What do you think?
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This is an automatically-generated Wiki post for this new topic. Any member can edit this post and use it as a summary of the topic’s highlights.
3% IRA match: You get our highest IRA match. Keep it by staying with Gold for a year and holding your IRA assets for 5 years.
**IRA match is subject to early withdrawal fees and limitations. With the exception of limited-time promotions, IRA transfers and rollovers receive a 1% match.5.25% APY on brokerage cash does not apply to IRA.
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I dont remember, does the match count towards your annual contribution limit?
I don’t think that’s the case. In the terms, RH states: “Robinhood processes and treats the Robinhood Gold IRA Deposit Match as interest earned by the IRA account for tax reporting purposes.”
Plus if bonuses counted towards the contribution limits, they could easily run customers into trouble for large transfers where the bonus would exceed their annual contribution limit.
And from FAQ:
“Does the IRA match count toward my annual IRA contribution limit?
No. The IRA match counts as interest income in your IRA and doesn’t count toward your annual IRA contribution limit.”
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We had some prior discussions already here
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I think it is worthwhile to look into this if one can earn north of few thousand bonus. Locking for 5 years may not be a big deal for people who do not chase bonuses usually and 1 year of gold is $60 - not an issue IMO
Some questions
- How much time and attention is needed to move the IRAs from Fidelity and Schwab
- They say Trad and Roth IRA. Are Rollover IRAs from 401s and SEP IRA also included in the promotion
- Is there a number to call if you need help. I think crypto support on RH was only on chat
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If this conversation should be merged in the main brokerage thread, please do so. Only caveat is, people who do not chase bonuses regularly may not visit that thread so they will miss this excellent deal
From Fidelity, not a ton of effort in my recent experience. I just made sure the assets in my Roth IRA were carried by Robinhood (ETFs in my case) so they would transfer over easily. May take a day to convert mutual funds into cash or ETFs.
Signing up for RH and Gold subscription was very quick. Then transfer was easy, especially if you’ve done some before. Just give RH the Roth IRA account number at Fidelity and wait a few business days (4 for me) until the transfer completes.
Cannot answer the other questions since they did not apply to me and did not need to contact RH.
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this might motivate me to move all my 401ks to one place.
Thanks for sharing the positive experience about transferring Fidelity to RH.
I am not sure if they can take Rollover IRA and SEP IRA. Going to need to talk to someone
Okay
No phone support. Only through app or website
No rollover ira at RH but can transfer that to trad ira
No SEP ira but can transfer that to trad ira - got to leave a few dollars at the source so the SEP account is not closed after transfer and remains open for further sep deposits
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FWIW, I would be leery of RH if there is a possibility of needing help. A few years back, I had a heck of time getting in touch with anyone to reset/unlock my account. I forget exactly why I needed help but it was a mess. Better luck finding Gmail help at Google 
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You can request a call back through the app/website. Some bogleheads had shorter wait times by selecting this option vs waiting around for someone to chat with. So, there is phone support, just not a publicly listed phone number to call.
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I chase bonuses as much as anyone and I found it to be worthwhile. The odds of me finding five offers for 0.6% each of the next five years seem slim. Plus, it was credited upfront and instantly. The platform kind of sucks, but I don’t plan to make any trades besides the one I made to invest the bonus.
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I agree on all counts here. Much less effort to chase bonuses. Getting the bonus immediately with the transfer is very nice since the bonus can then generate additional returns vs. having to wait a few months to get the credit. And unfortunately I also agree about their platform experience. It’s pretty hard to do your investment research on it.
That aside, did you guys take advantage of the $1000 of 0% margin from the gold membership? Thinking of using that to invest $1k in USFR or similar for the year of required membership. Not much but would about pay for gold membership as long as Fed rates stay pretty high.
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No, I didn’t mess with this. You can’t do the whole $1000 margin, because you need to leave enough cash to pay the monthly Gold fee.
Didn’t you put at least $60 in your brokerage account to cover the fee since cash in the brokerage account earns 5.25% anyway?
You can’t have $1000 of margin and also have cash. Cash would reduce margin.
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