- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Robinhood soon offering IRAs (with a 1% Match)
Posted on 12/6/22 at 10:31 am
Posted on 12/6/22 at 10:31 am
Been a while but Robinhood will now be offering IRAs. The big draw is the 1% promised match which is pretty sweet as I cant say I've seen that on an IRA before myself.
LINK
LINK
5
Posted on 12/6/22 at 10:45 am to thunderbird1100
Wonder how this is going to work... they must be making plenty selling order flow.
"We lose money every quarter, I bet we could lose more, faster"
"We lose money every quarter, I bet we could lose more, faster"
Posted on 12/6/22 at 10:47 am to UpstairsComputer
quote:
"We lose money every quarter, I bet we could lose more, faster"
Posted on 12/6/22 at 11:15 am to UpstairsComputer
quote:
they must be making plenty selling order flow.
I mean no way are they making enough to match 1%. This feels like one of those introductory offers to onboard a bunch of users and poof its gone. But they know many of their users won't go through the hassle to move their money
This post was edited on 12/6/22 at 11:15 am
Posted on 12/6/22 at 11:18 am to thunderbird1100
I am assuming you get really bad bid/asks on there is how they make up for it?
Posted on 12/6/22 at 11:38 am to thunderbird1100
quote:
The first and only IRA with a Robinhood 1% match for every dollar contributed
quote:
Starting December 6, everyone will be able to sign up for Robinhood Retirement waitlist to invest for their future the Robinhood way - no employer necessary. All while earning a 1% match from Robinhood on every eligible contribution dollar, other fees may apply.*
quote:
*Contributions must come from an external source and the match is capped at the annual IRS limits for contributions. The customer must keep the funds that earned the match in the account for at least five years to avoid the possibility of a fee when withdrawn. For more information, see the IRA Match FAQs.
So limited to a waitlist apparently. Given maximum contributions are $6500, that’s $65 they’ll match you with. $7500/$75 if you’re over 50.
Not a world beater by any means.. but an interesting promo to encourage Americans to start saving for themselves.
Posted on 12/6/22 at 12:00 pm to LSUcam7
How is that going to be coded in an IRA as far as the IRS is concerned? I’ve never heard of or seen a match for an IRA.
Posted on 12/6/22 at 12:08 pm to Shepherd88
No clue. But a lot of online brokerage companies have offered bonus incentives to transfer in accounts, IRAs included.
However it’s coded it’s not a taxable event.
However it’s coded it’s not a taxable event.
Posted on 12/6/22 at 12:23 pm to thunderbird1100
I just don’t trust Robinhood enough.
If it turns out to be successful, the others will follow anyways. Just like the zero commissions.
If it turns out to be successful, the others will follow anyways. Just like the zero commissions.
Posted on 12/6/22 at 2:48 pm to UpstairsComputer
quote:
Wonder how this is going to work...
quote:Something about taking from the rich and giving to the poor, as I recall?
Robinhood
Posted on 12/6/22 at 2:57 pm to soccerfüt
Uh... you read that book or watched that movie wrong. They steal from the government and give to the poor.
Posted on 12/6/22 at 5:24 pm to LSUcam7
quote:
*Contributions must come from an external source and the match is capped at the annual IRS limits for contributions. The customer must keep the funds that earned the match in the account for at least five years to avoid the possibility of a fee when withdrawn. For more information, see the IRA Match FAQs.
quote:
Given maximum contributions are $6500, that’s $65 they’ll match you with. $7500/$75 if you’re over 50. Not a world beater by any means.. but an interesting promo to encourage Americans to start saving for themselves.
Am I reading this correctly? The Robinhood match counts against the annual contribution limit? Sort of like when a company contributes to your HSA, that counts against the annual limit.
Schwab, for example, gives a tiered bonus award (not called a match) based on how much you transfer into a new account (tax advantaged or taxable trading account) and the max time limit for keeping the account open is one year and there are no transfer or other fees if you decide to leave after the time limit is up. TDA used to do the same thing prior to the Schwab acquisition. They’d even toss some money your way for adding a decent chunk of money to an existing taxable account or transferring money into an existing rollover IRA account. I’m guessing because they didn’t call it a “match”, that’s why it didn’t count against the annual limit. But a one time $65-$75 “match” (no matter how much you transfer in), with the requirement that you have to keep the account open for five years doesn’t strike me as a great deal. But like I said, maybe I’m not understanding the deal being offered here.
Posted on 12/6/22 at 9:14 pm to soccerfüt
quote:
Something about taking from the rich and giving to the poor, as I recall?
Robinhood took from the government and gave to the people.
Posted on 12/8/22 at 7:01 am to thunderbird1100
I’ll never use Robinhood again after Gamestopgate
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News