Robinhood to Launch Premium Banking Platform with Exclusive Perks
Financial services company Robinhood is set to unveil a new online banking platform this fall, offering premium members a suite of high-end features typically reserved for ultra-wealthy clients. The platform, which will be available to Robinhood Gold subscribers, promises to revolutionize personal banking with innovative services and attractive benefits.
Among the standout features of the new banking service is a home cash delivery option, eliminating the need for ATM visits. Members will also enjoy a competitive 4% annual interest rate on deposits, significantly higher than most traditional savings accounts. Deposit insurance coverage will extend up to $2.5 million through the Federal Deposit Insurance Corporation (FDIC), providing an extra layer of security for account holders.
International travelers and those with global financial needs will benefit from the platform’s ability to facilitate transfers in over 100 currencies. Additionally, Robinhood is introducing whole-family accounts, allowing partners and children to be included under a single membership.
The Robinhood Gold membership, priced at $5 monthly or $50 annually, unlocks access to these premium banking services along with existing perks such as IRA matches and margin trading options. Banking services will be provided through a partnership with Coastal Community Bank.
In a move that further distinguishes its premium offering, Robinhood is granting members exclusive access to high-profile events including the Met Gala, Oscars, Formula 1 Monaco Grand Prix, and Coachella. Luxury travel perks such as private plane access, personal chauffeurs, helicopter rides, and upscale hotel experiences round out the impressive list of benefits.
Expanding its financial services portfolio, Robinhood is also introducing “Robinhood Strategies,” a wealth management platform offering investment options in exchange-traded funds (ETFs) and individual stocks. The service will charge a management fee of 0.25% of assets under management annually, with Gold members receiving management on their first $100,000 of assets as part of their subscription.
To enhance the investment experience, Robinhood is launching an AI-powered tool called “Robinhood Cortex.” This premium research assistant aims to bridge the gap in investment research and decision-making, potentially transforming how users interact with the platform.
As Robinhood continues to expand its services, this new banking platform represents a significant step in the company’s efforts to provide comprehensive financial solutions to a broader range of customers, from novice investors to those seeking more sophisticated wealth management options.
