'll receive your cash bonus within 10 business days after this review.

To receive a cash bonus, you must:

  • Deposit at least $10,000 in a new Ally Invest account.
  • Be a U.S. resident.
  • Not be an existing Ally Invest account holder or a former Ally Invest account holder (which includes former TradeKing Securities LLC account holders). You’re not eligible to receive the cash bonus if you closed one of these Ally Invest accounts within the past 90 days.

You must use the "Open Account" button associated with this offer on Ally Invest's site for opening your account to be eligible for this offer.

Here are the bonus tiers for this offer:

  • To receive the $50 bonus, deposit or transfer $10,000-$24,999.
  • To receive the $200 bonus, deposit or transfer $25,000-$99,999.
  • To receive the $300 bonus, deposit or transfer $100,000-$249.999.
  • To receive the $600 bonus, deposit or transfer $250,000-$499,999.
  • To receive the $1,200 bonus, deposit or transfer $500,000-$999,999.
  • To receive the $2,500 bonus, deposit or transfer $1 million -$1,999,999.
  • To receive the $3,500 bonus, deposit or transfer $2 million or more.

Once you receive your bonus, both the cash bonus and your qualifying deposit (minus any trading losses that are incurred) can't be withdrawn for 300 days. A withdrawal may cause Ally Invest to revoke your bonus.

Read Bankrate’s Ally Invest review to learn more.

Merrill Edge: $100, $150, $250 or $600 bonus

When you open a Merrill Edge IRA or cash management account and make a qualifying deposit within 45 days of opening you can earn up to a $600 bonus. You need to use offer code 600ME during the account opening. This can be done while applying online or by using it when speaking to a Merrill Edge Financial Solutions Advisor on the phone or at select Bank of America financial centers.

To receive a cash reward, you must:

  • Enroll for the offer at the time of account opening.
  • Deposit at least $20,000 into your Merrill Edge account within 45 days of opening the account.
  • Maintain that balance for at least 90 days.

The offer limits you to one IRA - rollover, traditional, Roth and sole-proprietor SEP only - and one CMA. Each account holder can't have more than two enrolled accounts.

Assets from Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), U.S. Trust, or 401(k) accounts administered by MLPF&S aren't qualifying net new assets.

You'll receive your cash reward two weeks after the initial 90-day period, assuming you meet eligibility requirements.

Business/corporate accounts, investment club accounts, partnership accounts and certain types of fiduciary accounts held at Merrill Edge aren't eligible for this offer. The offer also doesn't apply to accounts, which include IRAs or CMAs, held with other business units of MLPF&S.

Here are the bonus tiers:

  • To receive the $100 cash reward, $20,000 to $49,999.99 needs to be the Qualifying Net New Asset Balance.
  • To receive the $150 cash reward, $50,000 to $99,999.99 needs to be the Qualifying Net New Asset Balance.
  • To receive the $250 cash reward, $100,000 to $199,999.99 needs to be the Qualifying Net New Asset Balance.
  • To receive the $600 cash reward, $200,000 or more needs to be the Qualifying Net New Asset Balance.

Read Bankrate’s Merrill Edge review to learn more.

TD Ameritrade: $350, $700, $1,500 or $2,500 bonus

If you open one new individual, joint or IRA TD Ameritrade account, you can earn up to a $2,500 bonus. This offer is available through Dec. 31, 2020.

To receive a bonus, you must:

  • Fund the new account with a qualifying deposit of $250,000 or more within 60 calendar days of account opening.

Note: The offer isn't valid with internal transfers, for TD Ameritrade Institutional accounts or an account managed by TD Ameritrade Investment Management, LLC. It's also not valid for current TD Ameritrade accounts and you can't use other offers.

There is a limit of one offer per client. Your account value must remain at least equal to its value after the net deposit was made for 12 months - minus any losses due to trading or market volatility or margin debit balances. Otherwise, TD Ameritrade may charge the account for the offer amount.

Here are the bonus tiers for this offer:

  • To receive a $350 bonus, deposit $250,000-$499,999.
  • To receive a $700 bonus, deposit $500,000-$999,999.
  • To receive a $1,500 bonus, deposit $1,000,000-$1,999,999.
  • To receive a $2,500 bonus, deposit $2,000,000 or more.

Read Bankrate's TD Ameritrade review to learn more.

Charles Schwab: $100, $200, $300 or $500 (if you’re referred by a friend)

Schwab is offering personally referred friends the opportunity to earn up to $500 when they use a referral code, given to you by a current Schwab customer, and open an eligible account at Schwab.

To receive the bonus award, you must:

  • Receive a referral code from a friend or family member.
  • Be a new Schwab client and make a qualifying net deposit within 45 days of both becoming a Schwab customer and opening an eligible retail brokerage account.

You're limited to one per account and only one account per client when you receive a referral.

Schwab retail brokerage accounts and IRAs are eligible for this offer. This includes accounts that are enrolled in Schwab-sponsored investment advisory programs, such as Schwab Intelligent Portfolios, Schwab Managed Portfolios, Schwab Managed Account Select and Connection and Schwab Private Client.

You'll receive your bonus approximately a week after the 45-day period ends if you made a qualifying deposit when becoming a new Schwab customer and enrolling in the referral offer.

Schwab may charge back its bonus award if taxable accounts aren't kept at Schwab for at least one year.

Here are the bonus tiers for this offer:

  • To receive a $100 bonus, deposit $1,000-$24,999.
  • To receive a $200 bonus, deposit $25,000-$49,999.
  • To receive a $300 bonus, deposit $50,000-$99,999.
  • To receive a $500 bonus, deposit $100,000 or more.

Read Bankrate’s Charles Schwab review to learn more.

Featured image by Smith Collection / Gado / Getty Images.

Learn more:
  • Best online brokerage accounts
  • Bankrate’s broker reviews
  • 3 things to do if you have cash in a brokerage account
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