5 Things To Know About Cash Management
Earn 1.80% APY on your uninvested cash
We’re thrilled to share that Cash Management is rolling out to the first set of customers today. Here’s what you need to know to get started with Cash Management:
Why should I try Cash Management?
Get more flexibility with your brokerage account to invest, spend, and earn interest with a competitive 1.80% Annual Percentage Yield (APY)* as of October 30, 2019. You’ll start earning interest on your first dollar!
Use your Robinhood debit card anywhere Mastercard® is accepted, or withdraw cash from 75,000+ free ATMs. You can also pay bills, and use Apple Pay, Samsung Pay, or Google Pay. Plus there are no account minimums, no transfer fees, no foreign transaction fees — the list goes on. Other fees may still apply to your brokerage account.
How do I earn interest?
Interest is paid monthly based on the uninvested cash in your brokerage account. Uninvested cash is money you have in your brokerage account that you plan to invest, but haven’t yet invested or spent. Behind the scenes, we’ll move this cash to banks who pay the interest and provide FDIC insurance, subject to FDIC limits.
You can easily keep track of how much you’ve earned in the app. The current APY is 1.80% as of October 30, 2019. Like any variable rate, it may go up or down over time at the banks’ discretion, due to factors including market conditions. Learn more about earning interest.
How is my money insured?
When you upgrade to Cash Management, your uninvested cash in the banks is eligible for FDIC insurance up to a total of $1.25 million – or up to $250,000 per bank, subject to FDIC rules. Learn more about FDIC insurance.
How do I get a Robinhood debit card?
We’ll send you a customized debit card for easy access to your cash when you upgrade to Cash Management. Choose from four card designs: Green, Black, White, and the American Flag.
How can I get Cash Management?
Cash Management is rolling out to the first set of customers on the waitlist today! You can still join the waitlist to get notified when Cash Management is available for you.
*Cash Management is an additional feature offered as part of your Robinhood Financial LLC brokerage account. Neither Robinhood Financial LLC nor any of its affiliates are banks. The debit card is issued by Sutton Bank, member FDIC, pursuant to a license by Mastercard® International, Incorporated.