Robinhood is set to launch an online banking platform for its premium members this fall, featuring home cash delivery services. The financial technology company, headquartered in California, announced several incentives for Robinhood Banking users, including a 4% annual interest rate, FDIC deposit insurance up to $2.5 million, international transfers in over 100 currencies, and whole-family accounts.
Deepak Rao, vice president and general manager of Robinhood Money, stated that the platform is designed to be user-friendly while offering cutting-edge features typically reserved for the ultra-wealthy. The Gold membership costs $5 monthly or $50 annually, granting access to premium features like IRA matches and margin trading.
Gold members opting for banking services, provided by Coastal Community Bank, will enjoy perks such as event tickets to the Met Gala, Oscars, Monaco Grand Prix, and Coachella. Additional benefits include private plane travel, personal chauffeurs, luxury helicopter rides, and hotel experiences.
Robinhood also plans to introduce a wealth management platform called Robinhood Strategies, allowing investments in ETFs and individual stocks with a 0.25% annual management fee. An AI investment tool named Cortex will be available for premium subscribers. — news from Business Insider