Schwab Starter Kit pays $101 to new Schwab customers

According to the Schwab Starter Kit offer terms, the promotion “is intended to help you learn more about investing by making an actual investment.”

Schwab will deposit $101 into your account a few days after your $50 opening deposit has posted. According to the offer terms and the email that you’ll receive alerting you that your bonus is on the way, Schwab will place five orders for fractional shares for you. If you prefer to purchase your own stock, make other investments, or keep the $101, you may do so.

The terms imply that the Schwab Starter Kit is only available to new Schwab customers. However, Schwab has indicated that the last day for TD Ameritrade customers to sign up for the offer was February 17, 2023. This is when some TD Ameritrade customers’ accounts were converted to Schwab accounts.