Get Started with Cash Management
If you’re already a Robinhood customer, you can upgrade to Cash Management in the app by going to the Cash tab (the second tab from the left) and selecting Sign up. Once you’ve done this, 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 a Robinhood customer yet, you’ll need to open a brokerage account to use Cash Management. You can do this by downloading the Robinhood mobile app from the App Store or Google Play Store or using the web version.
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 tab.
Yes. Once you’ve activated your card in the app, you can do all of the following:
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.
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.