4 Companies That Will Pay You to Roll Over a 401(k)

The next time you leave a job, you should take your 401(k) with you. If you plan to roll the money over to a new institution, you might find one that will pay you to do so.

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Several companies that act as individual retirement account (IRA) custodians will now pay you a cash bonus if you roll over your 401(k) to them. In general, the more money you roll over, the bigger your cash reward.

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Note that these rewards go beyond 401(k) rollovers — simply opening a retirement account or brokerage account and funding it with the required amount can net you a bonus as well.

However, you need to move a lot of money — at least $10,000 and sometimes more — to get the bonus. So, rolling over a 401(k) into an IRA might be the easiest way to get the reward.

In fact, opening a brand-new IRA without transferring money from an existing IRA won’t result in a bonus because federal law limits IRA contributions to $6,000 per year for people 49 and younger and $7,000 for those 50 and older.

The following are a few companies that currently offer cash bonuses for retirement or brokerage accounts, or both.

E-Trade

Open a new retirement (or brokerage) account at E-Trade by June 30, 2021, and you can get up to $3,000 in cash. You will have to make a qualifying deposit to snag your money.

Just note that — as with all the bonuses listed here — the amount you deposit will need to be large to earn your bonus:

• $10,000-$19,999 deposit: $50 cash bonus
• $20,000-$24,999: $100 cash
• $25,000-$99,999: $200 cash
• $100,000-$199,999: $300 cash
• $200,000-$499,999: $600 cash
• $500,000-$999,999: $1,200 cash
• $1,000,000-$1,499,999: $2,500 cash
• $1,500,000 or more: $3,000 cash

To earn the reward, qualifying deposits must be made within 60 days of opening your account.

Ally

Open and fund an Ally Invest Self-Directed account by Sept. 30, 2021, and you can get a bonus of up to $3,000. Bonus amounts are as follows:

• $10,000-$24,999 deposit: $100 cash bonus
• $25,000-$99,999: $250 cash
• $100,000-$249,999: $300 cash
• $250,000-$499,999: $600 cash
• $500,000-$999,999: $1,200 cash
• $1 million-$1,999,999: $2,000 cash
• $2 million or more: $3,000 cash

To earn the reward, qualifying deposits must be made within 60 days of opening your account.

TD Ameritrade

Open and fund a new retirement or brokerage account with TD Ameritrade by June 30, 2021, and you can get up to $2,500. The reward amounts are as follows:

• $250,000-$499,999 deposit: $350 cash bonus
• $500,000-$999,999: $700 cash
• $1 million-$1,999,999: $1,500 cash
• $2 million or more: $2,500 cash

To earn the reward, qualifying deposits must be made within 60 days of opening your account.

Related: 7 Unusual Ways to Declutter Your Home

Charles Schwab

When a friend refers you to Charles Schwab, you are eligible for up to a $500 cash bonus when you open an IRA or brokerage account and make a qualifying deposit. Charles Schwab does not mention an expiration date for this offer.

Bonus rewards are:

• $25,000-$49,999 deposit: $100 cash bonus
• $50,000-$99,999: $300 cash
• $100,000 or more: $500 cash

This offer is only good for new Schwab clients. If you already have a Schwab account, refer a friend so he or she can cash in.

To earn the reward, qualifying deposits must be made within 45 days of opening an account.

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