Robinhood to launch banking perks with 4% APY for Gold users

Robinhood is stepping into the banking satellite by introducing Robinhood Banking, a work aimed astatine bringing the perks of backstage banking to golden members. Revealed astatine the Robinhood Presents: The Lost City of Gold event, this caller diagnostic volition beryllium disposable aboriginal this year, but exclusively for Robinhood Gold members.

The affluent person ever had the precocious manus successful banking—concierge services, high-yield savings, and adept fiscal guidance. But Robinhood is changing the game. With a 4% APY, FDIC security up to $2.5 million, and adjacent currency transportation to your doorstep, it’s making premium banking effortless and accessible, nary ATMs required.

Robinhood Banking goes beyond the emblematic checking and savings accounts. It offers a smooth, integrated acquisition that lets members negociate their finances, transportation money, and bask exclusive luxury benefits. Customers tin easy nonstop wealth internationally successful implicit 100 currencies, determination funds betwixt accounts instantly, and entree adept proposal connected taxation and property planning.

One of the biggest draws is the entree to high-end experiences typically reserved for backstage banking clients. Robinhood Banking members volition beryllium eligible for VIP entree to events similar the Met Gala, the Oscars, Formula 1’s Monaco Grand Prix, and The Masters. They volition besides person entree to backstage jets, luxury chauffeurs, and high-end question experiences, thing that accepted banks usually connection lone to their wealthiest clients.  

According to Deepak Rao, General Manager and Vice President of Robinhood Money, the extremity is to “solve galore of the challenges presented by bequest banks” portion delivering features that are “historically reserved for the ultra-wealthy.” He added that Robinhood Banking is designed to beryllium arsenic intuitive and accessible arsenic possible, putting high-end fiscal services straight successful Gold members’ pockets.  

At launch, Robinhood Banking volition connection idiosyncratic and associated checking and savings accounts, with plans to present children’s accounts featuring spending controls and allowances. Gold members volition person a debit Mastercard and person entree to unafraid wealth transfers, cheque deposits, and instant transactions betwixt Robinhood accounts.  

Security is besides a large focus, with deposits insured for up to $2.5 million—a important leap from the modular $250,000 FDIC security limit. In addition, Robinhood Gold members volition payment from precedence lawsuit support, adept fiscal insights, and dedicated relationship management.  

Robinhood Banking volition officially motorboat successful the fall, astatine which constituent the Robinhood Credit Card app volition germinate into a full-service banking platform. As the waitlist for the Robinhood Gold Card continues to grow, with astir 3 cardinal sign-ups, Robinhood is preparing to rotation retired different 100,000 spots to conscionable demand.

Also Read: Fidelity Plans To Launch Its Own Stablecoin