Replace October 2024: Nicely, that didn’t final very lengthy. Proper as opponents rush to repeat the function, Robinhood sends me a message that the final day to get your 1% Deposit Enhance is November 25, 2024.
Replace June 2024: The 1% Deposit Enhance for Robinhood Gold subscribers is now stay. As beforehand introduced, the 1% increase is paid out step by step over 24 months on internet new deposits. In case you make future withdrawals, this may increasingly have an effect on your unpaid boosts. In case you have been already paid a lift fee, it might have an effect on the increase on future deposits. In different phrases, they’re paying consideration and it’s not easy to sport by withdrawing your money. You will discover further particulars on this FAQ web page. The next deposits are eligible:
Commonplace checking account transfers (originated ACH)
Wires in
Direct deposit (non-originated ACH)
Debit card transfers (together with Apple Pay)
Request for Fee (ex. Zelle or PayPal switch)
Transfers from spending account
Transfers from IRA account
I examined it out with a $500 deposit with a debit card switch by way of Apple Pay (for an additional 1%*). Whats up, $0.21 a month! 💰 Right here’s a screenshot. I’m already locked right into a Robinhood relationship for five years with the expired IRA promo, so I’ll attempt to see methods to finest make the most of this promo for the following 3 years.
(* Debit card deposit facet word: I additionally stacked it with by making the deposit with Apple Pay linked to my 1% money again debit card from Improve. This fashion, I’ll get one other 1% on the $500. Now, this technique needs to be used fastidiously and for deposits that you just intend to take a position at Robinhood, as I’ve learn experiences of Robinhood freezing accounts if this feature is abused by depositing and instantly withdrawing. This works for me as a result of I plan to take a position smaller deposits there for twenty-four months to get the Robinhood 1% match anyway. Moreover Improve, just a few different locations provide 1% money again on debit card purchases, however Improve can also be providing a $300 bonus which is noteworthy even when it’s a fintech.)
Full overview:
Robinhood lately held a Steve Jobs-esque product announcement about new upcoming options for his or her Robinhood Gold paid membership tier ($5 a month or $50 per 12 months upfront). Listed below are the highlights of the brand new options:
- 1% match on all deposits. Known as “Limitless Deposit Enhance”, Gold members will get a 1% match on all incoming deposits. For instance, should you switch $500 each month to take a position at Robinhood, they gives you an additional $5 a month to take a position. In case you switch in $100,000, they gives you $1,000. Doled out over a 2-year interval should you preserve your deposits there throughout that point.
- 3% money again on all classes with their new bank card. Redeems instantly right into a Robinhood account. Can create digital numbers and further playing cards for members of the family. No annual charge, however does require Gold membership.
- New customizable consumer interface. One among Robinhood’s strengths has at all times been it’s fashionable consumer interface. That’s at all times been countered by their fintech-average degree of customer support.
Listed below are the present Robinhood Gold options:
- 5% APY on money sweep deposits. (1.5% APY with out Gold till Might 2024, then 0.01% APY after that.)
- $1,000 in free margin ($2,000 till 8/18/24).
- 3% match on annual IRA contributions. (1% match with out Gold.) 5-year lock-up interval. That is meant to be a recurring factor. See FAQ for particulars.
- 3% match on incoming IRA transfers and rollover quantities (ended 4/30/24). This WAS a limited-time provide and doubtlessly big for these with large IRAs. 5-year lock-up interval. See hyperlink for particulars.
- Greater prompt deposits. Prompt Deposit eliminates the three-day wait interval for funds to switch out of your financial institution into Robinhood. With Gold, prospects can get bigger Prompt Deposits of as much as $50,000 relying on their brokerage account steadiness and standing.
- Free premium inventory experiences from Morningstar. Gold members get limitless entry to Morningstar’s inventory analysis experiences. These experiences can be found for roughly 1,700 shares and are up to date incessantly to replicate vital firm occasions.
- Stage II market information from Nasdaq. Stage II market information reveals a number of bid and ask costs from Nasdaq for any given safety so traders can higher decide the supply or want for a safety at a sure worth.
The most popular deal WAS the 3% match on incoming 401k rollovers and IRA transfers. I participated for an $8,000+ payout and am now caught in its 5-year lock-up interval. They’ve added billions of latest property with this promotion.
The second hottest deal is the brand new 1% limitless deposit match, doled out over a 2-year interval. I discover it a really intelligent approach to preserve prospects locked-into their Robinhood accounts AND preserve them paying for a Robinhood Gold subscription. Don’t be stunned if the worth of Gold goes up inside the subsequent 12 months or so!
Deposit increase is split into 24 month-to-month payouts. To earn your full increase, maintain or make investments your brokerage deposits for two years. In case you cancel Gold, you’ll lose future payouts you haven’t earned but.
The third hottest deal is the three% money again bank card, although the bank card is getting probably the most press consideration. 3% money again with no annual charge is actually noteworthy, however the card additionally doesn’t have an upfront sign-up bonus (and technically requires Gold at $50/$60 a 12 months). In case you at the moment have a 2% money again card and spend even $50,000 a 12 months in your bank card, 1% extra is barely $500 a 12 months in further money again.
In the meantime, I don’t spend that a lot on any single card (resulting from different higher promos that can earn me $500+ upfront and the equal of greater than 3% again) and I already get 2.6% again from my Financial institution of America bank card with Most well-liked Rewards. I like the concept of easy 3% money again, however not fairly price a credit score pull for me (we’ll see how lengthy it lasts, since 3% has traditionally been too excessive to final).
If you’re one of many first 5,000 individuals to refer 10 individuals to Robinhood Gold, apparently they may ship you a bank card made from precise gold. After studying the phrases carefully, even when I do get sufficient referrals for the “Stable Gold” card, I’ll get a 1099 for over $1,000. In the event that they run out of Gold playing cards, you simply get the money, however there doesn’t appear to be an choice to easily decline and go for the money. I’m not curious about paying $400 in taxes for a gaudy 10 karat bank card.
