Deal has ended, view more Robinhood deals by clicking here.
The Offer
- Robinhood is offering a transfer bonus of up to $800. The bonus you receive depends on the amount you transfer by July 11, 2022 and maintain (minus any losses) until August 1, 2022. Tiers are as follows:
- $50 cash for transferring $3,000 – $9,999 worth of assets
- $100 for $10,000 – $49,999
- $200 for $50,000 – $99,999
- $300 for $100,000 – $199,999
- $800 for $200,000+
The Fine Print
- To earn this reward you need to transfer a minimum of $3,000 from eligible accounts into Robinhood between June 21, 2022 – July 11, 2022.
- Then, by August 1, 2022, your net deposits (including your qualifying transfer amount), must be at least equal to the qualifying transfer amount—exclusive of losses due to trading or market volatility
Our Verdict
They will also cover up to $75 in transfer fees if you contact them. In terms of brokerage bonuses this is a good option as the holding period is very short and existing assets work fine.
Hat tip to Maybe Frugal
Got my cash reward today as expected
For anyone thinking of doing this, today gives you four business days for the ACAT to go through. That’s probably the minimum cutoff to get the assets into Robinhood by the 11th.
What does it mean by “exclusive of losses due to trading or market volatility”. For example, if I deposit 10K asset, and become 9K due to market loss, how much bonus will I receive, 50 or 100?
Bonus based on initial deposit
basically that they will only look at your net deposits from the start to end of the maintenance period; you would receive $100.
$100
The most important detail here per the offer link is that you have to make the deposit using ACAT – i.e. they want securities in the hopes that the $100 transfer out fee makes people stay on the platform.
But having said that this is still probably worth doing with so many competing (better) brokerages covering ACAT fees at least partially.
“Offer. Eligible current customers who within the Offer Period make a Qualifying Transfer into their Robinhood Financial brokerage account, as described above, from one or more external accounts via Automated Customer Account Transfer Service (“ACATS”) will be eligible to receive a cash reward.”
They need to show growth for earnings. I would still take their money if I had the cash.
since it’s targeted does that mean that you can only participate if you’ve received an email from them??
Be the target you want to be
it should be noted that their transfer fee OUT is going up to $100 on 7/1/22. I think most brokerages only cover up to $75, so you might need to subtract the difference if you’re planning on transferring back out after the holding period.
Even if transferring out cash?
No, the fee is only for ACAT transfers so cashing out would be fine. But there may be tax implications if you liquidate everything before transferring out.
They did genuinely have one of the best platforms I have used to invest, but I can safely say I will never be giving them my business again. Always appreciate the ironic nature of the name Robinhood and the actions taken by Robinhood.
Throws middle finger in the air
I am tired of seeing pretty people everywhere
I am not a model, middle fingers in the air
I used to drink whiskey, now I’m stuck with Perrier
I’m an alcoholic, middle fingers in the air