Personal Finance News
Robinhood Offering 2% Transfer Bonus for HOOD Month
Ahead of Robinhood’s next HOOD Summit, the investment platform is bringing back transfer bonus options for customers.
About Robinhood’s Transfer Bonus:
The popular brokerage app Robinhood is celebrating HOOD Month with some special offers. Last week, it announced that Robinhood Gold customers will have a chance to win one of 5,000 gold bars for each dollar they deposit into their account. As for this week’s deal drop, the app is offering a 2% bonus on both retirement account and taxable account transfers to Robinhood.
Through September 15th, Robinhood Gold members can earn a 2% bonus on IRA transfers or 401(k) rollovers from an external brokerage into a self-directed (non-managed) Robinhood IRA. Meanwhile, those without a Gold membership can earn a 1% bonus on such transfers.
Elsewhere, Robinhood is also offering a bonus on taxable account transfers. The same early removal and Gold cancellation rules apply.
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Finally, a similar bonus is available for its Robinhood Strategies managed accounts. These accounts can also be taxable or retirement accounts. Although Gold members can still earn 2% on these transfers (and non-members can earn 1%), bonuses for Robinhood Strategies transfers are capped. Gold members can earn as much as $500 from this offer, while those without Gold can earn a max of $250.
Note that customers must hold funds they earned a bonus on in their account for at least five years or an early removal fee may apply. Additionally, those who earn the 2% bonus must maintain a Gold membership for at least a year from the date their bonus is earned. Those who cancel before this will forfeit the additional 1%.
As mentioned, these offers arrive ahead of the 2025 HOOD Summit, where Robinhood is expected to announce new features for active traders. The main event will be a keynote held on September 9th. Meanwhile, HOOD Month has one more “drop” set to arrive on September 2nd.
About Robinhood Gold:
Robinhood Gold is a premium subscription that entitles Robinhood customers to certain perks. Some available benefits include 3% IRA Match on new contributions, up to 4% APY on uninvested cash, and more. Currently, a Robinhood Gold subscription costs $5 a month or $50 a year.
My Thoughts:
I’ve previously taken advantage of similar Robinhood transfer bonuses, moving my old 401(k) to an IRA (via an indirect rollover). Doing so meant I more than covered the $50 a year I pay for a Gold membership. Personally, I’ve also made good use of the 3% IRA Match that comes with Gold, again gaining value from this membership. So, while I’m not exactly endorsing this deal or Robinhood itself, I do think these offers are at least worth considering and running the numbers on.
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