The Offer
- Rakuten is offering $50/5,000 points for signing up for a new Robinhood account.
- You’ll also get a free stock from Robinhood worth between $3 – $150, as per the usual Robinhood signup offer.
The Fine Print
- Cash Back is only available for new customers, one per person.
- Customer must fund a minimum of $100.00 on a new Invest account to qualify.
- Cash Back will be automatically added to your Rakuten account within one week.
Our Verdict
This deal won’t work for many people who already have a Robinhood account, and should be a nice easy win for those who don’t. We’ve never seen a better signup bonus for a simple Robinhood signup. It will possibly work even for those who had a Robinhood account in the past and have closed it down.
If you’re doing this just for the bonus and want to avoid having to deal with additional tax forms, simply deposit $100 without investing it and withdraw the funds (and close the account if you wish) after the $50 Rakuten posts.
If you are new to Rakuten, you can find our referral link in this post. The current signup offer is down to $30/3,000 (down from the high of $40 in the past). We’ll add this to our list of Best Brokerage Bonuses.
Hat tip to reader Manny
This did eventually credit after three months and an email to Rakuten support.
It’s now 3 months to credit not one week. “The account must remain open and have a minimum balance of $100 for a continuous period of 3 months to meet the qualification criteria” So even though “shopping trip” shows it did not track as confirmed order, they won’t do anything for three months.
Does this actually ever work? P1 didn’t track; P2 tracked but shows $0 after 1 day. Submitted Rakuten tickets.
Created a ticket but Rakuten didn’t receive a response from Robinhood so they are denying the cashback. Anyone have a similar situation and get it resolved or advice on what to do next?
Kept bothering them about the case and they credited to my account as a courtesy.
Ask for a courtesy credit. If they say no file CFPB complaints. An investment account is a financial account, you may not get your bonus but they’ll have to respond. Robinhood trying to rob people of bonuses by using a 3rd party is pretty shady.
Ticket submitted. Mine didn’t track either.
Inquired again with Rakuten last week, today they said Robinhood was unable to verify the purchase however they would give the credit as a courtesy (I don’t think I’ve gotten any other courtesy credits from them).
Follow up DP:
Order not tracked, no order number given. I reported as “Missing Cashback” on Rakuten through mobile app, when prompted for order number I put “0”. I then received an email from Rakuten CSR, only proof I provided was a PDF of the deposit off of the Robinhood website (robinhood dot com forward slash account forward slash history, select transaction, print to PDF). Took about 10 days to finally receive the credit.
The free stock is only worth around 5 bucks for P1 and P2…
Mine just credited automatically today after approximately ten days. I was going to the site to make a ticket when I saw it in my balance.
10 days from the initial deposit or the updated “completed” date? thanks.
Ten days from signup and deposit initiation.
4/21 Opened via Rakuten and deposited $100
4/27 The $100 deposit hit Robinhood
5/1 The offer credited on Rakuten
Thanks for the follow-up. Hopefully, I’ll be able to get this squared away.
Rakuten is not tracking these…
4/21 account opened through Rakuten. ToS claim “paid within 1 week” but received no payment.