Robinhood said Wednesday it is launching an online banking platform for premium members in the fall.
In its announcement, the California-based financial technology company outlined many of the incentives offered to Robinhood banking users, including cash delivery.
“Your cash is in demand at your gateway,” it said. “There’s no need to search for ATMs.”
The service offers annual interest rates and deposit insurance up to $2.5 million via FDIC. We provide international remittances to over 100 currencies and all family accounts for partners and children.
“Robin Hood Banking is thoughtfully designed to be as easy to use as possible, but offers cutting edge features that are historically reserved for the very wealthy,” said Deepak Rao, vice president and general manager of Robin Hood Money.
“We’re pushing the boundaries of what you should expect from your bank.”
Gold memberships for fintech companies cost $5 a month or $50 a year, allowing users to access Robinhood’s premium features. Perks include IRA matches and margin trading options.
Gold members who choose banking services offered by Washington-based Coastal Community Bank will also have access to perks, including the opportunity to get tickets to events such as Met Gala, The Oscars, F1’s Monaco Grand Prix, and Coachella.
Robinhood said customers will also have access to private plane travel, private drivers, luxury helicopter rides and luxury hotel experiences.
We didn’t go into detail about how these perks work.
Robinhood also said it will launch a wealth management platform. Robinhood Strategies allows you to invest in funds (ETFs) traded on exchanges and individual stocks.
Management fees for those using the service are 0.25% of the annual managed assets. Robinhood Gold members pay an administrative fee for the $100,000 assets in their account.
Robinhood said it will introduce AI investment tool called Cortex to premium subscribers.
“As time passes, Robinhood Cortex will completely change the Robinhood experience as we try to fill that gap and put premium research assistants in your pocket,” said Abhishek Fatepria, vice president of broker products.
