Charles Schwab is a respectable financial services company with over 14 million satisfied clients worldwide. And if that’s not incentive enough to get you to sign up for their valuable brokerage account, then the Schwab sign up bonus might just be.
All newly referred clients who set up one of Schwab’s many accounts can receive a generous cash bonus of up to $500 depending on the qualifying net deposit they make. You simply need a good friend with an existing Schwab brokerage account and their referral code to get the reward.
Read on to learn more about this unique Charles Schwab bonus, then get your cash reward before the offer expires!
Brief Overview of the Charles Schwab Corporation
The Charles Schwab Corporation is one of the leading AMCs in the US and beyond, ranking as the third-largest asset management firm globally. It currently boasts over 14.2 million accounts and offers a wide variety of financial services, including asset management, commercial banking and brokerage services, margin lending, and more.
Schwab was the first institution to take part in the digital revolution and provide online trading to its clientele, minimizing, and in certain instances even eliminating, many of the account fees and offering commission-free funds by the early 2000s.
As the company’s client, you can get additional benefits, such as receiving financial advice offered to all individual investors.
All these features are what makes Charles Schwab one of the absolute best stock brokers for beginners.
There’s more great news if you’re interested in becoming a client at one of the most renowned financial services companies and start dabbling in investments. You’ll love the fantastic incentive for all new clients who enroll in the referral bonus offer.
When you sign up with a valid referral code, you’ll get a cash reward that can go up to $500, depending on the amount of your net deposit. You can expect to receive the bonus within 60 days of your enrollment date.
However you look at it, joining Schwab will be a sound financial decision for you.
Schwab Brokerage Account
Opening a Schwab brokerage account can be beneficial both to beginners and pro investors. By focusing on individual investors, the company offers excellent educational resources that can quickly make even the most inexperienced person into an expert investor in no time.
On the other hand, if you’re already an investing pro, you’ll enjoy the significantly lower fees on mutual funds, eliminated per-trade commissions, and the removed standard account fees. You’ll find no better place to trade stocks, funds, bonds, and ETFs affordably.
With a Schwab brokerage account, you can enjoy investing as much (or as little) as you want. There are no account minimums and no restrictions on the investment amount.
What makes this even more interesting is that you can choose exactly how you want to manage your investments. You can rely on your knowledge and gut instinct to make investments on your own, you can seek an experienced advisor, or you can even go for automated investments with the help of Schwab’s Robo-advisor that monitors and rebalances your investments daily.
The account offers you great flexibility as there are no penalties or withdrawal limitations. So, while you can use your brokerage account to save up for retirement, for example, you can also use it to pay off your brand-new home or to cover the costs of your wedding. You can make withdrawals whenever you want and take out money at any time for any reason without worrying about any additional fees.
Add to these benefits the Schwab sign-up bonus you’ll get with a referral code, and it becomes evident that this is the best financial services provider for virtually anyone.
500 Commission-Free Trades with a Brokerage Account
When you enroll in the offer and open your Schwab account, you can enjoy two years of 500 commission-free online equity and options trades. The Charles Schwab Corporation was the first brokerage to offer this deal, and many of its competitors quickly hopped on board as well.
To qualify for the 500 commission-free online trades offer, you will need to make a net deposit of at least $100,000 in your Schwab brokerage account within 45 days of enrolling. You’ll also need to maintain that deposit amount for a year to keep this bonus.
Free trades will only apply to base equity, ETF, options commission, and options per-contract fees for up to twenty contracts per trade.
The offer is available to US residents only and is not applicable for the Schwab Global Account, tax-qualified accounts and retirement plans, ERISA-covered retirement plans, or education savings accounts.
How to Earn the Schwab Sign-up Bonus
Earning your Schwab sign-up bonus of up to $500 is a relatively straightforward process. All you’ll need to do is follow these steps:
- Go to the Schwab sign-up bonus referral link
- Select the Schwab brokerage account
- Fill in your social security number and personal information
- Provide your employer information
- Provide contact information
- Verify your email
- Make a qualifying net deposit within 45 days
- Enjoy your bonus
You need to enroll in the offer and make the qualifying net deposit within 45 days of becoming a new Schwab client. After the 45-day eligibility period is over, it can take up to two weeks for you to receive the sign-up bonus. So, from the date when you’ve become a new Schwab client, it will take approximately 60 days until you can see the reward in your account.
Schwab Refer a Friend Promotion
If you’re an existing Schwab client and would like your friends or family members to enjoy the generous welcome bonus, you can easily join this referral promotion.
As a client, you have your unique referral code. To get it, you’ll need to log in to your account and click on the Refer Your Friends button. This will give you the option to share your unique code with friends and family via a link, text message, or email.
If you feel uncomfortable sharing your referral code online, you can contact Schwab via phone for help. A representative will provide you with your shareable code.
Your code can be shared with multiple new clients.
How Schwab Refer a Friend Works
When you get your referral code, you’ll need to open your Schwab account. Eligible accounts include:
- Schwab retail brokerage accounts
- Accounts enrolled in Schwab-sponsored investment advisory programs
- Schwab Bank High Yield Investor Checking accounts that are combined with Schwab One accounts
You will also need to meet the minimum qualifying net deposit amount and maintain it for at least a year. Your bonus will depend on your net deposit:
- $100 bonus for a net deposit of $1,000–$24,999
- $200 bonus for a net deposit of $25,000–$49,999
- $300 bonus for a net deposit of $50,000–$99,999
- $500 bonus for a net deposit of $100,000+
As mentioned, you will need to make your desired net deposit within 45 days of creating your Schwab account. If you fail to maintain your net deposit for at least a year, your bonus reward will be charged back by Schwab.
Pros and Cons of a Schwab Account
While the Schwab Refer a Friend promotion is exceptionally attractive to new and experienced investors alike, it’s always a good idea to weigh the pros of a Schwab account against its cons. So, let’s check out the good and the bad that you can expect.
Pros of a Schwab Account:
- Commission-free online trades
- No withdrawal limitations
- No restrictions on investment amount
- Generous Schwab sign-up bonus
- Valuable educational resources
- Greater flexibility with investment management
- Access to global markets
- Excellent customer service
Cons of a Schwab Account:
- Minimum net deposit of $1,000 for the sign-up bonus
- Bonus applicable only to US residents
- Schwab sign-up bonus cannot be combined with other offers
- The net deposit needs to be maintained for at least a year
- No bonus for referring others
Frequently Asked Questions
What is the value of a Schwab brokerage account?
The Schwab brokerage account gives you excellent global investing and trading opportunities. It comes with no commission fees, affordable stock, bond, fund, and ETF trading, no withdrawal limitations or investment restrictions, and many other perks. With this account, you can even earn a valuable tax break from a capital loss.
When will I receive my welcome bonus?
If you have enrolled in the offer through a referral code, you will receive your welcome bonus within 60 days of creating your account. First, you will have an eligibility period of 45 days to make your net deposit. After the eligibility period is over, it will take Schwab up to 15 days to process your bonus and make it available in your account.
Who is eligible for the Schwab sign-up bonus?
US residents who have received a referral code from their friends or family members and opened a Schwab retail brokerage account, IRA, an account enrolled in Schwab-sponsored investment advisory programs, or a Schwab Bank High Yield Investor Checking account and combined it with a Schwab One account.
What do I get others to Schwab after I’ve signed up?
Unfortunately, you will receive no rewards for referring new prospects to Schwab. Only new clients who used your referral code will enjoy the welcome bonus.
The Bottom Line
The Charles Schwab Corporation offers superior financial services that make investing and trading easier for everyone. You can enjoy many perks when you become a Schwab client and many more when you qualify for their promotional offers, such as sign up bonuses. So, if you’re planning to open a new Schwab account, go to this referral link and enjoy a hefty bonus that awaits you.