Opening a Roth IRA Account: How to Qualify for a Cash Bonus of Up to $2,500
Posted on 
You must begin saving for your retirement now – the earlier you do it, the better off you will be financially. But it can be hard to find extra money for investing in retirement when most people live paycheck to paycheck. To help encourage individuals to start saving, many investment firms are offering cash bonuses for new customers.
While they may have different terms and conditions as well as bonus amounts, at the end of the day all that matters is figuring out how much money you want to save for retirement and what company will give you the biggest cash bonus. Let’s start by knowing the meaning of Roth IRA then we can discuss which organizations give perks.
What is the full form of Roth IRA?
Roth IRA means a retirement savings plan that an individual or self-employed person contributes to from their after-tax income, and its use is restricted to specific conditions in old age. A Roth IRA is an account that provides tax benefits; contributions are made with after-tax income rather than pre-taxed income like those found in 401(k) plans. Over time these contributions can grow tax-free even though taxes have already been paid on them; additionally if withdrawals are taken after age 59½ they are not subject to any more taxation making this type of account very attractive from standpoint of being able fund your golden years with Uncle Sam leaving his hands out entirely!
There are rules surrounding Roth IRAs too: single filers earning over $144k ($214k joint) cannot contribute while those 50 or older have an annual maximum contribution limit set at $7000 ($6000 otherwise). Furthermore if someone expects their marginal rates during retirement years would be higher than current levels then often times roth iras are selected because they allow individuals like yourself defer paying taxes until later on when overall bracket could potentially rise significantly thereby serving also another form diversification against uncle sam deciding wants some back.
Here’s how much each investing company offers in bonuses:
E*Trade:
New retirement or brokerage account holders with E*Trade can earn up to $600 in cash – and maybe even more. There is also a commission-free trade offer of $0. The fine print states you could receive an additional $3,500 by depositing at least 1.5 million dollars into your new account within the first 60 days.
Fidelity:
Fidelity offers a straightforward bonus – open a qualifying Roth IRA account, deposit $50 or more, and Fidelity will give you a $100 bonus. No complicated requirements to meet; simply keep the bonus in your account for at least ninety days.
Ally Invest:
For new Self-Directed investment accounts, Ally Invest offers cash bonuses ranging from $100 for a $10,000 initial deposit to $3,000 for deposits over $2 million. However this solution lacks professional financial advice and has a minimum asset requirement.
TD Ameritrade:
The same as Ally Invest, TD Ameritrade provides bonuses in cash depending on your initial deposit amount. It is 350 dollars for deposits of 250k or more; it’s 2 thousand five hundred dollars for deposits of 2 million or more. They have specialty accounts eligible for bonuses and their professionally managed portfolios are highly rated.
Editor’s Note: The previous TD Ameritrade offer expired on December 31, 2021. While there are no details about new offers at the moment, it doesn’t hurt to inquire — especially if you’re transferring a significant amount from one institution to another.
Editor-in-Chief • Industry Trends Writer
Ethan analyzes market shifts and predicts future developments in different industries to keep his audience well informed and ready.
