Robinhood re-launched a promotion with an asset transfer bonus
Robinhood re-launched a promotion with an asset transfer bonus
Robinhood has announced an exciting promotion offering users a 1% bonus for transferring assets from external brokerages into their Robinhood joint or individual investing accounts.Β
This limited time offer, valid from September 10, 2024 until October 1, 2024, will allow investors to receive a bonus on top of the value of the transferred assets, providing an additional incentive to consolidate their investments with the platform.
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Only brokerage account transfers are eligible for this 1% bonus, which includes cash and securities transferred into Robinhood accounts during the promotion period. Importantly, other transfer types, such as ACH transfers, do not qualify. The bonus applies to net new transfers, meaning that any assets transferred out and then back into the account will not be eligible.
The bonus is calculated based on the net transferred asset value on the trading day before the transfer settles. Settlement occurs when the transferred securities are posted and available for trading. For example, if an investor transfers $10,000, they will receive a $100 bonus. The bonus is automatically credited to the userβs account once the transfer is complete and settled.
While the bonus is available for immediate use, there are certain conditions for keeping it. The transferred assets must remain in the account for at least two years for the investor to fully retain the bonus. Withdrawals made before this period may result in the forfeiture of a portion of the bonus, depending on the account balance after the withdrawal.
Robinhood does not charge a fee for transferring assets into the platform. However, users should be aware that their external brokerage might charge a transfer fee. Robinhood is offering reimbursement of up to $75 for transfer fees on full or partial transfers exceeding $7,500. Customers can request this reimbursement directly from Robinhood.
The bonus earned through this promotion will be reported as interest income under the primary ownerβs Social Security Number (SSN) or Tax Identification Number (TIN) for tax purposes, ensuring full transparency in the process.
Market fluctuations, both positive and negative, can affect an investorβs account balance but will not impact the bonus itself. For instance, if the portfolio decreases in value due to market volatility, the bonus remains intact as long as the investor does not withdraw funds. Conversely, if the portfolio increases in value, withdrawals can still be made without forfeiting the bonus, provided the remaining balance stays above the transferred amount.
Robinhoodβs 1% bonus promotion offers a compelling reason for investors to consolidate their assets on the platform, providing both immediate value and long-term benefits for maintaining investments within their accounts. This initiative further demonstrates Robinhoodβs commitment to rewarding its users while streamlining the transfer process for greater convenience and financial growth.
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