Last updated on August 15th, 2023 at 08:38 am
Robinhood is adding new banks to their brokerage cash sweep program on or after May 17, 2023, which means your FDIC insurance at our program banks will increase from $1.5M to $2M beginning on June 1, 2023. In addition to Goldman Sachs USA, Wells Fargo, Citibank, HSBC, Bank of Baroda, and U.S. Bank, our program will soon include Truist Bank and Bank of India. Although no action is required, you can always contact their support if you have any questions or wish to opt out of having your uninvested cash swept to Truist Bank or Bank of India.
- Until October 1, 2023 it was: Your uninvested cash will soon be protected by up to $2 million in FDIC insurance at program banks.
- UPDATE 15 Aug 2023: From October 1, 2023 the policy changes as follows: If you hold cash, not invested in stocks, will soon be protected by up to $2.25 million in FDIC insurance at program banks
- We’re updating to let you know that Robinhood is adding CIBC Bank USA and EagleBank to their brokerage cash sweep program on or after October 1, 2023. This means that uninvested cash can be swept into up to 12 program banks that pay you the interest. In addition, your FDIC insurance at these program banks will increase from up to $2 million to up to $2.25 million as of October 1, 2023.
- Although no action is required, you can always contact support if you have any questions. Please note that if you wish to opt out of having your uninvested cash swept to CIBC Bank USA or EagleBank, you will need to wait until October 1, 2023, to reach out to support.
- You can also review the brokerage cash sweep program disclosure for more details.