If you're an investor using Robinhood's spending account, you might be wondering about the timing of your direct deposit.
Direct deposit is a convenient and fast way to receive your paycheck, and it can help you stay on top of your finances.
In addition, Robinhood offers the convenience of getting your eligible paychecks and other direct deposits up to 2 days early.
In this article, we will discuss when your direct deposit will take effect and when you can expect to see the funds in your Robinhood account.
New to Robinhood? Check out my full tutorial below!
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.
Here's what you need to know:
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.
Firstly, let's talk about how long it takes for direct deposit to take effect.
After you set up direct deposit through Robinhood, your paycheck should be deposited into your bank account on your next pay cycle.
To set up direct deposit, follow these steps:
At this point, Robinhood will walk you through the steps involved with setting up direct deposit.
After 1 to 2 pay cycles, Robinhood will notify you if your direct deposit is eligible for early direct deposit.
So when will your paycheck be deposited? You can expect this to happen around 10 AM ET on the day your direct deposit normally lands.
For most people, this is usually on a Friday.
However, if your paycheck is eligible for early direct deposit, you could see it as many as two days early - which would land on a Wednesday for most of us.
Keep in mind, it can take 1 to 2 pay periods for Robinhood to determine if your paycheck is eligible for early direct deposit.
If you want to learn more about Robinhood, check out our full beginner's guide about how Robinhood works here.
