RobinHood is close to becoming a full financial service. On Wednesday, the company announced a fully online banking platform that will provide Robinhood Gold subscribers when it launch this fall.
The statute, called Robinhood Banking, will allow users to access their accounts, as well as send and receive money through the Robinhood credit card app. He even tries to compensate for the absence of a material location by obtaining material money “delivery upon request on the threshold of Dark.” There are still a lot of details about how this works, but Robenol says, “The coverage varies based on the geographical location.”
Robinhood Banking is 4 percent annual (APY) and FDIC insurance of $ 2.5 million on accounts. The company notes that because it is not a believer bank from FDIC, it provides “passes” insurance provided by Coastal Community members in FDIC. The nurse insurance includes insurance of people’s money by keeping them “in a fedic bank on a third party”, According to FDIC.
The service will provide individual and joint bank accounts at launch, as well as options for creating children’s accounts. Debak Rao, General Manager and Vice President at Robinhood Money, says the platform is designed “to resolve many challenges by Banks Legacy.”
In addition to a bank account, Robinhood launches a new wealth management platform called Robinhood Strategies. It will provide access to a mixture of individual shares and money traded on the Stock Exchange (ETFS), which “is managed actively to provide access to more opportunities.” The annual management fee is 0.25 percent, an annual maximum of $ 250 for Robinhood Gold.
Robinhood Strategies is available for Robinhood Gold members today, but it comes to all customers next month. Robinhood Gold It is the company’s subscription program worth $ 5 per month (or $ 50 annually) that provides features such as margin investment and larger instant deposits.
Later this year, Robinhood is also planning to launch an Atlantic investment tool called Cortex for gold subscribers. It will provide analyzes and visions about the current market, such as the reason for the rise or decrease in shares, as well as the shares that should think about trading.
Over the years, Robinhood has transformed itself from a simple investment application into a multimety center to finance users. Company I launched a credit card In 2024, as part of the efforts made to encourage people to maintain their money within the Robinhood ecosystem, where they will now be able to store and withdraw cash to make investments on the application as well.
