How are Cash Management and the Robinhood spending account different?
Cash Management is no longer accepting new customers at this time.
With the launch of the Robinhood spending account, we are no longer accepting new signups to Cash Management. Over time, we expect to transition all Cash Management accounts to the Robinhood spending account.
Here is a side by side comparison of Cash Management and the Robinhood spending account.
If you’re currently enrolled in the brokerage cash sweep program, where you earn interest on your uninvested brokerage cash balance, you won’t lose this feature once you transition to the Robinhood spending account. You can continue to track your interest earnings in Account → Investing.
| Features | Cash Management | Spending account |
| Accepts new customers | No | Yes |
| Account structure | Feature of investing account with same balance | Separate account for spending and a investing account is not required |
| Interest earned on cash | Yes, through the brokerage cash sweep program | Not earned on spending balance but earned on uninvested brokerage cash balance* |
| FDIC Insurance | N/A | Yes (up to $250,000) |
| Debit card | Yes | Yes (Robinhood Cash Card that supports contactless payments) |
| ATMs | Fee-free at 90,000 ATMs | Fee-free at 90,000 ATMs |
| Sending checks | Yes | Yes |
| Round-ups | No | Yes |
| Direct deposit | Yes | Yes, with a new number |
| Early direct deposit | No | Yes |
| Paycheck recurring investments into equities in the investing account and crypto in the crypto account | No | Yes |
*If you’re opted into the brokerage cash sweep program
Round-ups are sent from your spending account with, and are a service of Robinhood Money. The Robinhood Cash Card is not used for stock or crypto-related transactions. Sutton Bank is not involved in the stock or crypto-related transactions. You authorize the transfer of round-ups from your spending account with Robinhood Money to your Affiliate accounts. You must separately place a recurring trade order with Robinhood Financial LLC to invest in securities, or with Robinhood Crypto, LLC to invest in crypto through this program. For round-ups to be available to you, you need to have an investing account with Robinhood Financial. All brokerage products and services are provided by Robinhood Financial LLC. Robinhood Crypto, LLC provides crypto trading pursuant to applicable state money transmission and virtual currency licenses.