Update 10/28/24: Gold deposit boost effective Nov 25
Offer at a glance
Maximum bonus amount: Unlimited 1% boost
Availability: Nationwide to Robinhood Gold members
Direct deposit required: None
Additional requirements: None
Hard/soft pull:
ChexSystems:
Credit card funding: None
Monthly fees: Robinhood Gold costs $5/month
Early account termination fee: Bonus paid out in 24 monthly increments
Household limit: None
Expiration date: Unknown
The Offer
Robinhood Gold members who make a new, eligible deposit and remain a Gold member for 2 years get a 1% boost on deposits with no limit.
There’s no limit on how much you can earn. After you get your 1% boost, it’s yours to keep—use it to invest or earn 5% APY.
The bonus is paid out in 24 increments so long as the funds are still in your Robinhood cash account or invested with Robinhood.
This bonus is paid on cash deposits or on new investments made, but not on ACATS transfers.
Avoiding Fees
You need to be a Robinhood Gold subscriber to get this bonus. That costs $5 per month. You’ll need to keep the subscription for the entire 24 month period that the bonus is being paid out.
Our Verdict
There’s a similar 1% bonus from Robinhood for ACATS brokerage transfers; that offer does not require Gold and that bonus pays out immediately (though funds need to remain for 2 years). This new offer is for cash transfers; it’s only for Gold members and pays in 24 increments over the following 24 months.
Since the 1% is paid out in monthly increments, we can look at it basically as a boost to the regular 5% interest rate. With the boost you’re earning around 5.5% which is a nice interest rate.
Note, if you subscribe to Gold for the purpose of this deal, that cuts into your profit by $60 per year. (See this post.) Still someone with a lot of cash might be able to do nicely with the 5.5% interest rate. If the interest rate becomes uncompetitive, you can always withdraw your money and keep the boosts already received.
This deal is also interesting to someone with cash to invest. For example, if you just got $100k bonus at work and you want to dump it into the market to hold long term, you can buy with Robinhood and get $1,000 bonus.
Though I don’t find this deal terribly exciting, it’s still interesting and can be useful to some people. We’ll add this to our list of Best Bank Account Bonuses.
Hat tip to readers pizza and Alex
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times