Robinhood 3% IRA Match

All right tax nerds, confirm one thing for me. I’m 99% sure I’m fine but want someone to tell me so. I have a traditional IRA that’s heavily invested in FZROX that I want to transfer to RH for the 3% bonus. But FZROX is only available on Fidelity, so to transfer I’ll need to sell this, and then buy something like VTI or VOO. Since this is in an IRA this is totally fine and won’t trigger any sort of taxable event, yes?

I signed up for RH gold, and I’m on the wait list for the credit card. Chase recently de-valued the Sapphire Reserve so I was going to cancel it anyway. I could churn some cards for the SUBs, but a flat 3% cash back with no limit is quite nice.

And I will likely start using RH brokerage, not a huge deal but I usually have $10k to $15k in cash and RH is offering 5.25% on that, with Fidelity it’s in a money market fund that isn’t quite as rich.

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You got it

Welcome to the RH gang. Gonna ride this wave until RH gets bought out or goes bankrupt

This reminds me of when Uber came out guns a blazing and undercut the taxi industry

Take your cut of the free VC cash

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You want RH to do the transfer for you so it doesn’t trigger a taxable event. I think you can do the transfer yourself too but it might go more smoothly if they do it. When I transfer HSA money, if I do it myself, I get an extra form that year but if it’s a trustee to trustee transfer I don’t even get an extra form.

Makes sense. I’ve sold my FZROX in my Fidelity account and will let RH handle the rest. Fingers crossed.

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Transfer has been initiated.

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I need to bug my spouse about this. While I control the finances, moving 95% of our assets to a new place is a move that requires dual consent - and spouse was not thrilled about Robinhood. But I’d like to shove the 2024 max into my IRA and push it over.

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I bugged my wife, she has like six accounts. The last time I moved money it required three phone calls, quite a few forms, and a trip to the bank. I’m told RH makes it a lot easier so I’m encouraging her to do this both to consolidate and to get the bonus.

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I’m on board as well. Signed up for RH, will work on transferring my traditional IRA later. I have an inherited IRA that has to be drawn down in 10 years, I don’t think I can roll that over. Well, I probably could but I think it would have to roll over into an IRA in my name, then transfer it and have all of that occur within 26 days. And, I’d have to make sure that didn’t cause a tax issue. That might be too messy.


I’m thinking about jumping into this as well. Weaselette has a few retirement accounts that she’s been looking to consolidate anyway, so hopefully we can get in on the action before it’s too late.

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My IRA has transferred. Got the bonus, dumped 100% into VOO for now. Will rebalance in a bit across all of my portfolio but good enough for today.

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My wife has one transfer set up and is working on another, might have one more we can get done in April. Between the two of us we should get north of $10k in matched funds, that’s a solid deal.

Plus it consolidates my wife’s stuff so she doesn’t have accounts at six different places.


Weaselette set up her account. Now we need to do the transfer. Do we need to convert the stuff in her existing account to cash before we do the transfer to Robinhood? She has like 500k in ETFs like VOO and the like.

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US traded ETFs should all transfer in kind. Robinhood does not support OTC stocks, closed end funds and rarely a few individual stocks. I am a little bit puzzled on what exactly causes Robinhood to stop supporting individual stocks but on a couple occaisions I have noticed that something in my portfolio would no longer be supported.

I think that Robinhood will send notice of anything that it can’t transfer.


Thanks, I’ll check it out tomorrow. She said a message popped up when she was trying to do the transfer and it said “We don’t currently support the transfer of mutual funds, bonds or margin balances from Traditional IRAs, but you can still transfer a portion of your assets over.”

Seeing this thread is a daily reminder, I should go make sure things are getting set up right so I can do all that transfer stuff.

And then, I get distracted with other stuff.

3% is tempting, but I like my current setup so I’m not taking the free money.

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Agreed, I’ve been very tempted to do this but have resisted with the extra complications of a new account (not that big of a deal) and having it “locked-up” for 5 years with a company that’s had recent issues with user friendliness.

I haven’t ruled it out, but I know choosing not to decide will soon become my choice.

I looked at this comparison of Schwab and Robinhood:

Schwab has a number of advantages over Robinhood. Robinhood has 2 big advantages over Schwab IMO: the current 3% match (huge advantage) and interest rate on uninvested cash (could be big for some depending on how much cash you park at your brokerage).

While 3% match is a lot of cheddar, I rather keep my current setup than tie up my money for 5 years at a place I like less. YMMV.

As someone who has had brokerage accounts with basically every company. They all suck equally

Take the 3% unless you don’t have a lot invested. Otherwise this is a massive tax free payday (the bonus counts as investment interest in your retirement account)

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I hesitated for this reason, I’d moved nearly everything to Fidelity. But for me at least, I realized two things. One, the RH app is easy to use so it’s not that annoying, I’m not checking balances or trading often. And two, I can sign up with Betterment or whatever (RIP Mint) to see it all at once if I want. So I ultimately figured worst case I have to set that up, I’ll do that for $6k.