Cash Management Sunset FAQ

Cash Management is spending functionality offered through your brokerage account. If you open a new spending account, we’ll move your Cash Management spending features from your brokerage account to a new, separate spending account and issue you a new debit card.

When you open a spending account, your ACH account number that was associated with the Cash Management feature will change. Your routing number will also change if it was previously provided by Sutton Bank. We’ll send a notice of change (NOC) to your transfer senders and recipients letting them know that your account information has changed and try to switch over any non-originated ACH transfers to your new account (except direct deposits).

For direct deposits and any other transfers that we aren’t able to switch over to your spending account, you’ll need to update your ACH account and routing numbers with your new spending account information within 90 days of opening your account. Additionally, after opening your spending account, make sure you transfer enough money from your brokerage account to cover any upcoming charges. If your spending account doesn’t have enough money to cover a charge, the charge will be declined.

We’ll issue you a new debit card when you open your spending account—you can start using your new virtual card information online and with your mobile wallet immediately. If you requested a physical debit card, it should arrive within 2 weeks. Your old debit card will work for 60 days after your spending account is open, as long as there are no pending transactions or disputes on the card. You’ll need to update any places where you were storing your old card information.

The Deposit Sweep Program will still be offered on the brokerage account. Going forward, Robinhood will continue to build features only for the new spending account. To have access similar to Cash Management’s spending features, you’ll need to open a spending account.

There are no monthly fees, maintenance fees, inactivity fees, foreign transaction fees, transfer fees, card replacement fees, or account minimums for the new spending account. You also don’t have to worry about overdraft fees—if you don’t have enough cash available, we’ll just decline the transaction. Keep in mind that other fees, such as ATM fees may apply. You can check out our Prepaid Card Agreement and Spending Account Agreement to learn more.

When you open a new spending account, you'll get a new Robinhood Cash Card, which offers more ways to earn rewards. With Round-ups, you can also earn cash back on every debit card purchase with selected merchants.

You can set up a recurring paycheck transfer with your spending account to automatically invest a portion of your paycheck each week—or, you can send a part of every paycheck to brokerage cash, where it will earn interest through the cash sweep program. Additionally, early direct deposit allows you to get paid up to 2 days early. Limitations apply.*

With a spending account, you can round up any debit card transactions to the next dollar and set aside your spare change to invest in your choice of stocks, exchange-traded funds (ETFs), or crypto. For more details, check out Round-ups.

When you set up direct deposit to your new spending account, you can choose to automatically invest a percentage or dollar amount of every paycheck in your brokerage account to invest in stocks or ETFs, or transfer to your Robinhood Crypto account.

When you set up direct deposit to your new spending account, you may be able to receive your paycheck up to 2 days early. Eligibility depends on your employer or payroll company and isn’t guaranteed.

Transfers of settled funds between your brokerage account and spending account will be instant. Bank transfers will still typically take up to 5 business days.

While you’ll still earn interest on the swept cash in your brokerage account, you won’t earn interest on any cash in your spending account.

The money in your spending account may be eligible for up to $250,000 of FDIC pass-through insurance (see the Robinhood Cash Card Agreement.) and the Robinhood Spending Account Agreement). Swept cash in your Robinhood Financial brokerage account will continue to be eligible for up to $2.25 million of FDIC insurance with our program banks. Robinhood Financial 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 at www.sipc.org.