Robinhood Offers 3% Match on IRA Transfers and 401(k) Rollovers for a Limited Time (Ends April 30th, 2024)

Robinhood is offering a 3% match on IRA transfers and 401(k) rollovers for a limited time. This means that if you transfer or rollover your IRA or 401(k) to Robinhood, they will match 3% of your transferred amount, if your have Robinhood Gold subscription. This is a great opportunity to boost your retirement savings and potentially save on fees.

What is the match?

The match is a bonus that Robinhood will give you for transferring or rolling over your IRA or 401(k) to their platform. For example, if you transfer $10,000, Robinhood will give you a $300 bonus. There is no limit on the bonus match amount.

How do I qualify for the match?

To qualify for the match, you must:

  • Be a Robinhood customer
  • Have a Robinhood Gold subscription - $75 annually for new customers and $60 annually for existing customers (sign up for the Gold subscription BEFORE initiating the transfer)

The offer expires on April 30, 2024, so be sure to transfer your IRA or old 401(k) before then.

Is this a good deal?

Whether or not this is a good deal for you depends on your circumstances. If you are already happy with your current IRA or 401(k) provider, then there may not be much incentive to switch. However, if you are looking for a new provider with low fees and a user-friendly platform, then Robinhood could be a good option.

Here are some things to consider before making a decision:

  • Fees: Compare the fees of Robinhood with your current provider.
  • Investment options: Make sure that Robinhood offers the investment options that you want. Robinhood only offers stocks and ETFs.
  • SIPC protection: Securities are covered by SIPC insurance. In the unlikely event that Robinhood files for bankruptcy, SIPC would recover up to $500,000 of the investments. Only transfer up to $500,000 if you want to ensure a full protection.
  • Customer service: Read reviews of Robinhood's customer service to get an idea of what to expect.

Ultimately, the decision of whether or not to transfer your IRA or 401(k) to Robinhood is up to you. However, this offer is a great opportunity to boost your retirement savings and potentially save on fees.

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