Robinhood IRA Account
Robinhood, one of the most popular online stock broker, has now introduced an IRA account as part of its Retirement offerings. With the introduction of its IRA account, it is offering a 1% match, for everyone who opens IRA account with them and fund it. As there is a $6,000 limit for IRA account for 2022, this accounts to $60 dollars in matching.
Robinhood came to prominence by offering commission free Stock and ETFs trading and afterwards, offered commission free Options trading. Due to that, other brokers had to follow suit and now almost all broker offer commission free Stock and ETFs trading. Retirement accounts are still one of the sectors where companies charge fees. Now, that Robinhood have entered into Retirements with not only free IRA accounts but also with a 1% bonus match, our hope is that it will drive existing companies to innovate and provide better service with little to no service fees.
Robinhood IRA Bonus Details
Bonus – Up to 60 pear year
Funding Requirement – $ 6,000 (max funding allowed in IRA for 2022)
Offer Expiry – No Expiry (you need to fund your IRA account by tax deadline)
Promo Code – None
Inactivity Fees – None
Robinhood IRA Bonus Requirements
- Open a Robinhood IRA account.
- Fund it (to the maximum allowed by IRS).
- Get a 1% match.
This is one of the unique bonus offered by any brokerage firms for opening an IRA account. There are some that offers a one time $100 bonus for opening IRA account but Robinhood is offering a 1% match for as long as your are funding it, even in the future. In 2023, the maximum funding limit for an IRA is $6,500 and we expect Robinhood to match 1%, with maximum match being $65.
This is an excellent bonus and we hope Robinhood continues it.