deal has ended, view more Robinhood deals by clicking here.
Update 10/28/24: Gold deposit boost effective Nov 25
Offer at a glance
- Maximum bonus amount: Unlimited 1% boost
- Availability:Â Nationwide to Robinhood Gold members
- Â Direct deposit required: None
- Additional requirements: None
- Hard/soft pull:
- ChexSystems:
- Credit card funding: None
- Monthly fees: Robinhood Gold costs $5/month
- Early account termination fee:Â Bonus paid out in 24 monthly increments
- Household limit: None
- Expiration date: Unknown
The Offer
-
Robinhood Gold members who make a new, eligible deposit and remain a Gold member for 2 years get a 1% boost on deposits with no limit.
-
There’s no limit on how much you can earn. After you get your 1% boost, it’s yours to keep—use it to invest or earn 5% APY.
-
The bonus is paid out in 24 increments so long as the funds are still in your Robinhood cash account or invested with Robinhood.
- This bonus is paid on cash deposits or on new investments made, but not on ACATS transfers.
Avoiding Fees
You need to be a Robinhood Gold subscriber to get this bonus. That costs $5 per month. You’ll need to keep the subscription for the entire 24 month period that the bonus is being paid out.
Our Verdict
There’s a similar 1% bonus from Robinhood for ACATS brokerage transfers; that offer does not require Gold and that bonus pays out immediately (though funds need to remain for 2 years). This new offer is for cash transfers; it’s only for Gold members and pays in 24 increments over the following 24 months.
Since the 1% is paid out in monthly increments, we can look at it basically as a boost to the regular 5%Â interest rate. With the boost you’re earning around 5.5% which is a nice interest rate.
Note, if you subscribe to Gold for the purpose of this deal, that cuts into your profit by $60 per year. (See this post.) Still someone with a lot of cash might be able to do nicely with the 5.5% interest rate. If the interest rate becomes uncompetitive, you can always withdraw your money and keep the boosts already received.
This deal is also interesting to someone with cash to invest. For example, if you just got $100k bonus at work and you want to dump it into the market to hold long term, you can buy with Robinhood and get $1,000 bonus.
Though I don’t find this deal terribly exciting, it’s still interesting and can be useful to some people. We’ll add this to our list of Best Bank Account Bonuses.Â
Hat tip to readers pizza and Alex
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet)Â (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
FWIW – Received email from Webull with very similar offer (2 yr hold/earnout, monthly payments):
From October 24, 2024, to November 30, 2024, you can grab a 2.0% cash bonus and an APY booster with qualifying deposits into your Webull cash or margin accounts.
Here’s how it works:
Double the Rewards: Earn a 2.0% cash bonus and an APY booster, whether you make a single deposit or multiple deposits during the same funding period.
Monthly Bonuses: Keep the rewards coming! Get paid every month as long as you maintain your qualifying deposits.
Welp, I figured this would happen at some point, but didn’t expect it so soon. Now gold is really only good if you can make use of the ira deposit match or the credit card.
I’m still on the waitlist for the credit card. 😢
Agree to disagree? (1) Gold still gets you higher-than-market APY on cash balances. (2) Gold, maybe plus large balance, gets priority customer service; I get very quick responses to calls/emails. (3) $1k free margin. (4) $50/yr not a big deal.
Just, like, my opinion, man.
True, but I mean getting high apy isn’t anything special when you can get even higher for free elsewhere. And if you go to someone like Schwab you always get good customer service.
The 1k free margin actually is the best part of it atm as you can invest it in SGOV or whatever and make Gold free more or less. Problem is since I personally don’t value gold in general there’s not much point even at free (though actually I do want the credit card) and interest rates are falling so the value of the margin goes down, unless you invest it in long term vehicles I guess.
Happy for you if you find value in it though.
I got the 3% and 2% bonuses for Robinhood, but wealthfront honestly has the greatest checking account. It has been 5% and is now 4.5% with no fees or minimums and you can have deposits and pay all your bills from it while also using their brokerage to buy stocks or if you want have their automated broker (0.25% fee) invest and tax loss harvest for you. I’d probably go back to them if the big bonuses didn’t lock me in for so long.
FYI: Robinhood Launches Presidential Election Betting Market Allowing Users To Wager On Harris And Trump
https://www.forbes.com/sites/dereksaul/2024/10/28/robinhood-launches-presidential-election-betting-market-allowing-users-to-wager-on-harris-and-trump/
I would have thought that one of the sports betting apps would do this.
Chuck Welp that was quick. Email was sent out today: They’re discontinuing the Gold deposit boost effective Nov 25.
https://robinhood.com/us/en/support/articles/robinhood-gold-deposit-boost/
So if we withdraw deposits before two years, we’ll get the extra 1% we’ve already earned each month clawed back?
No. You will keep everything you’ve already earned, but will forfeit any of the remaining, unpaid 24 bonus payments.
was tempted to ACATS over my cash from IBKR but i don’t like that we have to leave it in there for 2 years. not worth it to lock up that much cash if other investment opportunities arise
You don’t have to keep it there any longer than you want. Their language is deliberately psychologically misleading, but it’s still clear that you keep all the payments you got no matter when you withdraw. You just forfeit future payments, which is no different from withdrawing money in any other interest-earning account.
No, it is different from other interest-earning accounts. If you deposit $100,000 into a bank account that pays 0.5% interest, then withdraw half at the end of year 1, and withdraw the rest at the end of year 2, you will have earned around $750 in interest total. If you do the same at Robinhood, you will have earned around $500 total.
Why ACATS cash unless it’s required for promo? Just transfer it directly from one broker to the other.
So if I am planning on doing the Roth IRA 3% match, does that get bumped to 4%, assuming the requirements are met?
No, 3% IRA offer is over as well as I’m aware
I’m curious, Do we have to opt-in to this new bonus? Do existing funds we have in the CMA/brokerage automatically be eligible for this deal?
I just withdrew the $20K I had in the taxable/CMA and plan on throwing them (plus more) in.
I was hoping to use this like mentioned in the post, for cash basically getting a 5.5% interest in monthly payments.
From the post: “you can always withdraw your money and keep the boosts already received.” — I’m not so sure about this part after reading the terms.
It seems like any withdrawals will forfeit the entire boost for the amount withdrawn, unless I am misunderstanding the terms (see example 3 — $9 reduction for $900 withdrawal). Although you are paid out monthly, future payments will reduce by the full 1% amount for whatever amount you withdraw. So effectively in future months you are giving back what was already paid out.
Hoping someone can clarify that I am reading the terms correctly.
No, in future months you will be forfeiting what you are no longer entitled to because of the withdrawal. The $9 reduction would be divided among the remaining months applicable to the deposit that originally earned it (last in, first out I think). They won’t claw back what you’ve already received.
Tom is still correct, though. You will lose the full 1% on the amount you withdraw – even if it stayed in the account for 23 months and 29 days – rather than getting to keep most of it, so long as you still have other ongoing payments.
Thanks, I see it now and stand corrected.
For the record you don’t have to deposit to the cash account then invest. This works on straight deposits in investments as well.
Just received the 1% bonus on my weekly automated invetment of VTI.
I’ll add a note
Did you have to opt-in to this new bonus? Did existing funds you had in the CMA/brokerage automatically be eligible for this deal?
Thanks.