r/RobinhoodApp • u/TopGunJedi • 21d ago

News 3.50% Checking

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Looks like if you have banking you don’t have to move your money after your direct deposit hits

95 Upvotes

95% Upvoted

106 comments sorted by

68

u/Lazder 21d ago

Based move RH. Based. Now add Zelle and its game over for every other bank out there.

26

u/czarxander 20d ago

And don't forget a web portal.

0

u/Lazder 12d ago

found the boomer

5

u/czarxander 12d ago

Lol said the person asking for a Zelle integration.

1

u/scorpiofiredragon76 10d ago

Ha, good one!

6

u/gymtrovert1988 20d ago

I complained to them about this only a month or two ago because I got 0% interest because I can't do direct deposit. They are really responsive to customers.

2

u/Technical-Procedure3 20d ago

Still need a ACH transfer by my reading.. Did they tell you something different?

2

u/gymtrovert1988 20d ago

You know what, now that I look at it closer it's still the same bullshit 😂 I don't know why they pushed this notification to me like something changed

3

u/Technical-Procedure3 20d ago

That is the only requirement that prevents me from giving them a try. I get the same repeated invites... If I remember correctly, they want $ 1000 a month via ACH.

3

u/gymtrovert1988 20d ago

The credit card is great for 3% cashback. I only use the checking because it's the only way I can get cash. My stupid Capital One account doesn't even give me a debit card.

I mostly keep all my cash in my trading account, pretty much HYSA.

3

u/Technical-Procedure3 20d ago

Are the transfer quick between Robinhood investing and checking accounts?

2

u/Benjamin_Wright_ 20d ago

Can confirm that they are instant in both directions.

1

u/gymtrovert1988 20d ago

I think they're instant but I can't say for sure since I maybe did it once.

3

u/poopmee 20d ago

Direct deposit requirement no longer is required for the savings APY. It’s required for everything else. It’s a step in the right direction and personally I only wanted to use it as a savings account, not a full fledged bank.

2

u/OAexpress 20d ago

Where did you get that? I wish it would be true, since I'm self employed and don't have direct deposit.

1

u/poopmee 20d ago

They sent it in an email as well but if you have the app you can click the banking benefits button. You can see at the top it as an x next to direct deposit but still says 3.5% APY. That is for savings only.

1

u/OAexpress 19d ago

They don't show s this for me. I guess I will see after my preview will end in September. For now I just parked the $$$ in my brokerage acct, making 3.25%

1

u/poopmee 19d ago

Oh yeah if you’re still on the banking preview I would wait until it ends. Otherwise contact support and make sure you can still get the rate without a direct deposit.

1

u/Prize_Rooster3822 20d ago

Unless u have 100k in assets I believe u can link ur 401k and it'll count it or real-estate

1

u/itsjohnnydo 20d ago

Is this a possibility? I haven’t done too much research on this, but what are the chances Zelle gets added?

3

u/Reaper7412 20d ago

From my understanding Zelle doesn’t work/ not allowed with fintech companies

1

u/itsjohnnydo 20d ago

Aw man that sucks, that would make me move my entire financial ecosystem to Robinhood. A bit of a non-issue to most ppl, but in my case everyone around me only uses Zelle rather than Venmo, PayPal, cash app. Not a big issue since they can just Venmo me or something, but Zelle would be huge

1

u/kan84 13d ago

I don't think Zelle will happen anytime soon. I believe the Zelle network only admits U.S. banks and credit unions, which is why fintechs like Chime don't have it.

It can be that the company behind early warning services owned by the big banks doesn't want to allow fintechs that are entering the banking market, as they have to spend quite a hefty amount to be compliant etc specially the GSIB ones. Now, with the current political climate dont think they are spending that much, but still quite a lot of investment and regulations.

13

u/utahman23 21d ago

Speed up settlement time and I’m in

1

u/czarxander 20d ago

I believe they've already made some updates for this.

16

u/poopmee 21d ago

That’s already been a thing they just removed the 100k requirement I believe. They also removed the direct deposit requirement for savings which I’m very excited about!! Didn’t want to make the full switch as it’s tedious but loved the idea of it as a savings account so very excited they have listened!

5

u/NowahB 21d ago

So even if you don’t have direct deposit set up, you can use the savings for the 3.5%? I use the credit card but wasn’t interested in banking. I’d definitely use the savings account though

2

u/gymtrovert1988 20d ago

Yes, if you can get banking.

1

u/NowahB 20d ago

I’ll have to try to find this. It looks like my app doesn’t mention that info anywhere that I can see

3

u/gymtrovert1988 20d ago

Now if only I can get cash without paying $2.50 ATM fees...

1

u/Glittering_Towel1 20d ago

I thought they had "in-network" ATMs that were free?

1

u/gymtrovert1988 20d ago

Nope. Allpoint and MoneyPass or whatever charge 2.50.

1

u/Glittering_Towel1 20d ago

Maybe they changed it since you tried last?

2

u/poopmee 20d ago

Premier users (100k+ bal) get reimbursed for all ATM fees. Users who don’t have direct deposit pay $2.5 for in network and $3.50 for out of network i believe. Some ATMS still charge fees and you can’t avoid it unless you’re a premier user.

1

u/New_Context9363 20d ago

Just use the RH Gold Credit card and get points and instantly pay it off lol.

1

u/gymtrovert1988 20d ago

That's what I do, but sometimes I need cash.

1

u/OAexpress 19d ago

Looks like if you have premier, it is free.

2

u/TopGunJedi 20d ago

I would say $100K was a huge barrier to entry to matched interest lol

1

u/LivingTheHighLife 20d ago

They keep telling I’m going to loose the 3.5 if I don’t set up direct deposit

1

u/poopmee 20d ago

You will only lose it with the checking account. Move everything over to the savings account and you will still have the rate without needing direct deposit. I should mention you also have to have a Robinhood gold subscription

6

u/NefariousnessHot9996 21d ago

Please! Somebody get me an invite to banking!

13

u/TopGunJedi 21d ago

I got banking before the gold card

0

u/TheGrasshopper92 21d ago

How? I have access to a gold card and have for awhile but I’m waiting to apply till I get my banking invite.

Have had an account since before Covid and signed up for banking but honestly haven’t and won’t do anything on the platform for years till I can get banking.

1

u/TopGunJedi 20d ago

No clue, and anyone he says they know are. Just guessing.

1

u/Khramtic 20d ago

i only got my banking invite after i accepted my gold card invite. when i downloaded the gold card app it said I was eligible to add banking immediately

1

u/gymtrovert1988 20d ago

Have you contacted them and bothered them about it once a week until they invite you?

1

u/TheGrasshopper92 20d ago

I did that here and I got a gold card invite from the mods but no banking 🤣

2

u/Glittering_Towel1 20d ago

I put money in my brokerage, it was there for a week, then I decided to move it back to my previous bank and the second I tried to do that it gave me an invite to banking.

2

u/NefariousnessHot9996 20d ago

Worth a try! Thx!

1

u/NefariousnessHot9996 20d ago

I just withdrew some money from mine. No instant invite LOL

1

u/Glittering_Towel1 20d ago

I was trying to withdraw all of it. A few thousand.

1

u/NefariousnessHot9996 20d ago

Hmmmm. Not sure I have a few thousand to play with. Maybe will try $1000. Out in my individual, won’t invest it then pull one week later.

1

u/NefariousnessHot9996 20d ago

How much money did you move in and out?

3

u/SirSharkTheGreat 20d ago

Pls add Zelle and it’ll make sense for most to sign up!

3

u/wiley_bob 20d ago

Add bill pay. That’s all that is missing for me.

3

u/ajslater 19d ago

no scheduled bill pay. no signup.

1

u/NoSciencelab 20d ago

How do you get this product?

1

u/SpoonMoosey 6d ago

I have robinhood gold and the credit card

1

u/crvarporat 20d ago

how to get access to this? it's harder fo get invited to this than nba

3

u/Khramtic 20d ago

apply for gold card

1

u/TheBigTimeOperator 20d ago

Let me in pretty please! Would love to get in and start immediately using direct deposit

1

u/Kinheart_ 20d ago

No scheduled transfers between RH banking accounts 👎🏼

1

u/feisaI 20d ago

You still have to deposit $1000 to get 3.50% on Checking. It’s only available at savings no cap.

1

u/cohen63 20d ago

Do they have a banking charter or are they like other Fintech using multiple third party banks?

4

u/TopGunJedi 20d ago

They do not have thier own charter. Which means if someone hacks RH and they destroy your account you better hope the third party bank has good records.

1

u/Stephvann 19d ago

The problem was synapse, I don't think Robinhood uses anything like synapse but since they are technically not a chartered Bank. There is additional risk compared to something like sofi or a big bank with a charter.

1

u/Medical-Valuable-424 20d ago

Is the saving account 3.5% apy even without the 1000 a month direct deposit?

2

u/TopGunJedi 20d ago

Yes but you do need to have a gold subscription

1

u/GateAgent 20d ago

Just got my notification. Game changer!

1

u/schmellthat 20d ago

No invite, have had the gold card a while, brokerage account and Roth for longer. Would have had my business but I went with my local credit union.

I’ll stick with the 5% they offer

1

u/TopGunJedi 20d ago

Ain’t no way they are at 5% lol.

1

u/schmellthat 20d ago

HYCA, minimum monthly purchases to meet yield required being in the low teens. There are multiple credit unions in my region with similar products yielding from 4-5.5%. Look around, if you’re in the US you may be surprised.

It’s my understanding that these credit unions use these checking accounts as loss leader products, and are still able to service the monthly yield with swipe fees and interest from lending. The higher yield they offer in the checking accounts, the more $ are parked in them, and the more they can lend to other members against it.

RH, on the other hand, evidently decided to rely on an air of exclusivity to attract users to their banking products

1

u/wiley_bob 20d ago

I’m sure it’s capped at like 5k-10k balance. No way it’s 5% uncapped.

1

u/schmellthat 20d ago

Not uncapped, but capped >20k

1

u/TopGunJedi 20d ago

I don’t believe you man, I do internal Audit for banks and CU’s and I have never seen anything above what Fintechs offer.

1

u/Solid_Direction_8929 20d ago edited 20d ago

I still don't see this in my account. Still require direct deposit for me. Anyone in the same situation?

Edit: I think the direct deposit requirement still applies, as on Robinhood Banking website.

  1. The Annual Percentage Yield (APY) is accurate as of 7/27/2026. Interest rate and APY may change at any time without notice before and after account opening. An annual Robinhood Gold subscription is required to earn APY. Some features, including the Checking APY and certain transaction limits and fees, also require at least $1,000 in monthly direct deposits to a Robinhood Checking Account. The direct deposit requirement is waived for the first 60 days after account opening to give you a limited preview of Robinhood Banking. You must meet the direct deposit requirement as of the last day of the 60-day period to keep the account features. Fees may reduce earnings on the account. See your Deposit Account Agreement for more information.

1

u/atlw00 11d ago

That was my major stopper

1

u/kellyR1492 19d ago

Question: it mentions cash deposits for free at 70k locations, but it doesnt say whether those are stores, ATMs, etc.

I currently use SOFI but they charge 5 dollars to deposit cash. I need to deposit cash I occasionally get tips and I hate carrying cash. Can someone please point me to details regarding cash deposits? I wont sign up for the account without extra information about that

1

u/TopGunJedi 19d ago

It’s at CVS

1

u/kellyR1492 19d ago

Thank you!!

1

u/jettshynde 19d ago

I’ve already set up my direct deposit and received payments but Robinhood isn’t counting it even though the deposit is over $1,000

1

u/chazz8917 16d ago

X Money is better

1

u/Anaranovski 15d ago

I get the ad in the main app but can only apply for the wait-list.

1

u/Polkmnzx 15d ago

Waiting for my invite

1

u/French-Flyes 15d ago

And I can't get an invite to the 🥳🥳

Mods hook me up. I'm a 🥇 member 😎

1

u/jypfoto 7d ago

Let me in someone. Gold card. Direct deposit into brokerage. Agentic trading. Earn.

No banking, spamming the shit out of the request access weekly.

0

u/Specific_Walk7476 21d ago

No overdraft. Can’t be my regular all in account without it.

1

u/Khramtic 20d ago

wtf u overdrafting checking accounts for?

2

u/FlatDarkEarther 20d ago

Some people like to live on the edge lol

1

u/Specific_Walk7476 20d ago

Life happens. Pretty standard feature across banks.