Robinhood Banking Review: 2026
- Fee
- $5 per month
- APY
- 3.50%
- Minimum deposit to open
- $0
Our verdict
Deliver cash to your door and earn a high APY — but only if you have a Gold membership.
Robinhood Gold members can open a Robinhood Banking account, complete with checking and savings accounts. The savings account earns up to 3.5% APY, and both accounts will have high FDIC insurance of up to $2.5 million thanks to a cash sweep program. Other perks include joint banking with family, door delivery of cash to some customers, tax and investment advice, access to private jet travel, global private chauffeurs and helicopter rides. However, Robinhood Banking requires a Gold Membership and the best perks require $1,000 in monthly direct deposit.
Best for: Robinhood Gold customers who can meet deposit requirements.
Pros
-
High APY
-
High FDIC insurance
-
Joint and kids’ accounts available
-
Cash door delivery services
-
Access to luxury perks
Cons
-
No physical branches
-
Gold membership required ($5/month or $50/year)
Robinhood Banking launched
Robinhood is expanding its financial services by introducing Robinhood Banking, an online platform designed to offer comprehensive banking: checking and savings. However, you can only get access to Robinhood Banking if you have a Robinhood Gold membership.
Robinhood itself isn’t a bank. Its banking services are provided by Coastal Community Bank, Member FDIC. The deposit accounts will be covered under FDIC insurance up to $2.5 million, backed by banking partnerships in a cash sweep deposit program.
Robinhood Banking tiers
Robinhood Banking technically has two relationship tiers: Standard and Premier.
The tier you’re in is based on your assets under custody (AUC), and depending on your tier, you’ll have different fees for some services. AUC includes equities, crypto and cash held in Robinhood accounts.
To also get the best benefits of Robinhood Banking, you’ll also need to set up direct deposit and deposit at least $1,000 each statement period.
Without meeting direct deposit requirements, you won’t be in the Standard or Premier tiers.
| Tier | Requirements | Fees |
|---|---|---|
| Standard Relationship Tier | Gold membership, under $100,000 in AUC, and $1,000 in direct deposit each month |
|
| Premier Relationship Tier | Gold membership, at least $100,000 in AUC, and $1,000 in direct deposit each month |
|
| Standard or Premier without direct deposit | Gold membership |
|
What we like about Robinhood Banking
Robinhood is pulling out all the stops with its upcoming banking services. Robinhood Banking is set to support individual, joint and children’s accounts, while offering a competitive APY on savings and some unique perks.
High APY on savings
There’s no information on whether the checking will earn interest, but we do know that the Robinhood savings is set to earn up to 3.5% APY. This rate is very competitive, easily earning a title as a high-yield savings account and beating out some banks in the industry. The rate is also significantly higher than the national average of 0.38% for savings accounts.(1)
Deliver cash to (some) doors
Robinhood Banking is advertising on-demand cash delivery, allowing users to have physical cash delivered directly to their doorsteps. No doubt, Robinhood is offering this service to make up for the lack of physical branch locations. However, the cash delivery service coverage varies based on geographic location.
And the cash delivery services costs up to $8.99, according to its disclosure. However, we saw that the Premier tier only charges $2.99, and the Standard tier says its up to $6.99. Bit of a discrepancy, so just be aware the fee might vary.
Additionally, if you don’t have direct deposit set up, you won’t be able to do cash delivery.
Big promises with luxury perks
Robinhood Banking is advertising access to private jet travel, global private chauffeurs, luxury helicopter rides and members-only vacation clubs for its customers. However, there just isn’t much information about these perks, with Robinhood simply stating that helicopter ride “travel routes may be limited.”
What could be better
We’ll get a better idea of Robinhood Banking’s shortcomings after the launch, but there are a few things we’ve noticed already.
Requires paid membership, so it’s not free
Robinhood Banking is available to those who pay a membership fee of $5 monthly or $50 annually for Robinhood Gold. Granted, having a Gold membership has its perks, but if you don’t want to pay for the membership, you have plenty of other fee-free checking options available.
May have to watch out for fees
The fees all vary depending on your tier, and whether or not you have direct deposit set up. Just be sure to read through your terms and conditions, disclosures and card agreement for any fees so you’re not caught off guard.
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The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Sources
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Bethany Finder
Banking editor
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