Rob Berger

Tax season is right around the corner. If you prepare your own return this is about the time you’ll need to choose the tax software. To make the job easier, we’re providing this guide to the six best tax software in 2023, for 2022 returns.

The table below shows the most basic features of each of the six best tax software for 2023. A deeper discussion of each software will follow.

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6 Best Tax Software for 2022 Tax Returns

1.  TurboTax – Best Overall

TurboTax is the software I used exclusively when I prepared my own returns. It has become the top tax software in the industry, and for plenty of good reasons. It offers five different plans, from their Free Edition to their Self-Employed plan. TurboTax Business is also available for partnerships, S corporations, C corporations, multi-member LLCs, trusts and estates. You can sign up for each of the programs free of charge and pay only when you file your return.

I’ve personally used customer support this year. I was having trouble uploading a prior year’s tax data. I received a phone call within five minutes of making the request, and the customer support personnel (I talked to two individuals) to be very professional and helpful.

TurboTax is available in both the Online and CD/Download versions, each with its own pricing. The Online version enables you to access and prepare your return from any computer or mobile device and requires no software installation. TurboTax provides tax return storage. You can prepare and file one return using this version.

The CD/Download version is downloaded onto your personal computer and does not require an Internet connection. Your tax return will be stored on your computer’s hard drive. You can prepare and file up to five returns using this version.

TurboTax Features

• 24/7 customer support from the online community of TurboTax specialists, and even customers.
• Download photos of your W2(s) and/or 1099-NEC.
• TurboTax Live Assisted Basic – provides unlimited expert advice to prepare your return yourself.
• TurboTax Live Full Service – you’ll be matched with a dedicated tax expert who will prepare your return for you.
• Both TurboTax Live Assisted Basic and Live Full Service are available in Spanish.
• Audit Support Guarantee – provides free step-by-step audit guidance if you are contacted by the IRS, plus the option to connect with a tax expert.
• TurboTax Audit Defense – provides live representation during an audit, requiring payment of an additional fee.

TurboTax Plans

Free Edition

• Can be used for W-2 income, limited interest and dividend income, standard deduction, student loan interest deduction, the earned income credit, and child tax credits.
• You can also include hobby, personal property rental or personal items sales reported to you on Form 1099-K.
• Comes with a TurboTax Audit Support Guarantee.
• The plan itself is free, and you can file both federal and state income tax returns for free (limit one state return).
• You can file your return using the mobile app.
• Price: Free (of course!)

Basic (CD/Download version only)

• All the features of the Free Edition but allows you to download the software and store your returns on your own computer.
• Price: CD/Download version: $40 + $40 per state return; $0 (1 state included) for Live Assisted Basic; $169 (+$49 per state) for Live Full Service.

Deluxe

• All the features of the Free Edition.
• Itemized tax deductions.
• Over 350 deductions and credits.
• One-on-one help on-demand.
• Price: Online version: $39 + $39 per state return; CD/Download version: $70 – includes one state return, then $40 for each additional state return; $89 for Live Assisted Basic (+$49 per state); $219 (plus $49 per state) for Live Full Service.

Premier

• All the features of the Deluxe Edition.
• More than 450 deductions and credits.
• Accommodates stocks, ESPPs, bonds and other investments.
• Import your investment income information.
• Covers rental properties.
• Price: Online version: $69 + $39 per state return; CD/Download version: $105 – includes one state return, then $40 for each additional state return; $139 (+$49 per state) for Live Assisted Basic; $329 (+$49 per state) for Live Full Service.

Self-Employed

• All the features of the Premier Edition.
• Designed specifically for the self-employed.
• 500+ tax deductions and credits, including industry-specific deductions.
• Calculates asset depreciation, as well as mileage and vehicle deductions.
• Import financials from QuickBooks Self-Employed.
• Import Rideshare and UberEats data.
• Unlimited employee forms, including W-2s and 1099s, even if you’re not using payroll.
• Comes with personalized audit risk assessment and self-employed tax guidance.
• Price: Online version: $89 + $39 per state return; CD/Download version: $120 – includes one state return, then $40 for each additional state return; $169 (+$49 per state) for Live Assisted Basic; $359 (+$49 per state) for Live Full Service.

2.  H&R Block – Best for Those Wanting Physical Locations

The name “H&R Block” is practically synonymous with income tax preparation. The company has been in business since 1955. Though they offer the full range of online tax-preparation software products, the company also has more than 12,000 local tax-preparation offices staffed by employees with an average of 10 years of experience.

That makes H&R Block the perfect tax software for particularly complicated returns. You can start out preparing your own return and switch over to a live tax pro to finish the job any time you feel overwhelmed. And with so many local offices, you can take advantage of face-to-face contact if that’s your preference.

Be aware that if you choose to have your return prepared by an H&R Block tax professional the pricing presented below will not apply. The fee you will pay will be based on the type and complexity of your return.

H&R Block Features

• Import or snap a photo of your W-2.
• Audit support guarantee.
• Maximum refund guarantee.
• Real-time refund results.
• Six years storage of tax documents for up to six years if you use Deluxe e-file.
• Refund Advance loan of up to $3,500 within minutes of filing your taxes.

H&R Block Plans

Free Online

• Available for simple returns, including students, and those with W-2 income, retirement income, unemployment compensation, the earned income credit, and child tax credits.
• Price: $0 to prepare and file both federal and state returns; $40 (no additional fee for a state return) with unlimited, live help from tax pros.

Deluxe

• All the features of Free Online.
• Accommodates contract, freelance, gig work, and other small, self-employment income; itemized deductions, child and dependent care expenses, and HSA contributions.
• Price: $35 + $37 per state return; $70 (+37 per state) with unlimited, live help from tax pros.

Premium

• All the features of Deluxe.
• Covers stocks, bonds, and other investment income, crypto currency sales, rental income and deductions.
• Price: $55 + $37 per state return; $115 (+37 per state) with unlimited, live help from tax pros.

Self-Employed

• All the features of Premium.
• Designed for small businesses, including all business deductions and asset depreciation.
• Price: $85 + $37 per state return; $145 (+37 per state) with unlimited, live help from tax pros.

3.  Jackson Hewitt – Best for Multiple State Returns

Much like H&R Block, Jackson Hewitt also has a large network of tax-preparation offices across the country. As the second-largest tax-preparation service (after H&R Block), the company has more than 6,000 local offices, including more than 3,000 located in Walmart stores. It’s also one of the most popular online tax software services, but with the option to shift your return over to a live tax professional at any point during the process.

The single flat fee structure used by Jackson Hewitt makes it an excellent choice if you have multiple state returns to prepare.

And again, like H&R Block, there is a separate pricing structure if you have your return prepared by a tax professional in a Jackson Hewitt location.

Jackson Hewitt Features

• File online, or in-store (standalone offices or Walmart locations).
• One price for all tax return types – $25 includes both federal and state returns.
• Accommodates both simple and complex returns.
• Online customer support.
• If you are due a refund you may not need to pay the fee using a credit card.
• 100% accuracy guarantee.
• Maximum refund guarantee.
• Satisfaction guaranteed.
• Transparent pricing guarantee.
• Three-year price lock guarantee – fee structure applies to this year, next year, and the year after that.

4.  Cash App Taxes (formerly Credit Karma Tax) – Best Free Software

Credit Karma Tax is now Cash App, offering the same, simple and free income tax-preparation. That’s free as in free to file no matter how complicated your tax situation is. It’s also convenient; you can file your tax return from either your computer or your smartphone. And if you have your refund deposited into your Cash App, you’ll get your money up to five days faster. The company claims the service has been used to prepare more than 3.8 million returns.

To use Cash App Taxes, you will need to download the Cash App. It’s an app that provides banking services, including the ability to send and receive money free of charge. You can also use the app to buy and sell stocks and bitcoin. And when you download Cash App Pay and Cash Card you’ll have access to exclusive discounts. Cash App is free to download and to use.

Cash App Features

• One plan for all tax situations.
• Free tax software that includes both your federal and state return.
• Accommodates simple and more complex tax returns.
• Access returns previously filed with Credit Karma Tax.
• Phone and live chat customer service.
• You must sign up for the Cash App to access the tax software.
• Free, but historically not the best choice for more complicated returns, like, self-employment or substantial investment activities.

5.  TaxSlayer – Best for Comprehensive Service at a Low Price

TaxSlayer has come up as one of the most popular tax software services in the industry. What makes it particularly attractive is that its low-cost structure also includes its Ask a Tax Pro and Audit Defense services on all plan levels. And like Jackson Hewitt, you can deduct the cost of the service from your refund (if you’re entitled to one), rather than paying by credit card. The software comes in five versions, including one designed specifically for active duty members of the US military.

TaxSlayer Features

• Comprehensive plans that include service features other software charge additional fees for.
• Special plan just for active duty members of the military.
• One of the lowest fee structures among all tax software services.
• Download the app free and file your return on the go.

TaxSlayer Plans

Simply Free:

• File a basic 1040 tax return.
• Includes student loan interest deduction and education credits.
• Unlimited phone and email support.
• Price: $0 to file both federal and state returns.

Classic:

• Includes all the features of Simply Free.
• Covers any tax situation and all major IRS forms.
• Import your W-2(s).
• Comes with IRS inquiry assistance for up to one year after your return has been accepted.
• Price: $19.95 +$39.95 per state return.

Premium:

• Includes all features of the Classic plan.
• Unlimited personal guidance from a tax expert.
• Priority support for both phone and email assistance.
• Certified tax professionals to assist you with an audit for up to three years after your return has been accepted by the IRS.
• Price: $39.95 +$39.95 per state return.

Self-Employed:

• Includes all the features of the Premium plan.
• Designed specifically for small business owners, contractors, and side hustlers.
• Schedule C preparation, including income from Form 1099.
• Tax tips and resources specifically for the self-employed.
• Tax payment reminders, including printing of 1040-ES estimated tax payment vouchers.
• Support from a tax expert with self-employed tax expertise.
• Price: $49.95 +$39.95 per state return.

Military:

• Free federal filing for active-duty military members.
• Accommodates all tax situations, including all major IRS forms, credits and deductions.
• Comes with IRS inquiry assistance for up to one year after your return is accepted.
• Price: $0 +$39.95 per state return.

6.  TaxAct – Low-Cost Tax Software

TaxAct is another of the most popular tax software services around, with the advantage of providing lower-cost plans than most competitors. And even with the low-cost fee structure, TaxAct can accommodate all return types, including self-employed and sophisticated investments. They even offer special software for various types of business returns.

TaxAct Features

• All plans include Xpert Assist, which provides live support calls with tax experts.
• Audit Defense available, with tax professionals to deal directly with the IRS for up to three years. The service is available at an additional fee, which is not disclosed on the website.
• Specialized business plans for partnerships, S corporations, C corporations, tax-exempt organizations, and estates and trusts, each at $124.95 + $54.95 per state income tax return filed.
• Mobile app available.

TaxAct Plans

Free

• Cover simple returns, including W-2 and unemployment income, retirement income, child tax credits, earned income, current students, and stimulus credit.
• Xpert Assist included.
• Price: $0 + $39.95 per state return.

Deluxe

• All the features of the Free plan.
• Can be used for itemized deductions, adoption credits, child and dependent care, student loan interest, and health savings accounts.
• Deduction maximizer.
• Personalized My TaxPlan.
• Price: $24.95 + $44.95 per state return.

Premier

• All the features of the Deluxe plan.
• Covers investment income, rental properties, royalty and Schedule K-1 income, and foreign banks and financial accounts.
• Unlimited free account and technical support.
• Price: $34.95 + $44.95 per state return.

Self-Employed

• All the features of the Premier plan.
• Designed for business and farm income, freelance income, and personalized business deductions.
• Calculates depreciation.
• Deduction maximizer and year-round planning resources.
• Price: $64.95 + $44.95 per state return.

All-Inclusive Bundle

• Includes access to all online forms, and one state return.
• Filing fees subtracted from refund.
• Audit Defense included.
• Price: $114.95

Tax Software FAQs

Bottom Line

Preparing your own tax return doesn’t need to be a hassle, that is, as long as you choose the right tax software for the job. Any of the six in this guide will help you get the job done. Just be sure to carefully examine the service levels and features provided by each then choose the one that most closely matches your own tax situation.

Saving and investing money is a lot like eating broccoli. We know we should do it, but it’s not so easy. One easy way to save money is with an automatic savings app. To help you get started, here are the best round-up apps for both savings and investing.

Best Overall Round-Up App for Savings–Chime®

For those focused on building an emergency fund or other savings, Chime is my top pick for round-up apps. Why? Unlike most round-up apps, Chime pays interest on your savings.

Chime comes with a long list of features:

• Get paid up to 2 days early with direct deposit*
• Fee-free overdraft protection of up to $200 for eligible members**
• Over 60,000 fee-free ATMs***
• Savings earn interest (currently 2.00% APY^)

It’s key feature for our purposes is automated savings. Chime automates savings in several ways.

First, it does have a round-up feature. Called “Save When You Spend,” Chime will round up to the nearest dollar purchases made with its free Visa debit card. Chime then transfers the round-up from your Chime Checking Account to your Savings Account.^^

Second, Chime enables customers to setup automatic savings. After each paycheck, you can have an amount of your choice automatically moved from your Chime Checking Account to your Savings Account.

There are other things I like about Chime. It has arguably one of the best secured credit cards to help customers build their credit. It’s called the Secured Chime Credit Builder Visa® Credit Card, charges no annual fee and has no required minimum security deposit.^^^

Best Overall Round-Up App for Investing–Acorns

Acorns is my pick for the best overall round-up app for investing. Acorns is one of the first round-up apps with over 9 million clients. It offers both low cost investing, free checking and a free debit card. As such, it works for savings, investing or both.

After creating an account, you link the credit and debit cards you use for spending. Acorns tracks your round-ups and transfers them from your linked checking account once they reach $5.

You choose how you want Acorns to invest your round-ups. Users can select from several pre-configured portfolios, ranging from conservative (100% bonds) to aggressive (100% stocks). You can also chose among socially responsible portfolios. Acorns does the rest, making the investments for you in low cost, diversified ETFs (Exchange Traded Funds).

For savers, Acorns offers a checking account and debit card. The FDIC-insured account offers direct deposit, mobile check deposit and free nationwide ATMs. It does not, however, pay interest on its checking account.

Acorns costs just $3 a month for a personal account. The fee covers investing and checking accounts. For $5 a month, get the family plan that enables kids to start investing early.

Full List of Round-Up Apps

In addition to Acorns and Chime, here are several other round-up apps worth considering.

Greenlight

Best for kids and teens

Greenlight is perhaps best known for offering a debit card for kids and teens. It also offers an investing platform to teach young people the importance and power of saving and investing. With Greenlight Max, kids can invest in their favorite companies or ETFs. There are no trading fees and parents must approve all trades.

Greenlight offers several ways to encourage savings through what it calls Savings Boosts. One Savings Boost is round-ups. Transactions are rounded up to the nearest dollar and transferred to savings. Other Savings Boosts include earning 1% cash back on all purchases and up to 2% interest on their savings.

In addition to investing, Greenlight can serve as a child’s bank and budgeting app. Monthly costs range from $4.99 to $9.98 a month for up to five children.

Qapital

Best for microinvesting

While all round-up apps are a form of microinvesting, Qapital takes it to another level. In addition to round-ups, Qapital offers a number of Rules that will trigger automatic saving and investing:

• Payday Divvy: This feature enables you to automate how much of your paycheck goes to spending, savings and investing.
• Set and Forget: Set up automatic transfers to savings or investing every week.
• Guilty Pleasure: Enjoy your morning coffee at Starbucks, but save some money at the same time. You can designate the merchants and how much you save each time you shop there.
• Spend Less Rule: Set a spending limit at the grocery store and automatically save the difference between the set amount and what you typically spend.
• Freelancer Rule: For 1099 workers, you can set a percentage of all deposits of $100 or more to be transferred to Qapital’s FDIC-insured account for estimated taxes.
• 52 Week Rule: Save $1 in week one, $2 in week two, and so on, for a total of $1,378 over the course of a year.
• Apple Health: Set automatic transfers to savings each time you walk, bike or run.

Money saved can be invested in one of several portfolios using low-cost ETFs:

Qapital offers three plans ranging from $3 to $12 a month.

Qoins

Best for paying down debt

With Qoins, you create either a debt or savings goal. You can also create what Qoins calls a Bundle, with both a debt payoff and savings goal. With goals set, you pick how you want money transferred toward your goal. There are several options:

• Round-ups
• Weekly transfers
• Payday transfers
• Smart Savings

Smart Savings is a feature unique to Qoins. You set how aggressively you wan to save, and Qoins’ algorithm determines how much to put toward your goal. Unlike round-ups, Smart Savings doesn’t require you to link a debit or credit card.

Qoins offers two plans costing $2.99 or $4.99 a month.

Other Round-Up Apps

I continue to evaluate round-up apps and will update this article based on new research. Here are other apps I’m evaluating:

• Digit
• Empower
• MoneyLion
• N26
• Betterment
• Worthy Bonds
• Current

It’s worth noting that some banks offer round-up features. Bank of America is one example. The problem is that its interest rates on savings accounts are terrible.

How Round-Ups Work

Round-up apps bring the concept of a change jar into the digital world. When cash was king, it was common to have a change jar in the house. Each day when you got home, you took the change out of your pocket and put it in the jar. It wasn’t a lot of money, so it didn’t crush the budget. And while each deposit into the jar didn’t amount to much, over time it grew into some serious cash.

Round-up apps take the same concept and apply it in the world of electronic payments. You connect your checking account and credit cards to the round-up app. The app then keeps track of your transactions and the round-up amount. For example, if you spend $3.74 at a coffee shop, the app adds $0.26 to your round-up balance.

Once your round-ups reach a threshold (typically $10), the app transfers the amount from your checking account to either a savings or investment account. As such, round-ups are one form of microinvesting.

The Psychology Behind Automatic Savings

There are several psychological “tricks” that make round-up apps so effective. First, they require just one easy decision. Once you turn on the round-up feature, it continues to work without any additional effort on your part. This simple decision makes it easy to overcome the status quo bias. And once overcome, the round-ups become the status quo.

Second, they are automatic. The round-ups don’t require us to make decisions each day, week or month. They happen behind the scenes, even if we forgot all about them.

Finally, round-ups involve relatively small amounts of money. Trying to save hundreds of dollars a month might feel daunting. Saving our spare change every day, on the other hand, is less intimidating even if it adds up over time.

Can Round-Ups Really Make a Difference?

Yes. In fact, one study found that saving even $100 had a profound effect on financial well-being. And with the power of compounding, even small amounts of money saved over time can grow into significant wealth. For example, investing just $50 a month over a working career can grow into more than $400,000 at a 10% return.

Of course, returns aren’t guaranteed and a working career can last 40 or 50 years. At the same time, $50 a month is not exactly a flood of money. It’s a start. Continue to increase your savings and your wealth will continue to compound over time. In the end, compounding will generate for more wealth than the amounts you actually save.

Round-Up FAQs

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Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
* Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
**Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
***Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
^The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
^^Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
^^^Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

Like many other businesses, investment brokers sometimes offer bonuses to encourage investors to sign up with their services. Not all brokers offer a sign-up bonus, but a surprising number do. In this article, we’ll look at the 13 best investment broker bonus offers available in 2023.

Be aware that each of these bonus offers has an expiration date. Where available, we’ve included that date in our summaries. However, many brokers assign a cutoff date, then extend it each month. In that way, many expiration dates operate on a rolling basis.

Best Investment Broker Bonuses

We’ve ranked each of the 12 brokers based on a combination of 1) the amount of the bonus offer, and 2) the ease with which it can be obtained. And where it matters, we’ve also considered the amount of time required to tie up funds to qualify for the bonus offer.

Ultimately the merit of any bonus will depend primarily on your own personal circumstances. For example, if you have a seven-figure investment portfolio to transfer from another broker, it may simply be a matter of choosing the most generous bonus offer.

1. M1 Finance – Get Up to $4,000

M1 Finance is one of the best robo-advisors today, in my opinion. It charges no management fee and empowers investors to create a portfolio of ETFs and stocks. It then makes rebalancing the portfolio as easy as clicking a button. I used M1 for about a year, and found the site very easy to use.

The amount of the bonus depends on how much you transfer to M1. Bonuses start at $100 for transferring $50,000 and go up to $4,000 with a transfer of $2 million or more. The bonus is slated to end on January 14, 2023, but M1 often extends its bonus offer.

Terms:

Note that promotional credits will be paid to eligible clients on June 6, 2023.

2.  Public – Get Up to $10,000

Public is offering a bonus of up to $10,000 when you transfer an investment account to Public by December 31, 2022. The website says the promotion will expire on that date, but it is possible it will be extended on a month-to-month basis.

Funds must be transferred from another investment broker. In addition to the cash bonus, they’ll also pay any transfer fees imposed by the other broker if the incoming account value is at least $500.

Terms:

• Deposit $5,000 to $24,999: $150
• $25,000 to $99,999: $250
• $100,000 to $249,999: $1,000
• $250,000 to $499,999: $2,500
• $500,000 to $999,999: $5,000
• $1 million or more: $10,000

3.  E-Trade – Get Up to $3,500

E*TRADE is paying a cash bonus, ranging from $50 to as much as $3,500 when you open a new account with as little as $5,000. You must fund your account within 60 days of opening with the required minimum to qualify for the bonus of your choice.

Existing E*TRADE customers are eligible to participate in the bonus at a reduced rate. The offer applies to brokerage and Coverdell accounts, as well as retirement accounts.

Terms:

New customers:

Existing customers with current account balances between $500,000 and $999,999:

Existing customers with current account balances between $1 million and $1,499,999:

Existing customers with current account balances of $1.5 million and higher:

4.  Firstrade – Get Up to $4,000

Firstrade is paying a bonus, ranging from $50 to as much as $4,000 when you open and fund a Firstrade Brokerage account. To be eligible for the bonus, you must open an account and make a qualifying deposit no later than January 17, 2023. The account must be funded within 30 days of opening and includes new accounts only. The offer applies only to individual, joint or custodial brokerage accounts, and not to IRAs.

The account must remain open for 12 months and maintain the qualifying deposit to qualify for the bonus. Firstrade is also offering to reimburse transfer fees from other brokerage accounts for up to $200.

Terms:

• Deposit $5,000 to $9,999: $50
• $10,000 to $24,999: $100
• $25,000 to $99,999: $300
• $100,000 to $499,999: $700
• $500,000 to $999,999: $1,500
• $1 million to $1,499,999: $3,000
• $1.5 million or more: $4,000

5.  Merrill Edge – Get Up to $600

Merrill Edge is offering a bonus of up to $600 when you open and fund a new account. You need to open an account with at least $20,000 to qualify for the minimum bonus of $100. Funds must be deposited within 45 days of account opening, and the balance maintained for at least 90 days. The offer applies strictly to a Merrill Edge Self-Directed account.

Terms:

• Deposit $20,000 to $49,999: $100
• $50,000 to $99,999: $150
• $100,000 to $199,999: $250
• $200,000 or more: $600

If you have significantly more to transfer than $200,000, you may be able to negotiate a much higher bonus. Contact a Merrill Edge advisor to get their best offer. I did this last year and received an offer of nearly $5,000, although I ended up going with a different broker.

6.  J.P. Morgan Self-Directed Investing – Get Up to $625

J.P. Morgan is offering a bonus of up to $625 when you open a new account by January 19, 2023. You must open a new Self-Directed Investing account by that date, then transfer the qualifying funds into the account within 45 days of opening. The bonus amount will be determined on Day 45.

Deposited funds must remain in your account for at least 90 days to qualify for the bonus. The bonus will be paid into your account within 15 days thereafter. The bonus applies on either taxable brokerage accounts or traditional and Roth IRA accounts.

Terms:

• Deposit $25,000 to $99,999: $125
• $100,000 to $249 999: $300
• $250,000 or more: $625

7.  Citi Self-Invest – Get Up to $500

Citi is offering a bonus of up to $500 when you open a Self-Invest account between now and January 31, 2023. To qualify for the minimum bonus of $100, you must deposit at least $10,000 into your account. The bonus applies to deposits made in either new or existing Self-Invest accounts.

Funds must be maintained in the account through January 31, 2023, for deposits made by December 31, 2022, and through February 28, 2023, for deposits made by January 31, 2023. The cash bonus will be credited to your account 90 days after the funds’ maintenance date.

Terms:

• Deposit $10,000 to $49,999: $100
• $50,000 to $199,999: $200
• $200,000 or more: $500

8.  Axos Invest – Get Up to $200

Axos Invest is paying a bonus of $200 when you open either a Managed Portfolios account or a Self-Directed Trading account. You must open an account no later than January 31, 2023.

The bonus will be paid on new Managed Portfolios accounts after you open an account and deposit at least $2,000 into the account within 60 days of account opening. On Self-Directed Trading accounts, you must complete at least two trades to be eligible. The bonus will be deposited into your account after you’ve completed the first two trades.

Terms:

• Managed Portfolios account: $200, 60 days after you deposit at least $2,000
• Self-Directed Trading account: $200 after completing two trades

9.  Charles Schwab – Get Up to $1,000

The biggest retail investment broker in America is paying a bonus of up to $1,000 when you open and fund a new account after you’re referred by an existing Schwab customer.

Like most investment broker promotions, the bonus is tiered based on the amount of funds you deposit into your account. To qualify, you’ll need to get a referral code from your Schwab friend. Funds must be deposited into an investment account within 45 days. Funds deposited into the Schwab Bank High Yield Investor Checking account do not qualify.

Terms:

• Deposit $25,000 to $49,999: $100
• $50,000 to $99,999: $300
• $100,000 to $499,999: $500
• $500,000 or more: $1,000

For higher balances, you may be able to negotiate a larger bonus. Contact Schwab directly to inquire.

10.  Fidelity Investments – Get Up to $100

Fidelity Investments is paying a bonus of $100 when you open a new account and fund it with at least $50. The bonus applies to the Fidelity Account, Fidelity Cash Management Account, and Roth and traditional IRA accounts.

New account holders will not be eligible for the bonus if they have previously participated in a Fidelity bonus promotion. However, you are eligible if you already have a Fidelity account and open one of the three accounts above.

Terms:

• $100 when you deposit $50 or more in a new account.
• Deposit must be made within 15 days of account opening.
• Bonus will be paid 10 calendar days after the qualification period ends. Bonus funds must be retained in your account for a minimum of 90 calendar days.

11.  Wealthfront – Get Up to $5,000 Managed Free

Wealthfront is a robo-advisor, not an investment broker, so the bonus program works a little bit differently. They don’t currently offer a new account bonus. But you can get up to $5,000 managed free (of their normal advisory fee of 0.25%) when you refer a friend to the investment service.

Meanwhile, the friend will also get $5,000 managed free. For both you and your friend, the free management will be worth $12.50 per year. The friend must open an account using an invite you provide. The fee waiver applies only to Wealthfront investment accounts, not cash accounts.

12. SoFi Invest – Get Up to $1,000 in Free Stock

SoFi is offering a bonus of much as $1,000 in free stock when you move your portfolio from another broker into a SoFi Invest account. They’ll also cover up to $75 in transfer fees charged by the other broker. The bonus applies to new accounts only and must be funded with a minimum of $10 within 30 days of account opening.

The bonus is payable in stock, and the website discloses the likelihood of receiving a stock worth $1,000 is 0.028%. You must open a SoFi Active Invest brokerage account to qualify.

Terms:

SoFi discloses the odds of receiving stock at various values as follows:

13.  Webull – Get Up to 12 Free Stocks Worth up to $3,000

Webull is offering a bonus paid in fractional shares. When you open a Webull brokerage account, each fractional share will be valued between $3 and $300. But you can get up to 10 fractional shares when you make an initial deposit of any amount, with each valued at between $7 and $3,000. Funds must be deposited into the new account within 10 days of account opening.

Terms:

Probability of the value of account opening stock rewards is as follows:

• $3 to $10: 1/1.02
• $11 to $50: 1/52.63
• $51 to $150: 1/1,111.11
• $150 to $300: 1/10,000

Probability of the value of initial deposit rewards stock is as follows:

• $7 to $30: 1/1.02
• $31 to $100: 1/52.63
• $101 to $999: 1/1,111.11
• $1,000 to $3,000: 1/10,000

FAQ

Final Thoughts

None of the bonus offers listed in this article are set in stone. Investment brokers, like other businesses, add and withdraw offers on a regular basis. It’s also possible a broker may either reduce or even enhance a bonus offer, so always pay careful attention to the details of any program.

And once again, never open an account just because it offers an attractive bonus. Investing is serious business and has too many moving parts to justify transferring accounts in an open-ended search for the bonus du jour.