Robinhood might have broken into the zeitgeist as a platform for trading meme stocks and cryptocurrencies, but now it’s following through on long-held ambitions in the hope of becoming a one-stop shop for all your finance needs. Starting this fall, it will offer banking services.
Those with a Gold subscription will have access to Robinhood Banking, billed as a private banking offering with individual and joint checking and savings accounts as well as luxury benefits on offer. There will be the option to send money to others in more than 100+ countries and, handily for those who are tired of traipsing to an ATM, you can have cash delivered to your door the same day you request it (depending on your location).
Features include access to estate planning and tax advisors, round-the-clock support, instant transfers between Robinhood accounts and up to $2.5 million in FDIC insurance through partner institutions. From the jump, there will be accounts for kids with spending controls and allowance options. You can have a debit Mastercard for your spending needs. Robinhood already offers a credit card. There will be the ability to link external bank accounts so you can better track your total net worth too.
As for those perks, Robinhood says it will offer the likes of “tickets to exclusive events like the Met Gala, Oscars, F1 Monaco Grand Prix, The Masters and more, as well as private jet travel, global private chauffeurs, luxury helicopter rides and members-only vacation clubs.” Some of those seem like lofty promises. The Met Gala or the Oscars don't exactly just let anyone in, no matter how deep their pockets may be.
Robinhood has also revealed other notable updates. Robinhood Strategies is open to Gold members today and other users will get access next month. This is billed as a low-cost wealth management service. The annual management fee is 0.25 percent but that’s capped at $250 per year for Gold members with at least $100,000 in investments (Gold costs $5 per month or $50 per year). Portfolio offerings include single stocks and exchange-traded funds (ETFs), with your risk tolerance, time horizon and other factors taken into account.
Later in 2025, the platform will debut an AI-powered investment feature called Robinhood Cortex. The aim here is to provide real-time market analysis and insights, such as what may be impacting changes to a stock price. The tool will offer trading suggestions based on your goals as well.
This article originally appeared on Engadget at https://www.engadget.com/big-tech/robinhood-is-moving-into-banking-services-with-luxury-perks-and-same-day-cash-delivery-152523887.html?src=rss https://www.engadget.com/big-tech/robinhood-is-moving-into-banking-services-with-luxury-perks-and-same-day-cash-delivery-152523887.html?src=rssLogin to add comment
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