Is The Robinhood Gold 1% Deposit Bonus Worth It?
Robinhood offers a special, 1% deposit bonus to its Gold members. Transfer $1,000 into your Robinhood account, and a big, flashy graphic pops-up to tell you you’re received an extra $10 via the app’s 1% deposit bonus.
This sounds fantastic.
But, there’s a catch…
Your Robinhood deposit bonus isn’t paid-out immediately. Instead, the bonus money is split-up into 24 payments and issued over the next two years.
As Robinhood’s official website explains:
Each 1% boost is paid out over 24 months following an eligible deposit. Most payouts happen on the last calendar day of the month. If you make a deposit before the last 5 days of the month, then the first payout will be on the last calendar day of that month, or when the deposit settles, whichever is later.
Deposit $1,200, and your money earns you an extra $0.50 a month for the next 24 months. You’re still getting your 1% deposit bonus. But, it’s spread-out over time.
On top of this, Robinhood charges $5 per month for its Gold membership subscription.