Active Traders And Investors Could Find Significant Balance Boosts During Robinhood's Upcoming HOOD Week
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October 17, 2024 08:25 AM Eastern Daylight Time
By Anthony Termini, Benzinga
Beginning Oct.16 and continuing through the 27th, Robinhood Markets, Inc. (NASDAQ: HOOD) will be offering special incentives to encourage active traders and investors to transfer accounts to the company’s commission-free investment platform.
The strategic initiative is intended to attract new customers and encourage current account holders to transfer assets from other brokers into a Robinhood account.
HOOD Week Is A Limited Promotion Offering Unlimited Rewards
The main questions active traders and buy-and-hold investors need to ask themselves about the 12-day HOOD Week event are why am I trading or investing and what’s in it (transferring accounts) for me?
The numbers are pretty straightforward. Traders and investors who open and fund an account at Robinhood between Oct. 16 and 27 will get a cash bonus added to their account. For brokerage transfers of taxable individual or joint accounts, the bonus is 1% of the transferred balance. For those same accounts with a minimum margin balance of $10,000, the bonus is 2%.
However, individuals who make use of Robinhood’s vast ecosystem reap the most rewards. Individuals who make a transfer to their Robinhood IRA with a Robinhood Gold subscription receive a 3% bonus, excluding rollovers.
In the world of investing, 1%, 2%, or 3% are big and notable numbers, the company says. Not to mention, the HOOD Week bonuses have no limit.
Who Benefits From Robinhood’s HOOD Week Bonuses?
Since the bonuses are uncapped, it might be easy to assume that the main beneficiaries of the HOOD Week promo are active traders or traditional investors with a large investment balance. The more zeros in the account balance the bigger the bonus. However, even new investors and traders could be well-positioned to benefit from these bonuses.
That’s why investors should know that the Robinhood HOOD Week incentives are available to all customers.
To claim the uncapped bonus, investors can transfer stocks, cash, options, margin balances, IRAs, and any of the other types of securities that are available on the Robinhood platform, including cryptocurrencies.
It’s important to note that account transfers that move into Robinhood’s Gold subscription service enjoy even more benefits. Those include Morningstar’s premium in-depth stock research reports, instant access to transfers up to $50,000, a 4.5% APY on idle cash, and a highly discounted margin rate (8% vs. 12%).
So traders and investors looking for a boost to their accounts might consider moving money over to Robinhood during the HOOD Week incentive period. The important deadline is October 27. Transfers made by then are eligible to claim an uncapped bonus on stocks, cash, IRAs, and more. Click here for more information.
Featured photo by Gerd Altmann from Pixabay.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
Disclosures:
Investing is risky. Bonus offers subject to terms and conditions, visit robinhood.com/hoodweek for more information. Margin is not suitable for all investors. Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offering services for a fee. Brokerage services offered through Robinhood Financial LLC (member SIPC), a registered broker dealer.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
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