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Robinhood Cash Management review

Offers 0.3% APY but you must have a Robinhood brokerage account.’s rating: 4.3 / 5.0


The Robinhood Cash management account offers 0.3% APY on your uninvested funds. Although it’s not a checking account, you can access your money at ATMs. But you’re required to open a Robinhood brokerage account first and Robinhood’s customer service is only accessible by email.

$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMs15,000 international ATMs for free + 75,000 ATMs in the US
Out-of-network ATM fee$0
Foreign transaction fee0%

Review by

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

I’m only a casual Robinhood user, but I applied for the Robinhood Cash account in case I decide to use the trading platform on a more regular basis. On a few occasions, I’ve used the debit card to spend cash I received after selling some stock. However, I mostly transfer uninvested funds into my primary checking account.

If you’re an active Robinhood user, there’s no reason not to sign up for this account. There are no fees or minimum balance requirements, and it gives you the opportunity to earn 0.3% APY on uninvested funds. It also comes with a debit card you can use to access your cash from more than 75,000 ATMs in the US and more than 15,000 ATMs in other countries.

It also offers one of the highest APYs for a cash management account. But if you’re looking for a cash management account with a higher rate, look at Aspiration or M1 Finance, which tops it at 1% APY when you upgrade to their paid plan.

How do I open a Robinhood Cash management account?

To access the cash management account, you’ll need to open a Robinhood Brokerage account. Open an account using its website or mobile app:

  1. Click Apply now.
  2. Enter your full name, email address and password. Click Continue.
  3. Enter your residential address and phone number. Click Continue.
  4. Enter your date of birth and Social Security number. Select your citizenship status, marital status and enter your employment information. Click Continue.
  5. Select your financial provider from the given list. If you don’t see your bank, you’ll need to fund your account through the Robinhood mobile app.
  6. Log in to the external account and complete an external transfer to fund your new Robinhood brokerage account. Or opt to skip this step and fund your account later.
  7. Review Robinhood’s terms and conditions, customer agreement and account disclosures. Click Submit Application.


To open a Robinhood brokerage account, you must meet the following criteria:

  • US citizen, permanent resident or valid US visa
  • At least 18 years old
  • US residential address
  • Social Security number
  • Valid external bank account

Required information

Gather the following information before you begin your application:

  • Name, date of birth and residential address
  • Contact information
  • Employment information
  • Social Security number
  • External bank account number and routing number of the funding account

What are the benefits of cash management with Robinhood?

Robinhood’s Cash Management account works like a checking account. It comes with a free debit card and FDIC-insured funds up to $1.25 million. You’ll receive the following benefits:

  • Competitive interest. Earn 0.3% APY on uninvested funds. Most cash management accounts offer lower rates with the exception of M1 Spend and Aspiration, which offer 1% APY on their paid plans.
  • No maintenance fees. There are no monthly maintenance fees associated with this account.
  • Early direct deposit. Robinhood will soon allow account holders to access direct deposits up to two days early.
  • 24/7 phone support. Previously, Robinhood only offered support via email, but it now offers live phone support around the clock.

What should I look out for?

The Robinhood Cash account has a few drawbacks to watch out for:

  • Brokerage account required. The Cash account is only available to Robinhood brokerage account holders.
  • No ATM fee reimbursements. Unlike most cash management accounts, like Betterment and TD Ameritrade, that reimburse you for ATM fees, you’ll pay for any fee you incur with Robinhood.
  • No mobile deposit. Unlike many other cash management accounts, including ones offered by Fidelity and Prudential, Robinhood doesn’t support mobile check deposits.

Is Robinhood Cash safe?

Yes. Due to the company’s relationships with five banks, Robinhood Cash accounts are FDIC-insured for up to $1.25 million. That’s 5x the amount most bank accounts are insured for. It’s also above-average compared to other cash management accounts’ FDIC-insurance. Robinhood also provides fraud monitoring plus two-factor authentication, and all Robinhood debit cards offer Mastercard Zero-Liability protection.

Robinhood Cash reviews and complaints

As of April 2021, Robinhood is not accredited by the Better Business Bureau (BBB), which has given the online brokerage its lowest rating: F. And based on 148 customer reviews on the BBB’s website, Robinhood has a dismal rating of 1.22 out of 5.

On Trustpilot, Robinhood has an equally low rating of 1.0 out of 5 based on more than 3,100 reviews. Most of the negative reviews on both sites relate to Robinhood’s brokerage services, rather than its cash management accounts. Many customer complaints mention the loss of access to funds and the platform’s unresponsive support department.

WATCH: our Finder cofounder’s review

Robinhood’s ATM network and fees

The Robinhood Cash Management account comes with a free debit card courtesy of Sutton Bank. With it, you’ll have free access to more than 75,000 Allpoint and MoneyPass ATMs across the US, plus more than 15,000 international ATMs.

While Robinhood doesn’t charge a fee for using an ATM outside its network, there may be a third-party fee associated with non-Robinhood ATMs.

Compare Robinhood with other cash management accounts

Compare other cash management accounts based on their fees, ATM networks and minimum required deposits.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
55,000 free in-network ATMs
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
Earn $100 when you set up direct deposit. Save, spend, and earn cash back rewards with this no-fee cash management account.
M1 Spend
Finder Rating: 4.2 / 5: ★★★★★
M1 Spend
An FDIC-insured checking account integrated directly into the M1 app.
Robinhood Cash Management
Finder Rating: 4.3 / 5: ★★★★★
Robinhood Cash Management
15,000 international ATMs for free + 75,000 ATMs in the US
This brokerage account feature offers interest and no monthly fees but Robinhood support is only available by email.
Personal Capital Cash
Finder Rating: 4.4 / 5: ★★★★★
Personal Capital Cash
No access to ATMs
The Personal Capital Cash account doesn’t require a minimum balance and is federally insured for up to $1.5 million.

Compare up to 4 providers

If a Robinhood’s Cash account isn’t quite what you were looking for, browse your checking account options with other providers.

How do I deposit or withdraw my money?

There’s no way to deposit a paper check, and you can’t wire funds to or from your account, but you can move money to and from your Robinhood account in a few other ways.


  • Automated clearing house (ACH) transfer. You can set up a one-time or recurring transfer from an externally linked account to your Robinhood Cash account.
  • Direct deposit. Your employer can deposit your paycheck directly into your Robinhood Cash account.


  • ATM. Receive a debit card to withdraw or deposit funds at Allpoint and MoneyPass ATMs when you add the cash management feature to your Robinhood brokerage account.
  • Pay by check. You can use Robinhood’s app or website to mail checks to businesses and individuals from your cash management account.

How to contact Robinhood

There are two ways to contact Robinhood for support with your account.

  • Send a secure message. Send a secure message to Robinhood and a support specialist will email you back.
  • Request a call. You can request a call via the Robinhood app 24 hours a day, seven days a week.

Frequently asked questions

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