What you need to open a Robinhood savings account

Robinhood offers a savings account through a partnership with banks like Sutton Bank and Stride Bank. To open one, you need a Robinhood brokerage account first — you cannot open the savings account on its own. If you already have a Robinhood account for stock or crypto trading, you can add the savings feature without restarting.

The account requires a Social Security number, a valid government ID, proof of address, and a connected bank account for transfers. Robinhood will verify your identity during signup using information from credit bureaus and public records. The whole process typically takes 5 to 10 minutes if your information matches what's on file.

You must be at least 18 years old and a U.S. citizen or permanent resident. Non-U.S. residents cannot open an account, even if they have a U.S. address or tax ID.

Key Takeaways

  • You need an existing Robinhood brokerage account; the savings account is an add-on feature, not a standalone product.
  • Signup requires your Social Security number, a government ID, proof of address, and a linked bank account for moving money in and out.
  • Identity verification happens automatically through credit bureaus and public records during signup.
  • The account pays interest on your balance, though the rate changes based on market conditions and Robinhood's banking partners.
  • Money transfers between your Robinhood savings account and your external bank account take one to three business days.

Step-by-step: creating your account

Start by opening or logging into your Robinhood app or website. If you don't have a Robinhood account yet, you'll create one first by entering your email, setting a password, and completing identity verification. This step asks for your full name, date of birth, Social Security number, and address.

Once your brokerage account is active, look for the savings account option in the app. On mobile, this usually appears in the Investing or Accounts tab. On the website, it's typically under Account Settings or a dedicated Savings section. Tap or click to open the savings account.

Robinhood will ask you to confirm your identity again and link an external bank account. You'll provide your bank's routing number and your account number — you can find both on a check or by logging into your bank's website. Robinhood uses this account to move money in and out of your savings account.

Review the terms and confirm. Your savings account should be ready to use within minutes, though your linked bank account may take one business day to fully set up for transfers.

Linking your bank account for deposits and withdrawals

The external bank account you link is how money gets into and out of your Robinhood savings account. You can link a checking or savings account from any U.S. bank. Robinhood supports most major banks and many smaller regional ones, though some credit unions may not be available.

To link an account, go to your Robinhood account settings and select the option to add a bank account. You'll enter your bank's routing number and your account number. Robinhood may verify the account by sending two small deposits (usually under $1 each) to your bank account — you'll then confirm the amounts in the Robinhood app to prove you own the account.

Once linked, you can transfer money from your bank to Robinhood or from Robinhood back to your bank. Transfers typically take one to three business days. Weekends and bank holidays can add time. There is no limit on how many transfers you can make, though some banks may have their own transfer limits.

How interest works on your Robinhood savings account

Robinhood's savings account pays interest on your balance. The rate is set by the banking partner holding your money and changes based on Federal Reserve decisions and market conditions. Robinhood publishes the current rate on its website and in the app, but it is not locked in — it can go up or down.

Interest is calculated daily on your full balance and deposited into your account monthly. If you have $5,000 in the account for the entire month, you'll earn interest on that full amount. If you withdraw $1,000 midway through the month, the interest calculation adjusts for the days you held each balance.

The account is FDIC-insured up to $250,000 through the banking partner, which means your money is protected if the bank fails. If you have multiple accounts at the same bank through different services, the $250,000 protection applies across all of them combined, not per account.

What happens if identity verification fails

If Robinhood cannot verify your identity automatically, you'll be asked to upload documents. This usually means a government-issued ID (driver's license, passport, or state ID) and proof of address (a utility bill, lease, or bank statement dated within the last 90 days). Upload clear photos of both sides of your ID and the full document for proof of address.

Robinhood reviews uploaded documents within one to three business days. If there's a mismatch — your name spelled differently, an outdated address, or a document that's too blurry — you'll receive an email explaining what's needed. You can resubmit corrected documents when ready.

If verification is denied, Robinhood will tell you why. Common reasons include a mismatch with credit bureau records, a document that's expired or unreadable, or an address that doesn't match your ID. You can contact Robinhood support to dispute the decision or provide additional documentation.

Transferring money between accounts

Once your external bank account is linked and verified, you can move money in either direction. To deposit money into your Robinhood savings account, go to the account page and select Deposit. Choose your linked bank account and enter the amount. The money will leave your bank account when ready but may take one to three business days to appear in Robinhood.

To withdraw money back to your bank, select Withdraw from the savings account page. Choose your linked bank account and enter the amount. The money leaves your Robinhood account right away but takes one to three business days to land in your bank. You cannot withdraw more than your current balance.

If a transfer doesn't arrive within three business days, check your email for any messages from Robinhood about a failed transfer. Failed transfers usually happen because the linked bank account was closed, the routing number was incorrect, or your bank rejected the transfer for security reasons. Contact your bank or Robinhood support to investigate.

Fees and account minimums

Robinhood does not charge a monthly fee for the savings account. There is no minimum balance required to open or maintain the account — you can keep $0 in it if you choose. You can also close the account at any time without penalty.

Your bank may charge fees for transfers or account activity, but Robinhood itself does not. If you link a bank account that charges for incoming or outgoing transfers, those fees come from your bank, not Robinhood. Check your bank's fee schedule if you're unsure.

If you move money between your Robinhood brokerage account and your Robinhood savings account, there is no fee. This is different from transferring to an external bank, which takes one to three business days.

Frequently Asked Questions

Can I open a Robinhood savings account without a brokerage account?

No. The savings account is only available as an add-on to an existing Robinhood brokerage account. You must create or already have a brokerage account to access the savings feature. If you have no interest in trading stocks or crypto, you may want to explore other savings account options that don't require a brokerage account.

How long does it take for money to show up after I deposit it?

Deposits from your linked bank account take one to three business days to appear in your Robinhood savings account. The money leaves your bank when ready, but the transfer moves through the banking system overnight. Weekends and bank holidays can extend this timeline.

What if I want to change my linked bank account?

You can add a new bank account and remove the old one from your account settings. Go to the linked accounts section, select the account you want to remove, and choose delete. You can then add a new account using the same process as your first link. The new account will need to be verified before you can transfer money.

Is my money safe in a Robinhood savings account?

Your deposits are FDIC-insured up to $250,000 through the banking partner holding your money. This protection applies if the bank fails. However, if Robinhood itself fails, your savings account is not protected by FDIC insurance — it would be treated as a customer asset and returned to you through the brokerage's insurance. Check Robinhood's current banking partner on its website to confirm FDIC coverage.

Can I set up automatic transfers to my savings account?

Robinhood does not offer automatic recurring transfers at this time. You must manually initiate each deposit or withdrawal. Some users set calendar reminders to transfer money on a regular schedule, but the transfer itself must be done manually through the app or website.