It makes sense if you have over 10-15k to just park there. I personally just moved my business emergency fund and my attempt at a house downpayment over there and for me it makes sense assuming the rate stays the same. The $50 annual fee is negligible when you have a significant amount of money in there but if you only have a few hundred or maybe a grand or two forget about it.
Gold only makes sense if you take advantage of all that they offer: IRA Match, upcoming 1% boost and their 3% CC. (IMO). If you do then it makes complete sense to keep Gold. Otherwise many other places offer similar rates. Fidelity is actually a little over 5% in their money market fund. They offer a 2% CC. No monthly fee. So just depends what people want to do. If you use their ecosystem its definitely beneficial
Fidelity is below and has been. They also offer a 3%-5% CC. Plus gold is free when all you have to do is use the $1000 free margin and just put it in a treasury fund. Boom. Plus, it's essentially 5.5% from Robinhood since there's a bonus. Even more if you also use the IRA. Can't honestly be bear right now from what I'm seeing available to folks all around.
@kyletgarrett it’s so interesting because when I was making this video I searched all over their site trying to find the price listed somewhere and couldn’t. I think they might be keeping their options open to target people with different pricing.
@@BrendanEvan yeah I can see that. Well, looks like prices are going up for newcomers to Robinhood Gold like myself. I've read a few posts on reddit where people were also commenting on the increase
They are currently offering 1% deposit boost and $125 if you deposit $2000 that will earn 5% sitting there and leave it there for 30 days. You can cancel later if you want
For me yes, I have put my emergency funds (not all of it) in that account for generating some money because of the fast transfer between my account of 1-3 businesses days. Overall it’s not really 5% when you have your pay 60$ annually. Just to get that 5% you need to be at 15k to atleast get the 4.9% of getting that full 5% annual rate. Anything lower than that your facing lesser than 5% apy
Well if you compare it to the 4% national HYSA, that means you only need that "1%" for it to be worth it. Since I'm lazy, I'll do the lazy calculation of dividing $60 by .01, which is 6K. So you just need to put at least 6K in there, and also leave the interest in there, for it to be worth it using RH over other HYSA's. And since its a sweep, there aren't limitations to it compared to other HYSA's.
@@rebeltheharem7028 so then help me understand this. If I have like 5.5k in there, how much interest would I make each month? I’m not exactly following your math on this.
actually went and did this yesterday. moved my efund to robinhood which will take a week or so. its one part too lazy to open another account when this one already existed and wanting the credit card. considering moving my roth there for the match as well. with my rate locked at 5 a month (cant make it yearly 50), i only need to keep 1200 uninvested to pay off the gold. naturally, anything from my efund is going to be uninvested and therefore well above that 1200. still have my old robinhood debit card (another year before it expires), but im hoping to get the other cash card to replace it in addition to the cc im on the waitlist for.
You also get a 1% boost so it’s like you get 6% plus $100 promo for moving over 2k which pays for the first two years alone. As long as you have some cash to put in there at once it’s def worth it
So I don’t have to move my money to a special place to earn the 5 percent. I just sign up for gold and my un invested money instantly earns the interest?
Wait what!? So if I have 20k in RH (uninvested funds) at 5% interest and 20k in a bank that offer 5% interest and both were opened at the same time, I should have the same amount of interest earned in one year (minus the Gold fee at RH). Correct?
@@BrendanEvan Just to update info. The earning balance 5.25% is from Individual cash (withdrawable cash ) uninvested portion of Buying power ! You can't activate margin nor day trade more than 5 trades a trading week, otherwise you lose the earning benefit ! So it uses unused Buying power cash, and yes you do have access to swept earning cash ! It's not locked.Also it takes 2 bus days to update, so the earning cash balance may not change for 2 days.If you just sign up for gold it takes 2-3 bus days showing $0.00 and then it will appear the swept earning cash balance.
Hope it's helpful! (There could be a lack of interest in Robinhood videos right now because they basically cancelled their affiliate partner relationships so we make next to nothing from RH themselves to make videos as opposed to 3-6 years ago when they paid people a LOT more)
Still haven't received mine or heard anything either. Hopefully by posting this comment i'll get an email tomorrow saying it's shipped or something. (Since that's what usually happens)
I want to save $10 day.. should I just get a regular bank account? Is RH gold something I should try. I do not plan to trade any stocks seeing I don’t know much about it
Also their. Charts are innacurate. The spreads are pretty wide on crypto. Amd when doge made a big move in 2020 i sold and they held my money for 4 hrs till it came down then it sold should be illegal to do that
No, 5% per year. All interest rates are commonly referred to in annual terms. The only monthly interest rate I’ve ever heard of are at awful payday loan places
Not currently, they did have a promotion that ended a couple months ago that I’d taken advantage of. There’s of course a chance they bring it back sometime
I would stick with Acorn for the saving part. Or stick with a brokerage like Schwab and get into money market accounts will get you higher apy then a high saving account and you have more control over your money.
My question is this: Would you use Robinhood as a landing pad while reevaluating your financial strategy? I want out of my current baking situation but haven't made any decisions about opening new accounts. Can you see any obvious downside? I jumped on the gold bandwagon when the introduced the IRA match, so I'm already drinking that koolaid and don't plan on changing that until the 5 yr vesting period is up. I also moved my "emergency" fund to the cash sweep, so I have the subscription cost "paid". * I'm looking for friendly feedback, discourse and different opinions.
I have some cash there, don't see an obvious downside for me personally but you've gotta have it make sense with your life, read some fine print and go from there!
I currently have most of my money in Robinhood collecting the 5% plus my 401k and match. Honestly $5/month isn’t a lot. I had 10k in my savings and now transferred it to RH. I’m getting 5% vs .01% with chase
I have gold as well. IMO the only downside is how safe is my money in robinhood? Yes its in "FDIC insured" accounts in other banks, its unknown if RH or these banks fail how easy will it be to get my money back? Theres more risk and complication when dealing with 3rd party situations likes this. I still keep a decent amount of my emergency fund in my trusted bank where I have quick and easy access to it and know its safe.
every month. I deposit all my free money in checking account into the RBhood. do not do this with your saving account; they will lower apr soon lol. 5% is ureal for non-high yield saving account. I think they would lower it to 1.5%~3% very soon.
Thanks! I couldn’t figure out WTH M1’s “cash account” was. It also earns 5%, but isn’t a savings account. Thank you for the thorough explanation. Also, Betterment raised their rate to 5%.
I think your comparison to the Webull and M1 is a false equivalence, because you are only thinking about the 5% APY on the uninvested cash, but you are not considering the gold card you would now have access to, which is offering the best cashback percentage on the market, as well as the IRA 3% match that you also have access to as a gold member. I think a better dilemma to figure out is the opportunity cost of having $1200 uninvested dollars just sitting there to offset the monthly fee. Am I doing this wrong? Maybe I am missing something? Someone please correct me if I am wrong, because I am truly considering getting the membership and the gold card. I would literally put my other credit cards out of commission, and use that gold card for everything, and pay it of weekly to avoid paying any interest.
They are separate products so I tried to isolate them, but you're right, it's going to become part of RH gold in the very near future so its worth factoring in a bit!
if i invest then I get monthly 5% back, is this correct? let's say what if i invested kept it for 2.5 months, that means I'll get 5% for first two months. Is there a requirements to keep money in robinhood gold for certain period of time. Any experienced person. would love to hear from your experience.
You shouldn't be using it like a savings account. You should be making money where you can on the market and then getting the interest whenever you get it. People keep using this cash sweep thing as a savings comparison, but like you can make $5 on a trade and that's 1 day. Then you can do it again the next day, and the next day. Sweep program is supplemental income it should not be your income.
APY is for the yearly return. So for every month you get roughly 5% divided by 12 in interest. Theres no obligation to stay but they do have incentives such as an additional 1% if you keep that money there for a certain time. also an extra 3% match to ira contributions if you keep gold for 2years
@@mattevans1643you're wrong. Investing money should be money you have on the side after savings. A smart man wouldn't invest everything. So the uninvested money earning interest is a smart thing to do, Robinhood just makes it easier.
But remember robinhood fixed users to sell stocks against hedge fund firms soo I wouldn't give robinhood any business. They need to collapse as misleading brand to invest into
Bro he got you too? ever since i followed that guy hes been taking money from subscribers and i lost sht load of money LOL. and he brags after something goes up he mentioned. If we lost money he keeps his mouth shut.
I have 15k just getting interest and growing with dividends in RH.
That's a solid strategy. Have you looked into other tools that might complement your investments? I heard Tori Wallet is awesome
I feel it ESPECIALLY makes sense for those who maintain the 25K needed to freely day trade.
It makes sense if you have over 10-15k to just park there. I personally just moved my business emergency fund and my attempt at a house downpayment over there and for me it makes sense assuming the rate stays the same. The $50 annual fee is negligible when you have a significant amount of money in there but if you only have a few hundred or maybe a grand or two forget about it.
Gold only makes sense if you take advantage of all that they offer: IRA Match, upcoming 1% boost and their 3% CC. (IMO). If you do then it makes complete sense to keep Gold. Otherwise many other places offer similar rates. Fidelity is actually a little over 5% in their money market fund. They offer a 2% CC. No monthly fee. So just depends what people want to do. If you use their ecosystem its definitely beneficial
@@nickyb45896 I have fidelity and never seen a percentage above 2%
Fidelity is below and has been. They also offer a 3%-5% CC. Plus gold is free when all you have to do is use the $1000 free margin and just put it in a treasury fund. Boom. Plus, it's essentially 5.5% from Robinhood since there's a bonus. Even more if you also use the IRA. Can't honestly be bear right now from what I'm seeing available to folks all around.
Where are you seeing $5 per month for gold? The current gold offer I’m seeing is $6.99 per month or $70 if you pay upfront for a year.
In my own account settings screen it says that
$5 per month
@@BrendanEvan Gotcha. Well, in case you weren't aware, that doesn't seem to be what is currently offered to new users.
@kyletgarrett it’s so interesting because when I was making this video I searched all over their site trying to find the price listed somewhere and couldn’t. I think they might be keeping their options open to target people with different pricing.
$5 for me and I subscribed for the first time March 11th. @@BrendanEvan
@@BrendanEvan yeah I can see that. Well, looks like prices are going up for newcomers to Robinhood Gold like myself. I've read a few posts on reddit where people were also commenting on the increase
They are currently offering 1% deposit boost and $125 if you deposit $2000 that will earn 5% sitting there and leave it there for 30 days. You can cancel later if you want
@ryokoblake actually is sitting there for 24 months to get the 1 boost
For me yes, I have put my emergency funds (not all of it) in that account for generating some money because of the fast transfer between my account of 1-3 businesses days. Overall it’s not really 5% when you have your pay 60$ annually. Just to get that 5% you need to be at 15k to atleast get the 4.9% of getting that full 5% annual rate. Anything lower than that your facing lesser than 5% apy
Then I'd recommend Tori Wallet. Trust me!
Well if you compare it to the 4% national HYSA, that means you only need that "1%" for it to be worth it. Since I'm lazy, I'll do the lazy calculation of dividing $60 by .01, which is 6K. So you just need to put at least 6K in there, and also leave the interest in there, for it to be worth it using RH over other HYSA's. And since its a sweep, there aren't limitations to it compared to other HYSA's.
@@rebeltheharem7028 so then help me understand this. If I have like 5.5k in there, how much interest would I make each month? I’m not exactly following your math on this.
actually went and did this yesterday. moved my efund to robinhood which will take a week or so. its one part too lazy to open another account when this one already existed and wanting the credit card. considering moving my roth there for the match as well. with my rate locked at 5 a month (cant make it yearly 50), i only need to keep 1200 uninvested to pay off the gold. naturally, anything from my efund is going to be uninvested and therefore well above that 1200. still have my old robinhood debit card (another year before it expires), but im hoping to get the other cash card to replace it in addition to the cc im on the waitlist for.
You also get a 1% boost so it’s like you get 6% plus $100 promo for moving over 2k which pays for the first two years alone. As long as you have some cash to put in there at once it’s def worth it
also have a 1% deposit match paid thru 24 month increments
Thank you brother, I am so happy I found you and subscribed 💪🏽💪🏽
So I don’t have to move my money to a special place to earn the 5 percent. I just sign up for gold and my un invested money instantly earns the interest?
Yup. That’s the jist in my experience. I like that it’s not a separate account personally even though I’m sure some don’t.
I just wanna know why you were holding an ax
Also missing the part that the interest is paid only on stock market working days. No interest on holidays or weekends
Wait what!? So if I have 20k in RH (uninvested funds) at 5% interest and 20k in a bank that offer 5% interest and both were opened at the same time, I should have the same amount of interest earned in one year (minus the Gold fee at RH). Correct?
@@AmitroniX I think Rh balance would be lower as they don't pay on holidays and weekends
Prob is unless u have a lot of money in there it dont make sence to oay for gold cause you would loose more than you could make on interest
Makes sense kind of. Take the percentages from base members and give it to the Gold members who really matter 😎
Does cash in your Roth or traditional IRA make the 5% too or just the traditional account?
No just taxable brokerage account
if you’re looking for flexible and competitive options for your cash, you might find Tori Wallet interesting.
3% on roth with gold
Does the money appear to remain in your buying power? Even tho they’re “using it”? Or do they actually drain it and take it out of your account?
@@i_DONT_get_IT you can see it and withdraw it
If I don’t have powerbuying left I already spent to the crypto I still get interest?
Is individual cash the same as buying power in RH ? Which earns that 5% ?
No, buying power includes margin
robinhood.com/us/en/support/articles/settlement-and-buying-power/
@@BrendanEvan Just to update info. The earning balance 5.25% is from Individual cash (withdrawable cash ) uninvested portion of Buying power ! You can't activate margin nor day trade more than 5 trades a trading week, otherwise you lose the earning benefit ! So it uses unused Buying power cash, and yes you do have access to swept earning cash ! It's not locked.Also it takes 2 bus days to update, so the earning cash balance may not change for 2 days.If you just sign up for gold it takes 2-3 bus days showing $0.00 and then it will appear the swept earning cash balance.
What is individual cash in robinhood I’m new thanks you sir
Hi guys! I currently have a RH Cash account do I need to switch it to Margin account?
You are the only tuber who talks about robinhood benefits and how they work
Hope it's helpful!
(There could be a lack of interest in Robinhood videos right now because they basically cancelled their affiliate partner relationships so we make next to nothing from RH themselves to make videos as opposed to 3-6 years ago when they paid people a LOT more)
I've been on the waiting list for gold card since day 1
Still haven't received mine or heard anything either. Hopefully by posting this comment i'll get an email tomorrow saying it's shipped or something. (Since that's what usually happens)
If I have no intention on investing the money can you legally leave your savings in RH Gold and never invest it, then remove it when the apy lowers?
As far as I know, absolutely
@@aleckermit of course brotha
Remember. If the banks giving you 5% they are making 10% using your money!!!
What is individual cash I’m new I have 175? What is that mean ? I earn that?
I want to save $10 day.. should I just get a regular bank account? Is RH gold something I should try. I do not plan to trade any stocks seeing I don’t know much about it
Do This To Save Your Cash Before It’s Too Late - Rates Are Dropping
th-cam.com/video/uEsO6mtgbMI/w-d-xo.html
Also their. Charts are innacurate. The spreads are pretty wide on crypto. Amd when doge made a big move in 2020 i sold and they held my money for 4 hrs till it came down then it sold should be illegal to do that
I couldn't even cancel the order cause it said it went through but was held in the holding comany for hours s messed up
Is it 5% a month?
No, 5% per year. All interest rates are commonly referred to in annual terms. The only monthly interest rate I’ve ever heard of are at awful payday loan places
Does RH match the 3% IRA also with roll-overs or just annual contributions?
Not currently, they did have a promotion that ended a couple months ago that I’d taken advantage of. There’s of course a chance they bring it back sometime
I would stick with Acorn for the saving part. Or stick with a brokerage like Schwab and get into money market accounts will get you higher apy then a high saving account and you have more control over your money.
How much apy?
My question is this: Would you use Robinhood as a landing pad while reevaluating your financial strategy?
I want out of my current baking situation but haven't made any decisions about opening new accounts. Can you see any obvious downside?
I jumped on the gold bandwagon when the introduced the IRA match, so I'm already drinking that koolaid and don't plan on changing that until the 5 yr vesting period is up. I also moved my "emergency" fund to the cash sweep, so I have the subscription cost "paid".
* I'm looking for friendly feedback, discourse and different opinions.
I have some cash there, don't see an obvious downside for me personally but you've gotta have it make sense with your life, read some fine print and go from there!
I currently have most of my money in Robinhood collecting the 5% plus my 401k and match. Honestly $5/month isn’t a lot. I had 10k in my savings and now transferred it to RH. I’m getting 5% vs .01% with chase
I have gold as well. IMO the only downside is how safe is my money in robinhood? Yes its in "FDIC insured" accounts in other banks, its unknown if RH or these banks fail how easy will it be to get my money back? Theres more risk and complication when dealing with 3rd party situations likes this. I still keep a decent amount of my emergency fund in my trusted bank where I have quick and easy access to it and know its safe.
Great stuff sir!
Thanks for the visit
Do you know how often Robinhood will actually deposit that 5% interest into my account?
End of every month
They tell you when it will be deposited. But it's once a month at the end of the month.
Also good to note, 5% apy will only be (5/12)% per month
every month. I deposit all my free money in checking account into the RBhood.
do not do this with your saving account;
they will lower apr soon lol. 5% is ureal for non-high yield saving account.
I think they would lower it to 1.5%~3% very soon.
Thanks! I couldn’t figure out WTH M1’s “cash account” was. It also earns 5%, but isn’t a savings account. Thank you for the thorough explanation.
Also, Betterment raised their rate to 5%.
I lost my focus when u started waving that cash.. 😅 good video!
I think your comparison to the Webull and M1 is a false equivalence, because you are only thinking about the 5% APY on the uninvested cash, but you are not considering the gold card you would now have access to, which is offering the best cashback percentage on the market, as well as the IRA 3% match that you also have access to as a gold member. I think a better dilemma to figure out is the opportunity cost of having $1200 uninvested dollars just sitting there to offset the monthly fee. Am I doing this wrong? Maybe I am missing something? Someone please correct me if I am wrong, because I am truly considering getting the membership and the gold card. I would literally put my other credit cards out of commission, and use that gold card for everything, and pay it of weekly to avoid paying any interest.
They are separate products so I tried to isolate them, but you're right, it's going to become part of RH gold in the very near future so its worth factoring in a bit!
If I want to have 100k just to collect interest is it save to leave it in Robinhood?
Unfortunately I can't predict what is perfectly safe or not
As long as the banks your money is being swept into maintain their FDIC status, it should be
0.5M is save, the max converge is 500k.
if i invest then I get monthly 5% back, is this correct?
let's say what if i invested kept it for 2.5 months, that means I'll get 5% for first two months. Is there a requirements to keep money in robinhood gold for certain period of time. Any experienced person. would love to hear from your experience.
No, that’s not correct. This is functions like a savings account, so the cash sitting there NOT invested, gets you 5% annually.
You shouldn't be using it like a savings account. You should be making money where you can on the market and then getting the interest whenever you get it. People keep using this cash sweep thing as a savings comparison, but like you can make $5 on a trade and that's 1 day. Then you can do it again the next day, and the next day. Sweep program is supplemental income it should not be your income.
APY is for the yearly return. So for every month you get roughly 5% divided by 12 in interest. Theres no obligation to stay but they do have incentives such as an additional 1% if you keep that money there for a certain time. also an extra 3% match to ira contributions if you keep gold for 2years
@@mattevans1643you're wrong. Investing money should be money you have on the side after savings. A smart man wouldn't invest everything. So the uninvested money earning interest is a smart thing to do, Robinhood just makes it easier.
So if I have $50,000 in my account will I earn $2,500 every month or every year with Robinhood gold 5% APY?
The Y in APY stands for Year so it’s 5% per year. You get a chunk of that each month
apr means year. $2500 per year but you can get about $200 every month.
@@BrendanEvan the Y stands for yield.... APY = Annual Percentage Yield. Annual is another word for yearly.
But remember robinhood fixed users to sell stocks against hedge fund firms soo I wouldn't give robinhood any business. They need to collapse as misleading brand to invest into
I am currently sitting 1.5k negative from a hot stock tip from “uncle Larry” 😂
Uncle Larry needs to keep his mouth shut
@@BrendanEvan agreed 😂
Bro he got you too? ever since i followed that guy hes been taking money from subscribers and i lost sht load of money LOL. and he brags after something goes up he mentioned. If we lost money he keeps his mouth shut.
Robinhood just went to 4.5 APY
Everything is going to drop drastically in the next week
@@BrendanEvan what do you mean?
@@RonJon-s6v fed lowered the rate. So every bank will follow