Investing + Cash Management
Yes. As soon as your deposit lands in your account, you can trade stocks, options, or ETFs through your brokerage account. You can also use the deposit to purchase crypto through your Robinhood Crypto account. These deposits include transfers using a pre-linked account or using your ACH account number.
Yes. When you sell stock, options, or ETFs through your brokerage account or sell crypto through your Crypto account, you can use that money to make purchases with your debit card. Keep in mind that your order must execute before you can use the funds elsewhere, which for stocks, options, and ETFs can only happen during market hours.
Yes. When you sell stock, options, or ETFs through your brokerage account or sell crypto through your Crypto account, you can use that money to pay bills with your ACH account number and Sutton Bank routing number. Keep in mind that your order must execute before you can use the funds for spending.
If you've already been marked as a pattern day trader (PDT) before signing up for Cash Management, you can still sign up and use the debit card, but you will not be eligible for the deposit sweep program. If you're marked PDT while enrolled in Cash Management, you'll be unenrolled from the deposit sweep program and will have your cash swept back from program banks. Any already-accrued interest will be paid to your account. You can continue to day trade if the value of your cash and stocks meets or exceeds $25,000, but you will not earn additional interest on your uninvested cash until you are no longer PDT designated (no day trades for 90 days). Learn more about pattern day trading.
The reason we disable participation in the deposit sweep program when you're marked PDT is that cash at program banks doesn't count toward the $25,000 minimum needed to continue day trading. Swept cash also does not count toward your day trade buying limit. Enabling pattern day traders to participate in the deposit sweep program would result in a number of potential day trade calls for those customers, so the industry standard is to disable deposit sweep programs for PDTs. See FINRA Rule 4210(f)(8)(B) for more details on the definition of and requirements applicable to PDTs.