Robinhood Cash Management Account review: Hybrid checking and savings account with no foreign transaction fees

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  • The Robinhood Cash Management Account is a hybrid checking/savings account that pays 0.30% APY on your entire balance.
  • You must have a Robinhood brokerage account to open a cash management account.
  • The cash management account can be good for frequent travelers, because there are no foreign transaction fees.
  • You may like Robinhood Cash Management if you receive your paycheck as a direct deposit, but there's no way to deposit cash or paper checks.
  • See Business Insider's picks for the best high-yield savings accounts »

Is Robinhood Cash Management a good match?

You might like Robinhood if you …You might not like Robinhood if you …
  • Also have a Robinhood brokerage account
  • Are comfortable banking digitally
  • Travel abroad regularly
  • Don't have much money to get started
  • Don't want to invest with Robinhood
  • Aren't comfortable banking digitally
  • Need to deposit paper checks or cash
  • Want to make wire transfers

The bottom line: Robinhood Cash Management is a worthwhile option for people who also invest with Robinhood and who only receive payments via direct deposit.

Robinhood Cash Management review

Robinhood Cash Management Account

Robinhood Robinhood Cash Management Account

You may like the Robinhood Cash Management Account if you're looking for an account with no fees — you won't pay fees for using an out-of-network ATM or swiping your debit card abroad, and there are no monthly service fees.

You may not like the account if you want the option to overdraw, though. If you swipe your debit card and the transaction would overdraw your account, Robinhood simply denies the transaction.

You'll also only want to use the account if you receive your paycheck as a direct deposit. Right now, there's no way to deposit cash or paper checks into your Robinhood Cash Management Account.

The account pays a higher interest rate than typical savings and checking accounts, but you can still find better rates elsewhere.

Robinhood Cash Management features

You may know Robinhood as a financial services company that makes it easy to invest. The Robinhood Cash Management Account is its hybrid savings and checking account. It pays a relatively high interest rate like a high-yield savings account, but it comes with a debit card like a checking account.

To open a Robinhood Cash Management Account, you must also have a Robinhood brokerage account. Before the cash management account existed, you'd just keep cash in your brokerage account until you were ready to invest it in a stock or bond.

Now, the company sweeps your uninvested cash into Robinhood Cash Management, and its partner banks pay interest on your cash.

Robinhood has partnerships with several banks. Most banks insure your deposits for up to $250,000, but because Robinhood has multiple partner banks, your cash is FDIC insured for up to $1.25 million.

You'll have free access to over 75,000 ATMs. If you use an out-of-network ATM, Robinhood won't charge a fee, but the ATM provider might.

How Robinhood Cash Management compares to similar accounts

We've compared Robinhood to two other online investment platforms that have cash accounts: Wealthfront and Betterment.



0.30% APY


0.35% APY


0.40% APY

Foreign transaction fee


Foreign transaction fee


Foreign transaction fee


Do you need an investment account first?


Do you need an investment account first?


Do you need an investment account first?


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Robinhood review vs. Wealthfront review

Like Robinhood, Wealthfront has a single cash account to keep both your savings and spending money, and you'll earn interest on your entire balance.

You may prefer Robinhood if you frequently travel abroad. Robinhood doesn't charge foreign transaction fees, but Wealthfront charges 2.75% of your purchase when you swipe your card abroad. If you withdraw money from a foreign ATM, Wealthfront charges an additional $2.50.

But you may like Wealthfront if you want to receive your paycheck sooner. With Wealthfront, direct deposits can be processed up to two days early. You can also deposit checks and cash with Wealthfront, whereas you're limited to direct deposits with Robinhood.

Robinhood review vs. Betterment review

You may prefer Betterment if you want to keep checking and savings in two separate accounts. There is a Betterment Checking Account and a Cash Reserve Account, which acts as a savings account. Having two accounts can make it easier to keep track of your money. But Betterment only pays interest on the money in your cash reserve account, whereas Robinhood pays interest on your entire balance.

You also may like the Betterment Checking Account if you want to earn cash back on your debit card purchases.

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