Have you heard about Charles Schwabs Investor Starter Kit offer and are wondering how it
works?
Well in this video, we’ll be taking a look at how to take advantage of this promotion
and whether or not its worth it.
Hey everyone, this is Kyle from Money@30 and on this channel we look at personal finance
from a Millennial perspective, including app and tool reviews like this one.
Over the years, I’ve acquired quite a few different brokerage accounts.
Yet, despite Schwab ending their commission fees back in 2019, I had yet to open an account
with them.
That was until I came across their Investor Starter Kit offer boasting $101 in free stock,
which seemed like a pretty good deal.
So, what exactly is the Schwab Starter Kit and is it indeed worth it?
Let’s take a look at a few things to know.
The first things to know about the Schwab Investor Starter Kit offer is how to qualify
and how to sign up.
To be eligible for this special offer, you’ll need to be new to Schwab.
Then, when opening your account, you’ll need to either click the link from the Starter
Kit site or enter the offer code SCHWABSTARTERKIT where prompted.
Since you’ll be opening a brokerage account, you’ll need to provide all the standard
personal info such as your name, address, Social Security number, and more.
Finally, in order to earn your $101 in rewards, you’ll need to deposit at least $50 into
your new account within 30 days of opening it.
After that, you should be good to go.
Next, let’s talk about what stock slice rewards are included as part of your Starter
Kit By default, your $101 bonus will be issued
as pieces of the top five stocks by market cap in the S&P 500.
Currently, this means that you’ll get $20.20 worth of Amazon, Microsoft, Tesla, Alphabet,
and Apple.
However, should things change dramatically for some reason and these are no longer the
top 5 larger companies, Schwab notes that the five stocks you receive might not match
the logos featured on their site.
Something else I want to mention is the timeline from when you make your deposit until you
receive your free shares of stock and why you might want to pay attention to this
According to Schwab’s FAQ, two business days after your account is created, it will
begin monitoring to see if you’re qualifying deposit of $50 or more has arrived.
Once it does, the $101 bonus will be credited to your account in the evening of the next
trading day and you’ll be notified of your upcoming orders.
These purchases will then be executed the following trading day in the morning.
Before that happens, customers can actually choose to cancel these trades and thus stop
from buying the specified Stock Slices.
Should you do this, the $101 will remain in your account as cash and can be used for other
investments if you see fit.
That might sound like some sort of loophole hack but it’s actually spelled out right
on Schwab’s site.
So, if you decide these 5 stock slices aren’t quite right for you, keeping an eye on this
process may afford you some other options.
Finally, the free stock slices may be the main reason many people sign up for the Schwab
Starter Kit, there are some useful education resources included as well.
When you open your account as part of the Starter Kit, you’ll see a link to explore
your kit on your dashboard, which will take you landing page with additional info.
Under the Investing Education tab, you’ll find a series of videos on some core investing
topics along with some articles and written materials.
Meanwhile, the Tools and Resources link will take to various calculators worksheets and
more.
Although these resources aren’t terribly in-depth, they may be worth your time if you
really are brand new to investing or might help give you a better idea of how to use
Schwab’s platform.
Overall, if you don’t already have a Schwab brokerage account, I think this offer is a
pretty good reason to go ahead open one
With only a $50 opening deposited needed to unlock a $101 bonus, Schwab’s Investor Starter
Kit offer is an attractive deal in my opinion.
Plus, while I still prefer how easy to use many FinTech brokerages are when compared
to Schwab so far, there is a certain peace of mind dealing with such a large and well-known
entity.
Whats’ more, by having a Schwab brokerage account, I’m now finally eligible for the
special Schwab flavor of the Amex Platinum card that allows you to cash out Membership
Rewards points for deposits into your account.
In any case, whether you’ve been wanting to get started with investing or just want
is essentially $101 for free, then it may be worth looking at the Schwab Starter Kit
offer for yourself while it lasts.
Hopefully this gives you a better idea about what the Schwab Investor Starter Kit is all
about but for more on the offer, I’ll have a link to my article in the description box
down below.
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So thanks again for watching and I’ll see you next time here on Money@30.