Update 1/9/25: Offer is back from 1/8/25 through 4/30/25 for 2% instead of the standard 1%. (Note: In the past we’ve seen this go as high as 3%) New contributions are still 3%; transfers are 2%.
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The Offer
- Robinhood is offering a 3% IRA and 401(k) rollover bonus. Valid until April 30, 2024.
The Fine Print
- 3% match requires Robinhood Gold (subscription fee applies).
- Keep Gold for 1 year and the IRA for 5 years
Our Verdict
This is different to the 3% contribution match available for Robinhood gold members. This offer also requires Robinhood gold. IRA must be kept for five years. We’ll add these to our List of Best Brokerage Bonuses.
Transferred my $2.5 million P1 and P2 IRAs over. Almost $45k bonus.
My review so far: transfer process was the easiest most seamless ever after having done a dozen or so of these to various places. Transfer was quick without any further actions from me. After a week or so, RH even swept some lingering proceeds from sale of fractional shares of 1 ETF that wouldn’t transfer the fractional shares.
Robinhood interface is okay. Kind of like a kiddie version of a real brokerage firm but perfectly fine for long term buy and hold investors (which you should be!). Placing trades often would be annoying. Several features are only available in the app which is great if you’re a 19 yr old managing your $500 invested from your min wage paycheck. Not as much fun if you are trying to do actual real trades. For example you cannot edit and replace an order on the web interface, gotta do it in the app.
Very happy overall ($45k free money lol) but the dumbed down web functionality makes me scratch my head and leaves me with the impression that Robinhood is an unserious brokerage platform for “real” investors.
Hey Justin, RH offers RH-Legend. This is on par with ThinkOrSwim and offer Tradingview type looks. Find the button on the webbrowser and thank me later.
I keep seeing an “up to $1,700 in stock” offer for RH in Yahoo! Mail. But, the link just takes you to a page where you enter your info. Any idea what’s required to get the bonus?
I’m still thinking about doing this but I found a very disturbing reddit thread about frauds at RH and how little they would help you. Are you guys not concerned?
https://www.reddit.com/r/ClassActionRobinHood/comments/1c6gfq8/fraud_on_my_robinhood_account_was_told_no/?sort=new
Ouch, you got me nervous, haha. Most of the reports there are crypto related which is not my personal concern (of course it’s terrible for those who lost money with crypto on Robinhood).
The one thing that does seem very worrying is the reports of criminals who initiated a bank withdrawal and then used those funds to buy crypto and then transferred out the crypto.
I might close out my crypto account with RH which maybe can help avoid that. (All I have is some $9 in crypto that RH gave me for free, but maybe not worth it for the added risk.)
My concern is really about how little they are willing to help you. Fraud can happen at any brokerage but good ones will work with you to make you whole. RH seems to just tell people tough luck. The biggest risk I see with IRA is someone try to steal the whole account with ACAT through a fraudulent external account.
Will I lose the 2% match (that I’m getting due to deposit to individual account) if I transfer from individual account to IRA account?
Hmm, not sure. Isn’t the individual match offer only 1%? I don’t recall a 2% deal at RH for regular brokerage transfer
There is a new Robinhood Gold Month deal for 2% brokerage bonus, uncapped.
2%
Account Transfer Bonus
Earn a 2% match on transfers from an outside brokerage account into Robinhood between March 14–31.
2% Account Transfer Bonus
All investments involve risk and loss of principal is possible.
The bonus applies to eligible assets transferred from an external brokerage account into your taxable Robinhood brokerage account within the offer period, from March 14, 2025 to March 31, 2025.
To keep the bonus, hold the value of your transferred assets in your Robinhood brokerage account for 5 years and keep your Robinhood Gold subscription for 1 year from the date the transfer is complete. Bonus offered by Robinhood Financial LLC and is available to Robinhood Gold members with a brokerage account in good standing.
Can you pay for one month of gold to get this promo and then downgrade? I don’t see any benefit in paying $5 a month.
Nevermind. Just saw the 1 yr gold requirement. I have already maxed my 2024 contribution somewhere else. Paying $50 to get $210 is very meh.
I guess the 3% excludes backdoor Roth contributions.
I’d guess backdoor would count for the 3% contribution bonus. Anyone know?
It worked for me last year.Contributed to 7k TIRA got 210 bonus, converted 7210 to RIRA same day.Though depending on your tax bracket, getting that 210 bonus taxed will bring the bonus closer to 2% at which point, there are better offers
What better offers?
Also, for Robinhood, my concern is if I already got a transfer bonus in a Roth IRA, if opening a TIRA and converting to RIRA can all be done without causing the transfer bonus to be invalidated. Initially people were saying the bonus would be clawed back, though I think I saw a data point that it wasn’t, but I haven’t researched it recently. I probably won’t bother since the contribution bonus isn’t very big and would be taxed.
No need to wonder. Ask RH customer support and they will provide the answer.
I got the 3% IRA transfer-in bonus last year. They told me how the clawback would be applied specifically to my case. I have since moved funds out of RH a few times in 2024 when possible due to the rise in the value of my RH retirement accounts.
That allowed me to put those funds on deposit at brokers with fewer restrictions (and rewards).
Does anyone have a link to the Terms & Conditions? My concern is that I can no longer make IRA contributions AND am required to take RMD’s. Does that negate ongoing bonus payments past year one since the initial transferred balance will have decreased?
Re: RMD’s, could you potentially keep a portion of your IRA in its existing account specifically for RMD’s separate from Robinhood?
I thought about that option. Right now it’s at Wells Fargo and they charge me $35 for a trade and I’m too cheap !
At WellsTrade? There are no trading fees online. Or is it for a special RMD distribution?
Not sure what constitutes a special RMD. Sold Vanguard Intermed. Term Treasury mutual fund to satisfy an RMD.
I don’t know any brokerage that charges $35 per trade (unless it is by phone). RH does not support phone trades AFAIK
If you indeed have to pay $35 per trade I would switch in a heartbeat. There are plenty of brokerages which offer no-fee trades and on top of that bonuses for moving (and keeping the money for some time with them). See the best brokerages bonuses page here (On Doc’s site)
I suspect not.
> If you have multiple Robinhood IRAs, the IRA Match Early Removal Fee is calculated based on all of the IRAs.
That would imply if you had 10k in one IRA and added 100k in a second, that the total you need to maintain is 110k+bonus. Removal from the 10k IRA would be the same as removing frpm the 100k.
Think of it this way: Contribution + bonus = Line in the sand. You can take RMD distributions as long as your balance at the time of the withdrawal does not bring the balance below the Line in the sand there is no clawback. It is calculated in real-time at the time of withdrawal. This was a major concern for us last year. You can take your RMD throughout the year. You do not need to wait for a major increase in your portfolio and take it all at once. I read that Robinhood does not publish your RMD total for your account there, which is amateurish. I can’t believe that FINRA lets them get away with that.
We’ll notify you if you have an upcoming RMD on your year-end statement. While we don’t include RMD calculations as part of this notification, you can ask us for help with them.
Thanks everyone for your comments. As an example let’s say my balance on 1/1/25 is $100,000. On 5/1/25 it’s $104,000 and I take $3,00 out as part of my RMD. On 7/1/25 without any further withdrawals my balance is $99,500 so my bonus is ok since the drop below “the line in the sand” is due to the market and not my doing?
I don’t think so. Emphasis added are mine.
Limitations. If a customer has received a Robinhood Gold IRA Deposit Match, and they transfer or distribute for any reason some or all of their Robinhood IRA outside of the Robinhood IRA prior to the earn-out period of five (5) years from receiving their Robinhood Gold IRA Deposit Match in their Robinhood IRA, a non-taxable IRA Match Early Removal Fee will apply to the IRA as payment for services from Robinhood, separate from and above any ACATS out fee, and this IRA Match Early Removal Fee will be the amount that the customer has received via the Match for any Match received over the previous five years. The IRA Match Early Removal Fee will be calculated with respect to all of the customer’s Robinhood IRAs if the customer has multiple IRAs at Robinhood. Any distribution outside of the Robinhood IRA will potentially implicate the IRA Match Early Removal Fee, including distributions that may be required by law such as required minimum distributions. The IRA Match Early Removal Fee may not apply if a customer’s IRA balance has risen by an amount greater than their net IRA contributions plus any Match that they have received. However, the IRA Match Early Removal Fee will apply if the customer initiates a transfer or distribution request, and the customer’s IRA balance has decreased, for any reason including investment losses, to less than their IRA deposits plus any Match they have received.
Thanks QMC for that info. Not to beat this horse to death but using my example of the $100 K transfer, you can withdraw as long as the balance remains above $100 K PLUS any bonuses received. The unknown, uncontrollable would be a market induced drop after a RMD that takes you below the $100K + bonuses.
Yea, and the next RMD might kill your bonus.
Btw, you originally asked about the T&C, I found them here: https://cdn.robinhood.com/assets/robinhood/legal/match.pdf
https://cdn.robinhood.com/assets/robinhood/legal/Gold%20IRA%20Match%20T&Cs.pdf
The RMD you need is on Form 5498, though, they should check box 11, show the date you need to take it on 12a and the amount on 12b. You can aggregate all those amounts and take the RMD from one or 100 IRAs, but you have to take the combined amount.
Woof. 5 years is steep
Is it for an IRA though? Do people move theirs around often, perhaps for other offers? Serious question, I’m sleeping in Schwab currently and don’t have plans to touch my IRAs for many many many years
for any brokerage bonus it is. most are 3 or 12 months. you don’t have to be withdrawing from your IRA balance for it to be doing work for you. I moved it to WF for their $2500 bonus and that only took ~90 days. on to the next one!
Oh wow, thanks for the info! I’ll need to lookout for these then
I think people who already get 3% will continue to get 3%. I did my Roth contribution on last Friday, January 3, and I got 3%. I signed up for the deal last year when it was 3%.
edit: scratch that. My app is reporting 2% now. Wow. I’m glad I did my Roth contribution before it changed!
Contributions are still 3%, transfers/rollovers are 2%
Ahh
Adam, thanks for the clarification.
Yes, let me clarify in the post
This is tempting, but Robinhood has such a bad rep and the long holding period is rough, but a 2% bonus is really good. Decisions. Decisions…