Just got an email from Robinhood saying they’re taking away the 1% boost on deposits. They’re keeping the 4.5% APY on uninvested cash and the 3% retirement match, plus the first $1K of margin is still interest-free. I’m new to investing and using Robinhood, so I’m curious what everyone thinks about this. Do you think this will change how good Robinhood is compared to other platforms?
The 1% boost was cool, but I mostly stick with Robinhood Gold for the 3% IRA match. Paying $60 a year to get back $210 in my Roth IRA alone makes it worth it. If they removed that, I’d probably think about moving my Roth somewhere else.
The free margin’s nice but not a game-changer. I use it to buy SGOV, and that alone helps cover most of the $5 monthly fee with SGOV yielding around 5%. I used the 1% boost for my emergency fund, which was handy, but I wasn’t planning to hold it for the full bonus anyway since I might need it within two years.
@Lennon
Can you explain the 3% IRA match?
Blake said:
@Lennon
Can you explain the 3% IRA match?
Sure! If you contribute $100, they add $3 to it. So it’s 3% of whatever you put in—pretty straightforward.
Honestly, I figured the 1% boost was temporary. No cap on it? That’s a lot to hand out just for signing up.
They’ll probably bring it back every now and then as a promo. You can just wait it out. They also have the Robinhood credit card with 3%, though I bet that’ll be reduced eventually too. But their perks still beat a lot of other brokers, which usually offer just $25.
@Indigo
True, but other brokers don’t charge monthly fees like this one. You’d need to invest quite a bit to make it worth it here.
Lior said:
@Indigo
True, but other brokers don’t charge monthly fees like this one. You’d need to invest quite a bit to make it worth it here.
Are we talking about the $5 monthly fee? That’s not too bad overall.
@Indigo
I thought the credit card was only for people who refer 10 others to Robinhood Gold, so it’s out of reach for me. But yeah, I’m liking the 4.5% on uninvested cash and the 3% retirement match since I plan to max out my IRA later on. Still, I wonder if I should consider other platforms, just in case I decide to transfer my account.
@Ren
I got the Robinhood card without referring anyone.
Indigo said:
@Ren
I got the Robinhood card without referring anyone.
Really? I’ve been on the waitlist since February, and some of my friends have been waiting even longer. I thought it required referrals.
@Ren
Nah, if you refer 10 people, you get a shot at the real gold card.
@Ren
I’m still waiting on that list. Hopefully, it opens up soon for everyone.
Wow, that sucks! The boost ends on November 25.
Bummer… I’ll probably just stick with my other broker and only transfer funds to Robinhood when there’s a bonus.
Anything they offer as a bonus now, they’ll probably take away later. It’s just how these things go.
Promos like these kind of feel like a slap in the face.
Keep the 1% Deposit Boost Forever, Robinhood! 
All the major brokers offer these services for free. If you’re keen on paying for something, try Wealthfront.
Robinhood’s 1% boost requires you to hold the funds for three years. And they take 7% on the back end if you trade. They’re making plenty off you.
I’d look for a new broker.
Chen said:
Robinhood’s 1% boost requires you to hold the funds for three years. And they take 7% on the back end if you trade. They’re making plenty off you.
I’d look for a new broker.
I thought you had to hold it for two years, not three. Also, where do you see the 7% charge? I couldn’t find anything about that.