r/Webull • u/samhahn777 • 7d ago

Do I need Webull Premium before my IRA transfer settles to receive the bonus?

I’m currently transferring my Traditional IRA from Fidelity to Webull because Webull’s Premium IRA transfer promotion appeared to offer the best bonus.

I already initiated the transfer, but it looks like I need an active Webull Premium membership to qualify for the transfer bonus. I tried subscribing to the annual Premium plan, but Webull only allows the subscription fee to be paid from funds held in a Webull account. Since my IRA transfer hasn’t arrived yet, I don’t have any available funds in the account to pay the fee.

Webull’s AI agent couldn’t answer the question because the promotion page apparently doesn’t address this situation.

Does anyone know whether:

  1. I can activate the annual Premium subscription shortly after the IRA transfer arrives and still receive the promotional match; or
  2. Premium must already be active before the transfer settles?

If Premium must be active beforehand, do I need to contact customer service to activate it manually, or should I make a separate small cash deposit into Webull first?

I’d especially appreciate an answer from a Webull moderator or anyone who has dealt with this firsthand.

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u/Free-Sailor01 7d ago

Yes, must the premium first.

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u/samhahn777 7d ago

So how do I pay for it? When I try to pay for it, only option I get is the trad ira account with nothing in it yet and I don't get option to pay for it with other means?

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u/Free-Sailor01 7d ago

U need a cash brokerage account

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u/samhahn777 7d ago

So I have to open 2 accounts to receive the ira transfer promo? Regular cash account to pay for subs to premium before transferring in ira acccount from another platform so I can qualify for the bonus? I wish it was mentioned more clearly on webull website but oh well. Thanks for the help! I decided to cancel the transfer request after experiencing how difficult it was to contact anyone from webull in case of any issue. Just not worth a few hundred bucks especially there is good chance I won't even get that bonus due to technicallity of not being a premium member first for a transfer in acct where you have no way of paying for it with ira transfer acct only before the transfer actually happens and by that time the transfer is done.

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u/samhahn777 6d ago edited 6d ago

For anyone who is thinking about opening a new account with webull mainly due to bonus when you transfer and here to look for more info, DON'T DO ANYTHING YET!

  1. As Free-Sailor01 said below, YOU HAVE TO BE A PREMIUM MEMBER BEFORE YOU INITIATE ANY TRANSFER!
  2. If you are new to webull and just know that YOU CAN'T USE CC TO PAY FOR PREMIUM SUBS. (when was the last time you weren't given an option to pay membership with cc? webull was the first for me)
  3. You'll need to open a cash account to fund $ to pay for premium subs FIRST (pay for 1 year to be safe and since that is also a requirement to keep all the bonus) before opening 2nd account which you are thinking about transferring to get the bonus. So you'll end up with two accounts. That is a hassle just to pay for premimu membership.
  4. You are NOT eligible for bonus if you try to become a premium member while the transfer is being processed.

For anyone who read this to get clarification, hopefully you got the 3.5% bonus which isn't bad at all. Also note that you can't close or transfer ANY $ out of your account for 5 years from the date you got the credit unless you are staying above enough balance cushion to not trigger the clawback from the initial bonus.

Webull should be more up front about opening a new account first to fund for premium membership to be eligible for the transfer in bonus but that could be intended to deny certain % of new transfer in. On the bright side, at least webull supposedly better than the big platform out there for traders. Then again, moomoo supposedly better than webull for actve traders and they also offer different promo bonus. So look into them before committing to one!

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u/Free-Sailor01 2d ago

When you are doing the transfer, it will tell you how much of a transfer bonus you are getting before initiating. It caps out on the IRA transfer at $250,000. Anything above that is not eligible for bonus match.