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.
No. This process will not affect your credit score.
Yes. Cash Management gives customers more ways to add money to their brokerage account:
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.
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 Management tab.
Yes. Before your physical debit card arrives you can:
To activate your debit card:
To find out if your card is still on its way or to request a new card:
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.
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” 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.