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Robinhood IRA
Posted on 3/13/24 at 7:31 pm
Posted on 3/13/24 at 7:31 pm
Offering a 3% match on new transfers in. Anyone use this?
Posted on 3/13/24 at 7:33 pm to Saint5446
Sounds like a great offer. What’s the catch?
This post was edited on 3/13/24 at 7:35 pm
Posted on 3/13/24 at 7:47 pm to Saint5446
I opened one up with them this year for that reason. 3% match is a lot.
You do have to have gold though (already had it).
You do have to have gold though (already had it).
This post was edited on 3/13/24 at 7:54 pm
Posted on 3/13/24 at 7:51 pm to Saint5446
Supposedly the 3% is uncapped too, which is pretty crazy, but there are a handful of requirements to keep it.
Posted on 3/13/24 at 7:53 pm to CecilShortsHisPants
quote:
Sounds like a great offer. What’s the catch?
Must have your money in the Robinhood IRA for at least 5 years to keep the 3% match. Must have Gold for a year ($5/mo). It ends April 30th of this year, goes back to 1% for any contributions or rollovers after that Which a 1% match is still better than anywhere else I've seen
This post was edited on 3/13/24 at 7:55 pm
Posted on 3/13/24 at 7:56 pm to slackster
quote:
Supposedly the 3% is uncapped too, which is pretty crazy, but there are a handful of requirements to keep it.
Yeah if you do a rollover for instance they will match whatever. We rolled one of my wife's old 401ks into it that was like $22k and she got $600+ match instantly once it was complete.
Posted on 3/13/24 at 8:05 pm to thunderbird1100
How long do you have to keep it? Can I rollover my wife’s shite, get the 3%, then send it rightback to Fidelity? Because frick Robinhood
Posted on 3/13/24 at 8:18 pm to CecilShortsHisPants
quote:
How long do you have to keep it? Can I rollover my wife’s shite, get the 3%, then send it rightback to Fidelity? Because frick Robinhood
5 years to not lose the 3% match
Posted on 3/13/24 at 8:31 pm to CecilShortsHisPants
quote:
What’s the catch?
You have to use Robinhood..
Posted on 3/14/24 at 7:44 am to CecilShortsHisPants
quote:
What’s the catch?
quote:
Robinhood
Hope you never try and sell/cash out.
Posted on 3/14/24 at 7:57 am to BabyTac
Been considering this too. Could rollover old 401k and Roth IRAs and instantly garner a match worth nearly $60k. I don't trade except very rarely mostly just hold index etfs. What is the risk of switching to Robinhood?
Posted on 3/14/24 at 8:05 am to TorchtheFlyingTiger
quote:
What is the risk of switching to Robinhood?
Your money is with Robinhood…
Posted on 3/14/24 at 8:21 am to npt817
And that's bad why? If I'm not trading in the account what is the concern? Am I missing something? Is the only big issue the Gamestop debacle?
Posted on 3/14/24 at 10:41 am to TorchtheFlyingTiger
From what they’ve said already, you have to be “gold”. Whatever that means. I would think it means you have to be a valued customer by trading a lot. If you’re not “gold” you only get 1% which isn’t really worth the time
Posted on 3/14/24 at 11:49 am to CecilShortsHisPants
quote:
I would think it means you have to be a valued customer by trading a lot.
It’s just a $5/month subscription. I don’t believe any particular level of trading is required.
Posted on 3/14/24 at 1:04 pm to Jag_Warrior
quote:
It’s just a $5/month subscription. I don’t believe any particular level of trading is required.
As this person said, gold is just their $5/mo premium subscription that opens up the following:
- Higher interest on uninvested cash
- Higher instant deposit limits
- 3% match on IRA contributions
- Morningstar research access
- Level II market data
- Lower margin rates
Broken down Here vs. standard "Free" robinhood
For example if I were to transfer $10k from my bank to robinhood (for cash account/brokerage or IRA), i can trade all those funds instantly, and they start earning interest instantly, even before the deposit actually occurs which takes a few business days (3-4 business days, usually). If it was a standard account, you only get $1000 to play with until the transfer is complete. So this is nice for "opportunities" if you will.
This post was edited on 3/14/24 at 1:07 pm
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