Robinhood has filed an application to open an FDIC-insured online bank through which it would offer customers a higher interest rate on deposits, while also avoiding overdraft and minimum balance fees.
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Robinhood, looking beyond brokerage, seeks bank charter to expand into deposits, credit cards
Robinhood confirmed via email on Wednesday that it submitted an application to the Office of the Comptroller of the Currency (OCC) for a national bank charter. “Robinhood’s goal is to be able to offer its customers a full suite of financial products to service their needs,” according to a statement made by Robinhood via email to Bankrate. “To that end, Robinhood Financial, LLC, one of our broker-dealers, plans to offer customers a cash management feature within their brokerage accounts. More information will be shared later.”
