Is the Robinhood 3% match free money?

[resjudicata]

@manders You could always just front load a buffer of $10 or similar to handle the chance something doesn't get calculated correctly, recieve less then planned, etc.

But really, all that would really happen is your account would be hit and be reduced $5. Ignore it for long enough (months to years) and you might get a margin call eventually. Ignore that and your assets would be sold to cover the margin call. Gold just wouldn't stop

 

[manders]

@resjudicata Got it, I think that's the part I was missing. You're saying the fee would just add to your margin worst case vs. them cancelling Gold. Thanks for the heads up, was not sure how that worked. Would be nice if we could just toss a debit/credit card in there as a back up. Appreciate all the details!

 

[wellybelly]

@resjudicata $50 is pre-tax though

 

[toriadlg]

@gracefulgalpal That’s for transfers. For contributions the 3% it’s 1yr of gold.

 

[resjudicata]

@gracefulgalpal Robinhood is a hot pile of garbage

 

[einekleinestimme]

@resjudicata How? They behave like other brokers and are insured the same. Biggest difference is they have tried to focus on getting the average person to start saving instead of wealthy people

 

[resjudicata]

@einekleinestimme You must not be familiar with all the shady shit they ‘ve done to screw the average person.

 

[einekleinestimme]

@resjudicata You mean the exact same things as the major institutions but less aggressively? Of course it’s part of the business in the US

 

[slow]

@gracefulgalpal OP…. Please show me where you’re getting 3% on transfers and the $10/month cost

 

[brianps]

@slow They've actually advertised (today) no cap 3% bonus on IRA and 401k transfers. Gold is $5/month, not $10.

 

[someguy29]

@brianps I wish I had a million on my IRA for many reasons, but a free $30,000 is definitely one of them

 

[slow]

@brianps My app still says 1%? Wack

 

[jabezpraise]

@slow 1% is for non retirement

 

[brianps]

@slow https://x.com/robinhoodapp/status/1748113776224944595?s=46&t=tjlNOd2HXWXkMYhfyL39aA

 

[mvcapcom]

@gracefulgalpal It should be 3% for new contributions and 1% for transfers. I'm fairly certain it's not 3% for transfers.

Fidelity has much better customer service than Robinhood for sure.

 

[gracefulgalpal]

@mvcapcom For eligible Robinhood customers, Robinhood will provide a cash bonus equal to 3% of a customer’s deposits from an employer plan plus their net deposits from an IRA at another financial institution that are initiated and completed during the Offer Period to their Robinhood IRA subject to both (1) a five-year earn-out as discussed below, and (2) maintaining an active Gold subscription for at least one year from the date of the eligible contribution, as discussed below.

 

[dukejohn]

@mvcapcom I thought the same thing but this is actually a new promo for a 3% match on IRA and 401k transfers.

 

[scott1102]

@mvcapcom it's 3% for transfers

 

[manikanchan]

@mvcapcom 3% on transfers as of right now.

 

[sass]

@gracefulgalpal look carefully, the match, is it capped at a certain dollar amount max? i.e. will you get all $3,000?

if so no catch, just that they've gotten your business, and they hope that leads to more business during those 5 years and beyond