[YMMV] Webull: Up To 3.5% IRA Match (4.5% With Referral)

Update 5/21/24: Available again.

According to the comments you need to have received a push notification about this to be eligible.

The Offer

Direct link to offer

• Webull is offering an IRA match of up to 4.5%. Broken down as follows:
  • 3.5% over a five year period (1/5 every year)
  • Additional 1% when you complete a referral or receive a referral

The Fine Print

• Full terms here
• Offer Eligibility: This promotional offer (the “Offer”) is open only to individuals who have (i) a brokerage account (a “Webull Brokerage Account”) with Webull Financial LLC (“Webull”), and (ii) a self-directed Traditional or Roth IRA account with Webull (each an “IRA Account”; and each such individual, an “Eligible Customer”).
• Deposit Bonus Requirements: To receive a Deposit Bonus (as defined below), an Eligible Customer, excluding any Referred Customer (as defined below) must, during the Offer Period, (i) complete one or more Qualifying Deposits to their IRA Account, and (ii) maintain an IRA Account balance equal to or greater than the aggregate amount of all Qualifying Deposits (excluding trading losses) until payment of the final installment of any Deposit Bonus that they are entitled to receive (such final payment date, the “Final Bonus Payment Date”).
• “Qualifying Deposit” means a deposit or transfer by an Eligible Customer to their IRA Account of any amount of funds or assets held by the Eligible Customer at an institution other than Webull or any of its affiliates that settles during the Offer Period. For the avoidance of doubt, if an Eligible Customer withdraws or transfers assets from their Webull Brokerage Account or from any other account that the Eligible Customer holds with Webull or any of its affiliates and deposits or transfers all or any portion of such assets to their IRA Account during the Offer Period, such deposit or transfer will not be deemed a “Qualifying Deposit”.
• Referring Customer Bonus Requirements: To receive a Referring Customer Bonus (as defined below), an Eligible Customer must, during the Offer Period, (i) satisfy the Deposit Bonus Requirements specified above, and (ii) complete at least one Successful Referral. “Successful Referral” means a referral by an existing Eligible Customer (the “Referring Customer”) of a new customer (the “Referred Customer”) who (i) has not previously applied for or opened for an IRA Account; (ii) during the Offer Period, applies to open an IRA Account using the Referring Customer’s unique referral link and is approved, and makes a single initial Qualifying Deposit of any amount equal to or greater than $5,000.
• Referred Customer Bonus Requirements: To receive a Referred Customer Bonus (as defined below), an Eligible Customer must, during the Offer Period, (i) apply to open an IRA Account using a Referring Customer’s unique referral link and be approved in connection with a Successful Referral, (ii) make an initial Qualifying Deposit of any amount, and (iii) maintain an IRA Account balance equal to or greater than the amount of their initial Qualifying Deposit (excluding trading losses) until the Final Bonus Payment Date.
• Deposit Bonus: An Eligible Customer, excluding any Referred Customer, who satisfies the Deposit Bonus Requirements is eligible to receive a “Deposit Bonus” consisting of a cash payment to their Webull Brokerage Account of an amount equal to 3.5% of the aggregate amount of all of the Eligible Customer’s Qualifying Deposits during the Offer Period. Deposit Bonuses will be paid in installments in the amounts and on the dates indicated below.

Our Verdict

This bonus is annoying in that you need to tie up your funds for five years to get the full bonus. We have seen a lot of IRA offers lately, so personally I wouldn’t go for this deal as you’d be locking yourself out of those deals. Others might prefer a set and forget approach. Please do not share referrals in the comments below.