Robinhood is launching bank accounts that will deliver physical cash ‘to your doorstep’
1 min read
Summary
Online brokerage platform Robinhood has announced the launch of Robinhood Banking, a digitally based banking platform, set to launch in autumn 2023.
Offering a 4% annual percentage yield (APY) and FDIC insurance of up to $2.5m, the platform will offer checking and savings account to Robinhood Gold subscribers.
The company’s $5 monthly subscription service, Robinhood Gold, gives users access to margin investing and larger instant deposits amongst other features.
Robinhood also plans to launch an AI-powered investment tool called Cortex for Gold subscribers, providing analysis and insights into market trends.
The company also unveiled a new wealth management platform, Robinhood Strategies, offering access to a mix of stocks and exchange-traded funds (ETFs), which it says are actively managed.