Robinhood 3% IRA Match

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tj
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Re: Robinhood 3% IRA Match

Post by tj »

nalor511 wrote: Fri Feb 09, 2024 2:47 pm It's really too bad they aren't doing 3% for taxable accounts/5yr hold. But then again, I don't know if I trust them very far with my taxable cost basis.

I would not want to be required to hold for 5 years in taxable. It's less of an issue in IRA when I know I won't be withdrawing the funds for multiple decades.
Leesbro63
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Re: Robinhood 3% IRA Match

Post by Leesbro63 »

tj wrote: Fri Feb 09, 2024 3:25 pm
nalor511 wrote: Fri Feb 09, 2024 2:47 pm It's really too bad they aren't doing 3% for taxable accounts/5yr hold. But then again, I don't know if I trust them very far with my taxable cost basis.

I would not want to be required to hold for 5 years in taxable. It's less of an issue in IRA when I know I won't be withdrawing the funds for multiple decades.
Then don’t do it!
tj
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Re: Robinhood 3% IRA Match

Post by tj »

Leesbro63 wrote: Fri Feb 09, 2024 3:33 pm
tj wrote: Fri Feb 09, 2024 3:25 pm
nalor511 wrote: Fri Feb 09, 2024 2:47 pm It's really too bad they aren't doing 3% for taxable accounts/5yr hold. But then again, I don't know if I trust them very far with my taxable cost basis.

I would not want to be required to hold for 5 years in taxable. It's less of an issue in IRA when I know I won't be withdrawing the funds for multiple decades.
Then don’t do it!
Don't do it? It's not even an option.
Leesbro63
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Re: Robinhood 3% IRA Match

Post by Leesbro63 »

What happens if someone moves money to a Robinhood IRA for the bonus and dies before the end of the 5 year lockup? Must the beneficiary (ies) keep the money there to avoid a pro-rata clawback?
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

Leesbro63 wrote: Fri Feb 09, 2024 3:35 pm What happens if someone moves money to a Robinhood IRA for the bonus and dies before the end of the 5 year lockup? Must the beneficiary (ies) keep the money there to avoid a pro-rata clawback?
Almost certainly so, because RH considers any withdrawal (including Roth conversion kept in RH) for clawback exposure
tj
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Re: Robinhood 3% IRA Match

Post by tj »

Leesbro63 wrote: Fri Feb 09, 2024 3:35 pm What happens if someone moves money to a Robinhood IRA for the bonus and dies before the end of the 5 year lockup? Must the beneficiary (ies) keep the money there to avoid a pro-rata clawback?
Come on, Nobody knows. Does Robinhood even support beneficiary IRA's?
yougotitdude
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Re: Robinhood 3% IRA Match

Post by yougotitdude »

has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

yougotitdude wrote: Fri Feb 09, 2024 6:30 pm has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
I wouldn't be worried about it. More likely that Robinhood gets acquired than "fails".
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nps
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Re: Robinhood 3% IRA Match

Post by nps »

yougotitdude wrote: Fri Feb 09, 2024 6:30 pm has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
Well yes, see for example Bernard L. Madoff Investment Securities LLC
tj
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Re: Robinhood 3% IRA Match

Post by tj »

nps wrote: Fri Feb 09, 2024 7:09 pm
yougotitdude wrote: Fri Feb 09, 2024 6:30 pm has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
Well yes, see for example Bernard L. Madoff Investment Securities LLC
Robinhood is publicly traded.

And Wall Street seems to like it, it went up 3% today!
Leesbro63
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Re: Robinhood 3% IRA Match

Post by Leesbro63 »

tj wrote: Fri Feb 09, 2024 4:16 pm
Leesbro63 wrote: Fri Feb 09, 2024 3:35 pm What happens if someone moves money to a Robinhood IRA for the bonus and dies before the end of the 5 year lockup? Must the beneficiary (ies) keep the money there to avoid a pro-rata clawback?
Come on, Nobody knows. Does Robinhood even support beneficiary IRA's?
Is there some other kind of IRA?
tj
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Re: Robinhood 3% IRA Match

Post by tj »

Leesbro63 wrote: Fri Feb 09, 2024 8:08 pm
tj wrote: Fri Feb 09, 2024 4:16 pm
Leesbro63 wrote: Fri Feb 09, 2024 3:35 pm What happens if someone moves money to a Robinhood IRA for the bonus and dies before the end of the 5 year lockup? Must the beneficiary (ies) keep the money there to avoid a pro-rata clawback?
Come on, Nobody knows. Does Robinhood even support beneficiary IRA's?
Is there some other kind of IRA?
Usually it has to get retitled if someone inherits it. Nodody knows what Robinhood is going to require with this bonus if hypothetically someone inherits one before the five year period is complete.

Only way to find out is for someone to die die and have their heir come here and tell us.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

snowman wrote: Wed Feb 07, 2024 6:15 pm
tj wrote: Wed Feb 07, 2024 5:36 pm
Out of curiosity, where do you add the beneficiary?
Account - Settings - Beneficiaries
Seems a bit limiting. No way to set a charity, for example.

They want an email address ,but it says that they won't email on your behalf.
SlowMovingInvestor
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Re: Robinhood 3% IRA Match

Post by SlowMovingInvestor »

tj wrote: Fri Feb 09, 2024 7:29 pm
nps wrote: Fri Feb 09, 2024 7:09 pm
yougotitdude wrote: Fri Feb 09, 2024 6:30 pm has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
Well yes, see for example Bernard L. Madoff Investment Securities LLC
Robinhood is publicly traded.
Also, RH has a big 4 auditor. Madoff had a 2 person storefront firm as an auditor.

Also, I think few people really lost what they had invested in Madoff's case. They lost phantom/fictional gains. Not much consolation, but it is a distinction,

That being said, I would not personally agree to a 5 year lockdown of assets in any firm unless it was a firm where I expected to finally consolidate my assets in (which would normally be a firm like Fido or ETrade).
tj
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Re: Robinhood 3% IRA Match

Post by tj »

SlowMovingInvestor wrote: Fri Feb 09, 2024 8:44 pm
tj wrote: Fri Feb 09, 2024 7:29 pm
nps wrote: Fri Feb 09, 2024 7:09 pm
yougotitdude wrote: Fri Feb 09, 2024 6:30 pm has there ever been a point where clients lost money from IRA when a broker fails? I'm wanting to go over the SIPC amount (currently slightly over) but wanted to go a bit further.
Well yes, see for example Bernard L. Madoff Investment Securities LLC
Robinhood is publicly traded.
Also, RH has a big 4 auditor. Madoff had a 2 person storefront firm as an auditor.

Also, I think few people really lost what they had invested in Madoff's case. They lost phantom/fictional gains. Not much consolation, but it is a distinction,

That being said, I would not personally agree to a 5 year lockdown of assets in any firm unless it was a firm where I expected to finally consolidate my assets in (which would normally be a firm like Fido or ETrade).
Even though E*Trade got acquired by Morgan Stanley?
tj
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Re: Robinhood 3% IRA Match

Post by tj »

runr wrote: Mon Feb 05, 2024 10:33 am
tj wrote: Mon Feb 05, 2024 10:26 am
theplayer11 wrote: Sat Feb 03, 2024 12:01 pm
icarus18 wrote: Sat Feb 03, 2024 11:50 am
learningtofly wrote: Wed Jan 03, 2024 11:40 am

Thanks for the info, this has been helpful.

I've been working through this process and for the most part it's working out well. I have a few questions though.
  • I signed up for Robinhood Gold and would like to use the 1k in 0% interest margin. To be eligible for the margin account, I needed to deposit $2k in cash. If I invest in SGOV, my understanding is that the cash balance will be used first, and then the margin if the cash balance is $0. So to use the $1k in margin, I'd need to invest $3k total. However, the monthly subscription is $5 and that gets deducted from the cash balance. Implicitly, if I'm investing margin, my cash balance will be $0, and therefore, the subscription fee will make the cash balance less than $0. What's the optimal way to structure this so that I can A) invest the 0% interest margin (up to $1k), and B) pay the monthly subscription without being charged the 8% interest margin? (I asked support and it's not possible to pay the monthly subscription with a credit card.)
  • I've set up a similar account for my wife. I filled in the investor profile details a little differently initially, and it said that her account was "not eligible for margin investing". I've since gone back and made the investor profile details the same as mine (where margin investing is enabled), and I'm still getting the "ineligible" message. Any work around to enable margin investing on her account as well? Support wasn't very helpful.
Did you solve point 1 (or has anyone got a solution for that?)
chat said it would add to margin. You would still need to add $60(new accounts Gold is $6.99/mth) or so for the 12 months.
Hmm. I just enrolled my account in Gold and it says its $5.00 per month.
In my taxable I used all my cash bonus to buy SGOV, except $60 to pay for gold service, and it used $940 in margin as well, I guess this is good as it gets?
I thought you had to buy $2k of SGOV to utilize the margin.
So, basically you have to buy $2k+ of SGOV and you're able to use just $940 (or $1k?) in margin and it will let you keep $60 in cash to automate the Gold fee out of your cash on top of the margin?
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nps
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Re: Robinhood 3% IRA Match

Post by nps »

tj wrote: Fri Feb 09, 2024 9:57 pm
runr wrote: Mon Feb 05, 2024 10:33 am In my taxable I used all my cash bonus to buy SGOV, except $60 to pay for gold service, and it used $940 in margin as well, I guess this is good as it gets?
I thought you had to buy $2k of SGOV to utilize the margin.
So, basically you have to buy $2k+ of SGOV and you're able to use just $940 (or $1k?) in margin and it will let you keep $60 in cash to automate the Gold fee out of your cash on top of the margin?
If you buy $2k of SGOV and then additionally use $940 in margin to buy more SGOV, you don't have $60 left in cash. You do have $60 remaining in "free" margin that is not subject to 8% margin interest.

I am assuming the Gold fee will charge against margin buying power if there is no cash available to pay for it. You might want to check though because if you fail to pay the Gold fee you lose the extra match bonus.
SecurityEng
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Re: Robinhood 3% IRA Match

Post by SecurityEng »

When people are doing the transfer, do you do it via capitalize or via the forms?

When I go to Robinhood to initiate the transfer, either from mobile or from web, it opens up a third-party service called Capitalize.
Capitalize seems nice and easy to use, but they're very backed up. It says the earliest they can start the transfer is the 26th due to a large volume of transfers going to Robinhood.

I was originally going to transfer a single 401k at a time, but now I think I'll initiate them all at once just to get this over with and not have to wait weeks.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

SecurityEng wrote: Sat Feb 10, 2024 8:02 am When people are doing the transfer, do you do it via capitalize or via the forms?

When I go to Robinhood to initiate the transfer, either from mobile or from web, it opens up a third-party service called Capitalize.
Capitalize seems nice and easy to use, but they're very backed up. It says the earliest they can start the transfer is the 26th due to a large volume of transfers going to Robinhood.

I was originally going to transfer a single 401k at a time, but now I think I'll initiate them all at once just to get this over with and not have to wait weeks.
I don't remember it being a third party service or a form, I just filled out some fields. Maybe extra steps for coming from 401k?
theplayer11
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Re: Robinhood 3% IRA Match

Post by theplayer11 »

tj wrote: Mon Feb 05, 2024 10:26 am
theplayer11 wrote: Sat Feb 03, 2024 12:01 pm
icarus18 wrote: Sat Feb 03, 2024 11:50 am
learningtofly wrote: Wed Jan 03, 2024 11:40 am
BobbleyBob wrote: Sat Aug 19, 2023 5:43 pm The $60/year for Robinhood Gold comes with $1000 of 0% interest margin. If you invest that in SGOV (0-3 month treasury bond ETF) at the current 5.32% yield, you'd make $53.20. That means Robinhood Gold costs $6.80/year.
Thanks for the info, this has been helpful.

I've been working through this process and for the most part it's working out well. I have a few questions though.
  • I signed up for Robinhood Gold and would like to use the 1k in 0% interest margin. To be eligible for the margin account, I needed to deposit $2k in cash. If I invest in SGOV, my understanding is that the cash balance will be used first, and then the margin if the cash balance is $0. So to use the $1k in margin, I'd need to invest $3k total. However, the monthly subscription is $5 and that gets deducted from the cash balance. Implicitly, if I'm investing margin, my cash balance will be $0, and therefore, the subscription fee will make the cash balance less than $0. What's the optimal way to structure this so that I can A) invest the 0% interest margin (up to $1k), and B) pay the monthly subscription without being charged the 8% interest margin? (I asked support and it's not possible to pay the monthly subscription with a credit card.)
  • I've set up a similar account for my wife. I filled in the investor profile details a little differently initially, and it said that her account was "not eligible for margin investing". I've since gone back and made the investor profile details the same as mine (where margin investing is enabled), and I'm still getting the "ineligible" message. Any work around to enable margin investing on her account as well? Support wasn't very helpful.
Did you solve point 1 (or has anyone got a solution for that?)
chat said it would add to margin. You would still need to add $60(new accounts Gold is $6.99/mth) or so for the 12 months.
Hmm. I just enrolled my account in Gold and it says its $5.00 per month.
did you already have a brokerage account? My wife opened a new brokerage account and is being charged $6.99. I had a RH account with $0 balance opened 3 years ago and was charged $5.00 for gold.
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runr
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Re: Robinhood 3% IRA Match

Post by runr »

Yup, new customer $7, old customer $5.
fired at 39 since 2021
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StevieG72
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Re: Robinhood 3% IRA Match

Post by StevieG72 »

runr wrote: Sat Feb 10, 2024 9:28 am Yup, new customer $7, old customer $5.
I signed up this last Wed and it is $5 for me.
Fools think their own way is right, but the wise listen to others.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

theplayer11 wrote: Sat Feb 10, 2024 9:24 am
tj wrote: Mon Feb 05, 2024 10:26 am
theplayer11 wrote: Sat Feb 03, 2024 12:01 pm
icarus18 wrote: Sat Feb 03, 2024 11:50 am
learningtofly wrote: Wed Jan 03, 2024 11:40 am

Thanks for the info, this has been helpful.

I've been working through this process and for the most part it's working out well. I have a few questions though.
  • I signed up for Robinhood Gold and would like to use the 1k in 0% interest margin. To be eligible for the margin account, I needed to deposit $2k in cash. If I invest in SGOV, my understanding is that the cash balance will be used first, and then the margin if the cash balance is $0. So to use the $1k in margin, I'd need to invest $3k total. However, the monthly subscription is $5 and that gets deducted from the cash balance. Implicitly, if I'm investing margin, my cash balance will be $0, and therefore, the subscription fee will make the cash balance less than $0. What's the optimal way to structure this so that I can A) invest the 0% interest margin (up to $1k), and B) pay the monthly subscription without being charged the 8% interest margin? (I asked support and it's not possible to pay the monthly subscription with a credit card.)
  • I've set up a similar account for my wife. I filled in the investor profile details a little differently initially, and it said that her account was "not eligible for margin investing". I've since gone back and made the investor profile details the same as mine (where margin investing is enabled), and I'm still getting the "ineligible" message. Any work around to enable margin investing on her account as well? Support wasn't very helpful.
Did you solve point 1 (or has anyone got a solution for that?)
chat said it would add to margin. You would still need to add $60(new accounts Gold is $6.99/mth) or so for the 12 months.
Hmm. I just enrolled my account in Gold and it says its $5.00 per month.
did you already have a brokerage account? My wife opened a new brokerage account and is being charged $6.99. I had a RH account with $0 balance opened 3 years ago and was charged $5.00 for gold.
Not that I know of, but my application was in pending hell for a week, so perhaps I beat the cut off. I think ti was my first account because they gave me $5 of free stock.
Last edited by tj on Sat Feb 10, 2024 10:31 am, edited 1 time in total.
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StevieG72
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Re: Robinhood 3% IRA Match

Post by StevieG72 »

So can someone enlighten me as to the $1k margin account? My funds have not been pulled over from Vanguard yet, I did deposit $100 in brokerage account.

The only thing I see is access to instant deposit of 1k. It does not refer to it as margin. It just states that I have access while funds are on the way. Maybe it will show up once account is funded?
Fools think their own way is right, but the wise listen to others.
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plutoblackhole
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Re: Robinhood 3% IRA Match

Post by plutoblackhole »

StevieG72 wrote: Sat Feb 10, 2024 9:55 am So can someone enlighten me as to the $1k margin account? My funds have not been pulled over from Vanguard yet, I did deposit $100 in brokerage account.

The only thing I see is access to instant deposit of 1k. It does not refer to it as margin. It just states that I have access while funds are on the way. Maybe it will show up once account is funded?
You’ll need your brokerage account value to reach $2,000 and then apply for margin before you can take out a margin loan.

For simplicity sake, and that it makes paying for Gold more difficult, I am forgoing trying to eek out that extra $50 or so.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

plutoblackhole wrote: Sat Feb 10, 2024 10:21 am
StevieG72 wrote: Sat Feb 10, 2024 9:55 am So can someone enlighten me as to the $1k margin account? My funds have not been pulled over from Vanguard yet, I did deposit $100 in brokerage account.

The only thing I see is access to instant deposit of 1k. It does not refer to it as margin. It just states that I have access while funds are on the way. Maybe it will show up once account is funded?
You’ll need your brokerage account value to reach $2,000 and then apply for margin before you can take out a margin loan.

For simplicity sake, and that it makes paying for Gold more difficult, I am forgoing trying to eek out that extra $50 or so.
I'm coming to the same conclusion. Not worth the hassle.
galaxia99
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Re: Robinhood 3% IRA Match

Post by galaxia99 »

nps wrote: Sat Feb 10, 2024 6:29 am
tj wrote: Fri Feb 09, 2024 9:57 pm
runr wrote: Mon Feb 05, 2024 10:33 am In my taxable I used all my cash bonus to buy SGOV, except $60 to pay for gold service, and it used $940 in margin as well, I guess this is good as it gets?
I thought you had to buy $2k of SGOV to utilize the margin.
So, basically you have to buy $2k+ of SGOV and you're able to use just $940 (or $1k?) in margin and it will let you keep $60 in cash to automate the Gold fee out of your cash on top of the margin?
If you buy $2k of SGOV and then additionally use $940 in margin to buy more SGOV, you don't have $60 left in cash. You do have $60 remaining in "free" margin that is not subject to 8% margin interest.

I am assuming the Gold fee will charge against margin buying power if there is no cash available to pay for it. You might want to check though because if you fail to pay the Gold fee you lose the extra match bonus.
This is what I'm going to reach out to Robinhood on Monday about. I currently utilize the $1000 free margin and deposited an extra $100 cash on top after investing the $1000 margin in SGOV, but when I view my buying power screen is says I have $0.00 in brokerage cash, margin used -$900.00, buying power total $100.00.

I assume Robinhood will pull from my buying power and not require my brokerage cash balance to be positive in this case, but it doesn't hurt to confirm.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

I heard back from Rakuten re: my cashback:
To qualify for Cash Back with Robinhood your account must remain open and have a minimum balance of $100 for a continuous period of 3 months to meet the qualification criteria. You can find this information on their store page here: https://www.rakuten.com/robinhood.com

If Cash Back has not been approved after 3 months, please reply to this email so we can look into this further. Thank you for your patience.
That'll basically pay for the RH Gold.
nalgeneBSK
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Re: Robinhood 3% IRA Match

Post by nalgeneBSK »

tj wrote: Thu Feb 08, 2024 8:25 am
manlymatt83 wrote: Mon Feb 05, 2024 5:55 pm For those who transferred from Schwab how long did it take?
Mine, showed up today, thursday morning. Transfer request was submitted on Monday. Bonus posted immediately. I have buying power of almost $9000. :D


Surprisingly no emails at all from Robinhood (or Schwab) about the transfer.

Funds are still showing in Schwab. Not sure what will be happening with my 0.4844 partial share of my ETF at Schwab. Robinhood shows 4575 shares.

Schwab shows 4575.4844. I' don't konw if Schwab will sell my partial share to cash and leave it in my Schwab account, sell it to cash and send it to Robinhood, or leave me invested in a fractional share.

Any update on this? I am with Schwab as well... did the partial shares 0.4844 get sold as cash with Schwab and then transferred over? Or did the partial shares move over?
nalgeneBSK
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Re: Robinhood 3% IRA Match

Post by nalgeneBSK »

nalor511 wrote: Fri Feb 09, 2024 2:47 pm It's really too bad they aren't doing 3% for taxable accounts/5yr hold. But then again, I don't know if I trust them very far with my taxable cost basis.
Do you mean brokerage accounts (ie. non-retirement accounts)? Because this promo does apply to taxable IRAs (ie. traditional IRA).
nalgeneBSK
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Re: Robinhood 3% IRA Match

Post by nalgeneBSK »

grogu wrote: Wed Feb 07, 2024 10:51 am A few questions after having read many (but not all) of the posts here:

Is there a list of ETFs available at Robinhood? I’m not finding a one or a search option on their website. I’m assuming they offer some pretty basic and cheap total-market and total-bond ETFs? (I would hate to come over only to find out all of their ETFs have a 1% expense ratio.)

I have a Vanguard Roth IRA that I am looking to move. (Was actually looking to move it even before I learned of this promotion). Everything is in mutual funds though. The procedure is, I sign a form, then Vanguard liquidates everything to cash (I’m out of the market for potentially a week or so), the cash transfers over to a Robinhood Roth, and then I can buy new ETFs? I immediately get the 3% bonus, subject to (1) keeping Gold for one year and (2) keeping my initial balance for 5 years.

I have to also open a Robinhood brokerage account to fund the Gold, correct? They can’t just take the Gold fees out of my Roth?
This is a silly question but does RH allow non-ETFs to be traded in my IRA accounts. For example, BRK/B, GOOG, AMZN?
tj
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Re: Robinhood 3% IRA Match

Post by tj »

nalgeneBSK wrote: Sat Feb 10, 2024 3:24 pm
tj wrote: Thu Feb 08, 2024 8:25 am
manlymatt83 wrote: Mon Feb 05, 2024 5:55 pm For those who transferred from Schwab how long did it take?
Mine, showed up today, thursday morning. Transfer request was submitted on Monday. Bonus posted immediately. I have buying power of almost $9000. :D


Surprisingly no emails at all from Robinhood (or Schwab) about the transfer.

Funds are still showing in Schwab. Not sure what will be happening with my 0.4844 partial share of my ETF at Schwab. Robinhood shows 4575 shares.

Schwab shows 4575.4844. I' don't konw if Schwab will sell my partial share to cash and leave it in my Schwab account, sell it to cash and send it to Robinhood, or leave me invested in a fractional share.

Any update on this? I am with Schwab as well... did the partial shares 0.4844 get sold as cash with Schwab and then transferred over? Or did the partial shares move over?
Considering it's only been one business day since the full shares transferred, I wasn't expecting anything to happen yet. The partial share is still at Schwab.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

nalgeneBSK wrote: Sat Feb 10, 2024 3:26 pm
nalor511 wrote: Fri Feb 09, 2024 2:47 pm It's really too bad they aren't doing 3% for taxable accounts/5yr hold. But then again, I don't know if I trust them very far with my taxable cost basis.
Do you mean brokerage accounts (ie. non-retirement accounts)? Because this promo does apply to taxable IRAs (ie. traditional IRA).
Taxable brokerage account
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

nalgeneBSK wrote: Sat Feb 10, 2024 3:39 pm
grogu wrote: Wed Feb 07, 2024 10:51 am A few questions after having read many (but not all) of the posts here:

Is there a list of ETFs available at Robinhood? I’m not finding a one or a search option on their website. I’m assuming they offer some pretty basic and cheap total-market and total-bond ETFs? (I would hate to come over only to find out all of their ETFs have a 1% expense ratio.)

I have a Vanguard Roth IRA that I am looking to move. (Was actually looking to move it even before I learned of this promotion). Everything is in mutual funds though. The procedure is, I sign a form, then Vanguard liquidates everything to cash (I’m out of the market for potentially a week or so), the cash transfers over to a Robinhood Roth, and then I can buy new ETFs? I immediately get the 3% bonus, subject to (1) keeping Gold for one year and (2) keeping my initial balance for 5 years.

I have to also open a Robinhood brokerage account to fund the Gold, correct? They can’t just take the Gold fees out of my Roth?
This is a silly question but does RH allow non-ETFs to be traded in my IRA accounts. For example, BRK/B, GOOG, AMZN?
Yes
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

nalor511 wrote: Wed Feb 07, 2024 12:47 am On the FAQ it says $75 acat reimbursement per account type and per broker on transfers over$7500 - did anyone get Two reimbursements for one broker, Roth+Trade, $150 reimbursed for a single broker?
Anyone get 2x $75 from the same broker (trad+Roth)?
tj
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Re: Robinhood 3% IRA Match

Post by tj »

nalor511 wrote: Sat Feb 10, 2024 3:51 pm
nalor511 wrote: Wed Feb 07, 2024 12:47 am On the FAQ it says $75 acat reimbursement per account type and per broker on transfers over$7500 - did anyone get Two reimbursements for one broker, Roth+Trade, $150 reimbursed for a single broker?
Anyone get 2x $75 from the same broker (trad+Roth)?
If you transferred that combo, give it a shot and find out. :)
02nz
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Re: Robinhood 3% IRA Match

Post by 02nz »

nalgeneBSK wrote: Sat Feb 10, 2024 3:24 pm
tj wrote: Thu Feb 08, 2024 8:25 am
manlymatt83 wrote: Mon Feb 05, 2024 5:55 pm For those who transferred from Schwab how long did it take?
Mine, showed up today, thursday morning. Transfer request was submitted on Monday. Bonus posted immediately. I have buying power of almost $9000. :D


Surprisingly no emails at all from Robinhood (or Schwab) about the transfer.

Funds are still showing in Schwab. Not sure what will be happening with my 0.4844 partial share of my ETF at Schwab. Robinhood shows 4575 shares.

Schwab shows 4575.4844. I' don't konw if Schwab will sell my partial share to cash and leave it in my Schwab account, sell it to cash and send it to Robinhood, or leave me invested in a fractional share.

Any update on this? I am with Schwab as well... did the partial shares 0.4844 get sold as cash with Schwab and then transferred over? Or did the partial shares move over?
It takes a little while, but partial shares get liquidated and then transferred over as cash. That's how every ACATS transfer I've ever seen has worked.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

tj wrote: Sat Feb 10, 2024 4:01 pm
nalor511 wrote: Sat Feb 10, 2024 3:51 pm
nalor511 wrote: Wed Feb 07, 2024 12:47 am On the FAQ it says $75 acat reimbursement per account type and per broker on transfers over$7500 - did anyone get Two reimbursements for one broker, Roth+Trade, $150 reimbursed for a single broker?
Anyone get 2x $75 from the same broker (trad+Roth)?
If you transferred that combo, give it a shot and find out. :)
My $ aren't freed up yet, but in a few weeks.
02nz
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Re: Robinhood 3% IRA Match

Post by 02nz »

SecurityEng wrote: Sat Feb 10, 2024 8:02 am When people are doing the transfer, do you do it via capitalize or via the forms?

When I go to Robinhood to initiate the transfer, either from mobile or from web, it opens up a third-party service called Capitalize.
Capitalize seems nice and easy to use, but they're very backed up. It says the earliest they can start the transfer is the 26th due to a large volume of transfers going to Robinhood.

I was originally going to transfer a single 401k at a time, but now I think I'll initiate them all at once just to get this over with and not have to wait weeks.
Tip for those with 401k's at Fidelity or another company that also offers IRA accounts: I helped a relative with a transfer from 401k to IRA for this offer, but didn't want to deal with the hassle and time of having the check mailed to Robin Hood. The workaround I found was to roll over first to a tIRA at Fidelity, which was very easy and quick (transfer still happens in cash though - I don't think it's possible for shares to be transferred from a 401k to tIRA). Then we did ACATS from Fidelity, which also doesn't charge a transfer out fee.

This was easier and quicker, and probably saved quite a bit of paperwork, not to mention almost entirely eliminating time out of the market.
nalgeneBSK
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Re: Robinhood 3% IRA Match

Post by nalgeneBSK »

For those of you transferring from Schwab, can you please help provide some guidance?

1. Did you simply follow all of the prompts on Robinhood to initiate the transfer? Anything tricky with this or something to be aware of, for someone who is moving their IRA for the first time?
2. How long did the process take? I'm wondering if this will take me a few mins or do I need to allocate a couple hours to complete (Just the online part, not the actual transfer of Schwab funds to Robinhood)

3. I am reading about the $1000 margin that can be used to purchase SGOV. Where do I access this on Robinhood? I've been clicking around, made a couple trades in my Brokerage account, but haven't been able to figure this out.
manlymatt83
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Re: Robinhood 3% IRA Match

Post by manlymatt83 »

nalgeneBSK wrote: Sat Feb 10, 2024 10:46 pm For those of you transferring from Schwab, can you please help provide some guidance?

1. Did you simply follow all of the prompts on Robinhood to initiate the transfer? Anything tricky with this or something to be aware of, for someone who is moving their IRA for the first time?
2. How long did the process take? I'm wondering if this will take me a few mins or do I need to allocate a couple hours to complete (Just the online part, not the actual transfer of Schwab funds to Robinhood)
Make sure you are T+2 on any trades. So if you initiate Monday, make sure you haven’t made any trades, including dividend reinvestment, since Thursday. If you initiate today, since Wednesday.

Make sure you only have ETFs and cash. No mutual funds.

Submitting the transfer request took me 93 seconds. The next morning, my Schwab account was restricted from trading. I am now waiting for the assets to move over. It says completion by this Friday, so 8 days.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

nalgeneBSK wrote: Sat Feb 10, 2024 10:46 pm For those of you transferring from Schwab, can you please help provide some guidance?

1. Did you simply follow all of the prompts on Robinhood to initiate the transfer? Anything tricky with this or something to be aware of, for someone who is moving their IRA for the first time?
2. How long did the process take? I'm wondering if this will take me a few mins or do I need to allocate a couple hours to complete (Just the online part, not the actual transfer of Schwab funds to Robinhood)

3. I am reading about the $1000 margin that can be used to purchase SGOV. Where do I access this on Robinhood? I've been clicking around, made a couple trades in my Brokerage account, but haven't been able to figure this out.

1.) Yes
2.) A Minute or two.
3.) Don't worry about this. It's not worth the hassle and risking making a mistake for $50.
theplayer11
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Re: Robinhood 3% IRA Match

Post by theplayer11 »

nalgeneBSK wrote: Sat Feb 10, 2024 10:46 pm For those of you transferring from Schwab, can you please help provide some guidance?

1. Did you simply follow all of the prompts on Robinhood to initiate the transfer? Anything tricky with this or something to be aware of, for someone who is moving their IRA for the first time?
2. How long did the process take? I'm wondering if this will take me a few mins or do I need to allocate a couple hours to complete (Just the online part, not the actual transfer of Schwab funds to Robinhood)

3. I am reading about the $1000 margin that can be used to purchase SGOV. Where do I access this on Robinhood? I've been clicking around, made a couple trades in my Brokerage account, but haven't been able to figure this out.
activate margin, deposit $2k and buy $3k sgov. It’s not a hassle. I assume you subscribed to Gold.
edit: deposit extra to cover year of Gold.
tj
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Re: Robinhood 3% IRA Match

Post by tj »

theplayer11 wrote: Sun Feb 11, 2024 1:38 am
nalgeneBSK wrote: Sat Feb 10, 2024 10:46 pm For those of you transferring from Schwab, can you please help provide some guidance?

1. Did you simply follow all of the prompts on Robinhood to initiate the transfer? Anything tricky with this or something to be aware of, for someone who is moving their IRA for the first time?
2. How long did the process take? I'm wondering if this will take me a few mins or do I need to allocate a couple hours to complete (Just the online part, not the actual transfer of Schwab funds to Robinhood)

3. I am reading about the $1000 margin that can be used to purchase SGOV. Where do I access this on Robinhood? I've been clicking around, made a couple trades in my Brokerage account, but haven't been able to figure this out.
activate margin, deposit $2k and buy $3k sgov. It’s not a hassle. I assume you subscribed to Gold.
edit: deposit extra to cover year of Gold.
We don't know how Robinhood is going to handle paying the fee when you have margin. Wouldn't depositing extra just reduce your margin?
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runr
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Re: Robinhood 3% IRA Match

Post by runr »

02nz wrote: Sat Feb 10, 2024 4:20 pm
SecurityEng wrote: Sat Feb 10, 2024 8:02 am When people are doing the transfer, do you do it via capitalize or via the forms?

When I go to Robinhood to initiate the transfer, either from mobile or from web, it opens up a third-party service called Capitalize.
Capitalize seems nice and easy to use, but they're very backed up. It says the earliest they can start the transfer is the 26th due to a large volume of transfers going to Robinhood.

I was originally going to transfer a single 401k at a time, but now I think I'll initiate them all at once just to get this over with and not have to wait weeks.
Tip for those with 401k's at Fidelity or another company that also offers IRA accounts: I helped a relative with a transfer from 401k to IRA for this offer, but didn't want to deal with the hassle and time of having the check mailed to Robin Hood. The workaround I found was to roll over first to a tIRA at Fidelity, which was very easy and quick (transfer still happens in cash though - I don't think it's possible for shares to be transferred from a 401k to tIRA). Then we did ACATS from Fidelity, which also doesn't charge a transfer out fee.

This was easier and quicker, and probably saved quite a bit of paperwork, not to mention almost entirely eliminating time out of the market.
Thanks for that info, I was thinking doing the exact same thing for my wife's 401(k), although she is doing rIRA conversions, so it looks like if I can convince her she would just move the roth portion of the 401(k).
fired at 39 since 2021
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nps
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Re: Robinhood 3% IRA Match

Post by nps »

tj wrote: Sun Feb 11, 2024 8:56 am
theplayer11 wrote: Sun Feb 11, 2024 1:38 am activate margin, deposit $2k and buy $3k sgov. It’s not a hassle. I assume you subscribed to Gold.
edit: deposit extra to cover year of Gold.
We don't know how Robinhood is going to handle paying the fee when you have margin. Wouldn't depositing extra just reduce your margin?
Yes
tj
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Joined: Wed Dec 23, 2009 11:10 pm

Re: Robinhood 3% IRA Match

Post by tj »

FWIW, Robinhood app says that my transfer from Schwab is complete. So perhaps they are not expecting the partial share?
nalgeneBSK
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Re: Robinhood 3% IRA Match

Post by nalgeneBSK »

Anyone know how strict the *exact name* needs to match for transfer to occur?

For example, if my legal name is "David" (Schwab accounts use this) but my RH account is set up as "Dave" -- will that cause any issues with the transfer?
tj
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Re: Robinhood 3% IRA Match

Post by tj »

nalgeneBSK wrote: Mon Feb 12, 2024 9:04 am Anyone know how strict the *exact name* needs to match for transfer to occur?

For example, if my legal name is "David" (Schwab accounts use this) but my RH account is set up as "Dave" -- will that cause any issues with the transfer?

I'm pretty sure one of my accounts had a middle initial vs. middle name or even omitted the middle.
corduroysuit
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Re: Robinhood 3% IRA Match

Post by corduroysuit »

nalgeneBSK wrote: Mon Feb 12, 2024 9:04 am Anyone know how strict the *exact name* needs to match for transfer to occur?

For example, if my legal name is "David" (Schwab accounts use this) but my RH account is set up as "Dave" -- will that cause any issues with the transfer?
I was worried about this too, so I chatted with RH and they agreed that the names needed to match exactly. In my case the RH account lacked my middle name. They sent me a docusign form to change the legal name on my account, and then I was able to initiate the transfer.
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