Schwab: New Investors Get $101 When Funding Account With $50

16

Schwab launched a promotion this week offering $101 in stock slices when new investors open an account and fund it with $50.

Schwab Starter Kit

The Deal

  • Deposit $50+ in a new Schwab investment account & get $101 in stock slices for the top 5 stocks in the S&P 500.
  • Direct link to offer.

Key Terms

  • Must fund your account with a minimum of $50 within 30 days of opening the account to qualify. Once funded, Schwab will deposit $101 in your account to purchase your stock slices.
  • Two business days after your account is opened Schwab will begin checking for deposits. Once your qualifying deposit has been received, Schwab will credit the $101 to your account and place your trades the next trading day. We’ll send you an email the night before that happens, so you’ll know when to expect your stock slices and the ability to review your orders.
  • Once the orders are placed, you will have a short period of time (from approximately 8:00 pm Eastern Time until approximately 9:25am the next morning) to cancel the orders. To cancel the orders, you will need to go to the Order Status page on schwab.com or to any of Schwab’s other trading platforms or call a Schwab representative at 800-435-5000. If you cancel your orders, you keep the $101 cash bonus and can save or invest it however you want. If you take no action, the orders will be executed shortly after market open the next trading day. You will see the stocks reflected in your account and Schwab will send you trade confirmations.

Quick Thoughts

Many of us already have a Schwab investment account by virtue of having a Schwab Amex Platinum card and/or by opening a High Yield Investor Checking account to take advantage of unlimited ATM fee rebates when traveling.

If you’ve never opened a Schwab investment account though, this promotion is a great incentive to do so. Funding a new investment account with $50 will get you $101 in fractional shares for Amazon, Tesla, Apple, Alphabet (Google) and Microsoft (i.e. $20.20 in fractional shares per company).

If you’re wary of investing in the stock market or would rather invest the $101 in another way, you don’t have to have the $101 invested in those five companies. The $50 you initially fund your account with can remain there as cash or invested however you want. The terms then state you can cancel the automatically-placed orders for the stock slices so that the $101 cash bonus is available for you to save or invest however you’d like. You’ll have fewer than 13.5 hours to do that though, so keep an eye out for emails from Schwab after you’ve deposited your $50 so that you can cancel the orders for the five stock slices.

5 1 vote
Post Rating

Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

16 Comments
Inline Feedbacks
View all comments
Gubmintmole

Just signed up for this promotion and used chat session to ask about cancelling the order and got this reply Thank you for your patience, Per the rules of the Schwab Starter Kit, you can cancel your stock orders and keep the $101 in your account to save or invest however you want. Once your account is funded, the Schwab credit will post to your account next business day. You will then receive an email of your 5 trades being placed. You will have about 1 hour to cancel these orders to save or invest the $101 in something else…………1 hour…Guess I will be camping out at my computer for the next few days

Luisa

Hi Stephen, I just finished opening an account using the offer link you included. Will Schwab be sending me the Starter Kit (as pictured)? There was no additional information given about this offer during setup and funding of my account. I was hoping to give the Starter Kit as a gift to my nephew. Thanks!

Divyesh

Is anyone else getting an issue where after entering in the information on the first page, you’re directed to a screen that says “New Schwab user? Create a Schwab login”. Once I’m here, it asks me for a Brokerage Account Number, but I don’t have that yet by this step.

Kay

Hi Stephen,
Would it make sense to sign up for the checking account togther and also get the atm card for fee free withdrawal?

Caleb

Would there be a hard credit inquiry to open this account?

T. Jones

I’m almost under 5/24. Would opening this Schwab account influence that?

Slaven

is this their best offer offered?
how long do stocks have to stay at Schwab before transferring out?

slaven

do accounts for minors still get the $101 bonus?

Sayeed

Will this be any help in getting a Schwab Platinum?