S2S

I’m closing my Robinhood banking account I recently decided to move my Roth IRA over to Robinhood to take advantage of the 2% transfer bonus. I’ve already had my individual brokerage with them for some time now and I love the platform so I figured it’d be cool to have my money all in one place. I got the invite to join Banking and I took it. Moved my direct deposits over and everything. But Robinhood Banking sucks ass and anyone telling you otherwise is lying. My biggest complaint is that there is no way to link Zelle to your Robinhood checking account. My understanding is that Robinhood partnered with Coastal Community Bank to offer these banking services and it really is not as seamless as my Chase checking account imo. The Robinhood savings account is the only thing worth keeping open because of the APY but it’s comparable to AMEX’s high yield savings account too so it’s not as glamorous as it may seem. The 4.25% APY goes down to 3.50% after only 3 months. And the cool thing about AMEX is that they actually offer a checking account WITH Zelle integration. There’s plenty of other downsides to Robinhood Banking such as not having brick and mortar locations and not having Instant Transfers available the way they do on their brokerage platform. Robinhood is supposed to be accelerating Financial Tech but $HOOD banking seems like a step backwards. The UI is beautiful though

We’re bringing checkbooks back. Robinhood is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.

me finally doing DD on a company now that i’m bagged as shit