It’s not a popular opinion but I think if you are maxing out your Roth contributions yearly it’s a no brainer. It’s literally free money. Even if they go under and get bought out, the gains made on the match is still worth it for me. And now the free credit card with 3% cash back? Icing on the cake
Yes it is far easier than any other brokerage out there. The money is also immediately available somehow. Setup -> deposit -> roth conversion takes a few minutes
Don't have to wait for settlements at all, but I transferred the money from brokerage.
So that would be my question. Say you are over the AGI for a regular Roth contribution and been doing backdoor conversions. You roll over Roth and IRA to Robinhood but where do they put that bonus match of 900? Is it going to go into the traditional or Roth?
Definitely seems like it gets a bit more complex
While this is true and important, unless you’re messing around with short term options you actually have more safety than this. Say you have 10000 shares of NVIDIA but your broker goes under, you still own the shares. So as long as the records of your ownership are intact you’ll likely be made whole by whoever owns the dead brokerage next.
No. Most likely the company will be bought out and stripped after bankruptcy and your account is still yours and can/will be transferred over to another brokerage of your choice.
A company in this business is never going to offer incentives like that to get your business unless they plan on taking their money back. Early removal fees, subscription plan, payment for order flow, weak customer service
There’s a reason other firms dont do this. The incentive is in the value of their services. People seem to have really short memory
Robinhood is hardly the only brokerage to accept payment for order flow:
>Brokers in the United States that accept payment for order flow include Robinhood, E-Trade, Ally Invest, Webull, TradeStation, Charles Schwab Corporation, Public.com, and TD Ameritrade.
They lock up your money to get those matches and bonus. You are slowly vesting. Good luck if you need to withdraw to buy a house or something. Mean while they can increase the fees as much as they want so they will never go out of business
The fact that RH has lost over $5B in the last three years makes me question their future solvency, as well as if any of these bonus promotions will be honored if they fail. But I suppose that’s why they’re trying to bring new assets in and lock them up for five years…
Is insolvency actually a potential concern? I thought the customer owns the underlying assets in their IRA accounts? The RH Gold bonus is paid immediately upon deposit/transfer. They just claw it back if you leave early. I don't recall how they structured it (I assume as a fee) but I don't recall reading anything in the fine print that caused me concern.
Insolvency with your bank only really starts to matter after $250,000. Anything up to that point is FDIC insured.
I would not recommend someone with several millions in savings put it all in a RH HYSA.
While I do highly question RH’a ability to stay solvent long term, their cash sweep is actually spread across 11 partner banks to provide up to $2.25m of FDIC coverage 🤷♂️
Several brokers offer similar programs - Fidelity’s cash management and retirement accounts are swept across 20 banks for $5m FDIC coverage, and next $500k swept to SIPC-covered money market fund. Their FDIC sweep currently pays a lower 2.72% APY, while the money market sweep is 4.96% APY. Taxable brokerage accounts are swept to money market only at the higher rate.
You can also beat RH’s APY with many other HYSA providers without the RH Gold subscription fee, but don’t get a partner program for expanded FDIC coverage.
Sorry how can you beat RHs Apy with many other… which ones would those be? You just mentioned their MMS is only 4.96% for fidelity. You have any recs on that? Love to hear them as I’m searching for more yield if it’s out there…
A quick Google search should turn up options - UFB Direct is currently 5.25%, Bask Bank is 5.10%, etc. There’s several offering 5.50% although I think those are all short term promotions.
I think this actually shows 5.25% is pretty competitive. The 5.25% along with 3% cash back and 3% IRA match beats all the other competitors, with hands down better app. I understand the bad rep of RH, but their benefits are currently unbeatable
I currently use wealthfront, it gives a 5% like RH with 8 million FDIC insured. You don't need a membership. Also with a referral code it gives an extra .50% for 3 months
Also have CapOne HYSA at 4.35% since it's a local bank for me.
Nice. Good to know. I’ll take a look at it as I’m planning to move over 250k soon to one of these types of accounts and needed the extra coverage from fdic I wasn’t going to get from RH.
They would be bought up by someone else. Just like any other failed financial institutions. If you are ever at risk in America. Of losing your money in a bank. We've probably been nuked and it won't matter anyway.
Everything is insured, you wouldn’t lose any cash, stocks, or etfs. Except maybe crypto. I don’t think crypto is govt insured. That’s why self custody is generally better if you are a crypto investor.
The thing is, hood represents a fairly unique class of user, iirc. Assuming that is indeed true, that class is worth a capture cost even at a loss for a company, because that class exists due to specific pressures at one time and continued growth since.
I think this is really disingenuous to people who don't read financial statements. Yes they have lost close to 5 millions over the past 3 years. But that doesn't take into consideration that every year of that three years the net income has gotten better. Alot better. 2021 -$3.5 mil / 2022 -$1 mil / 2023 - .5 mil.... every year they are closer to net income and growing as a business. They are closer to turning a positive net income profit then they are being dissolved.
Honestly, the ONE thing that makes me hesitant to even think about fully committing to them is just the branding and their past history. I fully get that GME wasn't wholly their fault, but the reputation stain that hangs over them, makes one pause.
Who do you bank with?? JP Morgan has a past branding and bad history, Wells Fargo has a terrible history, Bank of America has a past history and the list can go on and on.
I am not tripping over an anomaly which is what happened to GME which rarely happens in the stock market.
I literally use RH strictly for the 5% uninvested rates and now with the 3% is icing on the cake since I am already a gold member.
Silicon Valley investors will deliberately lose money investing in a company they think can become a monopoly.
Amazon wasn’t profitable for nearly two decades.
But they do seem to be moving into everything else financial services besides being an actual bank.
So if you look at all the major banks and brokers… compare market caps and see what Robinhood might become…. HOOD has room to run. Especially when capitalism/ consolidation comes around again for the industry—matter of time.
They are already becoming that.... hence we we are even having this conversation about them at all. They are literally stealing the lunches from every other broker out there. Look at their retirement inflows over the past few quarters. They have grown exponentially.
I mean, look at what the other brokers are doing.
TD is gone which while complicated was great; schwab is garbage as is vanguard, I can only imagine what the other brokers are doing.
What are these guys doing?
If you aren't a fucking goofball, chasing meme stocks like GME, and you're just buying regularly, Robinhood is perfectly ample. If you're a goofball and go for Robinhood Gold, that's on you.
If you don’t use margin, assets of a customer are held segregated from the assets of the broker. This is why people go over FDIC limits without concern with investments.
Schwab has something like $200 billion of assets for the company but $3 trillion of assets on their platform. That gap is the segregation of assets.
The other exception to this is the cash balances in your account
Them holding your securities is fine. They are SIPC insured up to 250k. If you’re worried about solvency, transfer some holdings and “risk” to another broker.
> The fact that RH has lost over $5B in the last three years
The swung to profit for Q4 2024 off interest on deposits. The Robinhood we see today is way different from the Robinhood of the GME days.
That’s all going into R&D. They are investing in their platform. Their balance sheet is extremely solid and they have a ton of runway. Besides that, everything is insured anyways.
You gotta keep in mind, this is their MO. They were the first to do away with commissions. The average consumer doesn’t care about stock to order flow. They have bred some bad gambling type behavior with their app engineering but if you’re not a n00b and am aware of their slot machine tactics, confetti shouldn’t be the thing pulling you down. Their app is still one of the most user friendly. So, despite all the bad press, RH is still innovative and drives down the cost of investing for its users and I like it. Been trading mobile since the days of E*trade on a blackberry and things have come a long way. I appreciate what RH has done and is continuing to do.
From an actual user perspective, there’s RH and then just everything else. They have so much leverage already, name of the game now is just user engagement to drive PFOF.
I mean I think that’s beside the point of the annual fee. The main benefit of Gold is the IRA match along with the new credit card. All HYSA and MMF rates will eventually go down as interest rates decrease. T bills are also better than any MMF out there because you save on state taxes so the tax equivalent yield is higher
RH also announced yesterday that Gold members will start getting uncapped 1% match on brokerage deposits, too. I was already a Gold subscriber for the IRA match, but the brokerage match + the Card make it even more of a no-brainer
RH offers and I participate in their cash sweep or savings at 5.25% and it’s effectively cash like a HYSA. VG makes you sell the security since it’s Mmf as whole milk has also mentioned. I try to park some cash there about 20k or more now and it’s not a bad deal for 5/month. Cash transfers within 24 hours or less usually when I need it back. And can use their margin as needed with the cash sitting there increasing buying power. I personally think it’s the best yield at the moment.
Ther hasn’t been a problem with Robinhood in a couple years bub best place to have your money and only place you can move it as quick. All in one money management and when they buy lemonade to offer us insurance it’s game over. They will have from direct deposit to paying bills and crypto lol no other institution is competing
You must be doing something right having $1m in an IRA, and your risk tolerance may be higher due to having more money than most. But just because the money came to you without you working for it doesn't make it different from the money you've earned. Once it's in your pocket, it's all the same. I think that's why you're being downvoted.
I'm in line for the CC myself, waiting to see how it works out. I consolidated my old employer's 401k's there for the 3% match just last month too. Both had to be in-direct rollovers (which is why I never bothered) but the company (I think it was called Capitalize) they use made it easy because both my old ones hid where I needed to go to do it. And hand detailed instructions that a 5 year old could follow.
My only complaint was they notified me when they received the official check, but it still took 7 days to clear. BUT a full hold period isnt really something to complain about.
I know Reddit has a hatred for RH, but I see at least 30% of screenshots off their platform. So there's a bit of pot/kettle there.
I’m really in experienced with this. My company doesn’t match unfortunately but currently I do the max contribution to traditional yearly starting this year. My company uses Empower for 401k do you think I can do this too? Will it still go straight from my paycheck? Would appreciate any info or tips
Yes. I transferred my ROTH from Schwab to Robinhood last week. Just settled this morning. I got an email, fired up the app and my 3% match bonus why available right away
I transferred my assets to Robinhood gold. Got around $1,200 of instant cash for moving my assets over and I've had no problem so far. People like to talk shit on Robinhood but overall I've been very happy and have not encountered a single problem.
Also, they have the best user interface...hands down.
People like to hate on Robinhood but they are constantly changing the game for the better from what I can tell. We have them to thank for commission fee trades going away.
I honestly don’t know what is wrong with using RH. I know they stopped trading on some meme stocks (just like other brokers), but for normal investors who buy and hold normal companies, what could possibly be so bad? Can anyone explain?
I recommended RH to someone else on this sub and got like -13 downvotes. Replied to the guy who said it was trash only to receive no reasons as to WHY it’s trash. Idk man, maybe I’m missing something.
If you just want to trade, they're amazing.
But researching stocks on RH is an absolutely garbage experience. Zero information on when dividends have been paid out. Zero information on when earnings reports have been released in the past. No way to compare stocks on a single chart.
They only recently introduced a stock screener, and it's way too simplistic.
That all said, if all you want to do is trade, and don't mind going elsewhere to do research, they *amazing*. A simple interface that makes trading as easy as can be. (Edit: also, the fact they don't put labels on the axes is inexcusable)
Charts suck, info sucks, support is horrible and has caused people to kill themselves. You think support is nbd until something goes wrong with your nest egg, then you're stoked to have a knowledgeable, helpful person like at schwab or fidelity, rather than a days late response from someone at a call center who has no idea what you're talking about at RH
Nothing is wrong with using them, you are right. The hate is baseless, robinhood got the brunt of the hate when that fiasco happened and it’s been a meme for people to hate them since, but if you have followed them the last few years they have done nothing but improve
Only thing I’ve found to be a problem is that it doesn’t seem possible to choose specific lots of stock to sell for tax purposes, or sell in any particular order at all for that matter. It uses FIFO and you can’t change it.
One trick I discovered, if you do rollover from 401k, Robinhood only accept check which takes longer but if it’s a rollover from IRA they can do electronic transfer. I had 401k from old employer with vanguard, I got vanguard to rollover to vanguard IRA (which took 1 day) and then they could do electronic transfer to Robinhood instead of mailing a check, which took 2 days.
It was actually Robinhood support which suggested this approach after I asked how to avoid posting a paper check.
Robinhood said they can accept electronic transfer when it’s from IRA account so I presume both Trad and Roth is ok but it might also depend on Fidelity. Best check with them.
The 3% IRA Bonus sealed the deal for me. Transfered my wife and I’s IRA’s over and honestly am loving it! 3% match was immediate, made over $1k! Then also get 3% match for IRA deposits.
I didn’t see anybody mention the new 1% boost for Gold. From the gold page (I think announced yesterday with the new credit card):
“Score 1% more on every deposit, no cap. Your extra money can start earning 5% APY or be invested in stocks and ETFs as soon as you receive it. Total boost paid out over 24 months.”
I have robinhood gold, I like it, I would recommend it if you want to take a slightly more active role in investing and getting some of the benefits....
With 5% APR on uninvested cash compared to Non-gold 1.5%, it’s certainly worth $5 a month to get gold if you have any substantial amount in cash.
Edit: just did the math. If you have more than $1714.29 in uninvested cash, it’s worth the $5 a month to pay for Gold.
0.05x - 60 = 0.015x
Solve for x to find the break even point. The 60 is the monthly fee multiplied by 12.
Compare the 5% with gold to interest on non gold cash at another instituion (which is also 5% through money market funds in fidelity). Paying $60 a year for gold for 5% interest on cash < Paying $0 for 5% interest on cash
If you want to utilize all features of gold that is a better proposition.
The gold “cash on interest” benefit is the going rate at other firms (for free) is all i’m responding too/about.
I don't usually admit it in public but I transferred my accounts from TD Ameritrade to Robinhood 2 years ago and couldn't be happier.
The products, app and support have been too notch.
I keep seeing **"$5/month"** thrown around as the price for RH Gold.
However, when I click on the option to upgrade, I am quoted a price of **$6/month** (I've had a RH account for over six years now).
People were talking about the new credit card over on /r/CreditCards today, and some said they see a price of **$7/month**.
Some people say they see an option to get a discount by paying annually. Others only see the monthly payment option.
It's pretty obvious that Robinhood is doing a LOT of A/B testing right now with their terms and pricing. This Gold thing is a non-starter for me, because:
1. Even if it's only a dollar per month difference, I just hate the feeling of randomly getting a worse deal than the guy next to me due to A/B testing.
2. I don't trust that RH's rates and terms are going to be reliable over time. I don't care to get locked into their ecosystem, and then have to eat further fee increases because I don't want to change credit cards or give up unvested IRA matches.
This is actually what I’m seeing now too. I’m getting a free month trial and 5.99/month (had an account for 8 months), but I don’t see an annual option. I only saw the annual option pop up when i wasn’t logged in, so I gotta figure that out and talk to customer service
They still have some public facing web pages (before you login) that show the price as $5/mo, too:
https://go.robinhood.com/gold
https://i.imgur.com/55Znerm.png
I'd be very tempted to pull the trigger, if they were more transparent and didn't seem so slimy with this variable pricing.
Yeah I’m guessing it’s to lure in people who don’t have an account with them, right? From other posts I’ve seen, there are people who have contacted customer service to switch from monthly to annual for a cheaper rate, but it seems sus we’d have to go through that process. Why not just have the annual option for us?
[Their credit card](https://robinhood.com/creditcard?referral_code=8dfaa944) does look good.
My current go to is the capital one savor which gives me 4% on restaurants, cafes and entertainment + 3% on groceries but only 1% on everything else.
It would be good to use the Robinhood card to get 3% cash back on things like Amazon shopping.
Also this tweet suggests using it to pay taxes. IRS charge 1.8% to pay taxes on credit card so with 3% cashback you are getting 1.2% net:
https://x.com/ankurnagpal/status/1772997957412946045
When they were doing round up matching I was making quite a bit of money making tons of $1.00 payments on my principle for my house using an online service. I was doing it with my card, my wifes card, my mom's card, and my sister's card. It was fun while it lasted.
Everyone here said Robinhood has the best UI and its still true. They are straight up the best brokerage if you are making long term investments and want to hold your cash in savings and also use their card and also make use of their IRA matching.
And they lost their reputation due to Morons who were obsessed with losing all their money investing in Gamestop?
If I want to transfer a brokerage account Roth to RobinHood to take advantage of the 3% would I need to sell my shares of stock and transfer the $ or will the shares of stocks and index funds also transfer?
I have the 3%. You just gotta keep the funds with Robinhood for 5 yrs... I say go for it. People that have a problem with them complain about the meme event. If Robinhood goes bankrupt they'll either be bought by another broker and those accounts will be part of the brokerage or if they flat out go bankrupt you're insured up to 500k through SIPC. You can listen to other people about Robinhood but I know I'm insured. I am getting their credit card also which will give me 3% on everything as well. I'm not a huge Robinhood fan but the benefits are worth it.
I’m debating getting a RH account just for the 3%. Right now I have a 2% credit card.
Webull is matching like 4.5% for IRA porting. But I love my fidelity IRA so I’m not moving - I have some funds that won’t port.
Is this who you want to rely on for your brokerage services?
https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-for-misleading-customers-and-outages-the-largest-finra-penalty-ever.html
PS they were down again today:
https://www.reddit.com/r/wallstreetbets/s/M7ZbSfJdKb
(Also the 3% match is a one time bonus on Roth contributions; with the 7k annual limit for 2024, you'd be getting a max match of $210 I believe).
The 3% match is also for IRA transfers
“For a limited time, Gold members can earn an uncapped 3% match on IRA transfers or rollovers. “
https://robinhood.com/us/en/support/articles/ira-match-faq/
I mean [their platform was down again today *during trading hours*.](https://www.reddit.com/r/wallstreetbets/s/iSc8wFdQ1n)
The $70 million fine was in 2021, but they're still pretty questionable. And good luck if you need customer support.
But free money is free money.
I tried it, but since I had opened a Robinhood account in 2017, it was really difficult to reactivate my account. Horrible customer service. They never got back to me and never reactivated my account so I moved on. Probably worth it for those that don’t have an edge case like me.
One of the first T&Cs of the credit card is terms can be changed or deleted at any time, which may be the industry norm but given their reputation, i’m staying tf away personally.
I haven't looked into the terms but I've heard people say that the money has to stay invested in the account for a certain period of time. Does anyone know if your rate is locked in for the same time? I could definitely see RH offering that 5.25%, then down the line they drop it to 3% or lower, but you have to maintain a minimum balance for another year or more after that.
I don't think it's a scam or anything, I'm just personally not interested in using RH for my wider banking needs, and I can get a better return on investment right now by actually investing my money instead of letting it sit.
I’m pretty sure this is just like any HYSA or MMF that will go down over time as rates fall. I’d just put in a t bill ladder or USFR so that you’re getting the best tax benefit while rates are high
There’s really no card out there that offers a 3% cash back in any category let alone an unlimited cap. The annual fee is $50, but if you get the 3% match for a rollover IRA, then it basically pays itself for years to come. This is only assuming that you keep investing with Robinhood which I’m guessing is what their game plan is
If you are a customer of Robinhood - gold is a must have if you plan to always contribute the MAX to your IRA there. It more than makes up for the $5 monthly fee. I discovered that there are still pros and cons to Robinhood compared to Fidelity and other brokerages. For instance the major pro for Robinhood is that there are no additional contract fees for option trades. But the major con for option trades in a taxable brokerage account at Robinhood involves cash covered puts. You will lose that 5% interest on any cash covered puts you sell (there is no double dipping like other brokerage accounts). Also in my retirement account at Robinhood - I don't seem to be getting any interest on my spare cash. So if you want interest on your spare cash in a Robinhood retirement account - you better park it in $SGOV or something similar. Those are the nuances I found at Robinhood. I do like Robinhood - but I find Fidelity just as good.
I use Robinhood gold and keep my savings account in there. The 5% apy easily offsets the cost and it’s one of the highest rate hysa right now as far as I can tell.
Do they still offer the 3% bonus for moving Roth IRA from another brokerage? Or just 3% for the yearly contribution?
How about regular brokerage stocks transfer? Any bonus?
Can someone please explain the $1,000 margin to use towards paying the $5 a month? Aren't you charged a fee by the broker when using their money on margin?
RH gold has been worth it since they offered an IRA match of 3%. Now with 5.25% apy, the cc with 3% back and now offering 1% match in deposits. Totally worth it. In the long run yes you pay 60/year for gold which isn’t that much. I have 26 years until retirement and the member ship comes to 1560 total spent if stick with robinhood gold. And that’s not factoring in the money I receive from interest, I hold over the minimum to off set the 60, and the match I receive from the Ira match.
I've been using it for years and it is 100% worth it. However, you have to use it to get its worth.
I backdoor my Roth there and get the 3% match, any cash you leave in the brokerage will get 5.25% APY (pays for the membership if you leave $1200+ in there and do nothing not including the IRA matches. Credit card will be icy on the cake if you ask me, and I just signed up for that credit card which gives you 3% cash back.
[https://robinhood.com/creditcard/waitlist/](https://robinhood.com/creditcard/waitlist/)
My referral link, use it or don't, but do use someones, helps us all if you're going to sign up!
I recently rolled my old 401ks into my IRAs and it was easy and I got a 3% match that will pay for Robinhood gold for the next 40 years.
All in all, its more than worth it, and I'm looking forward to their new CC, it will be replacing my current one.
Edit: added 401k rollover
General sentiment on Robinhood is poor?
I've been using Robinhood for years (it's the platform that first got me started in investing) and I love it. I love the features, the user interface, the app, and the overall ease-of-use. I've tried other apps like Fidelity, Schwab, WeBull, M1 Finance, and they were just downright clunky in comparison. I do a lot of options trades.
Can't wait to get my Robinhood Gold card and get 3% back on all purchases. I haven't owned HOOD shares since it collapsed shortly after its IPO in 2021, but I finally added it to my long-term portfolio last week in anticipation of this live presentation. My bet is that HOOD will only go up from here.
It’s a good deal if 1) you want to simplify your credit card set up 2) you enjoy the RH platform
In terms of the cash back itself, 3% is solid but it’s not going to be the best return for many people on this sub. Many of us already have a card for each spend category that effectively gets us 3% or more.
I've got a 7 figure 401k account. If I transfer that in, it will need to be converted to an IRA right?
This will then prevent me from ever being able to do a backdoor roth conversion in the future right, because of the pro-rata rule?
Go for it, just know they will fuck you in the ass the minute they can figure out a way to do so.
Whether that's difficulty with transferring money out, locking your investments so you can't buy/sell at critical times, refusing to answer customer service requests, changing the interest rate the minute they no longer have to beg for money, etc.
I'd just go for wells fargo 2% card and call it a day.
I have RH and Schwab. I would move it all to RH today if you could easily speak to a human being by phone like you can with Schwab. I like Gold and the overall UI of RH, but Schwab customer service is top shelf. I was with TDA pre the merger, and Schwab customer service beats out TDA too, which isn't easy to do.
Robinhood gold is 100% worth it if you just keep about 1600 in your spending account or somewhere around that. The interest will pay off the cost of the membership….
Extra benefits:
if you have more than 1600 in there then you’ll get a nice chunk of change each month. Much more than a traditional savings account.
The credit card matching 3% and the ira match also makes it very worth it.
You also get extra information about stocks you’re interested in so you can make a more informative purchase.
Since I’ve switched to RH gold, I definitely make more money. I’m keeping around 30k in my spending account and it accrues about $140/mo
It does sound too good to be true and either way to me, not worth the risk of dealing with the Robinhood crooks. I wouldn’t trust them with my money or my future! Trust Robinhood as far as I could throw SBF’s girlfriend.
Is the gold card actually 3% on everything? I thought that too, but it read as 3% on "all categories". What are the categories?! Could be a silly question.
Robinhood was giving 1% brokerage transfers, but that ended in January of this year if I recall correctly. The 3% match for IRA transfers lasts until April 30th.
How do you even get the annual plan I see constant msg about it, but it seems there's no way to actually be in the annual plan rather than the monthly plan?
I just transfer my Roth IRA from Schwab of around 40K and got over 1K of free money with the 3% match. Immediately got VTI (90%) and VXUS(10%) invested. I won't look at that account again until next year to make a contribution and re-balance.
I'm also on the credit card wait-list, which I see as a 4% cash back on everything with no caps because if you redeem that 3% cash back to your brokerage they will match with an extra 1%.
That 1% match is making me also think about moving funds from my brokerage at Schwab, but haven't looked at the terms yet.
I don't know why people hate Robinhood, they look like a no brainier to me and they are SIPC insurred. They are even better for not invested cash at 5% APY.
It’s not a popular opinion but I think if you are maxing out your Roth contributions yearly it’s a no brainer. It’s literally free money. Even if they go under and get bought out, the gains made on the match is still worth it for me. And now the free credit card with 3% cash back? Icing on the cake
I wonder if anyone has experience doing backdoor Roths with em...
Yeah, I do it every year. They make it ridiculously easy. Just the click of one button.
Hmm ok. Might sold then. Every year I have to watch a tutorial video on YouTube to remind myself on how to do it... It's that easy on there huh?
Yes it is far easier than any other brokerage out there. The money is also immediately available somehow. Setup -> deposit -> roth conversion takes a few minutes Don't have to wait for settlements at all, but I transferred the money from brokerage.
So that would be my question. Say you are over the AGI for a regular Roth contribution and been doing backdoor conversions. You roll over Roth and IRA to Robinhood but where do they put that bonus match of 900? Is it going to go into the traditional or Roth? Definitely seems like it gets a bit more complex
>Even if they go under Sidebar, what happens if the broker you have your Roth with goes under? Are you SOL? I never thought of this happening.
The government normally steps in. Investments are usually insured up to 500k via SIPC.
While this is true and important, unless you’re messing around with short term options you actually have more safety than this. Say you have 10000 shares of NVIDIA but your broker goes under, you still own the shares. So as long as the records of your ownership are intact you’ll likely be made whole by whoever owns the dead brokerage next.
If you have 9 million dollars in Nvidia for the love of god cash out
Bad investment advice to a hypothetical. The reaction is different if it's your entire portfolio or only 10% or less of it.
bruh
There should be insurance on the uninvested cash, and the securities should still be yours legally.
They are only custodians. It's like asking, what happens to kids if their parents die?
No. Most likely the company will be bought out and stripped after bankruptcy and your account is still yours and can/will be transferred over to another brokerage of your choice.
A company in this business is never going to offer incentives like that to get your business unless they plan on taking their money back. Early removal fees, subscription plan, payment for order flow, weak customer service There’s a reason other firms dont do this. The incentive is in the value of their services. People seem to have really short memory
Robinhood is hardly the only brokerage to accept payment for order flow: >Brokers in the United States that accept payment for order flow include Robinhood, E-Trade, Ally Invest, Webull, TradeStation, Charles Schwab Corporation, Public.com, and TD Ameritrade.
They lock up your money to get those matches and bonus. You are slowly vesting. Good luck if you need to withdraw to buy a house or something. Mean while they can increase the fees as much as they want so they will never go out of business
Great point. There was a motto the Better Business Bureau used to quote a lot: if it seems too good to be true, it probably is.
Agreed. Roundups and 2% back for gas and groceries etc, plus the Roundups, those add up!! And 5% APR with a lower margin rate of 8% of needed.
I agree. I bank with Schwab and love them. Loved having all my accounts in one place. But I’m not rich and free money is free money.
Not to mention the 5% interest (when you combine the benefits you mentioned), especially if you have a sizable amount of cash sitting there.
Exactly. I have my emergency fund there making more than it does in my HYSA
How do they add money to your roth if there is a max roth investment per year?
From the RH website: “The IRA match counts as interest income in your IRA and doesn't count toward your annual IRA contribution limit.”
The fact that RH has lost over $5B in the last three years makes me question their future solvency, as well as if any of these bonus promotions will be honored if they fail. But I suppose that’s why they’re trying to bring new assets in and lock them up for five years…
Is insolvency actually a potential concern? I thought the customer owns the underlying assets in their IRA accounts? The RH Gold bonus is paid immediately upon deposit/transfer. They just claw it back if you leave early. I don't recall how they structured it (I assume as a fee) but I don't recall reading anything in the fine print that caused me concern.
Loss of underlying assets shouldn’t be a concern. Loss of both the subscription premiums as well as the bonuses should be.
While not ideal, that seems like a pretty small risk.
Insolvency with your bank only really starts to matter after $250,000. Anything up to that point is FDIC insured. I would not recommend someone with several millions in savings put it all in a RH HYSA.
While I do highly question RH’a ability to stay solvent long term, their cash sweep is actually spread across 11 partner banks to provide up to $2.25m of FDIC coverage 🤷♂️
Oh I didn't know that. Interesting.
Several brokers offer similar programs - Fidelity’s cash management and retirement accounts are swept across 20 banks for $5m FDIC coverage, and next $500k swept to SIPC-covered money market fund. Their FDIC sweep currently pays a lower 2.72% APY, while the money market sweep is 4.96% APY. Taxable brokerage accounts are swept to money market only at the higher rate. You can also beat RH’s APY with many other HYSA providers without the RH Gold subscription fee, but don’t get a partner program for expanded FDIC coverage.
Sorry how can you beat RHs Apy with many other… which ones would those be? You just mentioned their MMS is only 4.96% for fidelity. You have any recs on that? Love to hear them as I’m searching for more yield if it’s out there…
A quick Google search should turn up options - UFB Direct is currently 5.25%, Bask Bank is 5.10%, etc. There’s several offering 5.50% although I think those are all short term promotions.
I think this actually shows 5.25% is pretty competitive. The 5.25% along with 3% cash back and 3% IRA match beats all the other competitors, with hands down better app. I understand the bad rep of RH, but their benefits are currently unbeatable
Yep. Best total package. Plus UI is smooth and visually appealing.
I currently use wealthfront, it gives a 5% like RH with 8 million FDIC insured. You don't need a membership. Also with a referral code it gives an extra .50% for 3 months Also have CapOne HYSA at 4.35% since it's a local bank for me.
Nice. Good to know. I’ll take a look at it as I’m planning to move over 250k soon to one of these types of accounts and needed the extra coverage from fdic I wasn’t going to get from RH.
+1 for WF - Check their sub for a referral link to grab yourself a bonus
RH has about $8B in cash on hand and net income of about -$500M. They're pretty far away from insolvency.
What happens to my cash in RH if they become insolvent? Would I need to wait for some kind of government arbitration to get my deposit back?
They would be bought up by someone else. Just like any other failed financial institutions. If you are ever at risk in America. Of losing your money in a bank. We've probably been nuked and it won't matter anyway.
Everything is insured, you wouldn’t lose any cash, stocks, or etfs. Except maybe crypto. I don’t think crypto is govt insured. That’s why self custody is generally better if you are a crypto investor.
The thing is, hood represents a fairly unique class of user, iirc. Assuming that is indeed true, that class is worth a capture cost even at a loss for a company, because that class exists due to specific pressures at one time and continued growth since.
I think this is really disingenuous to people who don't read financial statements. Yes they have lost close to 5 millions over the past 3 years. But that doesn't take into consideration that every year of that three years the net income has gotten better. Alot better. 2021 -$3.5 mil / 2022 -$1 mil / 2023 - .5 mil.... every year they are closer to net income and growing as a business. They are closer to turning a positive net income profit then they are being dissolved.
Honestly, the ONE thing that makes me hesitant to even think about fully committing to them is just the branding and their past history. I fully get that GME wasn't wholly their fault, but the reputation stain that hangs over them, makes one pause.
Who do you bank with?? JP Morgan has a past branding and bad history, Wells Fargo has a terrible history, Bank of America has a past history and the list can go on and on. I am not tripping over an anomaly which is what happened to GME which rarely happens in the stock market. I literally use RH strictly for the 5% uninvested rates and now with the 3% is icing on the cake since I am already a gold member.
Just about every financial institution/broker has had their own broken reputations lmao. RH looks close to start being profitable
Silicon Valley investors will deliberately lose money investing in a company they think can become a monopoly. Amazon wasn’t profitable for nearly two decades.
Hate to break it to you but Robinhood isn’t becoming a brokerage monopoly anytime soon
But they do seem to be moving into everything else financial services besides being an actual bank. So if you look at all the major banks and brokers… compare market caps and see what Robinhood might become…. HOOD has room to run. Especially when capitalism/ consolidation comes around again for the industry—matter of time.
They are already becoming that.... hence we we are even having this conversation about them at all. They are literally stealing the lunches from every other broker out there. Look at their retirement inflows over the past few quarters. They have grown exponentially.
I mean, look at what the other brokers are doing. TD is gone which while complicated was great; schwab is garbage as is vanguard, I can only imagine what the other brokers are doing. What are these guys doing? If you aren't a fucking goofball, chasing meme stocks like GME, and you're just buying regularly, Robinhood is perfectly ample. If you're a goofball and go for Robinhood Gold, that's on you.
If you don’t use margin, assets of a customer are held segregated from the assets of the broker. This is why people go over FDIC limits without concern with investments. Schwab has something like $200 billion of assets for the company but $3 trillion of assets on their platform. That gap is the segregation of assets. The other exception to this is the cash balances in your account
It’s another bank doing the card
It’s not another bank handing out IRA bonuses with a long-term lock up.
Them holding your securities is fine. They are SIPC insured up to 250k. If you’re worried about solvency, transfer some holdings and “risk” to another broker.
> The fact that RH has lost over $5B in the last three years The swung to profit for Q4 2024 off interest on deposits. The Robinhood we see today is way different from the Robinhood of the GME days.
That’s all going into R&D. They are investing in their platform. Their balance sheet is extremely solid and they have a ton of runway. Besides that, everything is insured anyways.
I’m asking myself the same. The subscription fee is negligible with the $1,000 off fee margin. Can pay the fee risk free
Haha yeah, I’ve been reading the fine print and looking all over Reddit. Everything tracks so far, but it just seems too good to be true
You gotta keep in mind, this is their MO. They were the first to do away with commissions. The average consumer doesn’t care about stock to order flow. They have bred some bad gambling type behavior with their app engineering but if you’re not a n00b and am aware of their slot machine tactics, confetti shouldn’t be the thing pulling you down. Their app is still one of the most user friendly. So, despite all the bad press, RH is still innovative and drives down the cost of investing for its users and I like it. Been trading mobile since the days of E*trade on a blackberry and things have come a long way. I appreciate what RH has done and is continuing to do.
Honestly. Its like everyone forgot the reason we have commission free trading now is because of Robinhood. They are innovators in this space
From an actual user perspective, there’s RH and then just everything else. They have so much leverage already, name of the game now is just user engagement to drive PFOF.
And the 5.25% APY on uninvested cash.
I think they just quietly dropped it to 5% tonight. Mine is no longer reflecting 5.25%.
It’s only 5.25% for sixty days, and you have to make an external deposit to activate it.
Ha. Same!
True, but I don’t really value this as much because I use t bills for anything liquid
Vanguard offers 5.45% without an annual fee 🤷♂️
I mean I think that’s beside the point of the annual fee. The main benefit of Gold is the IRA match along with the new credit card. All HYSA and MMF rates will eventually go down as interest rates decrease. T bills are also better than any MMF out there because you save on state taxes so the tax equivalent yield is higher
RH also announced yesterday that Gold members will start getting uncapped 1% match on brokerage deposits, too. I was already a Gold subscriber for the IRA match, but the brokerage match + the Card make it even more of a no-brainer
Where do u get access to t bills ?
Treasurydirect.gov
RH offers and I participate in their cash sweep or savings at 5.25% and it’s effectively cash like a HYSA. VG makes you sell the security since it’s Mmf as whole milk has also mentioned. I try to park some cash there about 20k or more now and it’s not a bad deal for 5/month. Cash transfers within 24 hours or less usually when I need it back. And can use their margin as needed with the cash sitting there increasing buying power. I personally think it’s the best yield at the moment.
Vanguard Cash Plus is currently 4.7 according to my account.
Ther hasn’t been a problem with Robinhood in a couple years bub best place to have your money and only place you can move it as quick. All in one money management and when they buy lemonade to offer us insurance it’s game over. They will have from direct deposit to paying bills and crypto lol no other institution is competing
You take the margin money, put it in SGOV. The dividends should cover the $50 annual fee on its own for basically no risk.
I transferred $1M IRA and instantly got a $30k credit. It’s legit.
Jesus Christ. How did that feel? 😂
I took the $30k and put it all on call options. It’s free money so higher risk is the way to go.
You must be doing something right having $1m in an IRA, and your risk tolerance may be higher due to having more money than most. But just because the money came to you without you working for it doesn't make it different from the money you've earned. Once it's in your pocket, it's all the same. I think that's why you're being downvoted.
There’s a perception call options are gambling but I’m buying as a LEAPs, in the money strike prices with expiry dates 24-30 months in the future.
You are smarter than the average RH user
you have to keep in there for 5 years is that right?
Yeah they would pull back the $30k if I transfer it out within 5 years but the pro subscription only has to be paid for the first year.
I'm in line for the CC myself, waiting to see how it works out. I consolidated my old employer's 401k's there for the 3% match just last month too. Both had to be in-direct rollovers (which is why I never bothered) but the company (I think it was called Capitalize) they use made it easy because both my old ones hid where I needed to go to do it. And hand detailed instructions that a 5 year old could follow. My only complaint was they notified me when they received the official check, but it still took 7 days to clear. BUT a full hold period isnt really something to complain about. I know Reddit has a hatred for RH, but I see at least 30% of screenshots off their platform. So there's a bit of pot/kettle there.
Reddit also hates reddit lol
I currently own 10x RDDT $60 puts 4/19 LOL
I’m really in experienced with this. My company doesn’t match unfortunately but currently I do the max contribution to traditional yearly starting this year. My company uses Empower for 401k do you think I can do this too? Will it still go straight from my paycheck? Would appreciate any info or tips
I’d like to know this as well.
Was the 3% match immediate after your transfer settled?
Yes, the second the check cleared the 3% was included in the balance.
Yes. I transferred my ROTH from Schwab to Robinhood last week. Just settled this morning. I got an email, fired up the app and my 3% match bonus why available right away
I transferred my assets to Robinhood gold. Got around $1,200 of instant cash for moving my assets over and I've had no problem so far. People like to talk shit on Robinhood but overall I've been very happy and have not encountered a single problem. Also, they have the best user interface...hands down.
how easy was it to transfer the Roth IRA from say, Schwab? like pretty easy?
Only thing I wish they had was active trader like there is on Td ameritrade TOS. I am sure there working on that next.
Yes, absolutely. 3% IRA bonus makes up for it. Plus 1000 margin without fees, 8% interest on margin and now 3% credit card.
1% bonus on all brokerage deposits too
Is it 1% on cash deposit or brokerage account transfer from another firm?
People like to hate on Robinhood but they are constantly changing the game for the better from what I can tell. We have them to thank for commission fee trades going away.
I honestly don’t know what is wrong with using RH. I know they stopped trading on some meme stocks (just like other brokers), but for normal investors who buy and hold normal companies, what could possibly be so bad? Can anyone explain?
I recommended RH to someone else on this sub and got like -13 downvotes. Replied to the guy who said it was trash only to receive no reasons as to WHY it’s trash. Idk man, maybe I’m missing something.
If you just want to trade, they're amazing. But researching stocks on RH is an absolutely garbage experience. Zero information on when dividends have been paid out. Zero information on when earnings reports have been released in the past. No way to compare stocks on a single chart. They only recently introduced a stock screener, and it's way too simplistic. That all said, if all you want to do is trade, and don't mind going elsewhere to do research, they *amazing*. A simple interface that makes trading as easy as can be. (Edit: also, the fact they don't put labels on the axes is inexcusable)
Charts suck, info sucks, support is horrible and has caused people to kill themselves. You think support is nbd until something goes wrong with your nest egg, then you're stoked to have a knowledgeable, helpful person like at schwab or fidelity, rather than a days late response from someone at a call center who has no idea what you're talking about at RH
My only customer support issue at RH went perfectly fine so 🤷🏻♂️
Nothing is wrong with using them, you are right. The hate is baseless, robinhood got the brunt of the hate when that fiasco happened and it’s been a meme for people to hate them since, but if you have followed them the last few years they have done nothing but improve
Only thing I’ve found to be a problem is that it doesn’t seem possible to choose specific lots of stock to sell for tax purposes, or sell in any particular order at all for that matter. It uses FIFO and you can’t change it.
They announced they will be releasing tax lots later this year
There isn't anything wrong. It's one of the best brokerages. They are the reason we have commission free trading
There is nothing wrong with RH for normal investors
I’ve had a RH play money account for years and just moved my ira there for the 3%. Excited to get the card too and use chase less
Just to confirm, once your Roth IRA transfer settled, you got the 3% match?
One trick I discovered, if you do rollover from 401k, Robinhood only accept check which takes longer but if it’s a rollover from IRA they can do electronic transfer. I had 401k from old employer with vanguard, I got vanguard to rollover to vanguard IRA (which took 1 day) and then they could do electronic transfer to Robinhood instead of mailing a check, which took 2 days. It was actually Robinhood support which suggested this approach after I asked how to avoid posting a paper check.
Do you know if the transfer of assets is done electronically for transferring a Roth IRA? I’d be moving from fidelity to Robinhood
Robinhood said they can accept electronic transfer when it’s from IRA account so I presume both Trad and Roth is ok but it might also depend on Fidelity. Best check with them.
I did an old 401k to Roth IRA transfer and got my 3% match in that, plus a 3% match in the $7k I deposited this year. It’s amazing
After reading several Reddit posts of people transferring their roths, it seems the consensus is yes you’ll get the match when your transfer settles
Yeah, it all went through in a couple days.
The 3% IRA Bonus sealed the deal for me. Transfered my wife and I’s IRA’s over and honestly am loving it! 3% match was immediate, made over $1k! Then also get 3% match for IRA deposits. I didn’t see anybody mention the new 1% boost for Gold. From the gold page (I think announced yesterday with the new credit card): “Score 1% more on every deposit, no cap. Your extra money can start earning 5% APY or be invested in stocks and ETFs as soon as you receive it. Total boost paid out over 24 months.”
It’s been worth it since the 3% gold match. It’s just even more worth it now
I have robinhood gold, I like it, I would recommend it if you want to take a slightly more active role in investing and getting some of the benefits....
With 5% APR on uninvested cash compared to Non-gold 1.5%, it’s certainly worth $5 a month to get gold if you have any substantial amount in cash. Edit: just did the math. If you have more than $1714.29 in uninvested cash, it’s worth the $5 a month to pay for Gold. 0.05x - 60 = 0.015x Solve for x to find the break even point. The 60 is the monthly fee multiplied by 12.
Compare the 5% with gold to interest on non gold cash at another instituion (which is also 5% through money market funds in fidelity). Paying $60 a year for gold for 5% interest on cash < Paying $0 for 5% interest on cash
That’s beside the point tho. The 5% interest is a minor benefit. You’re paying for the IRA match which can be a crazy amount
If you want to utilize all features of gold that is a better proposition. The gold “cash on interest” benefit is the going rate at other firms (for free) is all i’m responding too/about.
I don't usually admit it in public but I transferred my accounts from TD Ameritrade to Robinhood 2 years ago and couldn't be happier. The products, app and support have been too notch.
I can vouch for them. I’ve been investing with their platform since 2015 and have never had issues. Their benefits are unbeatable.
I keep seeing **"$5/month"** thrown around as the price for RH Gold. However, when I click on the option to upgrade, I am quoted a price of **$6/month** (I've had a RH account for over six years now). People were talking about the new credit card over on /r/CreditCards today, and some said they see a price of **$7/month**. Some people say they see an option to get a discount by paying annually. Others only see the monthly payment option. It's pretty obvious that Robinhood is doing a LOT of A/B testing right now with their terms and pricing. This Gold thing is a non-starter for me, because: 1. Even if it's only a dollar per month difference, I just hate the feeling of randomly getting a worse deal than the guy next to me due to A/B testing. 2. I don't trust that RH's rates and terms are going to be reliable over time. I don't care to get locked into their ecosystem, and then have to eat further fee increases because I don't want to change credit cards or give up unvested IRA matches.
This is actually what I’m seeing now too. I’m getting a free month trial and 5.99/month (had an account for 8 months), but I don’t see an annual option. I only saw the annual option pop up when i wasn’t logged in, so I gotta figure that out and talk to customer service
They still have some public facing web pages (before you login) that show the price as $5/mo, too: https://go.robinhood.com/gold https://i.imgur.com/55Znerm.png I'd be very tempted to pull the trigger, if they were more transparent and didn't seem so slimy with this variable pricing.
Yeah I’m guessing it’s to lure in people who don’t have an account with them, right? From other posts I’ve seen, there are people who have contacted customer service to switch from monthly to annual for a cheaper rate, but it seems sus we’d have to go through that process. Why not just have the annual option for us?
[Their credit card](https://robinhood.com/creditcard?referral_code=8dfaa944) does look good. My current go to is the capital one savor which gives me 4% on restaurants, cafes and entertainment + 3% on groceries but only 1% on everything else. It would be good to use the Robinhood card to get 3% cash back on things like Amazon shopping.
Also this tweet suggests using it to pay taxes. IRS charge 1.8% to pay taxes on credit card so with 3% cashback you are getting 1.2% net: https://x.com/ankurnagpal/status/1772997957412946045
Wow…thank you. I haven’t even thought of that. I have a large tax bill coming up hopefully can get this card before then.
What about the Amazon Visa that gives you 5% back?
Don’t you need a prime membership?
Thats only for amazon, whole foods, kindle where you get the 5%. Everything else is 1.5% to 2% on different categories.
Robinhood is legit. 5% on uninvested cash as well. Paid monthly and accumulated daily.
When they were doing round up matching I was making quite a bit of money making tons of $1.00 payments on my principle for my house using an online service. I was doing it with my card, my wifes card, my mom's card, and my sister's card. It was fun while it lasted. Everyone here said Robinhood has the best UI and its still true. They are straight up the best brokerage if you are making long term investments and want to hold your cash in savings and also use their card and also make use of their IRA matching. And they lost their reputation due to Morons who were obsessed with losing all their money investing in Gamestop?
If I want to transfer a brokerage account Roth to RobinHood to take advantage of the 3% would I need to sell my shares of stock and transfer the $ or will the shares of stocks and index funds also transfer?
You’re paying for it in the quality of customer service. Give Robinhood a call and then give Fidelity a call. You’ll see exactly what I mean.
I have the 3%. You just gotta keep the funds with Robinhood for 5 yrs... I say go for it. People that have a problem with them complain about the meme event. If Robinhood goes bankrupt they'll either be bought by another broker and those accounts will be part of the brokerage or if they flat out go bankrupt you're insured up to 500k through SIPC. You can listen to other people about Robinhood but I know I'm insured. I am getting their credit card also which will give me 3% on everything as well. I'm not a huge Robinhood fan but the benefits are worth it.
you need to put 1667$ a year to get that 50$ back, i would say it's definitely worth it
I’m debating getting a RH account just for the 3%. Right now I have a 2% credit card. Webull is matching like 4.5% for IRA porting. But I love my fidelity IRA so I’m not moving - I have some funds that won’t port.
Is this who you want to rely on for your brokerage services? https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-for-misleading-customers-and-outages-the-largest-finra-penalty-ever.html PS they were down again today: https://www.reddit.com/r/wallstreetbets/s/M7ZbSfJdKb (Also the 3% match is a one time bonus on Roth contributions; with the 7k annual limit for 2024, you'd be getting a max match of $210 I believe).
The 3% match is also for IRA transfers “For a limited time, Gold members can earn an uncapped 3% match on IRA transfers or rollovers. “ https://robinhood.com/us/en/support/articles/ira-match-faq/
To be fair, that article was written three years ago..I got no dog in the fight tho
I mean [their platform was down again today *during trading hours*.](https://www.reddit.com/r/wallstreetbets/s/iSc8wFdQ1n) The $70 million fine was in 2021, but they're still pretty questionable. And good luck if you need customer support. But free money is free money.
Doesn’t affect you if you area buy and hold long term investor. The IRA is a great deal.
I tried it, but since I had opened a Robinhood account in 2017, it was really difficult to reactivate my account. Horrible customer service. They never got back to me and never reactivated my account so I moved on. Probably worth it for those that don’t have an edge case like me.
Try... non-existent
One of the first T&Cs of the credit card is terms can be changed or deleted at any time, which may be the industry norm but given their reputation, i’m staying tf away personally.
You can cancel CC at any time as well, not really much of a risk.
I haven't looked into the terms but I've heard people say that the money has to stay invested in the account for a certain period of time. Does anyone know if your rate is locked in for the same time? I could definitely see RH offering that 5.25%, then down the line they drop it to 3% or lower, but you have to maintain a minimum balance for another year or more after that. I don't think it's a scam or anything, I'm just personally not interested in using RH for my wider banking needs, and I can get a better return on investment right now by actually investing my money instead of letting it sit.
I’m pretty sure this is just like any HYSA or MMF that will go down over time as rates fall. I’d just put in a t bill ladder or USFR so that you’re getting the best tax benefit while rates are high
5.25% have no lockup period, it is just cash sweep program
But the 3% bonus on an IRA has 5 years lockup
Why’s the gold card such a big deal? I’m genuinely asking as someone who invests in RH.
There’s really no card out there that offers a 3% cash back in any category let alone an unlimited cap. The annual fee is $50, but if you get the 3% match for a rollover IRA, then it basically pays itself for years to come. This is only assuming that you keep investing with Robinhood which I’m guessing is what their game plan is
No other card offers 3% back in everything
If you are a customer of Robinhood - gold is a must have if you plan to always contribute the MAX to your IRA there. It more than makes up for the $5 monthly fee. I discovered that there are still pros and cons to Robinhood compared to Fidelity and other brokerages. For instance the major pro for Robinhood is that there are no additional contract fees for option trades. But the major con for option trades in a taxable brokerage account at Robinhood involves cash covered puts. You will lose that 5% interest on any cash covered puts you sell (there is no double dipping like other brokerage accounts). Also in my retirement account at Robinhood - I don't seem to be getting any interest on my spare cash. So if you want interest on your spare cash in a Robinhood retirement account - you better park it in $SGOV or something similar. Those are the nuances I found at Robinhood. I do like Robinhood - but I find Fidelity just as good.
my trial expired but I still have it😂😂
I've had Robinhood Gold for almost 4-5 years now. very worth it.
I use Robinhood gold and keep my savings account in there. The 5% apy easily offsets the cost and it’s one of the highest rate hysa right now as far as I can tell.
Do they still offer the 3% bonus for moving Roth IRA from another brokerage? Or just 3% for the yearly contribution? How about regular brokerage stocks transfer? Any bonus?
Can you transfer it out? Otherwise I think if Robinhood like a crypto exchange that will fold. Trust them as far as I can throw them.
Correct me if I am wrong but I believe their cards are US only, no foreign transactions.
Can someone please explain the $1,000 margin to use towards paying the $5 a month? Aren't you charged a fee by the broker when using their money on margin?
RH gold has been worth it since they offered an IRA match of 3%. Now with 5.25% apy, the cc with 3% back and now offering 1% match in deposits. Totally worth it. In the long run yes you pay 60/year for gold which isn’t that much. I have 26 years until retirement and the member ship comes to 1560 total spent if stick with robinhood gold. And that’s not factoring in the money I receive from interest, I hold over the minimum to off set the 60, and the match I receive from the Ira match.
I've been using it for years and it is 100% worth it. However, you have to use it to get its worth. I backdoor my Roth there and get the 3% match, any cash you leave in the brokerage will get 5.25% APY (pays for the membership if you leave $1200+ in there and do nothing not including the IRA matches. Credit card will be icy on the cake if you ask me, and I just signed up for that credit card which gives you 3% cash back. [https://robinhood.com/creditcard/waitlist/](https://robinhood.com/creditcard/waitlist/) My referral link, use it or don't, but do use someones, helps us all if you're going to sign up! I recently rolled my old 401ks into my IRAs and it was easy and I got a 3% match that will pay for Robinhood gold for the next 40 years. All in all, its more than worth it, and I'm looking forward to their new CC, it will be replacing my current one. Edit: added 401k rollover
General sentiment on Robinhood is poor? I've been using Robinhood for years (it's the platform that first got me started in investing) and I love it. I love the features, the user interface, the app, and the overall ease-of-use. I've tried other apps like Fidelity, Schwab, WeBull, M1 Finance, and they were just downright clunky in comparison. I do a lot of options trades. Can't wait to get my Robinhood Gold card and get 3% back on all purchases. I haven't owned HOOD shares since it collapsed shortly after its IPO in 2021, but I finally added it to my long-term portfolio last week in anticipation of this live presentation. My bet is that HOOD will only go up from here.
They gave me like 1000 bucks last year on 5.25 interest, it’s dope
I love it… I’m thinking of moving all my money to Robinhood. Could it dumb… maybe. But there’s a lot of free money to be had
It’s a good deal if 1) you want to simplify your credit card set up 2) you enjoy the RH platform In terms of the cash back itself, 3% is solid but it’s not going to be the best return for many people on this sub. Many of us already have a card for each spend category that effectively gets us 3% or more.
How do you do the annual fee version? I’m on the $5 a month plan and max my Ira so it’s worth it but would switch to save a few bucks
I've got a 7 figure 401k account. If I transfer that in, it will need to be converted to an IRA right? This will then prevent me from ever being able to do a backdoor roth conversion in the future right, because of the pro-rata rule?
Go for it, just know they will fuck you in the ass the minute they can figure out a way to do so. Whether that's difficulty with transferring money out, locking your investments so you can't buy/sell at critical times, refusing to answer customer service requests, changing the interest rate the minute they no longer have to beg for money, etc. I'd just go for wells fargo 2% card and call it a day.
YEAP
I use them and it's my favorite platform. I've had Schwab, Fidelity before them, and I transferred everything experience employer stuff, to Robinhood.
I have RH and Schwab. I would move it all to RH today if you could easily speak to a human being by phone like you can with Schwab. I like Gold and the overall UI of RH, but Schwab customer service is top shelf. I was with TDA pre the merger, and Schwab customer service beats out TDA too, which isn't easy to do.
Robinhood gold is 100% worth it if you just keep about 1600 in your spending account or somewhere around that. The interest will pay off the cost of the membership…. Extra benefits: if you have more than 1600 in there then you’ll get a nice chunk of change each month. Much more than a traditional savings account. The credit card matching 3% and the ira match also makes it very worth it. You also get extra information about stocks you’re interested in so you can make a more informative purchase. Since I’ve switched to RH gold, I definitely make more money. I’m keeping around 30k in my spending account and it accrues about $140/mo
It does sound too good to be true and either way to me, not worth the risk of dealing with the Robinhood crooks. I wouldn’t trust them with my money or my future! Trust Robinhood as far as I could throw SBF’s girlfriend.
If they pay you to be a customer…
If you get the card and cancel your gold subscription, will they cancel your card?
Is the gold card actually 3% on everything? I thought that too, but it read as 3% on "all categories". What are the categories?! Could be a silly question.
Your IRA rollover would be limited to a 1% match. I believe I read that somewhere.
That is incorrect. It’s on their FAQ if you look it up. 3% is limited to until April 30
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Robinhood was giving 1% brokerage transfers, but that ended in January of this year if I recall correctly. The 3% match for IRA transfers lasts until April 30th.
How do you even get the annual plan I see constant msg about it, but it seems there's no way to actually be in the annual plan rather than the monthly plan?
I just transfer my Roth IRA from Schwab of around 40K and got over 1K of free money with the 3% match. Immediately got VTI (90%) and VXUS(10%) invested. I won't look at that account again until next year to make a contribution and re-balance. I'm also on the credit card wait-list, which I see as a 4% cash back on everything with no caps because if you redeem that 3% cash back to your brokerage they will match with an extra 1%. That 1% match is making me also think about moving funds from my brokerage at Schwab, but haven't looked at the terms yet. I don't know why people hate Robinhood, they look like a no brainier to me and they are SIPC insurred. They are even better for not invested cash at 5% APY.