[Expired] Robinhood 1% Brokerage Transfer Bonus (Unlimited Cash Bonus)

Update 9/10/24: Offer is back from September 10 through October 1, 2024. Found at this new link. (ht Taco)

Update 5/3/24: Deal is back for April 30 – June  28. I believe all the details are the same. Terms link

Update 12/7/23: Deal is back and valid until January 31, 2024.

The Offer

Direct Link to offer

• Robinhood is offering a 1% bonus with no cap when you transfer your brokerage account to Robinhood, from October 23 through December 8, 2023.

The Fine Print

Terms Link (pdf)

• The Bonus Offer is only available to customers who have: (1) successfully opened a Robinhood taxable brokerage account (“Brokerage Account”) and (2) within the Offer Period, successfully completed an Automated Customer Account Transfer Service (“ACATS”) transfer of new funds or investments to their Brokerage Account from an external brokerage account.
• For eligible Robinhood customers who complete an ACATS transfer within the Offer Period, Robinhood will deposit 1% of the net transferred asset value to the customer’s Brokerage Account, subject to a two-year earn-out as discussed below.
• “Net transferred asset value” is the total value of all initiated ACATS from October 23, 2023 at 12:00:00 AM ET to December 8, 2023 at 11:59:59 PM ET minus the value of any outflows from October 23, 2023 at 12:00:00 AM ET until the first ACATS In.
• The Bonus will be provided within approximately two weeks from when the customer’s eligible ACATS transfers are completed.
• The Offer Period begins October 23, 2023 and ends December 8, 2023; however, Robinhood may change these dates at any time without notice.
• Transferred assets are eligible if they are initiated during the Offer Period.
• If, during the 2 year period after receiving a Robinhood ACATS Bonus, a customer initiates withdrawal(s) from their Brokerage Account causing the account value to fall below the net transferred asset value, Robinhood will chargeback a proportional amount of the Bonus amount, separate from and in addition to any ACATS out fee, and if the customer has cash available in their Brokerage Account, this chargeback will be deducted from their available cash balance. If the customer has insufficient cash available in their Brokerage Account to cover the chargeback, this fee may be debited from their outgoing financial institution, or added to a margin balance, if applicable. Withdrawals include, but are not limited to, a debit card transaction from a customer’s Brokerage Account, originated and non-originated ACH, and ACATS. However, a withdrawal shall not include the purchase of an investment in your Brokerage Account, such as a stock.
• In the event that Robinhood determines in its sole discretion that there may have been fraudulent activity or a violation of these Terms in connection with the Bonus, Robinhood reserves the right to either decline to grant the Bonus, or to rescind or liquidate the Bonus, or any security or any related dollar proceeds derived from the Bonus. The Bonus will be credited to the customer’s Brokerage Account within approximately two weeks after the customer has fulfilled the conditions of the Offer, though this timeline may be delayed in Robinhood’s sole discretion if, for example, Robinhood determines that there are indications of fraud or a violation of these Terms.
• The amount of the Bonus is calculated based on 1% of the net transferred asset value (as defined above), using the national market system closing price of each position transferred into the account on the trading day before when the transfer settles. Settlement is deemed to occur when the securities are posted to the account and available to trade. Please note that the Bonus is only available for securities that successfully transfer and settle, and will not be granted for securities that are rejected. If 1% of a customer’s transfer results in a Bonus amount that includes a fraction of a dollar smaller than $0.01, the Bonus is calculated to 4 decimal points. We’ll add the Bonus amount to their account after it reaches the next whole cent increment. For example, if they make 4 individual ACATS transfers of $0.25, we’ll add a match into their account when it accrues up to $0.01.
• The Robinhood ACATS Bonus Offer is not a recommendation of any investment or investment strategy, and is not a recommendation that a customer transfer assets into a Robinhood Brokerage Account. Robinhood reserves the right to change the offer terms or terminate the offer at any time without notice.
• The offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. The offer is only available for personal use, and may not be used for commercial purposes.
• Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt of a cash reward before enrolling. For taxable accounts, the value of all Robinhood offers received or charged back may be reported as Interest on a Form 1099-INT where required by applicable rules and regulations. Robinhood does not take responsibility for any tax related to this cash reward.
• Securities trading offered through Robinhood Financial LLC, Member SIPC, a registered brokerdealer, and a subsidiary of Robinhood Markets, Inc. 20231017-3174206-10062683

Our Verdict

I believe this offer is even for existing Robinhood users, and that’s been confirmed in the comments by readers. I don’t see any registration option for the offer; I suppose anyone who does an ACAT transfer to Robinhood – without being aware of this offer – will get a 1% bonus.

You should be able to signup for Robinhood using the $50/5,000 Rakuten offer, and then take part in this transfer bonus offer as well.

The 1% bonus rate is excellent when compared against other brokerage bonuses. Pretty amazing that this bonus is uncapped, we haven’t seen that before. If any DoC readers have a $100M portfolio, you can get a $1M bonus. But why stop there… 🙂 We’ll add this to our List of Best Brokerage Bonuses.

The two-year hold time does weaken the deal, though, especially for someone who likes chasing brokerage bonuses. This offer also won’t stack with the Robinhood IRA bonus 1-3% match since this offer is only for taxable accounts, per the terms.

Hat tip to reader anita