Robinhood HOOD Week 2024 Transfer Bonuses
Robinhood, the mobile-centric brokerage known for its commission-free trading platform, is offering lucrative bonuses for a limited time–during their promotional HOOD Week 2024–to attract more assets and investors.
From October 16, 2024 to October 27, 2024, the following bonuses are available:
- 1% bonus on transfers to your Robinhood or individual investing account from an external brokerage
- 2% bonus on transfers with a margin balance of $10,000 or more to your Robinhood joint or individual investing account from an external brokerage
- 3% bonus on transfers to your Robinhood IRA with a Robinhood Gold subscription, excludes rollovers
Make sure you review the terms of the promotion to ensure that you meet all the requirements to qualify for the bonuses.
3% Bonus: Transfers from IRAs
Initiate an ACATS transfer from an IRA at an external brokerage into your Robinhood IRA with a Robinhood Gold subscription (must be maintained for at least 1 year from the date of the transfer) and earn a 3% bonus on the amounts transferred. Multiple transfers from multiple IRAs and brokerages are eligible.
To keep the bonus, you must maintain the value of the transferred assets for 5 years.
2% Bonus: Transfer Margin Balances
Initiate an ACATS transfer from an external brokerage account with a margin balance of at least $10,000 into your Robinhood individual or joint brokerage account and earn a 2% bonus on the amounts transferred. Multiple transfers from multiple margin accounts with at least $10,000 in margin are eligible.
To keep the bonus, you must maintain the value of the transferred assets for 2 years.
1% Bonus: General Transfers
Initiate an ACATS transfer from an external brokerage account into your Robinhood individual or joint brokerage account and earn a 1% bonus on the amounts transferred. Multiple transfers from multiple brokerages are eligible.
To keep the bonus, you must maintain the value of the transferred assets for 2 years.
What to Consider Before Making Asset Transfers
Transferring investments between brokerages can have a significant impact on your investment portfolio. Make sure you take these points into consideration:
Change in investment options
Switching brokerages can have a major impact on your overall portfolio because each brokerage will have its own selection of investments available to investors. Most likely, however, Robinhood will offer comparable investment options if a particular asset isn’t. But, you should still check that you can maintain your investment approach through these investment options.
Timing
Due to the limited-time promotional period of HOOD Week, timing can be very crucial–especially for investors who don’t already have a Robinhood account. While it takes only 10 minutes to apply for a Robinhood account, the application review process could take 5 to 7 days.
Consult tax advisor and financial pro
It’s important to check in with your financial advisor to evaluate how your portfolio might change if you transfer assets to another brokerage. Notably, you’ll want to ensure that asset transfers allow you to stay on track with your investment and retirement strategies.
Additionally, if you have any concerns about how the bonuses might affect your tax situation, you should also speak with your tax advisor to address any questions you may have.
FAQs
What is ACATS?
ACATS (Automated Customer Account Transfer Service) is the electronic system that allows the movement of financial assets between brokerage firms. It is similar to the ACH network that banks use to transfer funds between bank accounts.
ACATS allows for the quick transfer of assets such as stocks, ETFs, bonds, and mutual funds. It does not allow for the transfer of cryptocurrency, securities not sold by the new firm, annuities, and other less common assets.
What is Robinhood Gold?
Robinhood Gold is a subscription program that costs $5 per month for premium perks, including higher interest rates on cash, bonuses on deposits, an IRA match, and access to a competitive cash back credit card program.
How are bonuses taxed?
The bonuses are taxed as interest income–you will receive a Form 1099-INT at the end of the calendar year. You will not receive a Form 1099-INT for bonuses earned through transfers into your Robinhood IRA.
Disclosures
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.
