We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. The Simple Dollar has partnerships with issuers including, but not limited to, Capital One, Chase & Discover. View our full advertiser disclosure to learn more.
Robinhood’s New Feature Grants You Interest and a Fancy Card
For those who’ve been on Robinhood’s waiting list for its Cash Management feature — today is your lucky day. Robinhood is releasing the Cash Management feature to all of its customers.
The feature combines the cash deposits you make into the app with a checking account — allowing users to earn interest on uninvested cash. Robinhood will also send you a debit card connected to that fund storage, so you can spend directly from the account rather than transferring the sums to another account. Similarly, you can set up auto-pay for bills through the account.
Only about one million people (of its approximately 13 million users) are enrolled in Robinhood’s Cash Management feature. According to a Robinhood spokesperson, the feature has earned customers over $2.5 million in interest in 2020.
As of March 16, 2020, the APY is 0.30% on your uninvested cash via a Deposit Sweep program, with interest compounding daily. There’s also no account minimums, no transfer fees and no foreign transaction fees.
We welcome your feedback on this article. Contact us at email@example.com with comments or questions.