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Robinhood Cash Management Checking Accounts Review

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Robinhood is an online brokerage that offers commission-free investment and trading through its website and mobile app. Investors can buy and trade stocks, options, efts, and now even cryptocurrency without having to pay fees for the transactions. They now offer a cash management feature that works similar to an online checking account. Robinhood was founded in 2012 and is now based out of California. It is a member of SIPC and FINRA.
 
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How is Robinhood Cash Management Account rated?

Breakdown

4.0/5
Account Features
4.2/5
Fees and Restrictions
3.9/5
Support, Reputation, and Financials

Overall Rating: 4 / 5 (Very good)

Robinhood’s Cash Management feature is available to anybody who already owns an approved brokerage account with the company. With Cash Management investors can receive direct deposits, make payments and purchases, and invest in market opportunities.

Although it’s not an online checking account that can be opened independently through a bank, Cash Management does allow existing Robinhood customers to access their uninvested cash, even offering a debit card for transactional purposes.

What’s more, the money you have in the cash management feature earns interest, with a current variable APY (as of June 2022) of 1.00%.

Robinhood Cash Management Account Account Features

Account Features - 4 / 5

Robinhood’s Cash Management offers many features that are found in online checking accounts. It has an ACH account and routing number and a customizable debit card so that customers can receive deposits, make payments, and complete purchases.

Everything is done directly through the app. Customers can transfer their money to other accounts, set up a direct deposit, and pay bills using the account and routing numbers.

The customizable ATM card is issued by Sutton Bank and licensed by Mastercard. It allows users to choose from several colors for their card including green, black, white, and the American Flag.

Robinhood ha a large network of over 75,000 ATMs, including 15,000 internationally, through its partnership with Allpoint and MoneyPass. The account allows access to the major mobile wallet services such as Apple Pay, Google Pay, and Samsung Pay.
Types of Checking Accounts
Added feature as part of existing brokerage account
No-Fee ATM
No-Fee at Branded ATMs
ATM Locations
775,000+ in the U.S and internationally

Interest (APY)

1.00% APY (as of June 2022)
Integration with Mobile Payment Services
Apple Pay
Google Pay
SamsungPay
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Mobile App
Yes

Robinhood Cash Management Account Fees and Restrictions

Fees and Restrictions - 4.2 / 5

Robinhood is transparent about its fee schedule. The Cash Management feature does not have any hidden fees. Account openings, maintenance, inactive accounts, new cards foreign transactions, or in-network ATMs are all $0.

However, out-of-network ATM providers may charge fees which Robinhood does not reimburse. Foreign transactions payed in US dollars may lead to Mastercard charging a foreign currency conversion fee.
Maintenance Fee
None
Minimum Balance
None
Minimum Monthly Deposit
None
Maximum Number of Insufficient Funds Fees Per Day
No limit

Robinhood Cash Management Account Support, Reputation, and Financials

Support, Reputation, and Financials - 3.9 / 5

The way the Cash Management feature works is that customers who already have a brokerage account with Robinhood Financial opt to have their uninvested cash “swept”, or moved, into deposits at selected program banks. While the money is being held, customers earn interest paid by these program banks and customers still have immediate access to their money.

Program banks are all members of FDIC and include some of the largest banks in the country. Although Robinhood can change program banks at any time, it will provide advance notice if possible. Some of the program banks currently active are Goldman Sachs, HSBC, Wells Fargo, and CitiBank among others.

This means that your money is insured by the FDIC up to the determined limits: a total maximum of $1.25 million, with up to $250,000 per program bank. This does include any other deposits you might have with that bank, so it’s the customers responsibility to be aware if those deposits exceed the FDIC insurance limits.

Customers can receive assistance directly through the app, including locking or replacing your debit card, contacting customer support, and searching for a nearby in-network ATM.
Year Founded
2012
Live Help 24/7
Yes
Customer Support Hours
24/7

Contact Methods

  • Phone
  • Email
  • Chat

Company Profile

Full Name
Robinhood Cash Management Checking Accounts
Company Website
https://robinhood.com/us/en/
Headquarters
85 Willow Rd, Menlo Park, CA, 94025

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Our Partner
Checking Account + Stock Brokerage in One App
  • Customizable ATM 
  • 75,000 ATMs + 15,000 International
  • Zero Hidden Fees
  • FDIC Insured
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