Public is a stock brokerage app that has a similar user interface to Robinhood, but has a big focus on the social aspect of sharing your trades and following the stock trades of other users (thus the name). $0 stock commissions, no account minimums, Android or iOS app-only (no desktop). Interestingly, Public no longer accepts Payment for Order Flow (PFOF). Right now, they are offering
- $150 with $5,000 – $24,999 in transferred assets
- $500 with $25,000 – $99,999 in qualifying new money
- $2,000 with $100,000 – $499,999 in qualifying new money
- $5,000 with $500,000 – $999,999 in qualifying new money
- $10,000 with $1,000,000+ in qualifying new money
$500/$2,000 is 2% of $25,000/$100,000, and $10,000 is 1% of $1,000,000. As a percentage of assets transferred, these are relatively high bonus amounts at those asset levels. The minimum holding period is 6 months, per their terms:
*Cash bonus will be applied to qualifying accounts one (1) month after the transfer initiation date. Transferred funds must stay in your Public account for at least 6 months or bonus will be revoked.
As with all similar ACAT transfer offers, you can transfer over your existing stock holdings and the cost basis should also transfer over with no tax consequences. You just keep your same shares of Apple or index ETFs at a different broker. If you want to hold cash, you could also own things like Treasury bill ETFs or ultra-short term bond ETFs and earn interest on top of the bonus.
Public will also cover your former broker’s outgoing ACAT transfer fee (usually around $75) if you transfer at least $500:
Public charges no fees for incoming transfers. If your current brokerage charges you on the way out, we’ll even cover the fee if your incoming account is over $500.
Public appears to have created their own tool with a nice user interface to transfer the assets, but on the backend they use the same underlying clearing firm as many other brokerage apps (including SoFi, Stash, Betterment, WeBull, and formerly Robinhood), namely Apex Clearing.
This offers appears to be available to both new and existing Public users. I am considering doing a partial ACAT transfer of $100,000 in ETFs as that looks like the sweet spot.
New customer to Public? Their referral program offers
Side note: If Public doesn’t make money by selling your trade flow,
You may opt out of Apex’s Fully-Paid Securities Lending Program at any time by sending an email to us at email@example.com with “Securities Lending Opt-Out” in the subject.
I would opt out, as if they lend out the shares and aren’t paid back, there is counterparty risk involved if the company fails. I am not always opposed to Fully Paid Lending, but (1) I want a share of the profits and (2) I want the broker to be rock-solid financially. Read more at
Thank you for reaching out! I have added you to our opt-out list. Please allow 24-48 hours for your request to be fully processed by our clearing firm.
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