Robinhood to launch banking perks with 4% APY for Gold users

Robinhood is stepping into the banking world by introducing Robinhood Banking, a service aimed at bringing the perks of private banking to gold members. Revealed at the Robinhood Presents: The Lost City of Gold event, this new feature will be available later this year, but exclusively for Robinhood Gold members.

The wealthy have always had the upper hand in banking—concierge services, high-yield savings, and expert financial guidance. But Robinhood is changing the game. With a 4% APY, FDIC insurance up to $2.5 million, and even cash delivery to your doorstep, it’s making premium banking effortless and accessible, no ATMs required.

Robinhood Banking goes beyond the typical checking and savings accounts. It offers a smooth, integrated experience that lets members manage their finances, transfer money, and enjoy exclusive luxury benefits. Customers can easily send money internationally in over 100 currencies, move funds between accounts instantly, and access expert advice on tax and estate planning.

One of the biggest draws is the access to high-end experiences typically reserved for private banking clients. Robinhood Banking members will be eligible for VIP access to events like the Met Gala, the Oscars, Formula 1’s Monaco Grand Prix, and The Masters. They will also have access to private jets, luxury chauffeurs, and high-end travel experiences, something that traditional banks usually offer only to their wealthiest clients.

According to Deepak Rao, General Manager and Vice President of Robinhood Money, the goal is to “solve many of the challenges presented by legacy banks” while delivering features that are “historically reserved for the ultra-wealthy.” He added that Robinhood Banking is designed to be as intuitive and accessible as possible, putting high-end financial services directly in Gold members’ pockets.

At launch, Robinhood Banking will offer individual and joint checking and savings accounts, with plans to introduce children’s accounts featuring spending controls and allowances. Gold members will receive a debit Mastercard and have access to secure money transfers, check deposits, and instant transactions between Robinhood accounts.

Security is also a major focus, with deposits insured for up to $2.5 million—a significant jump from the standard $250,000 FDIC insurance limit. In addition, Robinhood Gold members will benefit from priority customer support, expert financial insights, and dedicated account management.

Robinhood Banking will officially launch in the fall, at which point the Robinhood Credit Card app will evolve into a full-service banking platform. As the waitlist for the Robinhood Gold Card continues to grow, with nearly three million sign-ups, Robinhood is preparing to roll out another 100,000 spots to meet demand.