Robinhood is getting closer to becoming a full-fledged financial service. On Wednesday, the company announced a wholly online banking platform that will offer checking and savings accounts to Robinhood Gold subscribers when it launches this fall.

The platform, called Robinhood Banking, will let users access their accounts, as well as send and receive money through the Robinhood Credit Card app. It even attempts to make up for not having a physical location by having physical cash “delivered on-demand right to your doorstep.” There still aren’t many details about how this will work, but Robinhood says “coverage varies based on geographic location.”

Robinhood Banking promises a 4 percent annual percentage yield (APY) and FDIC insurance of up to $2.5 million on accounts. The company notes that since it’s not an FDIC-insured bank, it’s offering “pass-through” insurance provided by FDIC member Coastal Community Bank. Pass-through insurance involves insuring people’s funds by holding them “at an FDIC-insured bank through a third party,” according to the FDIC.

The service will offer individual and joint banking accounts at launch, along with options to create children’s accounts. Deepak Rao, Robinhood Money’s general manager and vice president, says the platform is designed to “solve many of the challenges presented by legacy banks.”

In addition to a bank account, Robinhood is launching a new wealth management platform called Robinhood Strategies. It will offer access to a mix of single stocks and exchange-traded funds (ETFs), which “are actively managed to provide access to more opportunities.” The funds have a 0.25 percent annual management fee, with a yearly cap of $250 for Robinhood Gold members.

Robinhood Strategies is available to Robinhood Gold members today, but it’s coming to all customers next month. Robinhood Gold is the company’s $5 per month (or $50 per year) subscription program that offers features like margin investing and larger instant deposits.

Later this year, Robinhood also plans to launch an AI-powered investment tool called Cortex for Gold subscribers. It will provide analyses and insights about the current market, such as why a particular stock is going up or down, as well as which stocks to consider trading.

Over the years, Robinhood has transformed itself from a simple investing app into an all-in-one hub for users’ finances. The company launched a credit card in 2024 as part of efforts to encourage people to keep their money within the widening Robinhood ecosystem, where they’ll now be able to store and withdraw cash to make investments on the app, too.