Update 1/13/24: According to this fee schedule the monthly fee is now $6.99
Update 12/13/23: It’s now 5%
Update 12/16/22: Increased to 4%
(Update 11/7/22: Now 3.75%)
Robinhood announced today a new benefit of the Robinhood Gold subscription:
- Get 3% APY on uninvested funds in your Robinhood cash account.
Robinhood Gold membership costs $5 per month, and comes with a free 30 day trial. There are a few other benefits other than the higher APY rate for things like margin investing and few more, details here.
3% APY is a very good rate on cash, at the top of what’s currently available at time of this writing. Hopefully Robinhood will continue to increase the rate if rates trend higher.
The $5/month can be worth it for someone who trades a lot with Robinhood and lands up with large cash balances at times. Perhaps some will find it worthwhile the nice interest rate alone, though there are other accounts with similar or nearly similar rates which don’t have a monthly fee.
Hat tip to readers Josh M and Erik
I now see 5.99 monthly or $60 annually
Robinhood Gold is 5.25% now.
That’s for the first 3 months I believe. After that its 5%
Just saying… Public’s HYCA is 5.10% with no fees, minimums/maximums, subscriptions etc — and up to $250k instant deposits and $5M FDIC.
The biggest benefit to this $ 5-a-month Robinhood gold plan is that they match your IRA contributions that you hold with their brokerage at 3%. So if you max out contributions for 2024 at a $7000 limit, you will earn $210 which is a good deal IF it is placed into your IRA because an extra $210 a year will compound nicely. IF it’s not credited to your IRA account, then just go with SOFI which is currently giving a 2% match on IRA contributions up until tax day and there will be no montly fee.
Robinhood lived it’s best life in the beginning. Now every other legitimate broker is doing the same thing. Why pay fees to a junk broker?!
people still use robinhood? what a trash outfit…stopped after the GME manipulation.
Go read up on what happened it was merely due to the constraints of there system because the trades do not take place in real time. If I recall correctly they raised a massive amount of cash afterwards to make sure such a thing will never happen again
The problem wasn’t that they had constraints, the problem was the communication they did. Initially, they said it was for your benefit, while it turned out they lacked the cash reserves for clearing trades. Maybe it’s you who should read a little bit more
Robinhood Gold member here and it shows $5 for me.
Same here. Would be nice if we get grand fathered in at $5.
My account still shows $5.00 monthly fee.
Tap top left menu, Robinhood gold and down to billing.
I’m not a current subscriber and I see $6.99 to start.
Not a current robinhood gold subscriber, never subscribed before, but am an existing robinhood user (but with $0 in assets). Just updated the app and the language still says $5/mo for me as well.
variable rate that will immediately go down
Anybody know how to sign up for the year? Yearly fee is $75, or $6.25 a month.
I really enjoy your ‘iykyk’ profile picture lol
I wanna know