M&T Rolls a $500 IRA Bonus for Eligible IRA Rollovers and Transfers

If you like banking with M&T then you will like what they are currently offering.

M&T is rolling out a bank bonus of up to $500 for eligible IRA rollovers and transfers. Here is how:

1. You must initiate the qualifying rollover or transfer between January 7, 2013 and April 15, 2013 into a new or existing Traditional or Roth IRA brokerage account opened through M&T Securities, Inc.;

2. The rollover or transfer must come from an IRA not held at M&T or any of its affiliated companies or from a tax-qualified retirement plan of a former employer;

3. M&T must receive your transferred or rollover IRA or retirement plan account assets within 60 calendar days of the date they receive the first properly completed and signed transfer request form;

4. The transferred or rollover assets must remain in your M&T IRA through the date they calculate and pays your Rollover bonus amount into your M&T IRA.

5. The Rollover bonus amount will be calculated and paid within 120 calendar days after the date the bank first receives your qualifying rollover or transfer amount.

The requirement is quite stringent, but the cash bonus amount is quite enticing. The bonus though depends on how much you rollover or transfer. This is how much you will get for IRA transfer or rollover:

1. $100 for $25,000 to $99,999;

2. $250 for $100,000 to 249,999; and

3. $500 for $250,000 or more.

Note that your Rollover bonus is taxable as ordinary income and thus it is your responsibility to pay the same.

Middle of last year, Merrill Edge offered the same bonus amount for IRA transfer or rollover and $600 for opening a new IRA account with TD Ameritrade.

The key is to compare different offers and how best your investment is protected.


Leave a Reply

Your email address will not be published. Required fields are marked *