Brokerage sweep program

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What is the brokerage cash sweep program?

Brokerage customers who opt in to the brokerage cash sweep program (the Insured Network Deposit (IND) Sweep Service), will have their uninvested brokerage account cash automatically “swept,” or moved, into deposits at a network of program banks. There are currently six program banks that participate in our brokerage cash sweep program. Cash deposited to these banks will be covered by FDIC insurance up to a total maximum of up to $1.5 million (up to $250,000 per program bank, inclusive of deposits you may already hold at the bank in the same ownership capacity). While the FDIC insurance coverage limit at each bank is $250,000, $2,000 is reserved for accrued interest.

Example: A customer with a $250,000 cash balance will have the first $248,000 swept into the first bank on the Program Bank List, and the next $2000 will be swept into the second bank on the Program Bank List.

These banks will pay interest on the swept cash, and the current annual percentage yield (APY) you will receive from these banks is 1.00% as of May 10, 2022. The program banks may change the APY at any time at their discretion. Please see the Insured Network Deposit Sweep Program Disclosures (IND Disclosures) for more information regarding the FDIC insurance coverage available for funds swept to the program banks.

Robinhood is not responsible for monitoring the amount of your deposits in any program bank, whether these deposits are made through the brokerage cash sweep program or otherwise, to determine whether the amount on deposit exceeds the limit of available FDIC insurance. You are responsible for monitoring the total amount of your assets on deposit with each program bank (including amounts in other accounts at the program bank held in the same ownership capacity) in order to determine the extent of deposit insurance coverage available to you on those deposits.

Robinhood 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 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.

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Which banks are in your network?

The following are our FDIC-insured program banks as of January 31, 2022. Please keep in mind, Robinhood may change our network of program banks at any time. If a change is made, we’ll let you know in advance.

  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • Wells Fargo Bank, N.A.
  • Citibank, N.A.
  • Bank of Baroda
  • U.S. Bank, N.A.

If you have any questions or want to opt out of any program banks (which you can do at any time), please contact support.  Please see the IND Disclosures for more information.

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Is Sutton Bank also a program bank?

No. Sutton Bank issues the Robinhood debit card, but it’s not a program bank in our brokerage cash sweep program. Your money won’t be swept to Sutton Bank for the purposes of earning interest while you wait to invest.

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How do you decide which bank my money is swept to?

We choose the bank(s) your cash gets swept to using a predetermined order. If you’d like to exclude a specific bank from your sweep options (for example, if you already have deposits at one of the program banks that when combined with the cash swept to that bank through brokerage cash sweep take your cash at that bank over $250,000), please contact support.

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Do I still have access to my cash that’s been swept to the program banks?

Yes! Your uninvested brokerage cash in the program banks is available for withdrawing, spending, and investing through your brokerage account.

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Brokerage cash sweep is an added feature to your Robinhood Financial LLC brokerage account. Neither Robinhood Financial LLC nor any of its affiliates are banks.

Reference No. 2085641
Still have questions? Contact Robinhood Support