Robinhood account transfer bonus of 1%
I see that Robinhood offers a 1% bonus for account transfers. So, if you have $500k worth of stocks (no limit), you'll get an additional $5k worth of stocks. What's the pros and cons? TC 300k
You need to keep your money there for 2 years.
Fine print. Thanks, I missed that.
You really want to go through the hassle of moving such a huge amount for just 5k ? That too to Robinhood ?
It's free money. I don't disagree with you though.
Money is never free unless you’re the US government
Who the hell is going to move $500k in assets onto such a limiting and untrustworthy platform?
There are a lot of people with more than $500k in their Robinhood account. I agree that Robinhood hasn't been a trustworthy platform.
I guess that’s their FDIC limit for securities. I wouldn’t keep a dime more than what’s insured inside ANY app. And even then, I’d rather put my money into a real brokerage account.
Move that money into HYSA and get the same benefit in couple of months
$500k in stocks and not cash. HYSA will work only for cash.
Then he would have to sell his assets and potentially forgo gains greater than a hysa could offer
Wow 1% iS nice, would check out, could be like $25k or more for me! Are IRAs also covered?
Yes, you get 3% for IRAs and rollovers with gold subscription
So will I get 1% worth of stocks on transfer or after 2 yr
You get it right away along with your transferred assets. I just transferred over 1M and got the 10k right away
@meta that’s legit.. I’m thinking about doing the same. Were you able to move the 10k out without penalty?
Did you transfer OP? How did it go? So transferring $500k of stocks should be covered under their SIPC? They extended it to next year. But I’m curious how they make money from the transferred assets? Loan out to short sellers?
Cons: RobbingHood
Care to elaborate more?