FAQ
Currently, Robinhood Banking has limited availability that is invitation only. If you’ve received an invitation, you can open a Robinhood Banking account in minutes. Simply open your Credit Card app (soon to be Banking app) and follow the prompts to provide your personal information. Once approved, you’ll have access to banking features like checking, savings, and debit card options.
You’ll need to be at least the age of majority as determined by your state of residence (for most, 18 years old), have a valid Social Security number or another valid Tax Payer identification Number, and a U.S. residential address.
On the last day of each calendar month, all interest accrued on deposits to each eligible account will be posted. You’ll be able to see your monthly interest accrual in the transaction history on the Banking tab and receive an email notification. Note that interest is accrued on deposits in the Robinhood Banking checking and savings accounts if you have over $100,000 in assets under custody in all of Robinhood, but only in your savings account if you have less than $100,000 in assets under custody. Regardless of the assets under custody amount, you must direct deposit at least $1,000 in your checking account per calendar month to accrue interest.
At 3.50% APY and $1,000 end of day balance, the daily interest accrual can be calculated as follows:
Daily interest rate = (1 + 0.0350)^(1/365) - 1 = 0.009462%
Daily interest accrual = $1,000 * 0.009462% = $0.0946
This means someone with $1,000 would earn about $0.10 in interest that day. With daily compounding, the next day's interest would be calculated on a $1,000.10 balance, and assuming no deposits, changes to the uninvested cash balance, or withdrawals, the account could end the year with $1,035.00 at 3.50% APY.
For leap years, we would use the same formula as above for daily interest but divide by 366 days instead of 365.
Calculations provided are hypothetical and not guarantees of future results. Actual results will vary. Interest rates are subject to change.
Robinhood offers checking, savings, joint, and child accounts. Checking accounts give you everyday spending flexibility, while savings accounts help you earn interest on your money.
Yes, you can view and track your net worth directly in the app by linking your assets and liabilities. Just go to the Net worth tab → Connect accounts. You can connect bank accounts, credit cards, crypto, and more. We combine your Robinhood balances with connected accounts for a complete picture.
Yes. You can easily transfer money between your Robinhood checking, savings, investing, retirement, and spending accounts, or move money to and from an external bank.
If you need to close your account, contact the Banking support team. You can text us or send us an email at banking@robinhood.com.
You’ll get your virtual debit card number when you open your account. A physical debit card is optional. Once you open a checking account, you’ll be able to request a Robinhood debit card in the app and we’ll ship it directly to your mailing address.
Anywhere Mastercard® is accepted—online, in stores, and at ATMs.
Robinhood may charge fees of $2.50, depending on your benefit tier. Out-of-network ATM fees may incur a fee of $2.50 for certain tiers. Check out Banking benefits, limits and fees for more details.
Our team will review your case and follow up as soon as possible via email.
Yes. Robinhood offers different banking benefits, such as higher savings rates or increased withdrawal limits. Check out Banking benefits, limits, and fees for tier details.
Tier upgrades are assessed daily at the close of the US stock market open. If you deposit more assets into any of your connected Robinhood accounts, your tier will be re-assessed daily and upgraded if those deposits have settled at that time and your total assets in Robinhood accounts is at least $100,000. Our system uses the higher of your current total assets or your average total assets over the last 90 days to determine your tier.
If your average total assets over the last 90 days have decreased below $100,000, your tier may be decreased. Tier decreases will only happen once a month at the beginning of the month.
Your total assets include equities, crypto, and cash within all your Robinhood accounts. We take this amount and calculate the total at the close of each business day. We’ll also take the average of this amount for the last 90 days and will use the higher of the two values. Note that we don’t include assets in crypto wallets or margin. Crypto Wallets are self-custodied so they’re not assets considered held by Robinhood, and margin is considered borrowed money so it’s not considered assets under custody.
Limits vary depending on your tier—for example, daily debit card spending and transfer amounts. Review Banking tiers, limits, and fees for transfer limits per tier. You can always check your limits in the app.
We keep fees simple and transparent. Robinhood doesn’t charge monthly maintenance fees, minimum balance fees, or overdraft fees. Other fees, like out-of-network ATM charges, may apply.
Keep in mind that a Robinhood Gold subscription is required in order to have a Robinhood Banking account and the monthly/annual subscription fee applies. Review What’s Robinhood Gold? for more information.
While you won’t be charged a fee for overdrafting, there is no overdraft protection so your transfer will likely fail if you don’t have enough funds in your account.
Yes. Deposits to the Robinhood checking and savings accounts can receive FDIC-insured up to $2.5 million dollars through our partner banks.
Lock your card instantly in the app, then request a replacement. Make sure you review your transaction history to ensure there are no unauthorized transactions on your account. If there are any charges you don’t recognize you can submit a dispute.
Robinhood is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.