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Webull Debit Card and Cash Management in 2023
Webull checking account interest rate. Webull credit card. Does Webull have a debit card for cash?
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Webull Debit (Credit) Card
Being able to access your funds from your broker is a critical aspect of having a brokerage account.
It’s becoming more common for brokers to offer cash management options similar to what a bank account
offers such as a debit card. Two of the most popular investing apps are Webull and Robinhood. We explored
what cash management options and debit cards each app offers.
Webull Checking Account & Cash Management Options
Webull doesn’t currently offer a checking account.
However, Webull now pays one of the highest interest rates on uninvested cash:
5% APY.
This is much more than you can find at traditional banks.
There are no deposit, minimums, or any other requirements to get these great rates at Webull.
Webull Debit Card
Webull doesn’t currently offer any debit cards. You can deposit and withdraw money into and out of your Webull account via ACH and Wire transfers. Webull charges $25 for domestic wire transfers, $45 for international wire transfers, and no fee for ACH transfers.
Webull Promotion
Open WeBull Account
Robinhood Checking Account & Cash Management
Robinhood doesn’t technically offer a checking account, but they do offer a cash management program through a brokerage account. However, Robinhood’s cash management program is not available to new customers or existing customers who aren’t already part of the program. In other words, unless you are currently part of the cash management program, it’s not available to you.
The good news is that Robinhood now offers a Spending account which is available for all customers—even customers who currently are part of the cash management program.
Robinhood Spending Account Overview
The Robinhood Spending account is Robinhood’s version of a checking/spending account that has some
advantages and disadvantages compared to a checking account with a bank. The account has no minimums
to open, no maintenance minimums, and no fees to open, maintain, or close the account.
The account doesn’t pay any interest on uninvested cash however, you can utilize the brokerage cash
sweep program offered through your Robinhood brokerage account to earn interest on your cash and move
cash between each account when you need to spend it. The Spending account
offers FDIC Insurance for up to $250,000 of your cash.
Robinhood Spending Account Cash Management Features
You can deposit and withdraw from your Spending account in a variety of ways. You can link a bank account for regular ACH deposits and withdrawals with no fees. If your bank is eligible for real-time payments, you can do an “instant transfer” for deposits and withdrawals which allows your transfer to, typically, be completed within 10 minutes. Instant transfer deposits have no fee and instant transfer withdrawals have a fee of 1.5% of the amount transferred.
Does It Accept Debit Cards?
One of the powerful and unique features that the Spending account offers, that can’t be found at many
other brokers, is the ability to
deposit and withdraw money using an external debit card. Deposits from a debit card have no fee and withdrawals to a debit card have a fee of 1.5% of the amount being transferred.
Another unique feature of the account is early direct deposit which allows you to receive your direct deposit amount up to 2 business days faster than normal.
Checking Account
You can easily send checks out of your Spending account by entering in the payee information through the Robinhood app and having Robinhood mail the check for you. The account also offers a debit card called the Cash Card that can be used for spending and ATM withdrawals.
How to Switch from Robinhood Cash Management to a Spending Account
If you are an existing customer who is part of the Robinhood cash management program, Robinhood says that they plan to transition you out of the cash management program into to a Spending account, eventually. Before you are forced to transition, you have the option of opening a Spending account yourself.
If you do so, you will lose access to the cash management program and instead, have a separate Spending account. Your cash management routing number, account number, and debit card will no longer work and Robinhood will automatically issue you a new Spending account routing number, account number, and Cash Card.
Robinhood Promotion
Open Robinhood Account
Robinhood Debit Card (Cash Card)
The debit card that automatically comes with the Robinhood Spending account is called the
Robinhood Cash Card. The Cash Card can be used exclusively virtually through the Robinhood app by
linking it to a mobile wallet on your phone such as Apple or Google pay or by manually using the card
numbers for online shopping. You can also opt to have Robinhood mail you a physical Cash Card.
You can use your physical Cash Card for point-of-sale transactions and for ATM withdrawals. The card
can be used for fee-free ATM withdrawals at over 90,000 ATMs worldwide. The card offers various
security features available to be turned on and off through the Robinhood app such as locking and
unlocking your card, location protection which allows Robinhood to automatically decline transactions that take place far away from your phone’s location, and spending alerts that alert you via push notifications every time your card is used.
Robinhood Cash Card Rewards & Offers
Finding a debit card that offers rewards and cash back offers is rare at banks and even more rare at brokerage firms. The Robinhood Cash Card is one of the rare debit cards that offers generous rewards and cash-back offers. The Cash Card automatically earns you cash-back offers at qualifying stores when you use your card there and, unlike most cash-back offers, the offers don’t require you to activate them.
The Round-up Rewards program offered through the Cash Card allows you to have Robinhood automatically
round-up your spare change to the nearest dollar on all qualifying purchases that you make with the
card. Furthermore, Robinhood will give you a bonus of anywhere from 10-100% of your total spare change rounded-up each week — up to a maximum bonus amount of $10 per week. The program also allows you to then have your weekly rounded-up spare change amounts plus your bonus amounts automatically invested into a stock or cryptocurrency of your choice through your Robinhood brokerage account.
Robinhood Promotion
Open Robinhood Account
Updated on 4/12/2023.
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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