Key Takeaways

• Robinhood is offering three transfer bonuses of 1%, 2%, and 3%, but only on transfers initiated by Oct. 27, 2024.
• New and existing account holders are eligible for these bonuses if they transfer stocks, ETFs, options, cash, or a margin balance to their Robinhood account from another brokerage account.
• Compare other broker bonuses before deciding which one is best for your investments and portfolio.

With the recent introduction of Robinhood Legend, the new web-based trading platform, now might be a good time to consolidate your investment accounts at Robinhood and receive a cash bonus. Through Oct. 27, new and existing account holders who transfer stocks, ETFs, options, cash, or a margin balance into a Robinhood account from another brokerage account are eligible for up to a 3% cash bonus.

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Earn Up to 3% on Transfers Initiated by Oct. 27

The three bonuses below, all of which expire at 11:59 p.m. Pacific time on Oct. 27, 2024, require transfers to come from external brokerage accounts:

• 1% Bonus: Transfer cash, stocks, ETFs or non-expiring options from an external brokerage account to a Robinhood account and earn 1% in bonus money.
• 2% Bonus for Margin Balance: Transfer at least $10,000 from one external brokerage account to a margin-enabled Robinhood account and earn 2% in bonus money. This bonus requires a minimum transfer of $10,000 settled margin funds. 
• 3% Transfer Bonus: Gold subscribers are eligible for a 3% bonus on cash transfers into their Robinhood IRA from external IRA accounts. Rollovers from employer-sponsored plans and annual IRA contributions are excluded. 

Each bonus refers to a percent of the net asset value transferred into the Robinhood account.

To receive these Robinhood cash bonuses, it’s important to understand the terms. The value of the transferred assets is determined by the market closing price of each position transferred on the trading day before the transfer settles.

If you meet the requirements, you’ll receive the bonus within five to seven business days of initiating the transfer. To keep the bonus, you’ll need to maintain the entire transferred assets within the account for a minimum of two years for the 1% and 2% bonuses, and five years for the 3% bonus. If assets are removed before the required two- and five-year holding periods, the bonuses will be removed from the account.

Transfers must be completed through the Automated Customer Account Transfer Service (ACATs). This is the universally accepted transfer system for asset transfers between distinct investment brokerage companies. Bank, wire, and debit card transfers are not eligible.

To receive the 3% match, IRA owners must maintain a Robinhood Gold membership for at least one year, after the eligible transfer. Robinhood Gold is the broker’s premium account that charges a $5 monthly subscription.

Are These Bonuses Worth It?

It’s not unusual for brokers to offer bonuses to entice investors to transfer assets. So, how do the Robinhood bonuses compare with competitors' current bonuses?

E*TRADE currently offers bonuses ranging from $50 on deposits of $1,000 through $4,999, all the way up to $6,000 on deposits of $2 million or more into a brokerage account. To compare, you’ll earn a $150 bonus with a $10,000 transfer into E*TRADE. With the Robinhood 1% bonus transfer into a brokerage account, you’ll receive $100 for a $10,000 transfer.

Merrill Edge, the self-directed brokerage arm of the Bank of America and Merrill Investing platform, offers tiered bonuses for new IRA, cash management accounts, and brokerage account holders. New account holders get $100 for a $20,000 deposit and up to $600 for a $200,000+ deposit. Merill’s $20,000 minimum threshold is high. Robinhood doesn’t have a minimum required IRA transfer amount.

Webull, one of Robinhood’s biggest competitors, recently closed a 3.5% bonus offer for all transfers into IRA accounts on Oct. 20. Webull matched 3.5% for transfers from an external IRA and 3.5% for new 2024 IRA contributions. Webull customers received a $350 bonus with an IRA transfer and/or a new contribution totaling $10,000.

Consider whether you want to add to your Robinhood account before initiating one of the bonuses. There are competing asset transfer bonuses online, so it’s smart to compare your options first. In the long run, you want to invest with the best brokerage account for you, not the one with the biggest bonus.

Investing is risky. Bonus offers subject to terms and conditions, visit robinhood.com/hoodweek for more information. Margin is not suitable for all investors. Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offering services for a fee. Brokerage services offered through Robinhood Financial LLC (member SIPC), a registered broker-dealer.

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1. Robinhood. "HOOD Week."

2. Robinhood. "Gold."

3. E-Trade. "For a limited time."

4. Bank of America – Merrill Edge. "Merrill Edge® Self-Directed."

5. Webull. "Limited time offer."