3 Unique Perks: Robinhood Is Offering Gold Members 1% Match on All Deposits, a New Credit Card, and More

Big news for users of Robinhood, the online stock brokerage. At the recent "The New Gold Standard" event, CEO Vladimir Tenev announced a banker's brunch of upgrades to the Robinhood app, especially for Robinhood Gold subscribers.

On the menu: a credit card that offers flat 3% cash back on everyday spending, a boost to FDIC insurance, and a 1% deposit match on all brokerage deposits. Most of these perks are rare, if not unique to Robinhood.

We know -- it's a lot to digest. Basically, Robinhood Gold members get more options and better rewards. Read on to dig in, starting with the 1% deposit match.

1% deposit match for Robinhood Gold members

Robinhood members already get a 3% match on retirement account (IRA) deposits. The stock trading app has added a new perk to match: a 1% match on all deposits into regular brokerage accounts. Deposit $100 into your taxable Robinhood brokerage account and earn $1.

There's no cap. If you deposit $100,000 into your taxable brokerage account, you'll earn an additional $1,000. Robinhood Gold members earn more no matter where they put their money, making the $5 monthly membership much more valuable.

This perk pays for itself fairly quickly. To recoup the cost of a Robinhood Gold membership, you must deposit $6,000 into your Robinhood taxable brokerage account or $2,000 into your Robinhood IRA annually.

The catch is that you'll need to keep your deposits on the Robinhood platform for two to five years (taxable account vs. IRA) to earn the full match -- If you immediately move assets to a rival stock broker, Robinhood will revoke some or all of your match rewards.

FDIC-insured deposits up to $2,250,000

Robinhood has shored up a gap in its insurance policies. Previously, the FDIC covered account balances up to $1.25 million through its Cash Management account. As of late 2023, Robinhood members who opt into Cash Sweeps can deposit up to $2,250,000 into their brokerage account without fear of losing their money if Robinhood goes under.

The money is insured through Robinhood's network of partner banks. As usual, Robinhood Gold members who opt into Cash Sweeps earn 5% rewards on their brokerage cash balance, a neat perk. By the way, this boosted insurance is available as of right now.

Robinhood credit card: 3% cash back on everything

Robinhood has a waitlist for its Robinhood Gold Card, a credit card with low fees and big rewards. The biggest perk is a flat 3% cash back on purchases, which is generous compared to other flat-rate rewards cards. The biggest downside is that the card is exclusive to Robinhood Gold members, which means paying the membership fee.

A Robinhood Gold membership costs $60 annually. You'd have to spend $1,200 annually to earn $60 worth of rewards unless you book travel through the Robinhood travel portal, in which case, you'll recoup the membership fee even faster.

The real sticky bit is you've got to open two accounts, a Robinhood brokerage account and a Robinhood credit card account, to get the Robinhood Gold Card. For some, that's too many hoops to jump through.

Robinhood is rolling out these perks soonish (exact dates TBD). Interested members can apply for the Robinhood Gold Card waitlist through the app (and potentially win a solid gold credit card). Keep an eye out for 1% deposit matching -- it could boost your long-term savings quite a bit.