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How It Works

What is Cash Management?

Cash Management is offered as part of your brokerage account, and lets you use Robinhood Financial¹ for everyday transactions like investing, spending, and saving. Your uninvested cash is swept to our network of program banks where it starts earning 2.05% annual percentage yield (APY)². With Cash Management, you request a customized debit card³ that’s offered by Sutton Bank.

Keep in mind that the 2.05% APY is as of October 8, 2019 and can change at any time at the discretion of the program banks⁴.

Here’s what you get for free with Cash Management:

  • A Robinhood debit card
  • An ACH account number and routing number
  • Lost and stolen replacement cards
  • Access to Apple Pay, Google Pay, or Samsung Pay

Why is there a waitlist for Cash Management?

Access to Cash Management through your existing brokerage account is currently limited. Roll out will begin soon. We believe it’s worth the wait.

How do I join the waitlist?

Anyone can join the waitlist, even if you haven't used Robinhood before. Please keep in mind that you will have to have an approved brokerage account with us before you can upgrade to Cash Management once you’re off the waitlist. Until you have successfully opened a brokerage account with us and received a confirmation that you have activated the Cash Management feature, you will not earn interest on uninvested cash, or have access to the debit card.

  • If you already have a brokerage account through Robinhood Financial, you can join the list by either:

  • Going to the tab with the card icon in your app and tapping “Join the Waitlist”.

  • Going to the Cash Management website and entering the email address associated with your brokerage account.
  • If you don’t have a brokerage account through Robinhood Financial yet, you can join the waitlist by either:

  • Downloading the Robinhood app and tapping the “Cash Management” card at the top of the welcome screen and then tapping “Join the Waitlist” on the next screen.

  • Going to the Cash Management website and entering your email address.

Next, choose the debit card design you want, and then you’ll see your spot in line.

Debit card design, you say?

You’ll get a free debit card issued by Sutton Bank when you sign up for Cash Management and you can pick from 4 beautiful designs:

  • Green
  • Black
  • White
  • American Flag

Pick the debit card design of your choice when joining the waitlist. If you change your mind, you’ll get a final chance to confirm or change it once you get off the waitlist. Choose wisely—after that point you’ll be locked into whichever design you pick!

Are there any commitments for joining?

There are no commitments involved in joining the waitlist. We’ll send you an email when you’re off the waitlist, and you can get started with as little as one cent in your brokerage account.

When will I get access to Cash Management?

We’ll start rolling out Cash Management soon. When your invite to sign up is ready, you’ll get an email and push notification from Robinhood.

¹Securities trading offered through Robinhood Financial LLC, member SIPC and FINRA. Cryptocurrency trading offered through Robinhood Crypto, LLC. Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services and is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not products protected by either FDIC or SIPC. Robinhood Financial LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc.

²The Cash Management Annual Percentage Yield (APY) paid by program banks is 2.05% as of October 8, 2019. APY is determined by the program banks into which your uninvested cash is swept, and may change at any time. Neither Robinhood Financial LLC nor any of its affiliates are banks.

³The Robinhood debit card is issued by Sutton Bank, member FDIC, pursuant to a license by Mastercard® International Incorporated.

⁴Robinhood Financial LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.  Please note that until funds are swept to a program bank, they are covered by SIPC protection. They are not covered by SIPC protection when on deposit at a program bank.

Reference No. 20191005-967169-2929582
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Securities trading is offered to self-directed customers by Robinhood Financial. Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA).
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Cash Management is an added feature to your Robinhood Financial LLC brokerage account. The Annual Percentage Yield (APY) paid by program banks might change at any time at the program banks' discretion. Interest is earned on uninvested cash swept from the brokerage account to the program banks. Neither Robinhood Financial LLC nor any of its affiliates are banks. The debit card is issued by Sutton Bank, member FDIC, pursuant to a license from Mastercard® International Incorporated.
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