RobinHood IRA 3% Match - comments?

[PlayinwithFIRE]

https://robinhood.com/us/en/about/retirement/

Curious how others view this..I'll be honest I didn't dig in too far
when i saw the word "subscription" heh

PWF

 

[markelp]

Way too many strings, including $75 a year for "Gold":

Limitations and terms apply
Gold Match Disclosure

The 3% matching on contribution requires a subscription with Robinhood Gold (fees apply), must be subscribed to Gold for 1 year after your contribution to keep the full 3% match. You must have compensation (wage income) in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information refer to the IRA Match FAQ.

The 3% matching on transfers is subject to specific terms and conditions.

Other fees may apply. See our Fee Schedule for more details.​

 

[rwdflynavy]

Cool! A free lunch!!

Oh wait...

 

[rayvt]

Yeah, not a great deal on the contribution matching. But is a good deal on the 3% bonus for IRA transfer of a sizable IRA. You only have to keep Gold for 1 year. ($50)

 

[RetiredHappy]

But then you got to keep your funds there for 5 years. What if the system is crap? What if they charge for transactions? Too many unknowns. Not worth the 3% gain. Easier to make it on the stock market.

 

[old medic]

Just the name scared me... take from the rich and give to the poor...

 

[Texas Proud]

Just another option for those thinking about this...


I read an article that says you can get a CC with 3% back on all purchases.. you have to be a gold member that cost $5 per month but the CC is free...

 

[teej1985]

But then you got to keep your funds there for 5 years. What if the system is crap? What if they charge for transactions? Too many unknowns. Not worth the 3% gain. Easier to make it on the stock market.

I don't plan on making any transactions other than automatic reinvestment of my dividends. I'll transfer it back to Schwab or send it to Fidelity when the five years are up.

 

[rayvt]

I don't plan on making any transactions other than automatic reinvestment of my dividends. I'll transfer it back to Schwab or send it to Fidelity when the five years are up.

Ditto.

I recently did the same with Tradestation & Tastytrade. Have to keep for a year, then I'll transfer back to Etrade.

 

[RetiredHappy]

I think when we transferred to Fidelity we got something like $3k for each of us. We have no intention of moving the funds out.

 

[CaliKid]

I looked and the gold service is all of $5/month from what I saw. I would be moving 7 figures so the $5 a month is certainly a non-issue for me. My biggest holding is my 401k which I could rollover but there are downsides to that... and not worth the dough to me.

 

[Spock]

Just another option for those thinking about this...

I read an article that says you can get a CC with 3% back on all purchases.. you have to be a gold member that cost $5 per month but the CC is free...

The extra 1% cashback vs. the Fidelity/Elan Visa card will easily cover the $50 gold fee.
And the card has the capability for virtual card #'s with Fidelity's doesn't.

https://www.zerohedge.com/technology/how-can-robinhood-afford-3-cash-back-its-new-credit-card