|
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by ejmelton: I called Amex on this. The CSR (who sounded informed) atated that the points rewarded are for opening a "brokerage acount" and that the IRA is one part of that account. He also indicated that he could give 3000 SkyMiles to me for opening a $3,000 IRA and an additional 3000 SkyMiles for transferring another account with at least $3000 in it. There is an annual fee for the brokerage account ($30?) but this could be waived if enough money was transferred in. Personally, I still have concerns about the IRS's view of this scheme, but if Amex is behind it, it doesn't seem to be too much of a risk. As noted previously, check the rates! Miles are rarely "free". Amex is assuming that you will simply allow the IRA to roll over each year at whatever low rate they set.</font> |
Financial institutions may give a bonus valued no more than $10 for a deposit of less than $5,000 and $20 for a deposit of $5,000 or more in an IRA or Keogh plan.
http://www.dol.gov/ebsa/programs/oed/93-1.htm A couple thousand miles seems to be within the ballpark of the limit, so I wouldn't expect to see bigger bonuses like you see for regular brokerage accounts. |
duplicate, sorry
[This message has been edited by shmoosical (edited Mar 03, 2004).] |
IRA account
My wife and I wants to open up an IRA account. Wondering if we can get miles or points for them?
|
|
Frequent Flyer Miles for IRA account?
Anyone know if it is possible to open up a IRA or SEP IRA account and get frequent flyer miles? I noticed brokerages with miles promotions but I am not sure if they include IRA's.
|
No.
My understanding is that there are Federal regulations that prohibit this kind of bonus on IRA accounts. |
Just to confirm Kathy's answer, I recently asked a broker if they would offer me ff miles upon opening an ira with them, and their response was:
Because of regulations we cannot give a promotion to an IRA account that has is valued at more than $10. Also, if we did give you a promotion on an IRA that exceeded that value you could lose the tax-exempt status on your IRA account. |
Originally Posted by PaulasPain
Just to confirm Kathy's answer, I recently asked a broker if they would offer me ff miles upon opening an ira with them, and their response was:
Because of regulations we cannot give a promotion to an IRA account that has is valued at more than $10. Also, if we did give you a promotion on an IRA that exceeded that value you could lose the tax-exempt status on your IRA account. |
................
|
Why don't they offer 500 frequent flyer miles (valued at 2 cents each) for opening an IRA? Actually, for having your IRAs at TD Waterhouse, you can receive benefits in your *other* accounts. That's probably legit, because they hand out benefits by "total assets at TDW". |
A year or so ago I got (I think) 15,000 points for opening an Ameritrade account and keeping the money there for 6 months. It was not an IRA, though.
|
Originally Posted by Tino
What a massive hassle for everyone. Aren't there enough good reasons to open an IRA?
However, I asked the question for the sake of helping the OP find a complete answer to their original question. Just in the spirit of helping. @:-) |
Delta advertises that you can get 2000 miles (3500 miles for Medallion Members) from ShareBuilder for "investing in a new individual, joint, custodial, IRA or Educational Savings Account (ESA)." You can also get Alaska Airline miles for using ShareBuilder, but I cannot find whether or not IRA accounts are eligible for Alaska Airline miles.
|
Originally Posted by KickbackKing
Delta advertises that you can get 2000 miles (3500 miles for Medallion Members) from ShareBuilder for "investing in a new individual, joint, custodial, IRA or Educational Savings Account (ESA)." You can also get Alaska Airline miles for using ShareBuilder, but I cannot find whether or not IRA accounts are eligible for Alaska Airline miles.
|
| All times are GMT -6. The time now is 2:37 am. |
This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.