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Written by Sam Pennington on February 20, 2023
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Robinhood Brokerage Cash Sweep Program Explained In 2024

Robinhood is a popular brokerage firm that offers a cash sweep program known as the IntraFiNetwork 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.

Uninvested cash is still covered through SIPC with Robinhood, though.

Learn More: Robinhood Retirement 3% Match

Robinhood is a popular "all-in-one" investing app.

While they are most well-known for their commission free stock trading, they've recently shaken up the Retirement Investing World too.

Introducing Robinhood Retirement; home of the biggest IRA match on the market.

Robinhood IRA Boost

Here's what you need to know:

  • Robinhood offers 2 types of retirement accounts - the Roth IRA and Traditional IRA
  • All Robinhood investors will get a 1% Match on what they Contribute or Transfer
  • Robinhood Gold members will get a 3% Match - the biggest on the market

And don't worry, this comes with a Portfolio Builder Tool. You don't have to construct your investment portfolio from scratch if you don't want to.

Lastly, you'll even get a free stock worth up to $200 when you open a new Robinhood account using our link.


Best Free Stock Promotions

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Robinhood Program Banks

Currently, there are six program banks that participate in Robinhood's brokerage cash sweep program:

  1. Goldman Sachs Bank USA
  2. HSBC Bank USA, N.A.
  3. Wells Fargo Bank, N.A.
  4. Citibank, N.A.
  5. Bank of Baroda
  6. U.S. Bank, N.A.

Cash deposited to these banks is eligible for FDIC insurance up to a maximum of $1.5 million, with each bank having an insurance coverage limit of $250,000 (inclusive of deposits you may already hold at the bank in the same ownership capacity).

Balances Under $250,000

If a customer's cash balance is less than $250,000, the entire amount will be swept into the first program bank on the list.

Balances Over $250,000

However, if the cash balance is greater than $250,000, Robinhood will sweep the excess funds to the other linked program banks in addition to the first.

It is the customer's responsibility to monitor the amount of their deposits with each program bank to ensure that the total amount does not exceed the FDIC insurance coverage limit.

If a customer already has deposits at a program bank that, when combined with the cash swept to that bank through the brokerage cash sweep, take their cash at that bank over $250,000, they can contact Robinhood Support to exclude that bank from their sweep options.

How To Access Your Cash

Customers still have access to their cash that has been swept to the program banks and can withdraw, spend, or invest it through their brokerage account.

Interest is paid by the program banks monthly, and customers can keep track of how much interest they've earned in the Investing section of the Settings in the app.

It's important to note that Robinhood may change the network of program banks at any time, and customers can opt out of any program banks at any time by contacting support.

For more information, customers can refer to the IND Disclosures provided by Robinhood.

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

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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Get 1 Free Stock Worth Up To $200 From Robinhood!

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Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

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