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Robinhood Offering Limited Time 2% IRA/401(k) Transfer Bonus
With tax season approaching, Robinhood Retirement is offering a bonus to those transferring their accounts to the platform.
About the bonus:
From now through April 30th, 2025, customers can earn up to a 2% bonus when transferring an IRA or completing a 401(k) rollover to Robinhood Retirement. Specifically, those with Robinhood Gold will earn a 2% match on transferred funds while non-Gold members will earn a 1% match. These bonuses are uncapped, so there’s no limit on the bonus amount customers can receive as part of this promotion. However, users who receive the 2% bonus will need to retain their Gold membership for at least one year in order to retain their bonus. Additionally, customers must keep their assets in their Robinhood IRA for at least 5 years or they may be subject to an early match removal fee.
Currently, Robinhood Gold membership comes at a cost of $5 per month. In addition to increasing their match bonus to 2% during this IRA transfer promo, Gold members can also earn 4% APY on their uninvested brokerage cash balance, unlock $1,000 of interest-free borrowing, and join the waitlist for the upcoming Robinhood Gold Credit Card. That card will allow customers to earn 3% cashback on all purchases.
Beyond the current IRA transfer bonus, Robinhood Retirement customers can still earn between 1% and 3% on new IRA contributions. Non-Gold customers can earn a 1% match, while Gold members earn the 3% rate. Once again, customers are required to keep their funds in their Robinhood Retirement account for at least 5 years to avoid any early match removal fees.
At this time, Robinhood Retirement offers both traditional and Roth IRA options. For the 2024 and 2025 tax years, annual IRA contributions for those under 50 are limited to $7,000. Therefore, Gold members who max out their contributions for both years will earn a $420 bonus, with regular users earning a total of $140.
Get a Free Share of Stock
Not a Robinhood user? If you haven’t signed up yet just click the button to create an account and get a free share of stock just for opening an account with this Fioney link.
My thoughts:
I have to admit something kind of funny — when I looked at Robinhood’s site and saw the $420 figure, I initially thought that they were just leaning into memedom. However, it turns out that 3% of $14,000 ($7,000 for both the 2024 and 2025 tax years) is $420, which is why that cap is mentioned.
As for the 2% transfer bonus, this could be worth doing if you have an old 401(k) you’ve been meaning to roll over or have an IRA you don’t mind moving. Depending on how much you have in those accounts, the 2% bonus could also easily cover the $5 per month Robinhood Gold membership fee for a significant period of time.
For what it’s worth, I actually took advantage of a similar promotion last year — or at least attempted to. Since my old IRA held mutual funds which are not supported by Robinhood Retirement, I needed to perform what’s called an Indirect Rollover. What this ended up meaning was that I need to liquidate my IRA to cash and then load those funds to Robinhood. In the end, though, I did end up earning my bonus (which you can read all about in my write-up).
In any case, if you are interested in this up to 2% match bonus, be sure to get it done before the April 30th deadline.
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