For those with a Robinhood Gold account holders, you can now earn 4.15% APY in Robinhood Cash Sweep account.
About Robinhood Cash Sweep
Robinhood Gold program works much like other cash sweep accounts whereas your un-invested cash automatically swept into deposit accounts to earn the high interest rate.
They partnered up with Goldman Sachs Bank USA, HSBC Bank USA, Wells Fargo Bank, Citibank, Bank of Baroda and U.S. Bank. The interest is compounded daily and then paid out monthly by the program banks.
There’s no cap on how much you can earn, and you can withdraw at any time. Money in the cash sweep program is FDIC-insured by program banks up to $1.5 million.
|Balance Requirement||APY Rate|
Robinhood Cash Sweep Rate
To earn this competitive rate, you must sign up to Robinhood Gold which cost $5 per month.
- Account Type: Cash Sweep account
- Interest Rate: 4.15% APY
- Minimum Balance: None
- Maximum Balance: None
- Availability: Nationwide
- Credit Inquiry: Soft Pull
- Opening Deposit: None
- Monthly Fee: $5
- Early Termination Fee: None
Robinhood ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
Why You Should Sign Up For This Account
- Introducing a new 4.15% cash sweeps interest rate for Robinhood Gold Members for their uninvested brokerage cash (rate is subject to change)
- Larger Instant Deposits. With Gold, customers can get even larger Instant Deposits – up to $50,000 depending on their brokerage account balance and status.
- Professional research from Morningstar. Gold members get unlimited access to Morningstar’s premium, in-depth stock research reports. These reports are available for approximately 1,700 stocks and are updated frequently to reflect important company events.
- Level II market data from Nasdaq. Level II market data shows multiple bid and ask prices from Nasdaq for any given security so investors can better determine the availability or desire for a security at a certain price.
- Access to margin investing at 5.75% interest. Eligible customers can borrow money from Robinhood and leverage their holdings to purchase securities. For Gold customers, the first $1,000 of margin is included, and then Gold customers pay 5.75% yearly interest beyond that. Non-Gold customers who are eligible have access to a margin interest rate of 9.75%.
- Customers can upgrade to Robinhood Gold for just $5 a month and new customers will receive a free 30-day trial. Those not enrolled in Robinhood Gold can still earn 1.5% interest for all uninvested brokerage cash swept to program banks once enrolled in cash sweep.
Try out Robinhood Gold with their free 30-day trial to see if the extra benefits are worth it for you.
If you are interested in a new bank promotion, take a look at our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.
For more bank offers, see the complete list of Best Bank Rates!