How To Open A Robinhood Bank Account In 2023

Opening a Robinhood bank account can be a convenient way to manage your cash and investments in one place.

However, due to recent changes, new customers can no longer sign up for Cash Management.

Instead, you can join the waitlist for the Robinhood spending account and Cash Card.

In this article, we’ll walk you through the steps to fund your brokerage account and sign up for the waitlist.

Funding Your Brokerage Account

To add money to your Robinhood brokerage account, you have several options:

1. First, you can link a bank account, which can take up to five business days for the funds to clear.
2. You can also set up direct deposit and have your paycheck or government deposits deposited directly.
3. Alternatively, you can use your ACH account number and routing number to transfer funds.

It’s important to note that Robinhood partners with Sutton Bank and JPMorgan Chase Bank to process transactions.

As a result, transfers to and from your Cash Management account may appear as transfers to and from Sutton Bank or JPMorgan Chase Bank in your transaction history at other institutions.

Linking Your Debit Card

• To link your Robinhood debit card with other accounts, you’ll need your debit card number.
• You can find your card number, expiration date, and CVC by tapping the card in the Cash tab.

Activating Your Debit Card

• Once you receive your physical debit card, you can activate it in the app.
• To do so, go to the Cash tab and tap the Have you received your card? button.
• Then, tap the Yes button and turn on Spend Alerts and Location Protection if desired.

Using Your Account

After activating your card, you can start earning interest on your uninvested brokerage cash and set up direct deposit by tapping the Transfer button.

You can also set up Apple Pay, Google Pay, or Samsung Pay by tapping your card in the Cash tab.

With your debit card, you can make online purchases and pay bills using your ACH account number and routing number.

If you didn’t receive your debit card or need to request a new one, go to the Cash tab and tap the Have you received your card? button.

Then, tap the No button to find out if your card is still on its way or to request a new card.

Downgrading From Cash Management

If you decide to downgrade from Cash Management or close your brokerage account entirely, you’ll receive prorated interest earned that you've earned intra-month leading to your downgrade or brokerage account closure.

If your brokerage account has been downgraded because you signed up for the Robinhood spending account, you’ll continue to have access to the brokerage cash sweep program for cash held in the brokerage account.

Conclusion

In conclusion, while new customers can no longer sign up for Cash Management, you can still join the waitlist for the Robinhood spending account and Cash Card.

Once you have your account set up and your debit card activated, you can start managing your cash and investments in one convenient place.

Don't forget to grab your free stock worth up to $200 from Robinhood today!