Online account · FDIC insured through partner banks
Robinhood
Your money is held at 13 banks. Based in Menlo Park, CA. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and Robinhood holds your money at 13 banks. Its rates are below, with what each one takes.
- Savings—3.60%Needs Robinhood Gold ($5/mo)Savings rates →
Robinhood isn’t a bank. Deposits are FDIC-insured through its 13 partner banks up to $2,500,000 per depositor, as Robinhood states; that covers a bank failing, not Robinhood. Cash not yet at a bank (up to $10,000) is covered by SIPC, not the FDIC.
About Robinhood
Robinhood's High-Yield Cash Program pays interest on uninvested cash in Robinhood investing accounts; it is a feature of the Robinhood Gold subscription.
It is run by Robinhood Financial LLC, a broker-dealer owned by Robinhood Markets, Inc.; neither it nor its affiliates are banks.
Eligible cash above $10,000 is swept to FDIC-insured program banks via IntraFi's sweep service; the first $10,000 stays in the account as a free credit balance.
- Headquarters
- Menlo Park, CA
Eligibility
Who can open an account
From Robinhood’s own terms and help pages. Check with Robinhood before you apply.
- A Robinhood brokerage account is required: interest is paid on cash in self-directed, taxable investing accounts (individual, joint, custodial and trust).
- Robinhood Gold ($5 a month) is required to earn interest in self-directed accounts; cash in those accounts earns interest only with the High-Yield Cash Program enabled.
- Accounts managed by Robinhood Strategies are enrolled automatically, regardless of Gold status.
- Self-directed IRAs and spending accounts are not eligible.
- To open a Robinhood account (needed for this program): 18 or older.
- To open a Robinhood account: a valid Social Security Number (not a Taxpayer Identification Number).
- To open a Robinhood account: US citizen, US permanent resident, or a valid US visa.
- To open a Robinhood account: a legal US residential address in the 50 states, Puerto Rico or the US Virgin Islands (exceptions may apply for active US military stationed abroad).