What is Cash Management?
Cash Management is a feature offered through your brokerage account that lets you use Robinhood¹ to spend and earn interest on your swept cash. You’ll also get a debit card² issued by Sutton Bank. You can use your debit card and routing and account numbers to buy groceries, pay bills, send checks, and more. Your cash is swept to our network of program banks where it starts earning 0.30% annual percentage yield (APY)³.
Keep in mind that the 0.30% APY is as of March 16, 2020 and can change at any time at the discretion of the program banks⁴.
When you upgrade to Cash Management, you’ll get a debit card issued by Sutton Bank. You can pick from four beautiful designs:
If you don’t want a physical debit card, you can opt for a virtual debit card only. You can use the virtual card online and through Apple Pay, Google Pay, or Samsung Pay. If you ever change your mind, we’ll mail you a debit card.
Interested in signing up for Cash Management? Learn how you can get started here.
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¹Cash Management is an added feature to your Robinhood Financial LLC brokerage account
²The Robinhood debit card is issued by Sutton Bank, member FDIC, pursuant to license by Mastercard® International Incorporated.
³The Cash Management Annual Percentage Yield (APY) paid by program banks is 0.30% as of March 16, 2020. APY may change at any time at the program banks’ discretion. Neither Robinhood Financial LLC nor any of its affiliates are banks.