MENLO PARK, Calif.–Robinhood Banking attracted more than $3 billion in deposits from over 240,000 funded customers by the end of June, with approximately 40% signed up for direct deposit, the company reported.
The figures, disclosed in Robinhood Markets’ July 29 second-quarter earnings release, show the investment platform gaining banking business within a companywide base of 28.4 million funded customers. Robinhood said its overall funded customer count increased 7%, or 1.9 million, from a year earlier.
Direct Deposit Incentives
Robinhood’s Banking offering links checking interest and certain fee benefits to qualifying direct deposits, giving customers a financial incentive to move recurring income to the platform.
According to Robinhood’s Banking disclosures, customers must maintain an annual Robinhood Gold subscription and receive at least $1,000 in monthly direct deposits into a Robinhood checking account to qualify for checking interest and certain other benefits. The company provides an initial 60-day waiver of the direct deposit requirement.
Robinhood’s published benefits schedule lists no fees for in-network ATM withdrawals, checkbooks and mailing checks for customers meeting its standard qualifying requirements. Premier benefits include additional fee waivers and out-of-network ATM fee refunds, subject to eligibility requirements.
To qualify for premier benefits, customers must meet the monthly direct deposit requirement, maintain an annual Gold subscription and have at least $100,000 in assets across Robinhood, according to the company’s disclosures.
Broader Customer Relationships
Robinhood reported 4.8 million Gold subscribers at the end of the second quarter, an increase of 39% from a year earlier. Gold adoption reached 17% of funded customers, with approximately 40% of new funded customers signing up for Gold during the quarter, the company said. That enrollment figure is separate from the approximately 40% of Banking customers who had signed up for direct deposit.
Robinhood is a financial technology company rather than a bank. Banking services are provided by Coastal Community Bank, Member FDIC, according to Robinhood’s disclosures.
