The place Robinhood Money Administration falls brief:
- Restricted customer support choices.
- No money or examine deposit.
- No ATM rebates.
- Latest app outages.
The underside line
Robinhood Money Administration is a chance to earn a strong 1.30% APY in your money. A function of Robinhood’s brokerage account, it’s at the moment being rolled out through waitlist to current clients; new clients should open a daily brokerage account earlier than they’ll be a part of the waitlist.
Like different money administration merchandise, Robinhood Money Administration isn’t a checking account, regardless of its options being much like these of a checking or financial savings account. To offer Federal Deposit Insurance coverage Corp. safety to buyer funds, Robinhood sweeps the cash to companion banks behind the scenes, thereby extending the federal insurance coverage that banks sometimes present.
»Wish to take a look at extra choices? Try NerdWallet’s listing of finest money administration accounts
4.0 / 5.0
There aren’t any upkeep charges or minimal balances. Robinhood Money Administration doesn't cost any month-to-month charges for the function, and there aren’t any minimal steadiness necessities. Nevertheless, charges might apply to the brokerage account that the Money Administration function is part of, together with switch charges, buying and selling charges and different account companies.
Stable rate of interest. Robinhood Money Administration’s 1.30% APY is an honest rate of interest, rivaling some high-yield on-line financial savings accounts.
Clients can fund their accounts by means of financial institution switch or direct deposit. There are a few methods to fund your Robinhood account, together with linking a financial institution to switch funds and establishing a direct deposit of your paycheck into your Robinhood account.
Robinhood Money Administration comes with an optionally available debit card. Robinhood works with Sutton Financial institution to subject Mastercard debit playing cards to its Money Administration clients. It's accessible both as a bodily card or as a digital card that can be utilized with Apple Pay, Google Pay or Samsung Pay.
No ATM rebates. Some money administration accounts – equivalent to Betterment On a regular basis and Aspiration Spend & Save – reimburse some if not all ATM charges. Robinhood has greater than 75,000 Allpoint and MoneyPass ATMs in its community, and it has greater than 15,000 in-network ATMs exterior the U.S. that clients can withdraw money from fee-free, but it surely gained’t reimburse charges from out-of-network ATMs.
No money or examine deposit. Robinhood doesn't at the moment help money or examine deposits.
Different issues to think about
It is advisable to have a Robinhood brokerage account to entry the Money Administration function. Money Administration is an optionally available function inside the Robinhood brokerage account, so as a way to reap the benefits of incomes the 1.30% APY on their money, clients should have a brokerage account.
3.5 / 5.0
Good web site high quality. Details about Robinhood’s varied companies and options is simple to search out on its web site and features a thorough FAQ part.
Stable app scores. Robinhood’s app performs comparatively properly on each Apple and Android. Nevertheless, the app has skilled a number of momentary outages in early 2020.
Restricted customer support choices. Robinhood is an online-only monetary service supplier, so clients is not going to have entry to in-person service. Although its FAQ part is powerful, the first strategy to obtain customer support is by sending a message through Robinhood’s “Contact” web page, permitting the corporate to observe up by e mail. There isn’t a chat operate or cellphone quantity for faster service. The corporate does, nevertheless, have a Twitter web page particularly for buyer help.