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RobinHood IRA 3% Match - comments?
Old 02-13-2024, 04:52 PM   #1
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RobinHood IRA 3% Match - comments?

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

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Old 02-14-2024, 03:36 AM   #2
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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.
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Old 02-14-2024, 04:45 AM   #3
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Cool! A free lunch!!

Oh wait...
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Old 03-30-2024, 06:27 AM   #4
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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)
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Old 03-30-2024, 08:19 AM   #5
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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.
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Old 03-31-2024, 05:48 AM   #6
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Old 03-31-2024, 06:23 PM   #7
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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...
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Old 03-31-2024, 10:12 PM   #8
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Originally Posted by RetiredHappy View Post
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.
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Old 04-01-2024, 05:56 AM   #9
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Quote:
Originally Posted by teej1985 View Post
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.
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Old 04-01-2024, 09:25 AM   #10
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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.
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Old 04-01-2024, 09:43 AM   #11
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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.
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Old 04-02-2024, 12:59 PM   #12
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Originally Posted by Texas Proud View Post
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...ew-credit-card
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