Update 5/3/24: Deal is back for April 30 – June 28. I believe all the details are the same. Terms link
Update 12/7/23: Deal is back and valid until January 31, 2024.
The Offer
- Robinhood is offering a 1% bonus with no cap when you transfer your brokerage account to Robinhood, from October 23 through December 8, 2023.
The Fine Print
- The Bonus Offer is only available to customers who have: (1) successfully opened a Robinhood taxable brokerage account (“Brokerage Account”) and (2) within the Offer Period, successfully completed an Automated Customer Account Transfer Service (“ACATS”) transfer of new funds or investments to their Brokerage Account from an external brokerage account.
- For eligible Robinhood customers who complete an ACATS transfer within the Offer Period, Robinhood will deposit 1% of the net transferred asset value to the customer’s Brokerage Account, subject to a two-year earn-out as discussed below.
- “Net transferred asset value” is the total value of all initiated ACATS from October 23, 2023 at 12:00:00 AM ET to December 8, 2023 at 11:59:59 PM ET minus the value of any outflows from October 23, 2023 at 12:00:00 AM ET until the first ACATS In.
- The Bonus will be provided within approximately two weeks from when the customer’s eligible ACATS transfers are completed.
- The Offer Period begins October 23, 2023 and ends December 8, 2023; however, Robinhood may change these dates at any time without notice.
- Transferred assets are eligible if they are initiated during the Offer Period.
- If, during the 2 year period after receiving a Robinhood ACATS Bonus, a customer initiates withdrawal(s) from their Brokerage Account causing the account value to fall below the net transferred asset value, Robinhood will chargeback a proportional amount of the Bonus amount, separate from and in addition to any ACATS out fee, and if the customer has cash available in their Brokerage Account, this chargeback will be deducted from their available cash balance. If the customer has insufficient cash available in their Brokerage Account to cover the chargeback, this fee may be debited from their outgoing financial institution, or added to a margin balance, if applicable. Withdrawals include, but are not limited to, a debit card transaction from a customer’s Brokerage Account, originated and non-originated ACH, and ACATS. However, a withdrawal shall not include the purchase of an investment in your Brokerage Account, such as a stock.
- In the event that Robinhood determines in its sole discretion that there may have been fraudulent activity or a violation of these Terms in connection with the Bonus, Robinhood reserves the right to either decline to grant the Bonus, or to rescind or liquidate the Bonus, or any security or any related dollar proceeds derived from the Bonus. The Bonus will be credited to the customer’s Brokerage Account within approximately two weeks after the customer has fulfilled the conditions of the Offer, though this timeline may be delayed in Robinhood’s sole discretion if, for example, Robinhood determines that there are indications of fraud or a violation of these Terms.
- The amount of the Bonus is calculated based on 1% of the net transferred asset value (as defined above), using the national market system closing price of each position transferred into the account on the trading day before when the transfer settles. Settlement is deemed to occur when the securities are posted to the account and available to trade. Please note that the Bonus is only available for securities that successfully transfer and settle, and will not be granted for securities that are rejected. If 1% of a customer’s transfer results in a Bonus amount that includes a fraction of a dollar smaller than $0.01, the Bonus is calculated to 4 decimal points. We’ll add the Bonus amount to their account after it reaches the next whole cent increment. For example, if they make 4 individual ACATS transfers of $0.25, we’ll add a match into their account when it accrues up to $0.01.
- The Robinhood ACATS Bonus Offer is not a recommendation of any investment or investment strategy, and is not a recommendation that a customer transfer assets into a Robinhood Brokerage Account. Robinhood reserves the right to change the offer terms or terminate the offer at any time without notice.
- The offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. The offer is only available for personal use, and may not be used for commercial purposes.
- Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt of a cash reward before enrolling. For taxable accounts, the value of all Robinhood offers received or charged back may be reported as Interest on a Form 1099-INT where required by applicable rules and regulations. Robinhood does not take responsibility for any tax related to this cash reward.
- Securities trading offered through Robinhood Financial LLC, Member SIPC, a registered brokerdealer, and a subsidiary of Robinhood Markets, Inc. 20231017-3174206-10062683
Our Verdict
I believe this offer is even for existing Robinhood users, and that’s been confirmed in the comments by readers. I don’t see any registration option for the offer; I suppose anyone who does an ACAT transfer to Robinhood – without being aware of this offer – will get a 1% bonus.
You should be able to signup for Robinhood using the $50/5,000 Rakuten offer, and then take part in this transfer bonus offer as well.
The 1% bonus rate is excellent when compared against other brokerage bonuses. Pretty amazing that this bonus is uncapped, we haven’t seen that before. If any DoC readers have a $100M portfolio, you can get a $1M bonus. But why stop there… 🙂 We’ll add this to our List of Best Brokerage Bonuses.
The two-year hold time does weaken the deal, though, especially for someone who likes chasing brokerage bonuses. This offer also won’t stack with the Robinhood IRA bonus 1-3% match since this offer is only for taxable accounts, per the terms.
Hat tip to reader anita
https://www.robinhood.com/us/en/
Terms show vesting payout:
https://cdn.robinhood.com/assets/robinhood/legal/Robinhood Gold Agreement.pdf
Posted thx https://www.doctorofcredit.com/robinhood-1-boost-on-deposits-unlimited-cash-bonus/
https://robinhood.com/us/en/support/articles/transfer-your-assets-in/
Can’t transfer bonds or mutual funds. It’s a good offer for stock transfers, not so good for cash transfers. If you lose part of the bonus by selling your stock within 2 years, you still gain by transferring. For cash, 5.5% is the top bank savings rate so you’re already behind .5% If paying state income tax then treasuries are probably better. Wells Fargo has the same 1% offer ($2,500) on $250K, stocks and bonds, shorter wait period: 90 day hold, 120 day pay out.
Just a warning the finra/dtcc insurance is only up to 250k-500k we all know robbing the hood trades against us do not put everything in there they will be using our assets against us. And like ftx naked short the assets you own.
If you are ok with that fine but they will be stealing assets when not if they go bankrupt.
They must be really hurting for money right now. But 1% is meh so long as you are wise enough to move it when time comes.
With all due respect, your “analysis” of broker custodial risk is very poor. SIPC insurance payout is only one (and the very last resort) of various regulatory protections/mitigations for US retail customers. Even if you ignore other elements of the safety net, accounts at a single broker can be structured — similar to bank accounts at FDIC-insured institutions — to effectively increase SIPC coverage well beyond the $500k/$250k limit.
Doing the expired 3% IRA promo was an easy call but I’m having reservations about doing this promo for taxable accounts. First, it looks like there is no way to see realized capital gains like almost every other brokerage shows. If interested, you have to keep track yourself. Second, I wonder if there are any issues with cost basis when transferring in and later when transferring out. I found one complaint below but hopefully that means everybody else had no problems?
I ended up doing a partial ACAT transfer in. The cost basis was tranferred fine. It sounds like Webull is the brokerage with frequent cost basis transfer problems.
A Quarter million will give you a $2500 bonus within 10 days
the only caveat is the 2 year time frame. still debating if i want to do this or not.
I would never ever leave my money In robbing the hood for 2 yrs. Don’t trust them at all
As long as it’s just $250k cash or up to $500k securities its SIPC insured just make sure to turn off stock lending in the options and you don’t have to worry. There are better ways to churn a similar or larger bonus amount through other brokerages over the course of 2 years and have access just in case you need it, but you aren’t going to lose your money from robinhood. I’d personally just do the tastytrade ‘MYNEWBONUS’ for $3k with $250k deposit and you only have to hold one year – they have SIPC insurance to so it’s also just as safe.
i did the IRA but don’t know if its worth doing this one if i have to lock up my cash for 2 years.
This promotion seems different that the Robinhood Gold 1% deposit bonus that has been referenced as coming soon which pays out monthly over 24 months. It seems like that bonus would be more favorable for cash deposits as you wouldn’t lose the full amount for withdrawing before 24 months.
You don’t lose the full amount for withdrawing early. It’s effectively prorated, but there is some nuance beyond that related to market gains/losses. I don’t want to retype their terms, but they have an example in there.
I’ve reviewed the terms and examples. I don’t see any mention of keeping any portion of the bonus before the 2 year holding period unless there is positive market movement in the account (investments going up), or if you are withdrawing an amount that was previously held in the account before transferring in assets. Please let me know where I might have misinterpreted the terms.
Jump down to “What if the market makes my portfolio balance go up or down?”
I’ll attempt to summarize in a few sentences:
1. Any withdrawal will cause them to recalculate your bonus.
2. If, after withdrawal, your account balance is still higher than the amount you transferred in, you keep everything.
3. If, after withdrawal, your account balance is lower than the amount you transferred in, they recalculate your bonus as if your initial transfer was exactly the amount that remains in the account after the withdrawal.
This is only before 2 years. After two years you can do what you want with the money
Agree with you 100%. The context of this thread is about what happens when you withdraw before two years.
Not worth 1% fir 2 yrs. Lots can happen if it was a few months sure but why do I want that?
A further question about the balance after withdrawal, do they just look at the account balance at the withdrawal day? ie. if the account balance is high enough on that day, but later drops to lower than the amount transferred in, would we still keep the original bonus?
I understand the bonus will be recalculated. But per my original post the upcoming Robinhood Gold 1% paid over 24 months will still be more advantageous. For example, under this promotion, if you deposited $100k and withdrew the full $100k after 12 months (assuming no market changes), you would lose the full bonus amount. Under the upcoming 1% Robinhood Gold deposit promo, you would still pocket $500 (12 payments of $41.66).
I thought your original post was saying that any withdrawal of any amount would cause the entire bonus to be lost (which isn’t true here, but I think you know that).
From your replies, I see you meant a full withdrawal specifically. So no disagreement with what you’re saying if that’s the case.
It seems like you two are talking past each other.
My read is that the current bonus is “prorated” with respect to amount: If you withdraw 50% of the assets, you’ll still keep 50% of the bonus on the part that remains. (I think this is what Andy is saying?)
But it’s not prorated with respect to time: Even if you had kept the half you withdrew in the account for 1 year and 364 days before withdrawing, you wouldn’t keep any of the bonus on it. Whereas with the forthcoming deposit bonus, you would potentially keep a portion of the bonus you ‘earned’ on the amount you withdraw, for the length of time you kept it in the account. (I think this is what Chris is saying?)
Apologies if I’m completely wrong and just muddying the waters further!
It seems like you two are talking past each other.
My read is that the current bonus is “prorated” with respect to amount: If you withdraw 50% of the assets, you’ll still keep 50% of the bonus on the part that remains. (I think this is what Andy is saying?)
But it’s not prorated with respect to time: Even if you had kept the half you withdrew in the account for 1 year and 364 days before withdrawing, you wouldn’t keep any of the bonus on it. Whereas with the forthcoming deposit bonus, you would potentially keep a portion of the bonus you ‘earned’ on the amount you withdraw, for the length of time you kept it in the account. (I think this is what Chris is saying?)
Apologies if I’m completely wrong and just complicating this further.
100% correct. Common ground found 🙂
Steve and Johanne sure seem to think alike
Haha sorry – first one didn’t appear so I reposted it with slightly different wording in case it was held up in spam. But then they both ended up getting approved. And yes, I use random names on web forums 🙂
It is NOT prorated.
Check the FAQ. It is prorated 1% of the difference between original transfer amount and amount withdrawn
See my new comment above.
I too have been looking for that deposit offer referenced here:
https://newsroom.aboutrobinhood.com/the-new-gold-standard-introducing-the-robinhood-gold-card/
It should be announced soon per RH:
https://x.com/RobinhoodApp/status/1796549082884010480
I’ll be looking to understand how this offer works with prior offers such as the current transfer offer. If you transfer, deposit, and then withdraw, which bonuses would be impacted? FIFO?
“To keep the bonus, you must keep the money you transfer into Robinhood in your Robinhood individual brokerage account for at least 2 years.”
There goes the $1000+ quick hit…
The holding is 2 years. Say I’ve taken advantage of previous promo on 12/30/2023 (batch 1), and I am going to do another one on 05/30/2024 (batch 2). On 12/30/2025, wonder how to transfer out only batch 1?
You don’t.
I had the exact same thought process. This is a smart move by Robinhood so unassuming people would be holding their assets much more longer.
I funded it earlier this year for 1% promo, probably going to pass this opportunity. I’d like to keep it under my SIPC limits.
According to the terms, you can do that and keep the bonus.
Just to add, if your overall assets have lost value, on 12/30/2025, you can only withdraw as much as will allow you to keep your remaining balance above the amount you transferred in for batch 2, assuming you want to keep all of your bonus.
I feel like there’s a bit too much fear-mongering/meme energy associated with robinhood. I mean maybe if you are a trader there’s some downside but if you are just buy and hold investor I really don’t see the cause for concern.
However .5%/year isn’t very attractive anyways
0.5% per year uncapped is good for larger balances, especially if your total account balance isn’t exactly at one of the normal brokerage bonus tiers (i.e. $250k, $500k, $1M, $2M, etc.). Otherwise you wind up having to split your assets between multiple brokerages, etc.
Having said that, IME, Robinhood fills orders a lot slower than other brokerages do. I’m not an active trader, so I’ve only tested this a couple times, but I’ve placed limit orders with Robinhood (partial fill enabled) for SGOV (price barely fluctuates as many will know) that were stuck at 0 shares filled. After my Robinhood order, I placed identically-priced limit orders with Fidelity and Webull, and both filled instantly. Robinhood orders did not fill until ~4 hours later near market close. This happened another time with an ETF. It wasn’t as long a delay that time, but it was still slower.
I wouldn’t trust them if I were an active trader. Buy-and-hold should be fine.