Public's Big Transfer Bonus: Up to $10K for Moving Your Portfolio

Looking to switch brokerages or consolidate your investments? Public, the social investing platform, is currently running a promotion that could put some serious cash in your pocket just for moving your money over. We're talking about a transfer bonus that scales with your portfolio size, all the way up to a five-figure payout. It sounds great, but as with any financial offer, the devil's in the details. Let's break down exactly what's on the table and what you need to know before you initiate that transfer.

Is This Bonus Worth the Switch?

A cash bonus is always appealing, but it shouldn't be the only reason you pick a brokerage. Public's main draw is its social, community-focused approach to investing. You can follow other investors, see their trades, and share ideas. If that sounds like a feature you'd use, then this bonus is a nice cherry on top.

However, if you're a more traditional, hands-off investor who just wants low costs and reliable execution, the social aspects might not matter much to you. In that case, weigh the bonus amount against any potential downsides of moving your portfolio. Also, note that Public currently only offers an iOS app, with an Android version reportedly coming soon.

Crucial Fine Print You Can't Ignore

The headline number is exciting, but the requirements are strict. The most important rule is the 12-month holding period. You must keep the transferred assets AND the bonus cash in your Public account for a full year. If you withdraw early, they will take the bonus back. This is a significant commitment, so be sure you're comfortable with the platform for the long haul.

The transfer process itself also has some nuances. Public uses the ACAT system, which is standard, but not all assets can make the journey.

• What Transfers Smoothly: Cash and U.S.-listed stocks and ETFs. These count toward your bonus tier and will arrive as-is.
• What Gets Liquidated: Any other assets (like certain mutual funds or bonds) will be sold for cash before the transfer. You'll still get the cash value, which counts for the bonus, but you'll have to deal with the tax implications of that sale.
• What Can't Come At All: Fractional shares (outside of Public's own system), cryptocurrency, options, OTC securities, and alternative investments cannot be transferred via ACAT to Public. You'll need to sell these at your old broker first.

A Step-by-Step Game Plan

If you've decided this offer is for you, here's a smart way to approach it to avoid headaches and hidden fees.

• Audit Your Current Portfolio: Before you do anything, make a list of everything in your account. Identify any assets that will be liquidated or can't be transferred. This is critical for tax planning.
• Check for Outgoing Fees: Contact your current brokerage and ask if they charge an account transfer fee (often around $75). Some brokers will reimburse this, but you need to ask Public if that's part of the deal.
• Initiate from Public, Not Your Old Broker: Always start the ACAT transfer process from the receiving end—Public's platform. This is the standard and safest method.
• Don't Touch the Money: Once the transfer is complete and the bonus posts, set a calendar reminder for 12 months from that date. Consider this money locked up to avoid accidentally triggering a clawback.

The Free Stock Angle

Separate from the transfer bonus, Public also has a standard referral program for new users. If you're brand new to the platform, you can typically get a free fractional share of stock just for signing up with a referral link. It's a smaller perk, but it's an easy way to get a tiny stake in a company to test the app's feel before committing to a major transfer. Think of it as a trial bonus before you go for the main event.

Bottom Line

• The 12-month holding period is non-negotiable; treat the transferred funds as illiquid.
• Not all assets transfer cleanly. Expect liquidations of non-US equities, which creates a taxable event.
• The bonus tiers offer diminishing returns as a percentage; calculate your effective "yield" on the locked funds.
• This offer is best for those already interested in Public's social features, not just the cash.

Common Questions