Introducing Robinhood Checking & Savings

Earn 3% on your money, don’t pay fees, and access over 75,000 free ATMs

Since 2015, we’ve focused on making the financial system work for everyone by offering commission-free investing in stocks, ETFs, options, and cryptocurrencies. Today, we’re furthering our mission to democratize America’s financial system by introducing Robinhood Checking & Savings. Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money, and shouldn’t be charged fees to access it.

Robinhood Checking & Savings earns you 3% interest, the highest rate currently offered in the market, features no fees, access to over 75,000 free ATMs, 24/7 customer support, and a personalized debit card.

Get Early Access to Robinhood Checking & Savings

Earn 3% On Your Money – Seriously

The average annual interest rate you receive on a traditional savings account is 0.09% (FDIC). With Robinhood, you’ll earn 3% on your money in both Checking & Savings, and interest compounds and is paid out daily. That’s an extra $240 a year for the average American household with $8,000 in the bank (Federal Reserve).

No Fees

You shouldn’t be charged fees to access, save, and invest your own money. Robinhood Checking & Savings has no minimum balance, no monthly fees, no overdraft fees, and no foreign transaction fees. With Robinhood Checking & Savings, you can save hundreds of dollars in fees.

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Everything You Need

With Robinhood Checking & Savings you get a personalized debit card that can be used for free cash withdrawals at over 75,000 ATMs across the country. That’s more free ATMs than the five largest banks combined, with locations in major stores like Target, Walgreens, or 7-Eleven. You can also use the Robinhood app to find the closest free ATM, pay bills, deposit or mail checks, and chat with customer support 24/7.

All In One Place

Now, you can manage and invest your money in one place, and easily access all your finances from our new tab bar in the Robinhood app.

Get Early Access

Sign up for early access here and reserve your debit card in one of four designs. See your spot in line and invite your friends to Robinhood to move up the line and get access faster. We’ll begin sending invitations when your Robinhood debit card is ready to ship – starting January 2019.

With no minimum balance and no fees, getting started with Robinhood Checking & Savings is easy and won’t impact your credit score. Learn more here.

We’re excited to introduce Robinhood Checking & Savings to all of you and look forward to hearing what you think.

– Baiju & Vlad, Co-Founders and Co-CEOs

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Gretchen Howard Joins Robinhood as Vice President of Operations

We’re excited to announce that Gretchen Howard is joining us as Vice President of Operations. Gretchen will oversee various operational functions that are critical to growing our business, including customer support. Her expertise in scaling operations will help us accelerate our product and business growth even faster.

“We've been fortunate to get to know Gretchen and work with her over the past several months through CapitalG. She’s a seasoned leader with deep and broad operational experience, and we look forward to working closely together to scale our business and better serve our customers.” –  Vlad Tenev, Co-Founder & Co-CEO at Robinhood

Gretchen spent the last 12 years at Alphabet and Google. Most recently, she was a Partner at Alphabet’s growth equity firm, CapitalG, working closely with portfolio companies including Robinhood. In her role, Gretchen focused on operational growth challenges such as scaling teams and support, leadership staffing, and security audits. Before CapitalG, Gretchen was a Managing Director in Google’s Global Business Organization.

“I've been inspired by the velocity with which Robinhood builds and launches high-quality products and share their passion for democratizing financial services. I am thrilled to join the Robinhood team and look forward to working with Vlad and Baiju to further their mission and bring this best-in-class product to more customers around the globe. While it’s bittersweet to leave Alphabet after 12 years, I'm excited to remain in the Alphabet family and work closely with the CapitalG team from the portfolio side.” – Gretchen Howard, VP of Operations at Robinhood

Welcome to the team, Gretchen!

Jason Warnick Joins Robinhood as Chief Financial Officer

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We’re thrilled to welcome Jason Warnick as our Chief Financial Officer and member of the leadership team. In his role, Jason will oversee finance, accounting, treasury, and related functions, and his experience building a customer-centric company will be critical as we scale and expand to new financial verticals. He’s joining us next week, reporting to Co-Founder and Co-CEO Vlad Tenev.

“We’re incredibly lucky to have Jason join our leadership team. From the first time we met Jason, we were amazed and humbled by his problem-solving abilities and by the depth of his strategic thinking. We look forward to working with Jason to build out our operational and financial infrastructure and continuing to deliver the best possible financial products to our customers at the best possible prices.” – Vlad Tenev, Co-Founder & Co-CEO at Robinhood

Jason is joining us from Amazon where he spent nearly 20 years, most recently as VP of Finance and Chief of Staff to their CFO. At Amazon, he oversaw the Benchmarking, Internal Audit, Investor Relations, Risk Management, and Compliance teams.

“I’m thrilled to join the amazing team at Robinhood and look forward to advancing our mission to democratize America’s financial system. This is an exciting time for us, and I look forward to accomplishing great things together.” – Jason Warnick, CFO at Robinhood

Welcome to the team, Jason!

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Bringing You Better News

Relevant, comprehensive, and timely market news

Market news can provide critical insights into companies you’ve invested in, keep you up to date on the markets, and help you make better informed investment decisions. Today, we’re excited to share how we’re making news more relevant, comprehensive, and timely.

Relevant

Using machine learning, we more accurately identify which companies and stock symbols are discussed in an article. This allows us to aggregate news that’s better customized to your watchlist and most relevant to your portfolio.

Comprehensive

We provide coverage from known and trusted news sources like Business Insider, CNBC, MarketWatch, and Yahoo Finance, and exclude articles that are likely to be machine generated. We now have coverage for over 92% of stocks and cryptocurrencies held on Robinhood, so you never miss out on articles covering the companies you’re watching.

Timely

News articles will appear on Robinhood quickly after they’re published, so you’ll get the latest coverage on the stocks and cryptocurrencies you’re watching.

You can find news right below your portfolio, when you tap on a specific stock or cryptocurrency, and in your “Recent News” feed when you tap on the search icon.

To learn more about the technology that powers news, check out our data team’s blog post.

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A New Way to Navigate Robinhood

Tabs are rolling out to make Robinhood even easier to use

This past year, we brought several new products to Robinhood, including options, cryptocurrencies, and discovery tools. As we launch more products, we want to make it even easier to navigate the Robinhood app.

Over the next few months, we’re rolling out a tab bar at the bottom of your app with shortcuts to essential features. From the tab bar, you can easily check on your portfolio and watchlist, access the search page, or view information like your statements or transaction history.

We’ll be testing several versions of this experience, and introducing more people to the new design over the next few months. There’s no way to sign up for the update, but check your app to find out if you’re one of the first people to see the tab bar!

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A Letter From Robinhood Co-Founder & Co-CEO Vlad Tenev

Earlier this week, we were proud to announce Clearing by Robinhood, our new clearing system. We shared a lot about how Clearing by Robinhood will improve our ability to launch more products and provide you with an even better experience. Now I want to share a few details about how our trading system works. I want to use this opportunity to shed light on how Robinhood executes your orders: no jargon, only the facts.

Better execution quality. Better prices.

When you buy or sell stocks on Robinhood, like many other brokerages, we send your order to market makers like Two Sigma, Citadel, and Virtu, instead of exchanges like NYSE. Market makers don’t front-run your orders — they’re actually required by Regulation NMS to execute your order at the best price among all of the exchanges, and unlike exchanges, they don’t charge fees.

We don’t play favorites.

To compete with exchanges, market makers offer rebates to brokerages. This isn’t unique to Robinhood. E*TRADE, Schwab, and TD Ameritrade, among others, all get rebates from market makers in addition to the commission they charge you per trade. To ensure we have a fair system, we don’t take rebates into consideration when we choose which market maker will execute your orders. Also, all market makers with whom we work have the same rebate rate. We send your orders to the market maker that’s most likely to give you the best execution quality. For even finer control, we offer limit orders and stop limits, which allow you to name your own price.

We’ll always be committed to offering commission-free trading for everyone.

The revenue we receive from these rebates helps us cover the costs of operating our business and allows us to offer commission-free trading. Robinhood earns ~$0.00026 in rebates per dollar traded. That means if you buy a stock for $100.00, Robinhood earns 2.6 cents from the market maker. Other brokerages earn rebates and charge you a per-trade commission fee.

We’ve grown to over six million customers in under four years by offering our services at a dramatically lower cost and better experience than others. We started with commission-free stock trading in 2015. We heard that you wanted more from us, so we added commission-free options and crypto trading earlier this year. Over the next several years, you should expect more of the same — our goal is to build the world’s most customer-centric financial company. For you, this means even more products with a spectacular customer experience and the lowest possible prices.

Check out our new Help Center section with even more information.

– Vlad Tenev

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