EnronAg said:
I've seen these but have always been skeptical. Are there any other fees that kinda wipe some of the 1% away? Does all cost basis information transfer correctly? Any issues that you've seen that you can relay back thus far?
No fees aside from the taxes you'd have to pay on the extra income. Some institutions will want to charge a token amount to transfer out, but the receiving brokerage will almost always pick that cost up.
I have read that cost basis can get wonky, so if you do your own taxes I'd make sure to keep an eye on that.
I've found different brokerages have different approaches to keeping the customer. For instance Schwab was willing to match SOFI, but they wouldn't do it ahead of time -- the transfer had to actually be initiated to get their retention team do get into high gear.
End of the day, your money is worth a significant chunk of change sitting in their accounts -- we're all very cognizant of what the worth is when it's a savings account, but we often forget that brokerage account isn't much different.
