Catenaa, Thursday, March 27, 2028-Robinhood is expanding its financial services with the launch of Robinhood Banking, a fully digital checking and savings platform offering a 4% annual percentage yield (APY) and FDIC insurance up to $2.5 million.
Set to roll out this fall, the service will be available to Robinhood Gold subscribers.
It will integrate with Robinhood’s credit card app, allowing users to send and receive money. To compensate for the lack of physical branches, Robinhood says it will offer on-demand cash delivery to customers’ doorsteps.
However, the company has not disclosed specific details, and availability will vary by location.
Robinhood Banking will provide individual and joint accounts, as well as options for children’s accounts. Since Robinhood is not an FDIC-insured bank, it will offer “pass-through” insurance via Coastal Community Bank.
Alongside the banking service, Robinhood is launching a wealth management platform called Robinhood Strategies, which will provide actively managed investment portfolios, including single stocks and ETFs. The service has a 0.25% annual management fee, capped at $250 per year for Robinhood Gold members.
Robinhood Strategies is now available to Gold subscribers and will expand to all users next month. Gold members, who pay $5 per month or $50 per year, also receive perks such as larger instant deposits and margin investing.
Later this year, Robinhood plans to introduce Cortex, an AI-powered investment tool that will analyze market trends and offer trading insights. The expansion reflects Robinhood’s strategy to transition from a trading app into a full-service financial hub.
