You do not need a checking account to open or use a Robinhood investment account
Robinhood lets you fund your account from any U.S. bank account — checking, savings, or money market. You link the account through Robinhood's app, and transfers happen electronically. The account you link does not have to be a checking account, and you do not need multiple accounts or special account types to trade stocks, options, or crypto on Robinhood.
What matters is that the bank account you link is in your own name and is held at a U.S. financial institution. Robinhood uses the account to pull money in (when you deposit) and send money out (when you withdraw). If you have a savings account at your bank and nothing else, that works fine.
Key Takeaways
- Robinhood accepts deposits from savings accounts, money market accounts, and checking accounts — you do not need a checking account specifically.
- The bank account you link must be in your own name and held at a U.S. bank or credit union.
- Transfers from your linked account to Robinhood take one to three business days to clear.
- Robinhood does not offer a checking account itself, but you can withdraw cash to any linked U.S. bank account.
How to link a bank account to Robinhood
Open the Robinhood app and go to Account, then Transfers. Select Link a Bank Account and enter your bank's name. Robinhood will ask for your online banking login credentials or will redirect you to your bank's website to log in securely. Once you authorize the connection, Robinhood can see your account details.
Some banks require you to confirm the link by verifying two small deposits Robinhood sends to your account — usually under $1 each. You enter the amounts in the Robinhood app to prove you control the account. This step takes a few extra days but adds a layer of security. After verification, your account is ready to fund.
Deposit and withdrawal timelines
When you deposit money into Robinhood from your linked bank account, the transfer typically takes one to three business days. Robinhood shows the money in your account right away, but it is marked as pending until the bank clears it. You can start trading with pending deposits on most account types, but some restrictions apply to newer accounts or certain trades.
Withdrawals work the same way in reverse. Money you send from Robinhood back to your linked bank account takes one to three business days to land. Weekends and bank holidays add time — a Friday withdrawal might not show up until Tuesday or Wednesday. Robinhood does not charge fees for deposits or withdrawals, but your bank might if you exceed their monthly transfer limits.
What happens if you do not have a bank account
If you do not have any bank account at all, you cannot open a Robinhood account. Robinhood requires a linked U.S. bank account to move money in and out. There is no way around this requirement, and Robinhood does not accept prepaid debit cards, wire transfers, or checks as a substitute.
If you are unbanked or underbanked, you have a few options. Many credit unions and online banks offer free or low-cost accounts with no minimum balance. Some accept people with no prior banking history. Once you open an account, you can link it to Robinhood immediately. The account does not need to have money in it yet — you just need the account to exist and be in your name.
Robinhood Cash and Robinhood Gold accounts
Robinhood offers two main account types: Robinhood Cash (free) and Robinhood Gold (paid subscription). Neither one requires a checking account, and both work the same way for linking a bank account and moving money. The difference is in what you can trade and how much you can borrow.
Robinhood Cash lets you trade stocks and crypto with money you deposit. You cannot borrow money to trade (called margin), and you have a three-day settlement period after you sell something before you can withdraw that cash. Robinhood Gold is a subscription service that lets you borrow money to trade and shortens the settlement period. Both account types link to any U.S. bank account — checking or otherwise.
Using Robinhood without a traditional bank
If you use an online bank, a credit union, or a smaller regional bank, Robinhood still works. The bank just needs to be a U.S. institution and offer online access so you can authorize the connection. Some online banks connect faster than others, and a few smaller banks may not integrate with Robinhood's system at all — Robinhood will tell you during the linking process if your bank is not supported.
If your bank is not supported, you have two choices: open an account at a bank Robinhood does support (most major banks and many online banks work), or contact Robinhood support to ask if manual verification is an option. Manual verification is slower but sometimes possible for unsupported banks.
Frequently Asked Questions
Can I use a joint bank account to fund Robinhood?
No. Robinhood requires the linked bank account to be in your name only. If the account is held jointly with another person, Robinhood will not accept it. You need an individual account, even if you share finances with someone else.
What if my bank is not on Robinhood's list?
Robinhood will tell you during the linking process if your bank is not supported. Contact Robinhood support to ask about manual verification options. Some smaller banks can be added this way, though it takes longer. Otherwise, you may need to open an account at a supported bank.
Do I lose money if I move cash between my bank and Robinhood?
Robinhood does not charge fees for deposits or withdrawals. Your own bank might charge a fee if you exceed their monthly transfer limit, so check your bank's terms. The money itself does not shrink — you get back what you send.
Can I trade on Robinhood while my deposit is pending?
On most Robinhood accounts, yes — you can trade with pending deposits. On newer accounts or for certain types of trades, Robinhood may hold the money until it clears. Check your account settings or contact support if you are unsure whether your pending deposit is available to trade.
What if I only have a savings account and no checking account?
That is fine. Link your savings account to Robinhood and use it the same way you would use a checking account. Transfers work the same, and there are no restrictions based on account type.