Act Now to Get Up to $1,000 Sign-Up Bonus With E*TRADE

People talk a lot about credit card sign-up bonuses, but that's only one type of account-opening reward on offer. Banks and stock brokers also pay bonuses to new customers, and some of them can be pretty hefty. That said, you will need to deposit serious cash to get the bigger bonuses.

You usually have to jump through a couple of hoops to qualify, such as depositing a certain amount of money within a set time frame. This is the case with E*TRADE's current promotion. You need to open an account before Feb. 29, enter a promo code, and deposit cash within 60 days.

How to get E*TRADE's sign-up bonus

E*TRADE has two different bonus offers right now, one for new customers and one for existing customers. Read our full E*TRADE review.

New customers

If you're new to E*TRADE, all you need to do is:

• Open an eligible E*TRADE account. The offer applies to its brokerage accounts, not retirement accounts such as IRAs.
• Enter the promo code BONUS24.
• Deposit money within 60 days. The size of the bonus depends on the amount you deposit (see table below).
• Don't open another E*TRADE account within the next 60 days.

New customer rewards

For existing customers

If you already have an E*TRADE account, you can still get a bonus by opening another one. However, you have to deposit a lot more money to qualify and the breakdown is more complicated.

You need to deposit at least $500,000 in total. This can be spread across the new account and your existing one. If you deposit $500,000 or more in your existing account as well as funding a new one, you'd get a straight $400 credit plus any credits for the new account. See table below for new account bonus amounts.

Here are some examples of how that might work:

• You might put $250,000 into a new account and $300,000 into your existing one. You'd earn a $600 bonus for the new account but you wouldn't get anything for money you deposited in the existing account.
• You might put $550,000 in your existing account and $30,000 in a new account. You'd get $400 for the existing account deposit plus $150 for the new account, totaling $550.
• You might put $30,000 into a new account and nothing into your existing account. In this case you would not receive a bonus because you hadn't reached the $500,000 minimum.

Existing customer rewards

To qualify for the rewards below, customers need to deposit at least $500,000 in total to their new and existing E*TRADE accounts. E*TRADE will pay a $400 bonus to customers who deposit $500,000 in their existing account plus the rewards below.

Be aware that you may owe tax on sign-up bonuses and other promotional rewards. Make sure you understand any tax implications before you leap.

What other brokerages have sign-up bonuses right now?

If you're in the market for a new brokerage account, it's worth seeing which sign-up offers might make the most sense. For example:

• If someone refers you to open a new Charles Schwab account, you could get between $100 and $1,000 in rewards for deposits of $25,000 to $500,000.
• If you open a new J.P. Morgan Self-Directed Investing account before April 12, 2024, you could get between $50 and $700 for deposits of $5,000 to $250,000.
• If you open a new Merrill Edge® Self-Directed account, you could get between $100 and $600 for deposits of $20,000 to $200,000.
• If you open a Tastytrade account before March 31, 2024, you could get between $50 and $5,000 for deposits of $2,000 to $1,000,000.

Check out our list of best broker bonuses for 2024 for more.

Sign-up bonuses are not the be-all and end-all

It's always good to get cash rewards for doing something you had planned to do anyway. But don't open a brokerage account just for the bonus. There are other factors to consider too. Look at the fee structure, useability, minimum balance requirements, and types of investment products on offer.

If you like to be able to go into a branch or speak to a human being when you need help, factor this into your decision as well. It's also worth thinking about how much you'll pay to move your investments. For example, E*TRADE charges $75 for a full account transfer. This could wipe out a lot of your new customer bonus if you don't stay with the company long term.

Key takeaway

In an ideal world, a brokerage account sign-up bonus should be the cherry on top of the deal. The extra money comes in addition to an investment account that makes it easier to manage your portfolio.