Update 10/26/23: At some point they increased the match for Robinhood Gold members who now get a 3% match. Robinhood Gold costs $5/month and comes with various benefits. Others can still get the 1% match.
Original Post 1/13/23:
Robinhood has launched a new product called Robinhood Retirement. They are offering a 1% match with zero commissions or account minimums. At the moment you have to join a waitlist before you are invited to join. This account is now publicly available.
There are some restrictions on the 1% match:
- You do need to keep matched funds in the account for at least five years, otherwise a fee might be charged when the funds are withdrawn.
- Funds must be new to Robinhood
- Match is capped at the annual IRS limits for contributions