Update 1/13/24: According to this fee schedule the monthly fee is now $6.99
Update 12/13/23: It’s now 5%
Update 12/16/22: Increased to 4%
(Update 11/7/22: Now 3.75%)
Robinhood announced today a new benefit of the Robinhood Gold subscription:
- Get 3% APY on uninvested funds in your Robinhood cash account.
Robinhood Gold membership costs $5 per month, and comes with a free 30 day trial. There are a few other benefits other than the higher APY rate for things like margin investing and few more, details here.
3% APY is a very good rate on cash, at the top of what’s currently available at time of this writing. Hopefully Robinhood will continue to increase the rate if rates trend higher.
The $5/month can be worth it for someone who trades a lot with Robinhood and lands up with large cash balances at times. Perhaps some will find it worthwhile the nice interest rate alone, though there are other accounts with similar or nearly similar rates which don’t have a monthly fee.
Hat tip to readers Josh M and Erik
In addition to 5% APY, Robinhood will now give you 1% bonus on every dollar you deposit. Total deposit boost paid out over 24 months. To earn your full boost, hold or invest your brokerage deposits for 2 years. If you cancel Gold, you’ll lose future payouts you haven’t earned yet. Boost only applies to net new, eligible deposits. There are daily ACH deposit limits. Upon making an Eligible Deposit, Robinhood will credit 1% of each deposit amount into your Robinhood taxable brokerage account as a pending boost, which vests monthly, over two years. Boost payments will vest into your account on the last calendar day of every month, in equal installments, except that the first and last month may be prorated. For Eligible Deposits initiated before the last 5 days of the month, the first payment will be paid out the last day of that month, or the day that the deposit clears, whichever is later. For Eligible Deposits initiated in the last 5 days of the month, the first payment will be paid out on the last day of the following month. Robinhood will round your Eligible Deposit amount and any subsequent Withdrawal amounts to the nearest dollar for purposes of calculating your boost or any reduction in boost amount (as described in more detail below). Deposits less than or equal to $0.49 will not earn a boost, and deposits more than or equal to $0.50 but less than $1.00 will earn a boost of $0.01. Robinhood reserves the right to monitor deposit and withdrawal activity and will rescind boost payments if Robinhood determines, in its sole discretion, that there is a reasonable indication of abuse, misuse, or fraud as it relates to boost payment rounding methodologies or other calculations. In order to receive your full payout for each Eligible Deposit, you must remain a Gold Member for the entire two years after you initiate each Eligible Deposit. If you cancel your Gold Membership, any pending (non-vested) boost payments remaining after the end of your paid subscription period will be forfeited. If you subsequently re-subscribe to the Gold Membership, Robinhood will take your withdrawal activity during your non-Gold Member period into account when calculating future boost payments; as a result, you may begin your new Gold Membership subscription period with a negative boost balance. Additionally, you must maintain at least the value of each of your Eligible Deposits on the Robinhood platform for 2 years after initiating each Eligible Deposit in order to receive the full boost amount for each Eligible Deposit. If you withdraw assets from the Robinhood platform prior to 2 years after you initiated such Eligible Deposit, Robinhood will deduct a proportional amount from your pending boost payments. “Withdrawals” include external cash withdrawals via ACH, wire, debit card funding, and RTP; inter-entity transfers out of your brokerage account into a Robinhood IRA or Robinhood Spending account; as well as external asset transfers via ACATS out (valued at market value of assets at settlement), and crypto… Read more »
I now see 5.99 monthly or $60 annually
Robinhood Gold is 5.25% now.
That’s for the first 3 months I believe. After that its 5%
Just saying… Public’s HYCA is 5.10% with no fees, minimums/maximums, subscriptions etc — and up to $250k instant deposits and $5M FDIC.
The biggest benefit to this $ 5-a-month Robinhood gold plan is that they match your IRA contributions that you hold with their brokerage at 3%. So if you max out contributions for 2024 at a $7000 limit, you will earn $210 which is a good deal IF it is placed into your IRA because an extra $210 a year will compound nicely. IF it’s not credited to your IRA account, then just go with SOFI which is currently giving a 2% match on IRA contributions up until tax day and there will be no montly fee.
Robinhood lived it’s best life in the beginning. Now every other legitimate broker is doing the same thing. Why pay fees to a junk broker?!
people still use robinhood? what a trash outfit…stopped after the GME manipulation.
Go read up on what happened it was merely due to the constraints of there system because the trades do not take place in real time. If I recall correctly they raised a massive amount of cash afterwards to make sure such a thing will never happen again
The problem wasn’t that they had constraints, the problem was the communication they did. Initially, they said it was for your benefit, while it turned out they lacked the cash reserves for clearing trades. Maybe it’s you who should read a little bit more
Robinhood Gold member here and it shows $5 for me.
Same here. Would be nice if we get grand fathered in at $5.
My account still shows $5.00 monthly fee.
Tap top left menu, Robinhood gold and down to billing.
I’m not a current subscriber and I see $6.99 to start.
Not a current robinhood gold subscriber, never subscribed before, but am an existing robinhood user (but with $0 in assets). Just updated the app and the language still says $5/mo for me as well.
variable rate that will immediately go down