Is Robinhood’s “Checking and Savings” really a bank account? Let’s find out

See my disclosures at

Doh! Almost minutes after I uploaded my video on December 14, 2018, Robinhood dropped the “Checking & Savings” name, deleted the checking(dot)robinhood(dot)com subdomain, and have changed their website header to “Cash Management”
That didn’t last long!

Still, if you are curious what all the fuss was about over the “Checking & Savings” feature announced by Robinhood, this video will get you up to speed on the controversy.

With Checking & Savings, Robinhood says you earn 3% on your money, pay no fees, and access more than 75,000k ATMs.

You can also pay bills, send and receive checks, transfer money, and set up direct deposit–all from the Robinhood app

Every Robinhood account is SIPC insured up to $250,000 in cash and protected by modern encryption.

This all sounds great, but there are some important details that aren’t addressed that I feel you should be aware of!

Until customers get clarity on these concerns, I won’t be opening a Robinhood account to use their “Checking & Savings” feature.

Robinhood Checking & Savings

Banking Supervision from the Federal Reserve Education

Who is the FDIC?

About FINRA:

Who Regulates Brokers:

What SIPC Protects

Robinhood Seeks to Take On the Banks With a 3% Rate, but There’s a Catch

What are money market funds?

Fidelity Investments Prospectus and Shareholder Reports

Fidelity Cash Management FAQ

TD Ameritrade Summary of Cash Sweep Program

Category: News
About The Author