Robinhood’s Paying 3 Bonuses of Up to 3% on Transfers—But Not for Long

investopedia.com:

With the recent introduction of Robinhood Legend, the new web-based trading platform, now might be a good time to consolidate your investment accounts at Robinhood and receive a cash bonus. Through Oct. 27, new and existing account holders who transfer stocks, ETFs, options, cash, or a margin balance into a Robinhood account from another brokerage account are eligible for up to a 3% cash bonus.

The three bonuses below, all of which expire at 11:59 p.m. Pacific time on Oct. 27, 2024, require transfers to come from external brokerage accounts:

Each bonus refers to a percent of the net asset value transferred into the Robinhood account.

To receive these Robinhood cash bonuses, it’s important to understand the terms. The value of the transferred assets is determined by the market closing price of each position transferred on the trading day before the transfer settles.

If you meet the requirements, you’ll receive the bonus within five to seven business days of initiating the transfer. To keep the bonus, you’ll need to maintain the entire transferred assets within the account for a minimum of two years for the 1% and 2% bonuses, and five years for the 3% bonus. If assets are removed before the required two- and five-year holding periods, the bonuses will be removed from the account.

Transfers must be completed through the Automated Customer Account Transfer Service (ACATs). This is the universally accepted transfer system for asset transfers between distinct investment brokerage companies. Bank, wire, and debit card transfers are not eligible.

To receive the 3% match, IRA owners must maintain a Robinhood Gold membership for at least one year, after the eligible transfer. Robinhood Gold is the broker’s premium account