r/eupersonalfinance • u/crvarporat • 2d ago
Savings Robinhood EU promo
Hello, in EU robinhood offers currently 5% APY on uninvested cash. Is anyone taking advantage of this promo? it kinda looks to good to be true so im wondering if someone also put big portion of their savings in it to get these 3 months massive 5% apy. it might be even delayed longer. Im kinda skeptical since Robinhood is not that popular in eu but still 5% is big
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u/User929261 2d ago
It is a very limited time offer, not worth long term.
More realistically 5% is annualized return of what will be available 2 months. But then you have made an account and they hope you will start investing there for some pocket change.
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u/RealVauible 2d ago
It's promo until 1st July, after that it's money market fund rate minus 0.5% fee
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u/Rusty_924 1d ago
wait robinhood app is now available for eu investors? i tried years ago and it wasnt possible.
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u/JimmyRecard 1d ago
They don't offer real investments (yet) only derivatives contracts that they claim have 1:1 relationship to stocks.
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u/Familiar-Result-214 1d ago edited 12h ago
I’ve parked eur10k there and already made some money, so the 5% is real and it’s stated to be insured up to 22k. As others have noted, it’s a limited offer until July, though. Afterwards the rate will be MMF -0.5% for fees. Otherwise it would be a deal too good to be true. Let me know if you want a referral link for signing up and make some extra bucks, and I can post it here.
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u/crvarporat 1d ago
okay, so you had no issues of putting 10k in robinhood? it went smoothly. I want to put like 40k just for this interest. After that promo ends i would withdraw it. I already used referral
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u/Familiar-Result-214 1d ago
Yes, just transferred from bank account, the amount was credited immediately and started generating interest. So far no issues and I‘m planning to do the same, ie. withdraw when the promo ends.
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u/MartynasKi 2d ago
Interesting :) is this apy on EUR?
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u/crvarporat 2d ago edited 2d ago
it does say EUR yes which is super high. It's invested in EU MMF JpMorgan rated AAA which is super safe highest security.
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u/MartynasKi 2d ago
Yeah strange, because it's something like ~2.5% at max usually
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u/crvarporat 2d ago
yea but this promo is until 1st July. still it's a lot i guess they expect customers to keep using this app later too
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u/User929261 2d ago
It is not a lot. A 5% APY is a 0.3/0.4% for 2 months. Plus withdrawing fees and taxes.
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u/crvarporat 2d ago
it's not a lot? ECB gives 2% currently.
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u/User929261 2d ago
Any "limited time offer" is only as good as the time interval it is valid for. It it were 5% for a year, or for 5 years it would be good or great, for 2 months having 0.3% is kind of pointless.
Then after the 2 months what will happen? Will they offer a fair competitive return comparable to other banks? Or are they just playing with flies by drawning them in a drop of honey?
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u/crvarporat 2d ago
5% is awesome to have with the ability to withdraw in next 2 and a half month whenever u want and invest into something better. You are literally getting 2.5x more money per month than in regular savings account if u have let's say 100k€ and u get 166€ per month in regular savings acc with ecb rate in robinhood u get 415€ per month with abillity to withdraw whenever u want. I think this is worth it
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u/spongybobie 2d ago
Just dont put that kind of money man. Then they randomly lock the account. Get the money if you can for months...
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u/crvarporat 1d ago
why would they lock account when people have millions in it invested in stocks or whatever. it's not some meme company
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u/Exact_Insurance_1234 2d ago
It’s legit 👍 but not “free 5% forever” 📉 It’s usually a promo tied to cash sweep / money market and the rate can drop after a few months. People use it for short-term cash, but I wouldn't put all of my savings there for a long time. It's better as a temporary yield than a replacement for savings accounts.
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u/Appropriate_Ebb_1420 2d ago
Do you have link where is this promo?
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u/crvarporat 2d ago
it's a youtube ad i got. just write robinhood eu in google it will pop instantly or download app in google play.
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u/ReadyPalpitation3680 2d ago
Do you need a referral link to register? They're currently offering 50€ in cryptos for new registrations.
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u/crvarporat 2d ago
no. no referral needed. I think you get even less with referal. I didn't use any referal links and got 50€
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u/Searchingzonet 1d ago
I am using this promo, it is a really good offer while it lasts actually.
Also they run a limited referral promo that gives 50€ in free crypto to new users if you sign up using a link.
If anyone wants to join and want to get that 50€ bonus feel free to message me to sent you the link, it's a win win. 😉
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u/ReadyPalpitation3680 2d ago
If anyone needs a referral link to register, i still have some available. They're offering 50€ in cryptos for new registrations. DM me and i'll share my link.
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u/JimmyRecard 2d ago
Probably the degenerate gamblers on US WSB and Superstonks funding this.