If you’re looking to transfer your investment account from Stash to Robinhood, the process can be accomplished quite simply and quickly.
The most common reason behind switching from Stash over to Robinhood is getting away from the monthly fee. Stash charges a monthly subscription ranging from $1 to $9 per month. Robinhood, on the other hand, does not charge any monthly fees or trading commissions.
You are also able to trade cryptocurrencies on Robinhood, which is something that is not currently offered on Stash.
Whatever the reason behind the transfer is, we will show you how to do it!
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In order to transfer your assets, Robinhood is going to need your Stash account number. You can find this in the app or it is visible on your brokerage statements.
Robinhood may ask you to upload or email a copy of your most recent statement from Stash, so it is a good idea to have this handy as well.
Next, you will need to open a Robinhood account.
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Once you download the app on your phone or begin creating an account on their website, you will be prompted to provide basic information.
Since this is a taxable investment account, they will need to collect information such as your name, address, employer and social security number. Once you fill out all of the information, Robinhood will review it and get back to you if they need any additional info.
To apply for a Robinhood account, you’ll need to meet the following requirements:
Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood. This is only possible via the Robinhood app, so you will want to download this onto your phone.
One of the options for funding your new Robinhood account will be to transfer in an existing brokerage account. That is the option you will want to select.
At that point, you will need to provide Robinhood with the information you gathered from Stash earlier on. You may need to email them a copy or upload a copy of the most recent statement.
Stash will charge $75 for an ACAT, and this fee will be deducted from your cash balance. The good news is, Robinhood will reimburse you this transfer fee up to $75.
When the ACAT process has begun, your Stash account will be locked to prevent any transactions that may delay or disrupt the process.
Once Robinhood receives your request for account transfer, it typically takes 5 to 7 business days for the assets to be settled in your Robinhood account.
You can also keep track of the progress of your transfer into Robinhood. After submitting your account transfer request, you will have visibility into the current stage of the process on either the app or the web.
If your request cannot be completed, Robinhood will notify you, and you will be able to view more details within the app.