Investing app Robinhood is offering an unlimited 3% match on IRA transfers and 401(k) rollovers to a Robinhood IRA with a Robinhood Gold subscription. This 3% match on rollovers and transfers is a limited-time offer that expires April 30, 2024, after which you'll only get a 1% match.
Robinhood Gold subscribers will continue to get a 3% match on new, qualifying contributions to their Robinhood IRA. However, you have to meet a few requirements to earn and keep the full 3% match:
- You must have a Robinhood Gold subscription, which costs $75 per year
- You have to keep your Robinhood Gold subscription for at least one year after you make the qualifying contribution
- The funds that earned the match must be kept in the account for at least five years; otherwise, you'll owe a potential early IRA match removal fee
- You must have earned (wage) income to contribute to a Robinhood IRA
If you don't want a Robinhood Gold subscription, you'll still get a match on all new contributions to a Robinhood IRA, as well as on transfers and rollovers — but it will only be a 1% match.
Robinhood Retirement
Minimum deposit and balance
There is a $20 minimum to invest in the portfolio Robinhood recommends to you
Fees
Robinhood doesn't charge any management fees or commission fees for the IRA account. However, an IRA Match Early Withdrawal Fee may apply in some circumstances
Bonus
The Robinhood IRA offers a 1% match on eligible contributions up to IRA contribution limits. Limitations apply.*
Investment vehicles
Traditional IRA and Roth IRA
Investment options
Stocks and ETFs (users can invest in Robinhood's selection of 5–8 recommended ETFs, pick their own, or do a combination of both). According to the website, eligible users will soon be able to trade options in their IRA
Educational resources
Robinhood offers education materials on their website
Terms apply. Does not apply to crypto asset portfolios.
*The IRA Match is automatically added after eligible contributions from an external bank account. Keep the contributions in your IRA for at least 5 years from the date you contribute. IRA Match FAQ. Other fees may apply. See Fee Schedule for more details.
Is the 3% match offer a good idea?
What we like about this offer is that Robinhood's match isn't counted toward your annual IRA contribution limits. This means that the match is extra cash on top of your contributions.
- The IRA contribution limits for 2023 are up to $6,500 if under age 50 — meaning you can earn up to $65 extra with Robinhood's standard 1% match or up to $195 as a Robinhood Gold subscriber — and up to $7,500 if age 50 or over — meaning you can pocket up to $75 extra or up to $225 with Robinhood Gold.
- The IRA contribution limits for 2024 are up to $7,000 if under age 50 — meaning you can earn up to $70 extra with Robinhood's 1% match or up to $210 with Robinhood Gold — and up to $8,000 if age 50 or over — meaning you can score up to $80 on top of your contributions or up to $240 with Robinhood Gold.
There's also no limit on the match amount you can earn when you transfer or roll over retirement accounts. Assuming you qualify for the 3% match, transferring $10,000, for example, would get you $300. Transferring $100,000 would get you $3,000.
Keep in mind that outside retirement accounts may charge transfer fees, though Robinhood does not. Robinhood offers up to $75 reimbursement for transfer fees other brokerages may charge, as long as the transfer amount into Robinhood is $7,500 or more.
While there's a requirement that users can't withdraw from their Robinhood IRA for five years or else lose the matching funds, it's traditionally not advised to withdraw early from your retirement account so we don't see this as a big limitation.
There's also the requirement that to keep the full 3% match, you have to be a Robinhood Gold member for one year. Seeing as you only have to spend $75 for a year minimum to keep the 3%, the retirement boost is a good deal. Robinhood doesn't currently charge IRA users any fees or commissions, but if that were to change during the five years of having the account, you'd have to pay for it to keep the match.
How it compares
Robinhood isn't the only brokerage to offer a match on your IRA contributions. SoFi Invest is offering a 2% match on new SoFi traditional and SoFi Roth IRA contributions through April 15, 2024 (up to the annual contribution limits). This means you get an extra 2% for every dollar. Match dollars are not counted toward your annual contribution limits.
Obviously, a 2% match is not as good as Robinhood's 3% match, but SoFi only requires that you keep your contributions in your IRA for at least two years from the date you contribute to keep your 2% match bonus (as opposed to Robinhood's 5-year requirement). SoFi also doesn't require you to pay for a subscription like you have to do with Robinhood Gold.
One other thing to keep in mind is that while SoFi allows rollovers from old 401(k) accounts, the rollovers aren't currently eligible for the 2% match.
SoFi Invest®
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No account minimum for active or automated investing, or to participate in IPOs. $5 minimum to own a fractional share of a company.
Fees
Fees may vary depending on the investment vehicle selected. Active investing has zero commission fees for trading stocks and ETFs (exchange and fund management fees may apply). Automated investing has zero management fees
Bonus
Download the SoFi app and get up to $1,000 when you open an Active SoFi Invest® Brokerage Account. SoFi covers up to $75 of any transfer fees your brokerage may charge when you transfer an account to SoFi
Investment vehicles
Robo-advisor: SoFi Automated Investing IRA: SoFi Traditional, Roth, SEP and Rollover IRAs Brokerage and trading: SoFi Active Investing
Investment options
Stocks, bonds, ETFs, fractional shares and IPO participation
Educational resources
Investors can create a personal watchlist that follows their stocks to stay up to date and receive the latest investing news
Terms apply.
Compare investing resources
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Bottom line
For a limited amount of time, Robinhood is giving an unlimited 3% match on IRA transfers and 401(k) rollovers to a Robinhood IRA, provided you have a Robinhood Gold subscription. There's no cap on this match, so if you have a large sum of money in your retirement accounts and want to move things over to the investment app, you can give your savings a boost by taking advantage of this offer.
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