Tastyworks Offering $500 Bonus for New Brokerage Accounts
Tastyworks is a customizable trading platform with streaming real-time quotes. It contains options-focused charting that helps you understand the probability of making a profit, but the layout might be a bit confusing at first.
It offers a web trading platform and an app with no fee stock trades. There’s a $1.00 fee to open options trades and $0.00 to close. Now Tastyworks also has a new bonus of $500 for new brokerage account. You need to deposit $10K, but there’s no requirement that you invest that money. Let’s look at the details.
Update 5/4/22: I was able to withdraw the money on day 92. On day 91 the $10,000 was withdrawable but on day 92 the full $10,500 was available. I am not sure if day 90 landing on a weekend added to the timeframe at all or not. The money hit my bank account the next day. I know some people were nervous about it so thought I would share my experience.
Update 2/26/22: This offer ends the 28th so grab it while you can.
(Update 1/24/22) Mark’s Experience
I wanted to share my experience with a quick update. My wife opened an account and deposited the money required on 1/14/22. The $500 bonus posted on 1/21/22 although it didn’t actually show until a day later. It seems like they post bonuses on Fridays so it could come quicker depending on when your deposit hits. I plan on doing it for myself as well now.
Update 2/6/22 Mark’s Experience 2.0
I ended up opening an account for myself as well. The account was funded on 1/31 and the bonus posted on 2/4 (actually shows in the account the following day 2/5). This proved my theory that once the money settles the money is paid on the next Friday. It doesn’t show in the account until the next day, Saturday, though. And 90 days from now I will have clear $1000 for a few minutes of work.
The Offer
Earn up to $500 with a new eligible tastyworks brokerage accounts opened during the Promotion Period with promo code OPEN_NOW_2022 and initially funded with a minimum of:
- $2,000 USD for the $200 Award, or
- $10,000 USD for the $500 Award
You must open your new account by 11:59pm CST on 02/28/22. IRA and TRUST accounts are not eligible for the Promotion .
Key Terms
- The 2022 Open Now Promotion begins at 12:00am CST on 01/01/2022 and ends at 11:59pm CST on 02/28/2022 (the “Promotional Period”).
- Valid for legal U.S. residents, and are ages 18+ as of date of participation
- The Promotion offer is not valid for existing tastyworks customers, customers who have a funded brokerage account, or customers who previously had a funded brokerage account with tastyworks prior to the start of the Promotional Period (01/01/2022).
- A cash deposit of $200.00 USD or $500.00 USD will be posted to the Qualified Customer’s Qualified Account approximately one (1) week from the time the initial funding amount of at least $2,000.00 USD or $10,000.00 USD has settled and is reflected in the Qualified Account’s Net Liquidating balance.
- The initial funding minimum amount of $2,000 USD for the $200 USD Award or $10,000 USD for the $500 USD Award cannot be withdrawn from the Qualified Account for a minimum of three (3) months or the applicable cash credit will be surrendered.
Conclusion
This is a great bonus for tastyworks brokerage accounts. You need to deposit $10,000 into your new account, but you are not required to invest that money. So this works even for people who are not normally interested in stocks.
You need to keep the money in the account for minimum of three months. The bonus of $200 or $500 is issued approximately one week from the time the initial funding amount of at least $2,000.00 USD or $10,000.00 USD has settled.
HT: Doctor of Credit
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I missed some earlier replies. Here’s a summary of our experience:
We opened 3 accounts within our family. Each of them received the $500 bonus, although for two of them we actually had to email customer service and ask them to post the bonus, which they promptly did. We have not yet received the smaller bonus for referring new customers in spite of asking customer service to take care of it.
The first account we opened we were able to withdraw $10,500 shortly after the bonus posted with no hassle. The other two are now being used for trading.
Scott
91 days from funded, still showing $10k to withdraw, not $10,500
Did you reach out to customer service to see if it is a delay or what is going on?
Same here. 91 days from funded, still showing $10k to withdraw, not $10,500. Have you figured out yet?
mine showed $10,500 at day 93
Thanks for the update. Today is my day 92. Now it’s available to withdraw. Just wondering if you zero out the account or still leave small digits?
I withdrew every last cent. Why would leave anything?
Mine was fully good on day 92.
They paid mine but we had to send secure message or contact them for my wife’s money.
@Scott did you close the accounts, and if so, was that relatively painless?
Do you know if only 1 account can be opened per household? Can I open an account for myself and my wife? or am I restricted to open one account per household address. I can’t find anything saying that in the terms & conditions. Appreciate your thoughts.
You can definitely open more than one account per household. I did that a couple weeks ago. Whether or not they give both accounts the bonus remains to be seen. It’s not specified in the terms so I will certainly argue for it if they don’t give us both bonuses.
Thank you Scott. I guess I will roll the dice and can always argue that there is nothing mentioned about 1 account bonus per household per T&C.
This is not new. I did it 3 times last year for family members. It’s quick and easy to do.
Is there a period the money needs to stay in the account? Can you close the account after receiving the bonus?
The bonus and money needs to stay in the account for 90 days