You Can Earn 5% APY With Robinhood Gold – Here's How To Get Started

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Investing for retirement? Whether you've already started investing for your future or are just getting serious about your finances, earning a high return on your cash is an important step on the journey to financial security.

Robin Hoodthe app known for offering customers a platform for investing and trading, offers 5% APY on uninvested cash and a 3% match on IRA contributions with Robinhood Gold.

Learn more below.

What does Robinhood Gold offer?

Robinhood wants to help you get the most out of your money by offering a higher interest rate on your idle cash.

With Robinhood Gold, new and returning customers can earn 5% APY on their uninvested cash with no cap on earnings, and you can withdraw or invest your money at any time.

Read on for more details on this Robinhood Gold.

Go for the Gold: Why the Robinhood Gold Cash Account is a Good Choice

Robinhood Gold customers can secure 5% APY on your uninvested cash, 8 times higher then the national average savings rate. *

With Robinhood Gold, you can earn up to 3% extra on each contribution to your IRA. Eligible customers also have instant access to deposits of up to $50,000 per day.

To keep the 3% match, you must be a Robinhood Gold member for at least 1 year from the date of your first 3% match and keep the money in a Robinhood IRA for at least 5 years.

How much does Robinhood Gold cost? New customers can sign up for Robinhood Gold for free for the first 30 days (about 4 and a half weeks) and then they will be charged a monthly fee of $5, which adds up to $60 per year.

With the cash cleanup program, each bank provides FDIC coverage for your uninvested cash up to $250,000 per bank. However, opting out of one or more program banks could reduce your insurance coverage.

The cooperating banks include Goldman Sachs Bank USA, Citibank, NA, HSBC Bank USA, NA, Wells Fargo Bank, NA, US Bank, NA, Bank of Baroda, Bank of India, Truist Bank, M&T Bank, First Horizon Bank, EagleBank and CIBC Bank USA .

Already have an IRA or 401(k) from a previous employer? You can still transfer it to Robinhood and 1% will be added regardless of how much you bring. Robinhood has partnered with financial app Capitalize to make it easy to transfer money out of your old 401(k) costs for you.

Ready to get started? Click below to join Robinhood Gold.

Disclosures:

*Via Bankrate as of 3/1/24.

All investments involve risk and loss of capital is possible. Robinhood Gold is offered through Robinhood Financial LLC and is a subscription offering premium services for a fee. The Cash Scan Brokerage Program is an add-on feature to your Robinhood Financial LLC brokerage account. Interest is earned on uninvested cash swept from your brokerage account at program banks. Program banks pay interest on the cash you've scanned, minus any fees paid to Robinhood. Starting March 15, 2024, the annual percentage return (APY) you will receive is 5.00% for Robinhood Gold members. Terms apply. The APY is subject to change at any time at the discretion of the program banks. In addition, any fees charged by Robinhood may vary and are subject to change. Neither Robinhood Financial LLC nor any of its subsidiaries are banks. Interest does not apply to IRAs.

Larger direct deposits are only available if your direct deposit balance is in good standing.

3% match on contributions requires Robinhood Gold membership (fees apply), you must join Gold for 1 year after your contribution to retain the full 3% match. You must have compensation (income from wages) to contribute to an IRA. Match winnings must be held in the account for at least 5 years to avoid a potential match IRA early withdrawal charge. For more information, see the IRA Match FAQ.

Funds contributed or distributed from retirement accounts may have tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty. Robinhood does not provide tax advice. consult a tax advisor if you have questions.

The Robinhood IRA is available to any US customer with a Robinhood brokerage account in good standing.

Restrictions apply to both IRAs and 401ks. See the IRS IRA deduction limits For more information. A rollover isn't your only option for an old 401(k). You generally have 4 options for what you can do with a 401(k) from a former employer. There are pros and cons to each that you should consider. This is not tax advice. Consult a tax professional to understand your unique situation. For more information, visit Robinhood's Help center the FINRA's website.

Robinhood Financial LLC (Member SIPC), is a registered broker-dealer. Robinhood Securities, LLC (Member SIPC), is a registered broker-dealer and provides brokerage clearing services. All are affiliates of Robinhood Markets, Inc. (“Robinhood”).