I have 200K in my Rollover IRA account in Fidelity. I am wondering if I should transfer it to Robinhood and get 3% match which is almost $6000. I already have Robinhood Gold account. This Rollover IRA is from 401k of previous company. Is there any catch? Something that I should be aware of? Any inputs?
Forget about retirement then.
Why? There’s negativity about Robinhood. But don’t understand why
gme
Yes. Transfer it. It’s real and legit.
Have you done it
It's legit. Only stipulation is you have to hold it for 5 years but nothing else
If you are ok to lose all your IRA, then rollover your savings
Why will I lose? Please explain
Robinhood is SPIC insured up to 1.25m isn’t it
I did it but it took awhile
But are you happy with your decision? Any catches?
Very happy. No problems and RH reimbursed transfer fees. It was a Roth IRA so the 3% match is not taxed since it’s considered interest gain
The catch is that you're locked in with Robinhood for 5 years. That's it.
It takes a while to do ACATS. you need to start it TODAY to have it estimated to finish on 30th. I started mine Apr 19, and it should complete by 29th. read the fine print, you might be blocked from converting ira to roth ira during the 5 year period since its considered a distribution. At least that's how I understood the terms and conditions. SIPC only covers up to 500k per account (they have extra insurance but its capped). SIPC is not covered if the can blame you for the issue (claim your pc was hacked, not their systems). By default the enable security lending, these shares are not covered by SIPC. you must disable security lending to be covered by SIPC. FYI, their web site doesn't logout when you close the tab, you have to actually click logout
Why not Webull, they just give same 5% and 3 or 5% back on retirement accounts without paying anything
Webull pays in 5 yearly installments - first chunk in a year, Robinhood gives you the money straight up.
- WeBull pays 3.5% into your taxable account, so you have tax drag, making it actually less money - WeBull pays out over 5 years. if the go bankrupt before you will not collect the full bonus - Webull is a chinese company. I trust chinese goverment less than the US gov.
Side note, is robinhood gold worth it?
decide on your own
@allmart how are you getting 5.25? I get only 5%.