Robinhood App Debit Card Review / Unboxing Robinhood Cash Management

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https://www.youtube.com/embed/CzavdVxTG2Y whats going on guys Jake here and in this video Ill be doing a review and unboxing of the Robin Hood card since I lastly got the card in the mail after endless tapping and referring individuals to get up on the wait list I lastly broke the top ten and practically as quickly as I got like in the leading ten or so primary on the wait list they in fact did activate my card nearly quickly which was pretty cool so I finally got the card it lastly got triggered on my phone as well around my Robin Hood app so everything is great to go and the card can be found in the mail the other day in fact therefore this video Im gon na be discussing the card doing or view I guess an unboxing of this as well and simply kind of sharing with you people what the cash management program actually is as well as if I like it or not in my viewpoint of it and simply so you understand Robin Hood is not paying me for this a lot of people for some reason believe that my channel is sponsored by Robin Hood is not however Robin if you are viewing this and you do wan na sponsor me do not hesitate to shoot me an email my e-mail remains in the description but in any case then have a look at this card first actually first Ill discuss what the money management program really is so with cash management Robin Hood made it really clear that they are not a bank this is not a checking or cost savings account because when they at first introduced the program they sort of worded it that method which was I do not think very legal to be entirely truthful so Robin Hood is now sort of rebranded it called it money management program and it is in fact live so you might have it too so absolutely let me understand in the comment area if you have it or not so with the cash management program sort of like a checking and savings account however not precisely called that not technically one so with this they do provide you a personalized debit card which is pretty cool but you can utilize it a lot of various ATMs which Ill speak about later in the video it does include a money account thats linked to your Robin Hood account so generally any uninvested money in your Robin Hood account is going to get a 1.8 percent interest rate so what that suggests is lets state you have a thousand dollars purchased stocks or ETFs whatever it doesnt actually matter then you have $500 remaining sitting in money that if $500 is going to get a 1.8 rates of interest and nevertheless much money you have thats simply sitting in your account despite just how much it is theres really no minimum will always get a 1.8 percent rate of interest which in my opinion is actually a pretty great rate Im sure its gon na be filled remark area stating that you know their credit union by their local town or city wherever they live is providing like 3 4 percent whichs fantastic however most of us do not have that so 1.8 percent is most likely respectable and if you compare that like the typical checkings or even cost savings account in the u.s.Like it is I think its like less than 1% or something like that the most people are getting I understand myself with my check me conserving I pretty much get nothing so I have actually been discussing whether or not I wish to put all my cash into this or a minimum of some of my own cash or great quantity into this but so sort of deciding but either method entering it more so thats essentially what money management is and like I said you do get a physical card and if you follow Robin Hood on any social networks they actually publish a video on like your Instagram story or their Twitter whatever is someone like doing this with a card 15 times in a row so maybe Ill publish one on my Instagram story too for revenue to share it but so card in fact does be available in sort of a cool case like this it is type of cool its kind of funny how like much boxes included like everyone keeps all their Apple boxes and now everybody likewise keeps like all their boxes to everything else cuz Apple kind of like changed the video game along with I guess Jordan and Nike in terms of like in fact making cool boxes that people wish to keep but the card does be available in this cool little case right here and if I take it out your numbers in fact are on the back so clearly I will not be revealing you the back of the card however heres the front I picked the green its not like its like a regular debit card truthfully its nothing fancy does have this little clear part on here which is sort of cool also and it is by MasterCard which it states right down there also and it also states R has the low Robin Hood logo and then on the back it does your typical debit card stuff name number expiration dates stuff like that so that is a card I believe theres 4 colors for it I think you get the green white black and then you could also get like a USA flag one which was probably my next choice but Im at the green I actually like it a lot my favorite color and I sort of much like the Robin Hood logo color too and after that as quickly as you get it I sort of like how they say us on the case – it says clearly trigger your card with the app if you people can read that and then it also says was it say right there Micra sizing or Democrat democratizing Americas monetary system so its kind of cool as well then there little disclaimer on the back too but that does not really indicate anything obviously and then theyre a little Robin Hood logo so one thing I actually simulate about Robin Hood and my people type of question why I like it a lot I really do like their like morals and their perfects of what theyre doing since they actually are the very first business kind of trying to make purchasing the stock market readily available to everybody no matter just how much money you make due to the fact that about even five 10 years ago you sort of needed to have like thousands and thousands if not hundreds of thousands of dollars conserved up to be able to invest in the stock market or you needed to pay outrageous costs so I actually like what Robin Hood is doing there but getting into like I said I described to a cash management is so kind of more including to that they do have like I was simply showing you personalized debit card which you will get eventually if you are approved for it they do have an account number as well as a routing number so they are more like I said theyre not truly a monitoring or cost savings account but they type of are they have a debit card account number routing number so they basically are theyre simply not calling it that you can change lost or stolen vehicles extremely really easily from the app which is nice for security reasons then do you have Apple pay Google pay as well as Samsung pay so you can hook it as much as that also or you could just utilize your physical card so yes like I stated the cards do be available in various colors and one concern that I had and I think a lot of individuals also have is how can I take money out of this account is it going to be you know simply from a typical ATM am I going to have to like do something weird or go somewhere odd or exist going to be ATMs located near me so there are great deals of ATMs a minimum of around me and I mean they claimed theres 75,000 in-network ATMs so obviously with any debit card you can quite much go anywhere and get money out but theyre gon na charge you but with Robin Hood they are making the claim that there are no costs and 75,000 ATMs that they do are partnered with or remain in their network so thats pretty great and you can in fact go to the app and search the map they have a little map function that shows you the hei was close to you Im not gon na reveal you men this because Im truly about anybody coming up in my area but they do reveal that and most the ones near me were simply at like 7-eleven s Walgreens right its places like that so these are really locations I really do generally go to get cash out set is truly nice too and after that just some other things like I stated prior to they made it extremely really clear that there are not 2 bank so once again not a bank not really examining your savings however type of functions like one and in regards to the interest rate so you can earn 1.8 percent which is really a respectable rate and if you compare that to national averages its still actually great in comparison to that however again you might have a cooperative credit union near you thats providing you a greater rate thats actually most likely the only other places out there that can provide you that rate however I did discover actually when Robin Hood started making this I think some other business out there begun getting a bit concerned so I didnt notice a couple others had the ability to take on this rate or really mash this rate so that is kind of fascinating also they do have withdrawal limits they said and I think thats similar to your typical one with your bank or with any ATM or anything like that so its not like anything is going to be different and then in regards to costs they practically state that they dont have any costs again which is what Robin Hood is sort of understood for so they do not have like a minimum balance or like any crazy upkeep or account opening foreign deals which is really great in addition to like I was saying prior to the in-network ATM costs so that is an extremely nice to have that and they do keep in mind that they will charge a charge if you do use an ATM out-of-network however I feel like thats most debit cards so thats not truly a huge deal to me personally and they simulate I said within foreign deal costs they do not charge any of those but Im sure they do to a level if youre doing like something quite crazy or doing like for like foreign currency deals or something like that so I still would be careful there however the Robin Hood app isnt actually available outside of the United States so I do not think that would be a huge deal for many individuals and then besides that there is they did they are safeguarded normally like they do have what is it I got to search for their exact thing yes they do have FDIC insurance coverage as much as an optimum of 1.25 million so I dont think anybody enjoying this video I have actually big issues with and simply general they do seem safeguarded they do seem extremely very legitimate I do regard Robin Hood as a business they really they had that one not always a breach but that a person problem where they generally werent encrypting peoples passwords which a great deal of individuals flipped out about however it didnt actually affect anybody using the Robin Hood app and like I stated previously I think I mentioned earlier they do have the ability to just merely in your phone or on your app if you lose your card or something like that or you think its stolen whatever you can just merely lock your card delete your card order a brand-new one so it is extremely nice also and naturally theyre just typically protected like basically any other bank or debit card or ATM would be so with this I think it is extremely amazing that theyre adding this feature due to the fact that its just honestly another reason that I think the Robin Hood app is actually solid and just another factor to use the Robin Hood app now would I bring all of my money over in like my monitorings or my cost savings account most likely not right now I most likely would not put all of it over there I suggest I actually dont know the reasoning because it is getting the rates of interest I simply feel as if this resembles super brand-new so I wouldnt want to bring all my cash over and simply have something odd occur or something like that so right now I believe Im simply gon na test it out I do clearly have just money sitting over in my Robin Hood account right now thats not being invested however I have not yet brought all my money over from my checking and savings account but possibly I will in the near future since honestly this seems really excellent and I actually do like it a lot but in terms of the debit card real use of it I seem like I would not truly use it that much naturally unless youre utilizing your robin hood app as a bank account which I most likely wouldnt necessarily do yet however other than that guys is it for this video so definitely let me know in the comment section what you think about this did you get the Robin Hood card yet did you not are you registering for it you know do you think its actually great do you think its truly bad do you hate it let me understand in the remark area and likewise let me know what color youre getting your card in the comment area – I really type of wondering I seem like I like the green the finest honestly however I did see numerous people getting that American flag one but aside from that men thats it so like I stated before he understood the channel absolutely think about subscribing if youre interested in the stock exchange of personal finance entrepreneurship things like that and likewise do not hesitate to hit that like button it actually does assist with it geurim however other than that people thanks for viewing I hope you enjoyed Read More: Best Credit Cards For Bad Credit Without Credit Check 2020

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