Robinhood said on Wednesday that it is launching an online banking platform for its premium members in the fall, which will include home cash deliveries.
In an announcement, the California-headquartered financial technology company outlined a number of incentives that will be offered to Robinhood Banking users, including cash delivery.
“Your cash is delivered on-demand right to your doorstep,” it said. “No need to search for an ATM.”
The service offers a 4% annual interest rate and deposit insurance of up to $2.5 million via the FDIC. It will offer international transfers to over 100 currencies and whole-family accounts for partners and children.
“Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting-edge features historically reserved for the ultra-wealthy,” Deepak Rao, vice president and general manager of Robinhood Money, said.
“We’re pushing the boundaries of what you should expect from your bank.”
The fintech firm’s gold membership costs $5 monthly or $50 annually and gives users access to Robinhood’s premium features. Perks include IRA matches and the option of margin trading.
Gold members who opt for the banking services, which Washington-based Coastal Community Bank will provide, would also have access to perks including the chance to get tickets to events like the Met Gala, the Oscars, F1’s Monaco Grand Prix, and Coachella.
Robinhood said customers would also have access to private plane travel, personal chauffeurs, luxury helicopter rides, and luxury hotel experiences.
It did not elaborate on how these perks would work for members.
Robinhood also said it would be launching a wealth management platform. Robinhood Strategies would allow investments into a mix of exchange-traded funds (ETFs) and individual stocks.
The management fee for those who use the service is 0.25% of the assets under management a year. Robinhood Gold member will pay management fees on $100,000 of assets in their accounts.
Robinhood said it would introduce an AI investment tool called Cortex for its premium subscribers.
“Over time, Robinhood Cortex will completely transform the Robinhood experience as we strive to bridge that gap and put a premium research assistant right in your pocket,” Abhishek Fatehpuria, vice president of brokerage product, said.
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