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Robinhood is getting into banking, and its ‘luxury’ perks include cash delivered to your doorstep
Trading platform Robinhood, best known for introducing a new generation of traders to the stock market, crypto, and ETFs, is growing up alongside its customers, moving one step closer to becoming a full financial service company the likes of Fidelity or Charles Schwab. On Wednesday, the digital brokerage announced plans to launch Robinhood Banking this fall, a one-stop service that provides “traditional checking and savings accounts with luxury benefits,” as well as Robinhood Strategies, a wealth management product. Customers will need a Gold subscription, which runs $5 a month or $50 a year, to open those individual and joint checking accounts, which will allow users “to send money across the world in over 100 currencies, and even get cash delivered directly to you” (more on that below). Robinhood’s new financial products will include new tools for wealth-management, AI-powered investment advice, access to tax advisors, estate planning, and instant transfers between Robinhood accounts and FDIC partner institutions for up to $2.5 million. Robinhood said the idea is to give members “access to financial services such as private wealth management and private banking, which were once thought out of reach to many.” But perhaps the most unique perk offered is that customers will be able to have cash delivered to their door same-day, likely as a way to continue to capture younger investors with their smartphones. (Robinhood’s median customer age is now 35, up from 31 five years ago.) Cash deliveries would work similarly to, say, DoorDash, serving up cash instead of food. Other unconventional perks for new banking customers reportedly include discounted helicopter rides. “Our goal is for Robinhood to give you a world-class financial team in your pocket, with cutting-edge tools you can’t find elsewhere,” Vlad Tenev, Robinhood’s chairman said in a statement. Robinhood said in the statement that it would charge Gold members 0.25% annually on managed individual and retirement accounts up to $100,000, with a yearly cap of $250, “which means free management on every dollar over $100k and an effective management fee of 0.1% for portfolios with $250,000 or 0.05% for those with $500,000.” Unlike Robinhood Banking, Robinhood Strategies is already available to all Robinhood Gold members, and will begin rolling out to all customers in April, according to the company’s press release.
Trading platform Robinhood, best known for introducing a new generation of traders to the stock market, crypto, and ETFs, is growing up alongside its customers, moving one step closer to becoming a full financial service company the likes of Fidelity or Charles Schwab.
On Wednesday, the digital brokerage announced plans to launch Robinhood Banking this fall, a one-stop service that provides “traditional checking and savings accounts with luxury benefits,” as well as Robinhood Strategies, a wealth management product.
Customers will need a Gold subscription, which runs $5 a month or $50 a year, to open those individual and joint checking accounts, which will allow users “to send money across the world in over 100 currencies, and even get cash delivered directly to you” (more on that below).
Robinhood’s new financial products will include new tools for wealth-management, AI-powered investment advice, access to tax advisors, estate planning, and instant transfers between Robinhood accounts and FDIC partner institutions for up to $2.5 million. Robinhood said the idea is to give members “access to financial services such as private wealth management and private banking, which were once thought out of reach to many.”
But perhaps the most unique perk offered is that customers will be able to have cash delivered to their door same-day, likely as a way to continue to capture younger investors with their smartphones. (Robinhood’s median customer age is now 35, up from 31 five years ago.) Cash deliveries would work similarly to, say, DoorDash, serving up cash instead of food.
Other unconventional perks for new banking customers reportedly include discounted helicopter rides.
“Our goal is for Robinhood to give you a world-class financial team in your pocket, with cutting-edge tools you can’t find elsewhere,” Vlad Tenev, Robinhood’s chairman said in a statement.
Robinhood said in the statement that it would charge Gold members 0.25% annually on managed individual and retirement accounts up to $100,000, with a yearly cap of $250, “which means free management on every dollar over $100k and an effective management fee of 0.1% for portfolios with $250,000 or 0.05% for those with $500,000.”
Unlike Robinhood Banking, Robinhood Strategies is already available to all Robinhood Gold members, and will begin rolling out to all customers in April, according to the company’s press release.
