Silly question on transfer IRA's

[Russ Smith]

I keep seeing commercials, transfer your 401K or IRA to Etrade, ScottTrade etc(at least 4 different companies) and we'll give you up to $600 for the tranfer.

THey must have some sort of minimum on how long you have to have your money there before you get the extra money otherwise people? I tried looking to see what the terms were but I didn't find anything obvious.

Seems it would be way too easy to just keep moving your money and getting the bonus unless they had it be at least 6 months or something.

 

[Folster]

Ours is 90 days at Merrill Edge. Same $600 type deal so I imagine they are all the same. IRS allows only one rollover a year from a qualified retirement account. We'll also offer 30 free trades a month if you maintain at least 20K in cash on our self-directed platform.

 

[Russ Smith]

Ours is 90 days at Merrill Edge. Same $600 type deal so I imagine they are all the same. IRS allows only one rollover a year from a qualified retirement account. We'll also offer 30 free trades a month if you maintain at least 20K in cash on our self-directed platform.

Ok that explains it the IRS rule is the key.

NOt that I was going to do it but all I seemed to find was 90 days too and I was thinking what's to stop someone from just going one place to another every 90 days and piling up another $600.

I figured it can't be that easy and that explains why, the 1 year IRS rule.

Just keep seeing ads like that and got curious.

thanks