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Robinhood Cash Management review

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This feature offers ATM access and 0.3% APY, but only on Robinhood brokerage accounts.

Rather than a separate checking account, Robinhood’s Cash Management feature offers existing brokerage account holders the ability to earn interest on uninvested funds. But you’ll have to join a waitlist to sign up and Robinhood’s customer service is only accessible by email.


Stock trade fee


Annual fee


Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMs75,000+ ATMs in the network
Out-of-network ATM fee$0
Foreign transaction fee0%

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

The Robinhood Cash Management feature offers access to 75,000 nationwide ATMs and the opportunity to earn 0.3% APY on uninvested brokerage funds. But there’s no firm release date for the feature, and Robinhood’s customer service is limited to email inquiries. For existing Robinhood investors, the feature may be worth investigating, but more competitive savings rates can be found elsewhere.

WATCH: our Finder cofounder’s review

What are the benefits of cash management with Robinhood?

Robinhood’s Cash Management feature works like a checking account. In addition to a free debit card and FDIC-insured funds up to $250,000, you’ll receive the following:

  • Interest. Earn 0.3% APY on uninvested funds.
  • Fee-free ATMs. Robinhood’s ATM network includes over 75,000 fee-free ATMs found in all 50 states.
  • No maintenance fees. There are no monthly maintenance fees associated with this account feature.

What should I look out for?

Robinhood’s Cash Management feature has a few drawbacks to watch out for:

  • Brokerage account required. The Cash Management feature is only available to Robinhood brokerage account holders.
  • No ATM fee reimbursements. If you stray outside Robinhood’s ATM network, fees you incur are not eligible for reimbursement.
  • Not a direct provider. Robinhood isn’t a bank and doesn’t store your money — your funds are swept into deposits at one of Robinhood’s program banks.
  • Limited customer service. Robinhood’s customer service is limited to email inquiries.

Robinhood’s ATM network and fees

The Robinhood Cash Management feature comes with a free debit card courtesy of Sutton Bank. With it, you can access over 75,000 nationwide Allpoint and MoneyPass ATMs for free.

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 with other digital banking services

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
38,000 fee-free ATMs nationwide
Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
Finder Rating: 4.8 / 5: ★★★★★
Up to 2.15%
more than 85,000 ATMs nationwide
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Finder Rating: 4.5 / 5: ★★★★★
Fee-free ATM withdrawals at Allpoint ATMs
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
Finder Rating: 3.4 / 5: ★★★★★
Varies based on connected bank accounts
Digit analyzes your spending and automatically saves an appropriate amount every day so you don't have to think about it.
Finder Rating: 4.7 / 5: ★★★★★
32,000 fee-free ATMs nationwide
A checking account designed for freelancers with no account fees and no minimum balance.
SoFi Money
Finder Rating: 4.6 / 5: ★★★★★
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

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

How do I open a Robinhood account?

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

  1. Enter your full name, email address and password. Click Continue.
  2. Enter your residential address and phone number. Click Continue.
  3. Enter your date of birth and Social Security number. Select your citizenship status, marital status and enter your employment information. Click Continue.
  4. 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.
  5. 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.
  6. 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

How do I deposit or withdraw my money?

Move money to and from your Robinhood brokerage account in three ways:

  • Online transfer. Transfer funds to and from an externally linked account using the Robinhood app.
  • Wire transfer. Domestic transfers are subject to a $25 fee, while international transfers will cost you $50.
  • 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.

What other banking options does Robinhood offer?

At this time, Robinhood only offers investment services that include stocks, funds and options trading and buying and selling cryptocurrencies.

Frequently asked questions

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