$2500 Charles Schwab Promotion: Offer Code (2024) (2024)

Current $2,500 Charles Schwab promotion, offer code, and cash bonus incentive. April 2024 best Charles Schwab promotions for opening a new account or for existing customers depositing cash into a brokerage account, ROTH IRA, or 401K rollover.

Charles Schwab Promotion

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Charles Schwab Promotion #2

For now, Schwab only has another promotion-type program: referring a friend can get them up to $1,000 when they sign up.

This is interesting because the appeal lies pretty much exclusively with the friend. Typically, referral programs offer some form of benefit to the person making the referral so that they’re incentivized to refer as many people as possible.

With Schwab, as their website copy says, using their referral program makes you a “true-blue friend.” It would appear, then, that Schwab is relying on people who genuinely appreciate Schwab and want to help their friends benefit from both Schwab’s services as well as some extra cash.

How to Use Schwab Promotion

Schwab’s friend referral program is quite straightforward. Simply login to Charles Schwab website, hover your mouse over “Service,” and select “Refer A Friend.”

Then, you’ll see an area that says, “Share your referral code.”

Simply copy and paste this referral code and send it to your family or friends.

Once they open an account using the link, and fund it within 45 days of opening it, Schwab will deposit the Bonus Award into their account after the 45-day qualification period.

It should be noted that only certain accounts are eligible for the Referral Offer:

- IRAs
- Schwab Intelligent Portfolios
- Schwab Managed Portfolios
- Schwab Managed Account Select
- Schwab Bank High Yield Investor Checking (when combined with Schwab One accounts)
- Schwab Global Accounts and certain tax-qualified retirement accounts, as well as ESA and accounts managed by independent advisors do not currently qualify.

It should also be noted that this program cannot be combined with other temporary offers that Schwab might put out, and you won’t be notified when a friend or family member opens the account (for privacy reasons).

It is possible, however, for two new clients living in the same household to receive the bonus, so long as they set up individual accounts and make the qualifying net deposit within 45 days.

Charles Schwab Referral Code

Use REFEREPB86NZJ referral code to get up to $1,000 cash bonus.

How Much Does It Cost to Open a Schwab Account?

You may be interested in opening a brokerage account with Charles Schwab, one of the largest and most well-established brokers in the U.S. If so, read on to find out details about cost, including minimum deposit and balance requirements for different kinds of accounts, general account fees, and commissions.

But first, let’s take a quick look at Schwab brokerage house so you know what you’re getting into.

Charles Schwab Overview

Schwab is a leading broker-dealer and has an astounding $8.7 trillion in total customer assets, with more than 6 million daily trades on average and more than 34.8 million customers. Schwab thus appeals not just to average investors but to institutional clientele as well.

As an investment services firm, Charles Schwab also offers a wide range of its own investment products, including bonds, ETFs, and mutual funds. In fact, Charles Schwab is the 3rd largest provider of mutual funds, with more than $250 billion in assets under management between Schwab ETFs and Schwab index funds.

There’s no doubt Schwab is a top-tier brokerage firm. But with the rise of discount trading apps such as Robinhood, you may be wondering if it will cost you significantly more money to have a Schwab account. Let’s dive right into this question.

Costs with Schwab

There are various costs associated with setting up, maintaining, and using a brokerage account. We’re going to go over the main ones below as they pertain to Schwab.

What are Schwab's deposit and balance requirements

Schwab is quite straightforward here, as you’ll quickly see from this list:

Brokerage (Individual and Joint) - $0 in opening and maintenance fees
IRA (Traditional, Roth, or Rollover) - $0 in opening and maintenance fees
Schwab Trading Services Account - $0 in opening and maintenance fees
Schwab Bank High Yield Investor checking (linked to Schwab One Brokerage account) - $0 in opening and maintenance fees
Brokerage (Individual and Joint) - $0 account minimum
IRA (Traditional, Roth, or Rollover) - $0 account minimum
Schwab Trading Services Account - $0 account minimum
Schwab Bank High Yield Investor checking (linked to Schwab One Brokerage account) - $0 account minimum

It shouldn’t have taken you long to see that there are $0 in setup and maintenance fees, and $0 in account minimums. This means that there’s essentially no barrier to entry for opening and maintaining an account with Schwab, whether that’s an individual brokerage account (i.e. a taxable account), an IRA (individual retirement account), or other account.

What are Schwab's account fees

There aren’t really any account fees in general with Schwab. There are some costs involved, however, when it comes to transferring or cancelling an account.

If you’d like to transfer your Schwab account to another broker, there is a $50 ACAT fee for a full transfer and $25 for a partial transfer. Oftentimes, the receiving broker will reimburse some or all of this fee, however. Plus, at $50 Schwab is below the average ACAT transfer fee of $60-75.

You’ll most likely be happy with your Schwab account, but if for any reason you want to permanently close your account, you’ll have to pay a termination fee. The termination fee should be in the ballpark of $50, and once your account is officially closed, you’ll receive a check for the amount in your account(s). Or you may receive it electronically depending on what you request.

What are Schwab's Commissions

While Schwab, like all major brokers, formerly had commissions for trading, this is no longer the case. The fast rise in popularity of no-commission brokers such as Webull and Robinhood no doubt led Charles Schwab and other major brokerages to drop their fees in order to keep and attract clients.

For stocks, ETFs, and most mutual funds, there is therefore $0 in commissions with Schwab. For options contracts, there is a $0 online base commission and a $0.65 fee per contract, which is pretty standard when it comes to options trading.

There are some mutual funds that do charge an up-front fee, which Schwab simply passes onto you, the buyer. These typically never exceed $49.95 per purchase.

There is also a $25 service charge for any kind of trade that’s made with the assistance of the broker. So, for example, if you make a trade on the phone with someone from Schwab, you will owe $25 in addition to any other fees (normally $0, as we’ve seen).

Finally, if you want to trade OTC (over-the-counter) securities or foreign securities, there are some fees involved. For OTC securities, there’s a $6.95 commission per executed trade. For foreign securities, there’s a $50 foreign transaction fee.

Charles Schwab Promo Recap

Schwab is a leader in low-cost investing as one of the first discount brokers, and you can definitely do a lot worse in terms of brokers if you want to set up a robust and well-diversified portfolio. As you can see, Schwab’s fees are largely minimal (or nonexistent) and pretty much in line with most other top-tier brokerage firms.

Schwab Promotion Code

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Charles Schwab Promo Code Disclaimer

Current Charles Schwab promo code details to open a new account could change at any time without notice. Read bonus offer details carefully before depositing any money.

Updated on 4/10/2024.