TD Ameritrade Account Bonus Update
Over a month ago I signed up for a TD Ameritrade $500 promotion that also gave 500 free trades for 45 days. I was able to use my 0% balance transfer money. I had a little trouble getting them to credit me the signup bonus and apex status. Eventually I was able to speak to a csr whom promised to call me back within a day after he spoke to the promotional and marketing department. He did and that day I had apex and my bonus. If anyone who signed up for it is having problems I suggest calling and perhaps recommending that they speak or that department or even asking for your call to be transferred there.
Now that the free trade period is over I have to decide what to do with the 10k that I still have in there. You must keep that much in the account to keep the bonus. So far it seems the best two options are to put it into a no transaction fee mutual fund and let it sit there for 9 months or more or purchase a 9 month cd with it. Last month the rate was around 5.3%. Alternative, I could purchase an etf such as SPY that tracks the S&P500. I don’t have enough knowledge or time to try to trade with the account. Right now I am earning about 4.31% apy in their TAP while I decide what to do next.
Overall I had some fun with the free trades. I actually ended up making around $150 from trading. Most of it came from purchasing a gold etf (GLD) when it went down to around 63 and then more when it went down to around 57. I then sold it when it approached 65. Other than that I did a few trades here and there, pretty much getting only a slight return. I kept most of my money in SHY, a short term bond etf that was very stable in price.
If anyone has any suggestions of what I should do with the funds for the next 9 months in the account or which of their mutual funds would be a good idea to invest in I’m all ears.
July 26th, 2006 at 4:34 pm
Wow, that’s a pretty good deal ($500)…unless you have some stocks you’ve wanted to buy, I’d go with the CD option. At least you won’t have to worry about fees…As far as mutual funds, that’s something I need to do more homework on…there are so damn many.
BTW, would you mind updating the link to my blog? My new blog address is at financialfreedumb.com.
Thanks,
FF
July 26th, 2006 at 6:17 pm
Yea, the idea crossed my mind to use the free trades to set up a portofolio of stocks that I would hang on to for awhile. But I don’t know enough about the fundamentals of trading yet to feel comfortable doing that with alot of money.
Congrats on the hosting for your site. I am very glad that I got my own hosting very quickly after starting my blog. I imagine the longer you wait the more of a pain it is.