Since Robinhood has no physical presence, they will rebate your ATM fees at partner banks for withdrawing and depositing cash.
Robinhood says they will post interest daily on cash balances.
If you’ve already got a Robinhood account, signing up for Checking & Savings is a no-brainer.
If you’re not yet a Robinhood customer, is this the enticement you need to open an account?
Since Robinhood now clears its own trades, having parted ways with Apex Clearing in November, it is a member of SIPC and its customer accounts are insured as such.
He concludes, “On Robinhood’s help page, it says that you don’t need to invest to use Robinhood checking and savings, that statement is wrong. If you deposit money for any other purpose, it is not protected.”
Most online brokers carry additional insurance in excess of what is covered by SIPC, but Robinhood does not.