March 28, 2025
Robinhood is moving closer to becoming a comprehensive personal finance platform. The company has announced Robinhood Banking, a new online-only checking and savings service launching this fall exclusively for Robinhood Gold members.
The banking product offers a 4% annual percentage yield (APY) and FDIC insurance up to $2.5 million. This coverage is made possible through a “pass-through” partnership with Coastal Community Bank, an FDIC member. Although Robinhood isn’t a licensed bank, the collaboration enables it to insure deposits on behalf of its customers.
Users will manage their accounts through a dedicated app that allows them to send and receive money, and even have physical cash delivered to their doorstep. While full details about the cash delivery feature remain limited, Robinhood noted that availability will vary by location.
At launch, Robinhood Banking will support individual and joint accounts, with children’s accounts expected in future updates. According to Deepak Rao, GM of Robinhood Money, the platform is designed to solve common frustrations with traditional banking services.
In addition, Robinhood introduced Robinhood Strategies, a new wealth management tool available now for Gold subscribers. This feature offers actively managed portfolios of stocks and ETFs, focused on diversification and growth. The service charges a 0.25% annual fee, capped at $250 per year for Gold members.
Robinhood Strategies will become available to all users starting next month.
The company is also working on Cortex, an AI-powered investment assistant that will analyze market trends, provide investment insights, and recommend stocks. Set to launch later this year, Cortex will be accessible to Gold subscribers.
These new services reflect Robinhood’s continued evolution from a free trading app into a full-service financial ecosystem. With tools for banking, investing, and AI-driven insights, Robinhood aims to compete with both fintech disruptors and established banks in managing the entire customer financial journey.