1% Deposit Enhance, 3% Money Again Credit score Card, 3% IRA Switch Match Ending Quickly — My Cash Weblog

Up to date. 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 here are the highlights of the brand new options:

  • 1% match on all deposits. Referred to as “Limitless Deposit Enhance”, Gold members will get a 1% match on all incoming deposits. For instance, if you happen to switch $500 each month to speculate at Robinhood, they provides you with an additional $5 a month to speculate. If you happen to switch in $100,000, they provides you with $1,000. 2-year lock-up interval.
  • 3% money again on all classes with their new bank card. Redeems instantly right into a Robinhood account. Can create digital numbers and additional playing cards for members of the family. No annual payment, however does require Gold membership.
  • New customizable person interface. Certainly one of Robinhood’s strengths has at all times been it’s trendy person interface. That’s at all times been countered by their fintech-average stage of customer support.

Listed here are the prevailing Robinhood Gold options:

  • 5% APY on money sweep deposits. (1.5% APY with out Gold till Might 2024, then 0.01% APY after that.)
  • 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 (finish 4/30/24). It is a limited-time provide and probably big for these with huge IRAs. 5-year lock-up interval. See hyperlink for particulars.
  • Greater instantaneous 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 studies from Morningstar. Gold members get limitless entry to Morningstar’s inventory analysis studies. These studies can be found for roughly 1,700 shares and are up to date regularly to mirror vital firm occasions.
  • Degree II market knowledge from Nasdaq. Degree II market knowledge exhibits a number of bid and ask costs from Nasdaq for any given safety so buyers can higher decide the supply or want for a safety at a sure worth.

In my view, the most popular deal continues to be the 3% match on incoming 401k rollovers and IRA transfers. There’s a 5-year lock-up required, but it surely’s nonetheless rather more cash than some other dealer provides you with. That deal is scheduled to finish quickly on April thirtieth, however they’ve actually added billions of IRA belongings with this promo:

The second hottest deal is the brand new 1% limitless deposit match with a 2-year lock-up. It hasn’t rolled out but, however 1% is fairly stable when it comes to deposit bonuses. In keeping with their presentation, it simply works routinely. You switch in $100, and $101 is on the market so that you can make investments.

The third hottest deal is the three% money again bank card, despite the fact that the bank card is getting probably the most press consideration. 3% money again with no annual payment is definitely noteworthy, however the card additionally doesn’t have an upfront sign-up bonus (and technically requires Gold at $50/$60 a 12 months). If you happen to at the moment have a 2% money again card and spend even $50,000 a 12 months in your bank card, 1% extra is simply $500 a 12 months in additional money again. In the meantime, I don’t spend that a lot on any single card (as a consequence of different higher promos that can earn me $500+ upfront) 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 straightforward 3% money again, however not fairly value a credit score pull for me (we’ll see how lengthy it lasts, 3% has traditionally been too excessive to final).

If you’re one of many first 5,000 folks to refer 10 folks to Robinhood Gold, apparently they are going to ship you a bank card made from precise gold. Regardless that I’m a non-public individual and have no person to impress, right here is my referral hyperlink.

In my Robinhood app, I noticed that they supplied me $5 to “study” Robinhood Gold, so together with the free 30-day trial that’s two months of free Robinhood to check these options out. I haven’t taken benefit of the three% IRA bonus, however am interested by it tougher now.

Scroll to Top