TradeKing, a newish online brokerage that offers $4.95 trades and no maintenance or minimum fees, is again offering $100 for opening an account with $1,000 and executing one trade using the promotional code TRADE expired!.
I already received my $100 bonus the last time they offered it with little problem.You must maintain a balance of $100 for the first six months. Buy a small amount of something stable if all you want is the $100 minus the commissions, or see my previous post for what I did. Here’s the fine print:
* To qualify for this offer, new accounts must be opened and funded with a $1,000 minimum and one trade executed. Offer excludes retirement and custodian accounts. Offer is not transferable or valid in conjunction with any other offer. Open to US residents only. One offer per household. TradeKing can modify or discontinue this offer at anytime without notice. A minimum balance of $100 is required in the account for the first six months. Other restrictions may apply.
I couldn’t find any specific expiration date, but since they can ‘discontinue it at any time’ I’d act sooner rather than later.
The offer actually worked for me, as I’m keeping my account open even after the six months is up. I think it’s a pretty decent brokerage, although some have complained about bad fills. If Scottrade doesn’t start offering online funds transfers soon like they promised in ‘Summer 2006’ (umm… is October still Summer?), then I might switch over completely. I already plan to close my now-liquidated Ameritrade I-Zone account with $5 trades.
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Do they perform a hard credit check when opening an account?
No hard pull for me.
FWIW, my Scottrade rep told me that the online fund transfer system should be up in about a month. However, he also said they’d told him that a couple times before.
ah sweet. I missed out on the previous offer, won’t miss out on this one. Thanks!
Another good feature of this account is that is provides free dividend reimbursement. Scottrade lacks that key feature.
If you aren’t going to keep your money fully invested, shoot them an email to set up your cash account for money market sweep to earn ~4.3% instead of 1.0%:
http://wiki.financialblogs.com/pages/viewpage.action?pageId=5020
The same link also has infromation for setting up check writing (free, suprised me) and debit card ($10/yr).
Is this the same offer as from the last time? I’ve already opened an account and got $100 last time. I am wondering if I can open an account for my wife and get another 100.
Brian #1 – Great tip, thanks! I wonder if there are any minimums. Otherwise, this should be turned on by default, eh?
Brian #2 – It says one per household – your wife will have to live somewhere else. 😉
I don’t believe there are any minimums for the MoneyMarket sweep – they haven’t even gotten my funding deposit yet (I mailed it yesterday), but I just got a confirmation email that they have enabled it for me.
The check writing does require a $1000 min.
Cool, I just e-mailed them this morning and I already got a reply saying that I would be activated for it.
It seems like they have 3 Sweep Options, including tax-exempt options. It looks like the plain taxable one would work best for most people though.
apparently there is a refer a friend program, can i refer a family member and have them sign up for this, this way they get 100 and i get 50. will that work?
Thanks for the tip, just got my confirmation email. Thanks!
Already got my bonus!
10/04/06 Bookkeeping
Mkting Promotion
MKTING PROMOTION $100.00
That has to be one of the fastest bonus’s I’ve ever gotten. Didn’t even do a trade yet, as my check hasn’t cleared yet.
hmm this is weird. mine’s taking awhile to setup. I need to wait 10 business day from the date I submitted my ACH profile before I can request transfer. then I need to wait 5 days for the funds to clear before I can make a trade.
uhhh. maybe i should have just sent a check.
then again, I never got the 2nd email telling me my account is approved (though I can log in and start messing w/ it)
perhaps a call is in order too.
Ya my situation is also similar to Cap .But I did get a 2nd email.
No bonus yet!
As soon as I deposited the $1000, they added in the $100. (I haven’t made a trade yet)
Thanks for the tip about the Sweep, I made that change before I even funded the account.
Is this offer discontinued now? I was not able to find any details on the site regarding this. Or is there some special link I have to use?
A great blog Jonathan. Keep going.
I don’t know, as there was no expiration date noted. Your best bet is to contact them through Live Chat, they are usually pretty helpful. You could even ask them if they know of any new bonuses (and report back ;))
I just got my $100 about 2 weeks ago (had to send them a message asking for it and they deposited it right away after that) but when I went to transfer it out today, my transfer was rejected because “$100 promo must stay in account 6 months”. I’m currently trying to get at least $900 back out now. I guess I could sell my two shares of QQQQ and get “my” $100 back but we’ll see how the market fares first.
I used the Live Chat on TradeKing and spoke with a CSR. He told me that the current offer they have is one for $50 if the account is funded with $1000. Nothing else though.
Scott,
Did you have to enter any promotion code when you opened the account with the $100 bonus?
Thanks,
Jyoti Basu
sweet. thanks for the heads up.