Get Started with Cash Management

How do I get started with Cash Management?

Once you receive an email confirming that you’re off the waitlist, you can upgrade to Cash Management. If you’re an existing customer, you can upgrade to Cash Management right away. We may ask you to confirm some information like the address and ID that you gave us when you first opened your brokerage account.

If you’re not an existing customer, you’ll have to open a brokerage account to use Cash Management because it’s a feature of the brokerage account.

As a Cash Management customer, you’ll start earning interest from the program banks on your first cent of uninvested cash that is automatically moved (swept) to the program banks. While you wait for your physical debit card to be delivered, you’ll be able to use your card number online and set up Apple Pay, Google Pay, or Samsung Pay.

Will this affect my credit score?

No. This process will not affect your credit score.

Funding my brokerage account

Does adding money to Robinhood change if I’m using Cash Management?

Yes. Cash Management gives customers more ways to add money to their brokerage account:

  • Link a bank account: These funds appear as pending on your Cash tab until they clear in up to five business days. We’ll notify you when these funds clear and are available for spending.
  • Set up direct deposit: You can set up direct deposit in your app by tapping the Transfer button in the Cash tab.
  • Use your ACH account number and routing number: The ACH account number is your brokerage account number with a prefix. The routing number identifies the financial institution. You can find your ACH account number and routing number in your app by tapping the Transfer button.

We work with Sutton Bank to process debit card transactions and ACH transfers, so the routing number belongs to Sutton Bank. This means that transfers to and from your Cash Management account may appear as transfers to and from Sutton Bank in your transaction history at other institutions.

How do I link my Robinhood debit card to other accounts?

To link your Robinhood debit card with other accounts, you’ll need your debit card number. You can find your card number, expiration date, and CVC by tapping the card in the Cash tab.

Card Arrival

Can I use Cash Management before my physical debit card arrives?

Yes. Once you’ve activated your card in the app, you can do all of the following:

  • Start earning interest on your uninvested cash
  • Set up direct deposit: Tap “Transfer” to find your ACH account number and routing number
  • Set up Apple Pay, Google Pay, or Samsung Pay: Tap your card in your app under the Cash tab to see your card number, expiration date, and CVC
  • Make online purchases: Tap your card in your app under the Cash tab to see your card number, expiration date, and CVC
  • Pay bills using your debit card or your ACH account number and routing number

How do I activate my debit card?

To activate your debit card:

  1. Go into the Cash tab
  2. Under the Debit Card section, tap Have you received your card?
  3. Tap the Yes button
  4. Turn on Spend Alerts (optional)
  5. Turn on Location Protection (optional)

What do I do if I didn’t receive my debit card?

To find out if your card is still on its way or to request a new card:

  1. Go into the Cash tab
  2. Under the Debit Card section, tap Have you received your card?
  3. Tap the No button

What happens when I downgrade from Cash Management or close my brokerage account?

If you decide to downgrade from Cash Management or close your brokerage account entirely, you’ll receive the prorated interest earned that you've earned intra-month leading to your downgrade or brokerage account closure. Starting the day you downgrade or close your account, you’ll no longer earn interest on your uninvested cash.

You can downgrade from Cash Management as long as you do not have pending card transactions. Any pending card transactions will either settle or expire, depending on the type of transaction. While most pending authorizations will settle within a few days, some pre-authorization transactions (such as a hold in advance of a hotel stay) may result in an extended hold. Transactions that settle will go from Pending to Complete and will appear in your transaction history. If a hold on a charge in your account expires before the charge settles, we’ll release the money. When this happens, the charge will disappear from the Recent History section in your app.

Keep in mind, once you downgrade from Cash Management or close your brokerage account, your debit card will no longer work and any new transactions will be declined.

Reference No. 20200710-1240905-3745539
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