Robinhood 3% IRA Match

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cowbman
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Re: Robinhood 3% IRA Match

Post by cowbman »

For 6 figures, tax free? They might...
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StevieG72
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Re: Robinhood 3% IRA Match

Post by StevieG72 »

I first thought the folks cautioning about exceeding brokerage insurance limits were complainy pants, the sky is falling types.

However, once the 1% on taxable transfers put me in the position to exceed those limits, I am cautiously staying put.

I am approaching retirement and don’t care to have my entire portfolio over at Robinhood. Some of the previous posters have pointed out incidents that are concerning to say the least.

I did transfer over 300k for a 9k IRA bonus.
Last edited by StevieG72 on Sun May 12, 2024 9:18 am, edited 5 times in total.
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Leesbro63
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Re: Robinhood 3% IRA Match

Post by Leesbro63 »

StevieG72 wrote: Sun May 12, 2024 7:28 am I at first thought the folks cautioning about exceeding brokerage insurance limits were complainy pants, the sky is falling types.

However, once the 1% on taxable transfers put me in the position to exceed those limits, I am cautiously stating put.

I am approaching retirement and don’t care to have my entire portfolio over at Robinhood. Some of the previous posters have pointes out incidents that are concerning to say the least.
Which is why, I'd speculate, that Mitt Romney might not want give up a $1M+ bonus on a $33M IRA, as per the conversation further up. I agree that going over the $500,000 SIPC limit makes me uncomfortable at all but the "too big to fail" brokerages.
cowbman
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Re: Robinhood 3% IRA Match

Post by cowbman »

I believe Mitt Romney had $300 million in his IRA as of about 10 years ago...
ScroogeMcDuck
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Re: Robinhood 3% IRA Match

Post by ScroogeMcDuck »

For those who hold some cash in their IRAs, where are you putting your IRA cash at Robinhood? I had about $100k in SWVXX (Schwab's money market fund paying 5.15%) when my IRA was at Schwab. Is there an ETF equivalent to a money marker fund? Looks like the Robinhood settlement fund pays nothing.
the_wiki
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Re: Robinhood 3% IRA Match

Post by the_wiki »

ScroogeMcDuck wrote: Mon May 13, 2024 10:48 pm For those who hold some cash in their IRAs, where are you putting your IRA cash at Robinhood? I had about $100k in SWVXX (Schwab's money market fund paying 5.15%) when my IRA was at Schwab. Is there an ETF equivalent to a money marker fund? Looks like the Robinhood settlement fund pays nothing.
You can use SGOV or USFR

If you susbscribe to gold for the IRA match the settlement fund does pay 5%. https://robinhood.com/us/en/support/art ... rest-rate/
tj
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Re: Robinhood 3% IRA Match

Post by tj »

the_wiki wrote: Mon May 13, 2024 10:58 pm
ScroogeMcDuck wrote: Mon May 13, 2024 10:48 pm For those who hold some cash in their IRAs, where are you putting your IRA cash at Robinhood? I had about $100k in SWVXX (Schwab's money market fund paying 5.15%) when my IRA was at Schwab. Is there an ETF equivalent to a money marker fund? Looks like the Robinhood settlement fund pays nothing.
You can use SGOV or USFR

If you susbscribe to gold for the IRA match the settlement fund does pay 5%. https://robinhood.com/us/en/support/art ... rest-rate/
The 5% settlement fund is only in taxable accounts, not IRAs.

IRA need to use SGOV, USFR, BIL etc
ScroogeMcDuck
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Re: Robinhood 3% IRA Match

Post by ScroogeMcDuck »

the_wiki wrote: Mon May 13, 2024 10:58 pm
ScroogeMcDuck wrote: Mon May 13, 2024 10:48 pm For those who hold some cash in their IRAs, where are you putting your IRA cash at Robinhood? I had about $100k in SWVXX (Schwab's money market fund paying 5.15%) when my IRA was at Schwab. Is there an ETF equivalent to a money marker fund? Looks like the Robinhood settlement fund pays nothing.
You can use SGOV or USFR

If you susbscribe to gold for the IRA match the settlement fund does pay 5%. https://robinhood.com/us/en/support/art ... rest-rate/
Thanks! The Robinhood instructions work for my individual brokerage account, but apparently "5% APY on brokerage cash does not apply to IRA". I'll check out those ETFs.
cowbman
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Re: Robinhood 3% IRA Match

Post by cowbman »

tj wrote: Mon May 13, 2024 11:15 pm
the_wiki wrote: Mon May 13, 2024 10:58 pm
ScroogeMcDuck wrote: Mon May 13, 2024 10:48 pm For those who hold some cash in their IRAs, where are you putting your IRA cash at Robinhood? I had about $100k in SWVXX (Schwab's money market fund paying 5.15%) when my IRA was at Schwab. Is there an ETF equivalent to a money marker fund? Looks like the Robinhood settlement fund pays nothing.
You can use SGOV or USFR

If you susbscribe to gold for the IRA match the settlement fund does pay 5%. https://robinhood.com/us/en/support/art ... rest-rate/
The 5% settlement fund is only in taxable accounts, not IRAs.

IRA need to use SGOV, USFR, BIL etc
CSR confirmed this with me too. I invested in SGOV.
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Admiral Fun
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Re: Robinhood 3% IRA Match

Post by Admiral Fun »

Somehow I missed the 3% IRA transfer offer because I only read the beginning of this thread when the bonus was a less appealing 1%. That could have been an 17k bonus between me and spouse!

I wonder if the 3% transfer bonus will come back or if that was a one time deal (feel free to speculate…)

Admiral Fun
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
Leesbro63
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Re: Robinhood 3% IRA Match

Post by Leesbro63 »

1% with a two year hold isn’t bad.
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

Leesbro63 wrote: Wed May 15, 2024 11:21 am 1% with a two year hold isn’t bad.
The biggest detriment is the fact that I can't see SpecID lots and sell specific lots. Otherwise I'll be all over this.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

stilllurking wrote: Wed May 15, 2024 10:27 am I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
edit: misread it
Last edited by nalor511 on Wed May 15, 2024 12:46 pm, edited 1 time in total.
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

nalor511 wrote: Wed May 15, 2024 12:32 pm
stilllurking wrote: Wed May 15, 2024 10:27 am I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
Based on what you pasted it's not 2 free months of $1k. It's giving you a deadline to draw the $1k for 0%, if you make the margin draw before the deadline (the way I read it) you stay at 0% after that deadline. If you don't draw, then draw later, you would not get 0%.
Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

stilllurking wrote: Wed May 15, 2024 12:35 pm
nalor511 wrote: Wed May 15, 2024 12:32 pm
stilllurking wrote: Wed May 15, 2024 10:27 am I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
Based on what you pasted it's not 2 free months of $1k. It's giving you a deadline to draw the $1k for 0%, if you make the margin draw before the deadline (the way I read it) you stay at 0% after that deadline. If you don't draw, then draw later, you would not get 0%.
Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

nalor511 wrote: Wed May 15, 2024 12:45 pm
stilllurking wrote: Wed May 15, 2024 12:35 pm
nalor511 wrote: Wed May 15, 2024 12:32 pm
stilllurking wrote: Wed May 15, 2024 10:27 am I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
Based on what you pasted it's not 2 free months of $1k. It's giving you a deadline to draw the $1k for 0%, if you make the margin draw before the deadline (the way I read it) you stay at 0% after that deadline. If you don't draw, then draw later, you would not get 0%.
Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
I'm in queue to chat with one of their CSRs to confirm.
avburns
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Re: Robinhood 3% IRA Match

Post by avburns »

BobbleyBob wrote: Mon Aug 07, 2023 3:01 pm What do you think of the new Robinhood 3% IRA match? It seems like it's the best and cheapest place to hold a lazy portfolio now.

Contributing $6500/year means you get $195/year. You have to pay $60/year for Robinhood Gold though. So you come out $135/year ahead. Robinhood Gold also comes with $1000 of 0% interest margin. If you invest that in a short term Treasury bond ETF, you make about $50 a year.

If you transfer money, you get a 1% match with no cap. For example, if you transfer $1 million of VTI from a 401k or IRA, you get $10,000. The only catch is if you have to hold the money at Robinhood for 5 years. You can't just transfer the money, get the bonus and transfer out.

https://robinhood.com/us/en/support/art ... match-faq/
The new Robinhood 3% IRA match offer certainly seems attractive, especially for those looking for a low-cost option to hold a lazy portfolio. Contributing $6500/year and receiving a $195/year match can be enticing, particularly considering the potential net gain after accounting for the Robinhood Gold fee.

Additionally, the $1000 of 0% interest margin provided with Robinhood Gold could be utilized effectively to generate additional returns if invested wisely.

The 1% match with no cap for transferring money, such as from a 401k or IRA, is also noteworthy. However, the requirement to hold the transferred funds at Robinhood for 5 years might deter some investors who prefer more flexibility with their investments.
EliteZags
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Re: Robinhood 3% IRA Match

Post by EliteZags »

anyone know when the 1% deposit bonus is supposed to go active? wanting to funnel taxable investing funds there but customer support is beyond worthless

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bongo
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Re: Robinhood 3% IRA Match

Post by bongo »

lol don't know why you expected a random rep to know the date when it hasn't been announced or posted on the website yet.

surprised you didn't ask what date the Gold CC applications will go live too.
Lyrrad
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Re: Robinhood 3% IRA Match

Post by Lyrrad »

Deposit boost was originally announced as “beginning in early May” in March. Earnings documents from last week say “soon” and “upcoming”.
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

stilllurking wrote: Wed May 15, 2024 1:20 pm
nalor511 wrote: Wed May 15, 2024 12:45 pm
stilllurking wrote: Wed May 15, 2024 12:35 pm
nalor511 wrote: Wed May 15, 2024 12:32 pm
stilllurking wrote: Wed May 15, 2024 10:27 am I'm not sure if this should be in it's own thread but saw it was discussed up thread.

I checked the Robinhood Gold page in my app and noticed it says, "$2K margin interest-free Get more interest-free margin, valid until 07/15/24.*" The asterisk goes to a section stating, "After the promotion period, you'll continuing getting your first $1,000 of margin interest-free."

I suppose 2 free months of $1k is just that and earn you around $8 before taxes at 5%.
Based on what you pasted it's not 2 free months of $1k. It's giving you a deadline to draw the $1k for 0%, if you make the margin draw before the deadline (the way I read it) you stay at 0% after that deadline. If you don't draw, then draw later, you would not get 0%.
Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
I'm in queue to chat with one of their CSRs to confirm.
The CSR I chatted with had advised that after the end date (now it shows 8/18/24) the amount borrowed over the first $1k, will be charged interest.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

stilllurking wrote: Wed May 15, 2024 2:19 pm
stilllurking wrote: Wed May 15, 2024 1:20 pm
nalor511 wrote: Wed May 15, 2024 12:45 pm
stilllurking wrote: Wed May 15, 2024 12:35 pm
nalor511 wrote: Wed May 15, 2024 12:32 pm

Based on what you pasted it's not 2 free months of $1k. It's giving you a deadline to draw the $1k for 0%, if you make the margin draw before the deadline (the way I read it) you stay at 0% after that deadline. If you don't draw, then draw later, you would not get 0%.
Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
I'm in queue to chat with one of their CSRs to confirm.
The CSR I chatted with had advised that after the end date (now it shows 8/18/24) the amount borrowed over the first $1k, will be charged interest.
On the web, I do not see any end date. It's about $4.xx per month, so even with an 8/18 end date, doesn't make much sense for $12. Unless they remove the end date entirely.
stilllurking
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Re: Robinhood 3% IRA Match

Post by stilllurking »

nalor511 wrote: Wed May 15, 2024 2:59 pm
stilllurking wrote: Wed May 15, 2024 2:19 pm
stilllurking wrote: Wed May 15, 2024 1:20 pm
nalor511 wrote: Wed May 15, 2024 12:45 pm
stilllurking wrote: Wed May 15, 2024 12:35 pm

Interesting perspective. I thought it was talking about reverting. I just bought more BOXX today. I'll check in with CS closer to the expiration to be sure.
Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
I'm in queue to chat with one of their CSRs to confirm.
The CSR I chatted with had advised that after the end date (now it shows 8/18/24) the amount borrowed over the first $1k, will be charged interest.
On the web, I do not see any end date. It's about $4.xx per month, so even with an 8/18 end date, doesn't make much sense for $12. Unless they remove the end date entirely.
It's an easy $12 and would eat into my carry forward loses so no tax implications. If they do away with the end date even better for me. This is all paying for the Gold fee anyways. Less out of my pocket.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

stilllurking wrote: Wed May 15, 2024 3:52 pm
nalor511 wrote: Wed May 15, 2024 2:59 pm
stilllurking wrote: Wed May 15, 2024 2:19 pm
stilllurking wrote: Wed May 15, 2024 1:20 pm
nalor511 wrote: Wed May 15, 2024 12:45 pm

Oh, interesting, ignore my last post, apparently I can't read. Until 7/15 you get an *extra* $1k of free margin for a total of $2k. After the promo, you still have $1k free margin. You read it correctly.

I'm not going to bother adding another $1k of "free' margin for 2 months, but I do have the original $1k free margin in place for months now. Sorry about the misread.
I'm in queue to chat with one of their CSRs to confirm.
The CSR I chatted with had advised that after the end date (now it shows 8/18/24) the amount borrowed over the first $1k, will be charged interest.
On the web, I do not see any end date. It's about $4.xx per month, so even with an 8/18 end date, doesn't make much sense for $12. Unless they remove the end date entirely.
It's an easy $12 and would eat into my carry forward loses so no tax implications. If they do away with the end date even better for me. This is all paying for the Gold fee anyways. Less out of my pocket.
It's just odd that there's no end date or anything showed on the web. I don't like to get into "deals" where the terms aren't clear. Esp not for $12. The 3% match had clear terms, and was worth 3000x the amount. The $1k free margin has clear terms. This extra bump to $2k, not so much.
EliteZags
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Re: Robinhood 3% IRA Match

Post by EliteZags »

by 1. not knowing their own policies/promotions and 2. not paying attention to actual details of what's being asked and just guessing on assumptions they are wasting both their clients' time and their own company's resources, you can bet I'm gonna let them know about it
bongo
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Re: Robinhood 3% IRA Match

Post by bongo »

EliteZags wrote: Wed May 15, 2024 4:53 pm by 1. not knowing their own policies/promotions and 2. not paying attention to actual details of what's being asked and just guessing on assumptions they are wasting both their clients' time and their own company's resources, you can bet I'm gonna let them know about it
This is a new product that has not been rolled out yet. There was probably a slight chance that the rep had heard when the rollout might occur, but I would not have berated them for not knowing. It's like if someone asked you about the next release of some product your company makes - unless you happened to be the product manager, you'd have no clue.

I ate at Red Lobster today. I didn't ask my waiter when they are going bankrupt. Sure, there's a chance he'd heard something thru the grapevine, but a much bigger chance that he knew nothing. And I couldn't really rely on any rumor he might have heard anyway (I have many GC to use up).
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whodidntante
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Re: Robinhood 3% IRA Match

Post by whodidntante »

I understand that it's frustrating when you are connected to "customer service" and get someone who is not able to help, but my solution is simple. HUCA. Hang up and call again. Or in the case of Robinhood, just try later. Getting irate or pointing out flaws doesn't make the person any better at their job and has a possible downside. A brokerage can close your accounts or even ban you for any reason or no reason, which can be terribly inconvenient. By posting screenshots publicly, you've possibly doxxed yourself and made it worse.

This is just my philosophy. I'm not saying I'm right and that others are wrong. My point is that it's not risk free.

I don't know about y'all, but my expectations are really low when I contact customer service for just about anything. I don't pay premium prices for anything, and I don't expect premium service. We raced to the bottom, and we won. Now we get to live there. :P
FreeLunch
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Re: Robinhood 3% IRA Match

Post by FreeLunch »

whodidntante wrote: Wed May 15, 2024 10:04 pm I don't know about y'all, but my expectations are really low when I contact customer service for just about anything. I don't pay premium prices for anything, and I don't expect premium service. We raced to the bottom, and we won. Now we get to live there. :P
I feel the same. A lot of the times, it's faster, easier, and more accurate to find your own answers via the internet vs calling customer service. If one doesn't like it, there's Schwab, Fidelity, Morgan Stanley, and a whole slew of other brokers that may offer better customer service. If you're doing business with Robinhood, one can educate themselves on the pros/cons of them. This mega thread shows a lot of the pros and cons that people have experienced.
Inframan4712
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Re: Robinhood 3% IRA Match

Post by Inframan4712 »

FreeLunch wrote: Wed May 15, 2024 11:04 pm
whodidntante wrote: Wed May 15, 2024 10:04 pm I don't know about y'all, but my expectations are really low when I contact customer service for just about anything. I don't pay premium prices for anything, and I don't expect premium service. We raced to the bottom, and we won. Now we get to live there. :P
I feel the same. A lot of the times, it's faster, easier, and more accurate to find your own answers via the internet vs calling customer service. If one doesn't like it, there's Schwab, Fidelity, Morgan Stanley, and a whole slew of other brokers that may offer better customer service. If you're doing business with Robinhood, one can educate themselves on the pros/cons of them. This mega thread shows a lot of the pros and cons that people have experienced.
For example, yesterday I called Vanguard to initiate a conversion on a small amount of VTSAX to VTI. The rep told me I would have to sell my VTSAX and then buy VTI. I politely educated him that it is possible to do a conversion without triggering capital gains. He put me on hold then came back and thanked me for teaching him something new.
nalor511
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Re: Robinhood 3% IRA Match

Post by nalor511 »

nalor511 wrote: Wed May 15, 2024 4:15 pm
stilllurking wrote: Wed May 15, 2024 3:52 pmIt's an easy $12 and would eat into my carry forward loses so no tax implications. If they do away with the end date even better for me. This is all paying for the Gold fee anyways. Less out of my pocket.
It's just odd that there's no end date or anything showed on the web. I don't like to get into "deals" where the terms aren't clear. Esp not for $12. The 3% match had clear terms, and was worth 3000x the amount. The $1k free margin has clear terms. This extra bump to $2k, not so much.
The extra $1k free margin (total $2k free margin) promo end-date is now showing on the web for me as 8/18 -- I caved and did it. Thanks for the heads-up
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