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Webull Debit Card and Cash Management in 2024
Webull cash management and checking account interest rate. Webull credit card. Does Webull have a debit card for cash?
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Webull Debit (Credit) Card
Accessing your money easily through your brokerage account is essential. More brokers now provide bank-like features, including debit cards. We looked into the cash management options and debit cards offered by two popular investment apps, Webull and Robinhood.
Webull Cash Management Review
Webull does not currently offer a checking account.
However, Webull now offers one of the highest interest rates on uninvested cash:
4% APY. This rate is higher than what most traditional banks offer.
There are no deposit minimums or other requirements to receive these rates at Webull.
Webull Debit Card
Webull does not currently offer any debit cards. You can deposit and withdraw funds from your Webull account via ACH and wire transfers. Webull charges $25 for domestic wire transfers, $45 for international wires, and nothing for ACH transfers.
Webull Promotion
Visit Webull Website
Robinhood Checking Account & Cash Management
Robinhood doesn't technically have a checking account but offers a cash management program within a brokerage account. This program isn't available to new customers or those not already enrolled.
The good news is Robinhood now has a Spending account accessible to all customers, even those already using the cash management program.
Robinhood Spending Account Overview
Robinhood's Spending account acts like a checking account but has some differences. There are no minimums or fees for opening, maintaining, or closing this account.
Although the account doesn’t earn interest on uninvested cash, you can use Robinhood's brokerage cash sweep program to earn interest and move money around as needed. The Spending account
offers FDIC insurance up to $250,000.
Robinhood Spending Account Cash Management Features
You can deposit and withdraw money in various ways from your Spending account. Link a bank account for regular ACH transfers without fees. If your bank supports real-time payments, you can make “instant transfers” that usually complete within 10 minutes. There's no fee for instant deposit transfers, but withdrawals have a 1.5% fee.
Does It Accept Debit Cards?
One notable feature of the Spending account is the ability to
deposit and withdraw money using an external debit card. There’s no fee for debit card deposits and a 1.5% fee for withdrawals.
Another unique feature is early direct deposit, which lets you receive your paycheck up to 2 business days earlier than usual.
Checking Account
You can easily send checks from your Spending account by entering the payee's details in the Robinhood app, which then mails the check for you. The account also provides a debit card called the Cash Card for spending and ATM withdrawals.
How to Switch from Robinhood Cash Management to a Spending Account
If you're already using Robinhood's cash management, they plan to move you to the Spending account eventually. You can open a Spending account anytime before the switch.
If you switch, you will no longer use your old cash management details. Robinhood will give you new account details and a Cash Card.
Robinhood Promotion
Visit Robinhood Website
Robinhood Debit Card (Cash Card)
The Robinhood Spending account comes with a debit card called the Cash Card. You can use this card through the Robinhood app linked to mobile wallets or manually for online shopping. You can request a physical Cash Card for in-person transactions and ATM withdrawals, which are free at over 90,000 ATMs globally. The card includes security features like card locking and transaction alerts, which you can manage in the app.
Robinhood Cash Card Rewards & Offers
It's uncommon for debit cards from brokerage firms to offer rewards or cash-back. The Robinhood Cash Card does, and it automatically applies cash-back offers at qualifying stores without activation. The Round-up Rewards program lets you round up transactions to the nearest dollar and invest the difference in stocks or cryptocurrencies of your choice, with a weekly bonus of up to 10-100% on the round-up, capped at $10.
Robinhood Promotion
Visit Robinhood Website
Updated on 7/31/2024.
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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