MENLO PARK, Calif.–Credit unions have long been cautioned about emerging competition from fintechs and now Robinhood, which rocketed to prominence as a stock trading platform, said it plans to begin offering checking and savings accounts for certain customers that offer numerous exclusive perks.

The new offerings were announced during Robinhood’s “The Lost City of Gold” event.

One year after the company introduced the Robinhood Gold Card for its Gold members—it said it has issued the card to 100,000 people and that there is a waitlist of three-million-it has unveiled Robinhood Banking, a platform launching later this year that will “bring the private banking experience exclusively to Robinhood Gold members, providing access to traditional checking and savings accounts with luxury benefits,” it said. 
“You will be able to apply for an account right from your phone, send money across the world in 100+ currencies, and even get cash delivered directly to you,” it added.

The Features

According to the company, the features of Robinhood Banking include: 

• 4% Annual Percentage Yield (APY) on savings, which it said is 9x the national average 
• Access private banking services such as estate planning and professional tax advice.
• 24/7 support and up to $2.5 million in FDIC insurance
• Access to “another world of perks” such as tickets to exclusive events like the Met Gala, Oscars, F1 Monaco Grand Prix, The Masters, and more, as well as private jet travel, global private chauffeurs, luxury helicopter rides, and members-only vacation clubs. 
• Cash delivered on-demand right to your doorstep, eliminating the need for an ATM
• Easy money movement using wires, checks, and international transfers. Plus, get instant transfers between all Robinhood accounts.
• Track net worth, step by step. “You can see the total value of all of your Robinhood accounts. You can even link external accounts to track across banks,” it said.

For the Whole Family

“Open accounts for the whole family,” Robinhood said in announcing its new deposit and checking accounts. “At launch we’ll offer individual and joint checking and savings accounts, as well as children’s accounts with allowances and spending controls. You’ll also get a debit Mastercard for speed, security, and safety.  

‘Challenges of Legacy Banks’

“With Robinhood Banking, we’re trying to solve many of the challenges presented by legacy banks,” Deepak Rao, GM and VP, Robinhood Money, said in a statement. “Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting edge features historically reserved for the ultra-wealthy. We’re pushing the boundaries of what you should expect from your bank.”

Robinhood Banking will launch this fall, at which point the Robinhood Credit Card app will become the customer’s banking app, it said, adding, “Once available, your credit card, checking, and savings will all live in one place. 

Other Introductions

During its event, Robinhood also introduced 

Robinhood Cortex and Robinhood Strategies and Robinhood Banking to give its customers access to private wealth management and AI investing tools.

Robinhood said it has nearly $200 billion in assets under its custody.