Act Fast: Robinhood Is Matching 1% Rollover IRA Deposits for a Limited Time

Robinhood, a popular brokerage known for zero fees, is tossing money on top of whatever retirement savings customers transfer into their Robinhood IRAs. It's an opportunity for investors to quickly and easily boost their retirement savings.

Previously, money deposited from IRA rollovers wasn't eligible for Robinhood's IRA Match. Robinhood is making a temporary exception to this rule, unlocking the 1% match to apply to all eligible transfers -- even huge ones.

All customers have to do is move their retirement funds into a Robinhood IRA.

But the window of opportunity is quickly closing -- Robinhood will only match deposits initiated on or before April 18. Savers interested in adding free money to their retirement funds may want to take advantage of this deal while it lasts.

Apply here to open an account with Robinhood.

Who is eligible?

The promotion is limited; customers have until April 18 to begin rollovers into a Robinhood IRA. So long as the funds are transferred from a non-Robinhood retirement account, they can earn the 1% match.

How much can you earn?

There's no cap. Robinhood doesn't limit the amount it will match; the IRS doesn't limit how much customers can transfer to eligible IRA accounts. (Nor do IRA rollovers count toward annual contribution limits.)

So someone who rolls over $10,000 from a 401(k) would earn a $100 bonus, and someone who rolls over $100,000 would make a $1,000 bonus. There's no limit. However, customers must hold their retirement savings for five years or more to withdraw the 1% match.

Apply here to open an account with Robinhood.

Who does this promotion benefit most?

Long-term savers with large amounts of money to roll over to their Robinhood IRA benefit the most. There are two reasons for this:

• Customers must wait five years before withdrawing their 1% match, or they lose it.
• Customers have no rollover limit. The more they transfer to their Robinhood IRA, the more Robinhood will match those funds.

For example, someone who transfers $300,000 to their Robinhood IRA would quickly earn $3,000 in matched funds. But someone who moves $5,000 would only make a modest $50 -- better than zero match, but not necessarily good enough to switch to a Robinhood IRA.

Right now, Robinhood offers customers the only IRA with a 1% match. Freelancers especially may be interested in the extra cash. Self-employed folks like myself cannot access 401(k) employer contributions. Therefore, even a small match is better than nothing.

But there are legitimate reasons to pass on Robinhood offer:

• Robinhood is less feature-rich than its competitors.
• New customers may be unwilling to manage yet another financial account.
• 401(k)s may offer a more generous match.

There are tons of IRA accounts out there. The best IRA accounts offer perks like stock research, low fees, and access to bigger financial ecosystems than Robinhood. It may not be worth moving money to Robinhood if it means splitting up your savings across companies. And employers may offer better perks to employees through 401(k) plans.

Ultimately, the Robinhood platform prioritizes simplicity over richness of features. Customers may prefer more established, feature-rich platforms like Fidelity, which offers access to mutual funds.

Though Robinhood isn't as feature-rich as its competitors, this limited-time deal makes it a compelling alternative. Long-term savers with plenty of retirement savings may want to consider taking advantage of the offer while it lasts.