Frum.Finance

I’m strongly considering transferring my IRA to Robinhood for the 2% transfer bonus they are offering. It’s not my platform of choice, but with this offer it’s very compelling. I know it encourages trading but I think I’m disciplined enough to avoid that. Are there any other considerations I should take into account?

• you have to keep it with them for 5 years
• you'll have to pay 50$ a year to qualify 


seems worth it to me? maybe i should do it as well. is the headache worth the two percent i guess depends how many years you have had to squirrel away.

It looks like you only need to keep gold for one full year from the bonus, not the entire 5 year period. 

If you do end up getting it, I recommend enabling margin investments for just $1000 (0% apr with Robinhood gold) and investing it in sgov which can’t lose money to cover the annual cost 


<@U04M4F6KSCA> I’ve been using Robin Hood for a couple years now. I think it’s excellent for inexperienced investors, in terms of ease of access, but definitely “gamifies” investing a bit more than the more traditional platforms. I’ve had fantastic experience with them especially with the bonuses, the only concern I’ve heard of was being not so reliable in their early days around the crazy GameStop saga, but I don’t think it’s much of a concern for the average person. If you’re used to a complex interface with lots of data. It’s going to be a bit of a downgrade for you, although the web version is great. Regarding keeping the Gold, definitely worth doing if you continue depositing 1000+ annually towards your retirement account, as there is a regular 2% bonus in addition to the current transfer bonus 

Cool thanks for the summary. That is helpful. Looks like I’m going to take the plunge. 

"at. Regarding keeping the Gold, definitely worth doing if you continue depositing 1000+ annually towards your retirement account, as there is a regular 2% bonus in addition to the current transfer bonus"-
 <@U06JZAC1TCP> that should be $2500?

<@U07B4PHLAH3> correct, brain fart. everyone gets 1% match, gold gets 3, so 2% of 2500 is 50, covering the cost. But like i mentioned, at 4% using the margin 0% apr should come out to 40, making gold membership effectively free anyway. This is important because if you have to withdraw early for whatever reason, it could retroactively make upgrading into gold a mistake, unless you already locked in most of the cost of membership using the margin

Just a reminder, don't compare Robinhoods 2% match with your employer's n% 401k match. One is a percentage of your contribution. The other is a percentage of your income. Apples and oranges

Frequently it's actually a 100% match up to a certain percentage of your income