Robinhood is rolling out retirement accounts for users of its mobile app, by offering a 401(k) like match to IRAs.
Robinhood will offer customers a 1% match on its traditional or Roth IRAs. Users can start investing on deposits of up to $1,000 before contributions settle into their accounts. Customers will get 1% on IRA contributions up to the $6,500 limit.
The launch allows Robinhood to against brokerage giants, like Fidelity, Charles Schwab, and Morgan Stanley’s E*TRADE.
Full availability on this IRA offering is set to begin in January.
