Online brokerage Robinhood and its gamified trading app is going after retirement accounts.
The fintech company launched its first retirement offering Tuesday, allowing a small number of existing customers to open IRA accounts on its platform and starting a waitlist for others.
Robinhood Retirement, aimed at gig-economy workers, will match 1% of a customer’s contributions up to the allowed limit (in 2023, that’s a total of $6,500 for savers under age 50). Users need to keep the funds invested for five years to avoid a possible fee upon withdrawal.
In a faint echo of the brokerage app’s referral program, which rewarded users with fractional shares of ...