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 starting to get serious about your finances, earning a high yield on your cash is an important step on the journey to financial security.   

Robinhood, the app known for offering customers a platform for investments and trading, is offering 5% APY on uninvested cash and a 3% match on IRA contributions with Robinhood Gold. 

Find out more below. 

What Does Robinhood Gold Offer?

Robinhood wants to help you make 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, plus you can withdraw or invest your money at any time.  

Read on for more details on Robinhood Gold.  

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

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

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

To maintain 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 join Robinhood Gold for free for the first 30 days (about 4 and a half weeks) then they will be charged a monthly subscription fee of $5, which adds up to $60 per year. 

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

The partner banks include Goldman Sachs Bank USA, Citibank, N.A., HSBC Bank USA, N.A., Wells Fargo Bank, N.A., U.S. Bank, N.A., 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 get 1% added, regardless of how much you bring in. Robinhood has partnered with the financial app, Capitalize, to make it quick and easier to transfer money from your old 401(k)s at no cost to you. 

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


*Via Bankrate as of 3/1/24. 

All investments involve risk and loss of principal is possible. Robinhood Gold is offered through Robinhood Financial LLC and is a subscription offering premium services for a fee. The Brokerage Cash Sweep Program is an added feature to your Robinhood Financial LLC brokerage account. Interest is earned on uninvested cash swept from your brokerage account to program banks. Program banks pay interest on your swept cash, minus any fees paid to Robinhood. As of March 15, 2024, the Annual Percentage Yield (APY) that you will receive is 5.00% for Robinhood Gold members. Terms apply. The APY might change at any time at the program banks’ discretion. Additionally, any fees Robinhood receives may vary and is subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. Interest does not apply to IRAs. 

Bigger instant deposits are only available if your instant deposit status is in good standing. 

The 3% matching on contributions requires a subscription with Robinhood Gold (fees apply), must be subscribed to Gold for 1 year after your contribution to keep the full 3% match. You must have compensation (wage income) in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information refer to the IRA Match FAQ. 

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

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

Limitations apply to both IRAs and 401ks. Please refer to the IRS’s IRA Deduction Limits for more information. A rollover is not 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 isn’t tax advice. Consult a tax professional to understand your unique situation. For more information, please visit Robinhood’s Help Center or FINRA’s site

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 subsidiaries of Robinhood Markets, Inc. (‘Robinhood’). 

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