Introducing Cash Management
Invest, spend, and earn interest all through your brokerage account
We believe our financial system should work for you and do more for your money. To help get us there, we announced plans in December to launch a new product. We made mistakes with that announcement, which led us to hit the reset button and start over from scratch.
Today, we’re excited to announce Cash Management, a new feature to give you more flexibility with your money. Invest, spend, and earn interest with a competitive Annual Percentage Yield (APY)*—all through your brokerage account. Join the waitlist today, and get early access to sign up when we launch.
With Cash Management, your uninvested cash is moved to program banks that pay you 2.05% APY as of October 8, 2019. Uninvested cash is money you have in your brokerage account that you plan to invest, but haven’t yet invested or spent. Interest is paid every month, on every penny. Keep in mind that like any variable rate, it may go up or down over time at the banks’ discretion, due to factors including market conditions.
With Cash Management, we don’t charge foreign transaction fees or maintenance fees, and there are no account minimums. Other fees, Gold fees, and third party fees may apply to your brokerage account. Learn more.
Your uninvested cash at these program banks is eligible for FDIC insurance up to a total of $1.25 million–or up to $250,000 per bank, subject to FDIC rules. You can read more about FDIC insurance here.
Customized Debit Card, 75,000+ ATMs, and More
Use your debit card anywhere Mastercard® is accepted and spend directly from your brokerage account. Choose from four card designs: Green, Black, White, and the American Flag. Don’t pay fees at more than 75,000 in-network ATMs. You can also pay bills, and use Apple Pay, Samsung Pay, or Google Pay.
Thanks for being patient as we built Cash Management. We can’t wait for you to check it out soon.
*Cash Management is an additional feature offered as part of your Robinhood Financial LLC brokerage account. The Annual Percentage Yield (APY) paid by program banks is 2.05% as of October 8, 2019. APY might change at any time at the program banks’ discretion. Neither Robinhood Financial LLC nor any of its affiliates are banks. The debit card is issued by Sutton Bank, member FDIC, pursuant to license by Mastercard® International Incorporated. Robinhood Financial LLC, member SIPC and FINRA.