Robinhood is a popular brokerage firm that offers a cash sweep program known as the IntraFi Network Deposit (IND) Sweep Service.
This program automatically moves uninvested cash in brokerage accounts to a network of program banks to earn interest and be eligible for FDIC insurance. Robinhood itself is not FDIC insured—only the cash deposited at these partner banks receives FDIC insurance, which protects against bank failure, not against market losses or brokerage insolvency.
Uninvested cash is still covered through SIPC with Robinhood, which protects against the brokerage's failure, but not the failure of a program bank.
When you enroll in the program, eligible uninvested cash is automatically transferred, or "swept," from your Robinhood brokerage account into deposit accounts at a network of program banks. This cash remains visible in your Robinhood account and is available for investing, withdrawing, or spending at any time.
You earn interest on swept cash, paid monthly by the program banks and tracked in your Robinhood app. As of 2025, Robinhood Gold members earn a competitive 4% Annual Percentage Yield (APY) on swept balances, while some accounts may have different rates—always check Robinhood's latest disclosures for current rates. There is no cap on how much interest you can earn through the program.
Robinhood's FDIC insurance is provided through a flexible network of 12 or more program banks, including well-known names like Goldman Sachs Bank USA, HSBC Bank USA, Wells Fargo Bank, Citibank, Bank of Baroda, U.S. Bank, Bank of India, Truist Bank, M&T Bank, First Horizon Bank, EagleBank, and CIBC Bank. The exact list may change, so check the Robinhood website for the most current roster.
| Program Bank Examples | FDIC Coverage per Bank | Aggregate FDIC Coverage |
|---|---|---|
| Goldman Sachs Bank USA, HSBC Bank USA, Wells Fargo, Citibank, Bank of Baroda, U.S. Bank, Bank of India, Truist Bank, M&T Bank, First Horizon Bank, EagleBank, CIBC Bank, and others | $250,000 per bank (with $2,000 reserved for accrued interest) | Up to $2.5 million across all program banks |
Cash swept to these banks is eligible for FDIC insurance up to a maximum of $2.5 million as of January 15, 2025, inclusive of deposits you may already have at these banks in the same ownership category. At each bank, $2,000 of the $250,000 limit is reserved for accrued interest, so the principal coverage is $248,000 per bank. If you opt out of any program banks, your maximum coverage may be reduced.
The sweep process is designed to maximize FDIC insurance. If you have a $260,000 eligible cash balance, for example, Robinhood would sweep $248,000 to the first available program bank and the remaining $12,000 to the next bank, always reserving $2,000 per bank for accrued interest and distributing balances to stay within FDIC limits.
It is your responsibility to monitor your deposits at each program bank, including any accounts you may have directly. If your combined deposits at any bank—including those swept through Robinhood—exceed the FDIC limit, you risk uninsured funds. You can exclude specific banks from your sweep options by contacting Robinhood support.
Your swept cash remains accessible in your Robinhood brokerage account. You can withdraw, spend, or invest it at any time. Most bank transfers take up to 4-5 days, but instant withdrawals may also be available.
Interest is paid monthly by the program banks and is visible in the Investing section of your Robinhood app. Remember that cash swept to the program banks is covered by FDIC insurance, but if you opt out, your uninvested cash will remain in a non-interest-bearing brokerage account, protected only by SIPC.
You can manage your sweep options and exclude specific banks through your Robinhood account settings or by contacting customer support. Regularly review your deposit amounts at each program bank to ensure you remain within FDIC insurance limits.
For the most up-to-date terms, current interest rates, program bank list, and detailed disclosures, refer to the official Robinhood Brokerage Sweep Program page and the IND Disclosures provided by Robinhood.
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