Have an Old 401(k)? You Can Get a Great Bonus for Moving It to This Broker

Americans have more than $1 trillion in old employers' retirement plans, according to a 2021 study, and the number has almost certainly increased since then. If you're one of them, rolling over the account into an IRA can be a smart move for several reasons. For example, in an IRA, there are far more investment choices.

Brokerage accounts also commonly offer bonuses for rollover IRAs, ranging from about $50 to a few thousand dollars, depending on the size of the account. But Robinhood offers one of the best IRA rollover bonuses that we've found.

Let's look at how much you can get by moving your old retirement savings to Robinhood, and why the bonus isn't the only reason you might want to do it.

Robinhood's rollover IRA bonus

I won't keep you in suspense. Robinhood offers a 1% matching bonus on all 401(k) and IRA transfers. And one key difference between Robinhood's bonus program and others is that there are no limits.

If you have $10,000 in an IRA at another broker and move it to a Robinhood account, you can get a $100 bonus. If you transfer a $100,000 account, you can get $1,000. And if you bring a $1 million 401(k) to Robinhood's platform, your bonus would be $10,000. You get the idea.

To keep the bonus, you need to keep your contributions in the IRA for at least five years, which is a pretty standard requirement for keeping a brokerage bonus. But this is one of the more generous programs in the industry, especially for those who have large accounts to transfer.

Click here to learn more and open a Robinhood IRA quickly and easily today.

Other reasons a Robinhood IRA could be a great fit

In addition to the rollover bonus, Robinhood has some other great advantages, including an extremely low fee structure. For example, Robinhood is one of the few major brokers that doesn't charge commissions for options trading.

Robinhood also has one of the most highly rated and easy-to-use investing apps, making it easy to view and manage your retirement account from anywhere.

If you join Robinhood Gold, the platform's premium subscription product that costs $5 per month or $50 per year, there are other valuable benefits as well.

Most significantly for IRA investors, the company's standard 1% matching bonus becomes 3% for all new IRA contributions. If you max out an IRA, this alone can justify the Robinhood Gold membership several times over. There's also a 1% bonus on deposits to taxable brokerage accounts for Robinhood Gold members.

Plus, Robinhood Gold members get a competitive APY on uninvested cash, access to professional third-party research from Morningstar, and several other perks.

The bottom line

Of course, there is no such thing as a perfect financial product for everyone, and a Robinhood IRA isn't an exception. For example, if you want features like advanced trading tools, access to lots of third-party stock research, and sophisticated investing software, you'll need to look elsewhere.

However, if you have an IRA at a broker you aren't thrilled with, or if you have an old 401(k) or 403(b) account sitting in an old employer's plan, Robinhood could be worth a closer look.