Robinhood has become one of the most popular investing apps in the market, and for a good reason.
Robinhood offers commission-free trading, user-friendly interfaces, and many useful features.
One of these features is the Robinhood spending account, which is designed to help you manage your cash.
The Robinhood spending account is a separate account offered by Robinhood Money LLC, a licensed money transmitter.
It allows users to spend, opt into roundups and bonuses, and get paid early.
Additionally, you'll get a Robinhood Cash Card issued by Sutton Bank.
The Cash Card is a debit card that you can use to buy groceries, pay bills, and send checks.
When you open a Robinhood spending account, you'll receive a physical Cash Card issued by Sutton Bank. If you prefer, you can opt for a virtual debit card instead.
The virtual card can be used online and through Apple Pay, Google Pay, or Samsung Pay. If you change your mind, you can request a physical card at any time.
If you already have Cash Management and sign up for a Robinhood spending account, your brokerage account will be downgraded from having Cash Management to a brokerage account with access to the brokerage cash sweep program.
A spending account is then created, which is separate from your brokerage account. Cash held in your spending account will not earn interest, but eligible uninvested cash held in your brokerage account will continue earning interest.
You may be issued new routing and account numbers that you can use for direct deposit. If you are issued new numbers, old account and routing numbers from Cash Management will no longer work. You'll receive a new Robinhood Cash Card, and your old debit card from Cash Management will no longer work.
Cash held in your spending account is FDIC-insured up to $250,000, and your uninvested swept cash balance will continue having FDIC insurance up to $1.25 million.
In conclusion, the Robinhood spending account is a useful feature that provides users with a way to manage their cash.
If you're interested in signing up for the Robinhood spending account, you can get started easily by visiting the Robinhood website or mobile app.
This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.
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