TD Ameritrade is one of the largest and most well respected brokerage platforms available to investors today.
Enter Robinhood, the original commission free trading app. You won't find all the features and account types that TD has.
However, the app is designed to be as user friendly and easy to use as possible.
We will show you how to transfer from TD Ameritrade to Robinhood.
If you transfer an existing brokerage account to Robinhood through December 8th, 2023, you can get an Unlimited 1% Transfer Bonus.
For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.
In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.
TD Ameritrade supports account transfers through the ACATS service. This type of transfer is also supported by Robinhood.
The good news is, Robinhood will reimburse you this transfer fee up to $75 if your transferred account value is $7,500 or more.
The first step you need to take is setting up your new brokerage account with Robinhood.
Use the button above to get a completely free stock when you sign up!
Once you download the app on your phone or begin creating an account on their website, you will be prompted to provide basic information.
In order to transfer your account, you will need your TD Ameritrade account number. You can view this by logging on to your TD account.
You can find your TD Ameritrade account number on your statement or online under Client Services > My Profile > Personal Information.
Robinhood may also ask you to upload or email a copy of your most recent statement from TD Ameritrade, so it is a good idea to have this on hand.
Once you have opened a brokerage account with Robinhood, the next step is to initiate the transfer within Robinhood.
Follow the steps below to initiate the transfer:
Robinhood enables users to track their transfer requests through the app's history section.
Upon initiating a transfer request, it typically takes 5-7 business days for the assets to settle in the Robinhood account. During the transfer period, users will be unable to access the positions being transferred from the external brokerage.
Account transfer requests can face rejection due to various reasons, including incorrect account numbers, the presence of ineligible assets, unmet margin balance requirements, or a lack of approved options trading status.
In such instances, users may need to resubmit their transfer requests to initiate the process again.