I had a lot of people buzz me on Robinhood’s new gold program this month (if you don’t have a Robinhood account / membership, here’s a referral code that gets you (and me!) a free share with sign up). The basics are that their new gold membership costs ~$5/month and comes with a ton of benefits, including a reward card (releasing soon) with unreal cash back terms, a 3% match for rolling over an IRA, and improved cash sweep.
I really should have looked more carefully at this earlier. You are subject to a 5yr lock up of transfers or you forfeit the match, but even still, this does seem weirdly like free money. Given the time it takes to transfer though, with the offer expiring 4/30, your funds need to have settled before then, so it's probably too late to try it right now.
Given the 5 year hold, would it hit the income statement all in year one?
A lot of brokerage bonuses have .25 - 1 year holds vs this one at a crazy high 5.
BofA has 2.625% cash back cards with sign up bonuses and 0% intro rates for 15 months (effectively high single digit cash back on early purchases). Don’t think these deals are leading the pack.
Fan of your stuff but this post was a straight up ad for robinhood. I hope they paid you to post this?
I really should have looked more carefully at this earlier. You are subject to a 5yr lock up of transfers or you forfeit the match, but even still, this does seem weirdly like free money. Given the time it takes to transfer though, with the offer expiring 4/30, your funds need to have settled before then, so it's probably too late to try it right now.
Love the short play!!
5 year hold is the key. So they are paying .6% (avg) a year for the funds. Meanwhile you trade there and it makes their AUM look good.
Given the 5 year hold, would it hit the income statement all in year one?
A lot of brokerage bonuses have .25 - 1 year holds vs this one at a crazy high 5.
BofA has 2.625% cash back cards with sign up bonuses and 0% intro rates for 15 months (effectively high single digit cash back on early purchases). Don’t think these deals are leading the pack.
Fan of your stuff but this post was a straight up ad for robinhood. I hope they paid you to post this?
My favorite card! Can't wait for it to arrive. They're shipping them this week with many more shipping in early May https://shorturl.at/atCL1