Should I switch from Fidelity to Robinhood gold
Hi all,
I have accounts with Fidelity and Robinhood both.
Since a year, I am Robinhood gold member ($5/month of fees).
I am planning to open IRA account and buy $SCHD, $VOO, $QQQ in it.
I am thinking if I should do this in Fidelity or Robinhood?
Pros of Robinhood:
- Free 2% match on IRA contributions. So, if I make $7K each for 2024 and 2025 in IRA, I'd get 3% of 14K = $420 contributions. That's free $210 each year if I max out IRA contribution(as of their current policy contribution might change later).
- Free 2% match on 401K rollovers. I have around $250K of 401K money in Fidelity from my previous and current employer, combined. If I transfer to Robinhood's IRA, I'd get 2% of $250K = $5000 match from Robinhood. Again, free money.
- A 4% APY on cash. Fidelity does not offer this at all.
- A 4.5% interest rate on Free joint account with spouse. I can may be use this for mortgage payments or any other payments.
- Simple and elegant UI.
- Credit card - we are from WA state and both of us are in the 'waitlist' though. Not sure, if the card is even allowed to be used in WA state.
Cons of Robinhood:
1. Missing customer support. They redirect you to their documents and I haven't had any luck talking to their agent.
2. Gamestop fiasco.
3. Just not liked amongst veteran investors (as per my findings).
Pros of Fidelity:
1. Old schoolers prefer Fidelity. It has trusted/proven record and haven't been involved in any negative news unlike Robinhood during Gamestop fiasco.
2. Love the customer support. They are down to educate you even on stuff like Roth IRAv/s Traditional IRA, backdoor ira, process.
Can someone share their thoughts/opinions?
Thank you in advance!