When it comes to business, loyalty often falls by the wayside. Companies are quick to move on once they secure you as a customer, which is why there’s no harm in switching your capital around to snag some great rewards. The bottom line is that your money should work efficiently for you, and shifting your funds can lead to greater financial freedom.
In an interesting twist, one reader pointed out a Charles Schwab promotion that offered $2,500 just for transferring $1 million to their platform. Another reader noted an even more lucrative deal from a different trading platform. These promotions show that significant rewards are out there if you keep your eyes open, even though some offers may not be available anymore.
For example, there was a promotion that offered $12,000 in cash or products plus a $700 cash bonus for transferring funds before a certain deadline. Unfortunately, I didn’t have $5 million to qualify, but I did have just over $1 million which I had moved to Wells Fargo previously to secure a lower mortgage rate. By shifting that same million to the new trading platform, I could earn a $3,500 bonus—enough to cover two months of preschool fees for my child.
By transferring the funds initially to Wells Fargo, I reduced my mortgage interest rate, saving about $2,629 annually. If I kept the loan for seven years, my total interest savings would be around $17,000. Therefore, moving the funds first to Wells Fargo and then to the trading platform would net me a total benefit of about $20,500—quite the payoff for managing my capital smartly.
If you’re interested in these kinds of rewards but don’t know where to start, here’s a simple guide:
1. Understanding the Time Investment: Setting up a new account, especially with a large sum, might require a few hours on the phone or online.
2. Read the Fine Print: Always understand the terms of any promotion. For example, some accounts might require you to keep the transferred funds for a certain period.
3. Transfer Costs: Be aware of any fees associated with transferring your funds and ask if they can be waived or covered by the new institution.
Remember, if you have the means to shuffle your funds without penalties and capture bonuses, it’s an opportunity to make your money work harder for you without any additional risk.
