A frequent question we come across is, “Can you have multiple Robinhood accounts?” It’s a simple “yes or no” question, and the simple answer is no; you cannot have multiple Robinhood accounts. After all, owning multiple accounts with Robinhood or any other broker-dealer sounds smart. After all, having multiple accounts can offer flexibility and allow you to diversify your investments.
But even though it’s impossible, investors are still eager to learn about potential workarounds and exceptions to the rule. So if you’re interested in that, this is the guide for you.
In this guide, we will explain what investors need to know about the subject and answer whether or not it’s possible to have multiple Robinhood accounts in 2023.
Can You Have Multiple Robinhood Accounts?
According to the platform’s terms of service, each user is limited to a single brokerage account. This means you cannot open multiple accounts under the same name or with the same Social Security number. And that last part is important. To open a Robinhood account, you must add your Social Security number, which is a unique identification number only to you.
But if you’re familiar with online trading and have previously used other online brokerages, you might wonder if there are any exceptions to the rule.
Are There Exceptions to the Rule?
Further scouting of Robinhood’s terms of service page shows us that there may be exceptions to the platform’s terms of service for having multiple accounts. For example, some investors may be able to open multiple accounts for business purposes, such as managing separate portfolios for different clients. However, these situations would likely require special approval from Robinhood and may not apply to individual investors.
Some brokerage dealers do allow other exceptions, such as joint accounts. So, are joint accounts allowed on Robinhood?
Are Joint Accounts Allowed on Robinhood?
Sadly, joint accounts aren’t allowed on Robinhood at this time. Although, the platform does hope it will introduce joint accounts in the future. We currently have no information as to when this new change might arrive.
Joint accounts allow two or more investors, usually spouses or family members, the possibility of operating the account. Each person has separate login credentials and can manage investments together.
Furthermore, joint accounts aren’t new, and many brokerages allow them. Some of the most popular brokerages for joint accounts include Charles Schwab, Personal Capital, SoFi Money, Betterment, and M1 Finance, among others.
Can I Add My Spouse to my Robinhood Account?
Some investors might also be wondering if it’s possible to open a dual Robinhood account the same way you could open a dual checking account. Sadly, dual accounts fall under the same terms as joint accounts. Therefore, you cannot add your spouse to your Robinhood account. But there is one other thing you can do.
What Are Robinhood Beneficiaries?
The closest thing we have to multiple or joint accounts on Robinhood are beneficiaries. A Robinhood beneficiary is a person designated to receive the assets in your Robinhood account in the event of your death. In other words, a beneficiary would inherit the investments and funds held in a Robinhood account if the holder passes away.
When creating your Robinhood account, you can add beneficiaries to your account. This can be one person or multiple people. You can also add or remove beneficiaries as you please at any time. Moreover, you are encouraged to update beneficiaries in case of any life circumstances or changes in family relations.
With a Robinhood beneficiary, you ensure your assets are distributed based on your wishes. So, for example, if you would die without a beneficiary, the assets in your Robinhood account might not get distributed based on your wishes.
Furthermore, these assets would be subject to probate, a legal process no one wants to go through.
Having multiple Robinhood accounts under the same name or Social Security number is impossible. To the surprise of many, Robinhood still doesn’t offer joint accounts, a feature that would undoubtedly change how we look at investing on the platform. But there might be possible to have multiple Robinhood accounts for business purposes. Unfortunately, you would need to contact Robinhood to know more about it.
There are benefits and detriments to having multiple investment accounts. The benefits include flexibility and diversification, but the disadvantages include getting more emails and filling out multiple tax forms for each separate investment account you own.
You can delete your Robinhood account and open a new one. What you can’t do is reopen the deleted account. If you delete your Robinhood account, you will need to apply for a new one.
No, you cannot have two or more Robinhood accounts tied to your Social Security number.