[Expired] Robinhood HOOD Week (10/16 – 10/27) (2% Brokerage Bonus, 3% IRA Match)

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The Offer

Direct link to offer

  • Robinhood is offering something called HOOD week from October 16 – October 27. Deals are as follows:
    • Up to 2% brokerage bonuses (1% on succesful ACATS transfer and then another 1% if includes a settled margin balance that is $10,000 or more). Discussed before when it was 1% here.
    • 3% IRA bonus. Previously discussed here.

 

Our Verdict

Not sure I fully understand the brokerage bonus, so my reading of the terms might be wrong. At least we have until 10/16 to work it out.

Hat tip to reader Chris
    William Charles
  • On October 10, 2024, 15:00
Tags: brokerage bonusesrobinhood

View Comments (140)

  • What's everyone's guess on whether they'll bring back the 3% IRA transfer bonus?

    For my annual backdoor Roth in 2025, I'm debating whether to

    1. Do it at Robinhood for the 3% IRA contribution match that'll get taxed when I convert from IRA to Roth
    2. Do it at Fidelity and transfer to Robinhood when they offer 3% transfer bonus for untaxed 3% bonus

  • One big fat warning, the terms say "before 10/27 at 11:59 PT" but the FAQ says "before 10/27 at 11:59 ET"

  • RH deadline fast approaches. What happens if you enter a "full" acats on Sunday night and had shares purchased on a Friday during market hours? :-/

    • In my experience, coming through Schwab (via Plaid), the quantity of shares and cash or margin balance amount was locked in at time of ACAT. If you skip Plaid and submit it manually, selecting "all shares" for each security, the shares that settle Monday might come over.

    • DP Coming from Schwab (via Plaid): the shares are locked in at time of ACAT submission. Unsettled equities or cash at that time don't come over. May be different if you manually enter account details and select "all shares" radio button. The Plaid connection fills the shares and cash amounts in during the transfer process.

  • I initiated full acat today(not using plaid) including $10k margin balance but it shows only 1% transfer bonus on the page when I submitted. I assume it’s standard that they wouldn’t indicate 2% bonus as the margin balance is unknown to rh yet. Anyone having the same situation?

    • I am in same situation. It shown me only 1% on final screen. Hope they would do 2% once it settles. Mine is fidelity with 10K margin and full transfer

    • I think you are right. But if it were me, I would chat them and ask. Because once the transfer settles if it somehow wasn't flagged properly they may not want to double your bonus after the fact

  • FWIW -- If you initiate a ACATS transfer and it's rejected by the Delivering Broker, wait 48 hr before re-submitting or the second one will be rejected automatically even if it's been "fixed."

    • Just experienced this coming from WF. Attempted partial ACAT with margin balance, failed due margin. Resubmitted next day as full ACAT, but failed because conflicts with existing transfer within 48 hours.

      • Water over the bridge now, but -- I tried to transfer SGOV + margin balance from WF to RH. Multiple fails, WF at first said they needed "assurance" from RH that margin balance would be accepted, RH said "dude, that's all part of ACATS," then WF said "ok, send again," and then WF rejected again.

        Bottom line: Transfers Dept at WF sucks. I ultimately retired the margin and plan to liquidate position & transfer cash to Webull for their current 2%/24m promo.

    • This was not my experience. I fixed the acat and resubmitted and the second one went through fine

  • I made a transaction creating a margin on Friday. Till today the margin hasn't settled yet. Wonder how long it will take?

    • How do you know it's not settled? If you transfer $ (ACH) it should settle the debit as soon as the ACH processes and begin accruing interest. If you buy shares, it should settle on t+1 and start accruing interest

      • I am sure Fidelity has started charging me from T + 1. However, the Fidelity summary shows the pending margin debit amount, and the RH ACAT portal doesn't also show the margin.

  • I'm planning to ACAT my IRA to RH, so I joined Gold. Since I'll get 5% for 2 months, I transferred (not ACAT) some money into my individual brokerage account, and it tells me that I'll get 1% boost. It reads:"Boost paid out over 24 months. To earn the full Amount, hold or invest your deposit $$ for 2 years."

    I thought I only got 1% boost if I ACAT my account into RH. Probably won't be holding for 2 years, sounds like they'll pay me 1/24 each month??

    • For non-gold, it is 1% only on ACAT transfers. For gold members it is ACAT or standard deposits. And yes, it is 1/24th each month. The more you deposit the more that 1/24th increases.

      If you don't want to do traditional investing and are in it for just the bonus, just set your margin limit to $1000 and invest your entire balance + $1000 into SGOV. SGOV only gets 4.13% yield This is less than the 4.5% you get from the cash sweep, but you are getting free interest on $1000 of RobinHood's money. I am only keeping $2000 in my wife's account since she just needs to hold it until she gets the $200 bonus she is promised from the offer she got to signup for Gold. Once she gets the $200, I will be moving out and discontinuing the Gold on her account - I already have gold on my account. I'm basically missing out on $19.17 - I deposited $2000 and collected one payment of the 1% bonus. I got one month free, and I had to pay for a month ($5) to get the bonus which should be deposited on Oct 25 or Oct 26, so I'll make $195 or so...actually $295 since they gave her an additional $100 bonus a couple weeks ago.

  • I am pretty happy with using Fidelity as my main brokerage. 3% is not bad plus the IRA contribution match they offer. Is it worth the risk of being stuck at Robinhood for 5 years I'm not sure..

    • IMHO, as far as investment strategies, you can do anything and everything you would have done at Fidelity over at Robinhood. Main differences are at the administrative/product level, e.g. no fiduciary accounts, donor advised funds, etc. at RH, difficulty w/ tax lot id at RH.

      • RH does not do individual bonds, treasuries, CDs, etc - that created some hassle for me having to sell and wait for settlement before transferring

    • This is a great offer. I was on the fence, too, then went ahead and moved my IRA to Robinhood in April for the 3%. You only have to keep Gold for the first year. Let's say you transfer to Robinhood and don't like it...you can transfer your IRA out of Robinhood, forfeit the 3% match if 5 years haven't passed, and have your other broker reimburse Robinhood's ACAT fee.

  • Does anyone know if the 10K margin for 2% bonus needs to be under uninvested cash or into a security like SGOV before transferring?

    • Didn't matter for me. I had a few grand of margin invested in SGOV and moved the rest of the margin cash out of the brokerage account. The 2% bonus posted upon RH's receipt of the ACAT that included a total of more than $10K of margin.

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