What Banks Does Robinhood Accept?
• Robinhood customers can link domestic (i.e., U.S.-based) bank accounts to their brokerage accounts.
• It is not possible to connect a foreign bank account to a Robinhood account.
• Robinhood does use Plaid, so setting up a connection is super fast.
Banks that Robinhood Accepts
At Robinhood, only a domestic checking or savings account can be linked to a brokerage account. The bank account must be based in the United States. It is possible to link a debit card, although the issuing bank must be located in the U.S. as well.
Linking a Bank
On either Robinhood’s website or mobile app, an external deposit account can be connected to a brokerage account. On the former platform, log in and click on the Account tab in the upper-right corner. Select the link for transfers.
On the next page, scroll down to the section on Linked Accounts. Here, there is a green hyperlink to add an account. Click on this and you’ll get a pop-up window to link a debit card or bank account. Either one needs to be based in the U.S. Only one debit card can be connected to a Robinhood account. Up to three bank accounts can be linked. Transfers with the debit card are instant, and deposits are free (withdrawals cost 1.75%).
If you click on the icon for debit card, you’ll need to enter your card number. If you select a bank account, you’ll get a Plaid window. Here, you’ll have to select the bank where the checking or savings account is held. The Plaid window will automatically show icons from a lot of famous banks. Most likely, yours will be here. If not, just type in the name of the financial institution and select from the list of choices.
You will need to log into the Plaid window using your User ID and password from the bank’s website. Once you have successfully done this, you’ll need to select the specific account held at the bank to link (in case you have multiple accounts with the bank). Now your cash account will be connected to your Robinhood investing account. Transfers can be made right away.
Besides the debit-card and ACH transfers described above, it’s possible to wire money into a Robinhood account from a U.S.-based bank (go back to the transfers page and look for the link).
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Updated on 9/6/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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