Robinhood has announced the upcoming launch of Robinhood Banking, a new platform aimed at offering premium banking services exclusively for Robinhood Gold members.
Robinhood to Launch Robinhood Banking Later This Year
The brokerage said the service is set to launch later this year and will provide a range of private banking-style benefits, including high-yield savings, global money transfers, and exclusive event access.
According to Deepak Rao, GM and VP of Robinhood Money, “With Robinhood Banking, we’re trying to solve many of the challenges presented by legacy banks.
“Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting-edge features historically reserved for the ultra-wealthy.”
The company said its banking service will offer features such as 4% APY on savings, access to private banking services, including estate planning and tax advice, up to $2.5 million in FDIC insurance for deposit protection, exclusive perks, such as VIP access to events, on-demand cash delivery, and joint and children’s accounts, with spending controls and allowances.
Once launched, Robinhood’s Credit Card app will transform into its banking app, consolidating users’ credit card, checking, and savings accounts in one place.
The announcement follows strong demand for the Robinhood Gold Card, with 100,000 users onboarded and nearly 3 million on the waitlist.
