Robinhood Cash Management is better for users who want a high-yield account with no minimum balance requirements and broad ATM access. Bank of America Preferred Rewards is more suitable for high-net-worth individuals who can meet the balance requirements and want to maximize credit card rewards and other banking benefits.
| Attribute | Bank of America Preferred Rewards Program | Robinhood Cash Management |
|---|---|---|
| Minimum balance requirements | Gold: $20,000 - $49,999, Platinum: $50,000 - $99,999, Platinum Honors: $100,000 - $999,999, Diamond: $1,000,000 or more, Diamond Honors: $10,000,000 or more | No minimum balance requirement |
| Annual Percentage Yield (APY) | Gold: 0.02% APY, Platinum: 0.03% APY, Platinum Honors and higher: 0.04% APY on Bank of America Advantage savings accounts | Robinhood Gold: 4.00% (as of December 27, 2024), Non-Gold: 1.5%, Subject to change |
| Rewards structure (cash back, points, miles) | Boosts rewards earned on eligible Bank of America credit cards from 25% to 75% depending on tier. Bank of America points are generally worth 1 cent per point when redeemed for statement credits or travel. The Bank of America Premium Rewards Elite Credit Card can provide a higher redemption value, such as 1.2 cents per point for travel. The Bank of America Customized Cash Rewards credit card offers 3% cash back in a category of your choice (on up to $2,500 in combined spending per quarter) and 2% at grocery stores and wholesale clubs (on up to $2,500 in combined spending per quarter), then 1% on all other purchases. The Bank of America Unlimited Cash Rewards credit card offers 1.5% cash back on all purchases. | No specific rewards structure mentioned, higher APY for Gold members |
| Fee structure (monthly, overdraft, ATM) | Monthly maintenance fees are waived for Gold, Platinum, and Platinum Honors members on up to four checking and four savings accounts. Diamond members have these fees waived on unlimited checking and savings accounts. Non-Bank of America ATM fees are waived for Platinum tier members (one per statement cycle) and for Platinum Honors and Diamond members (unlimited). ATM/Debit card rush delivery fees are waived for all Preferred Rewards tiers. | No monthly fees, No ATM fees at Allpoint and MoneyPass networks, No foreign transaction fees, inactive account fees, or card replacement fees, No overdraft fees, $75 transfer fee to transfer assets out of Robinhood |
| ATM network access | Bank of America has a large ATM network. Preferred Rewards members may also avoid fees at non-Bank of America ATMs, depending on their tier. | 75,000+ ATMs through Allpoint and MoneyPass networks |
| Mobile banking app features | Bank of America's mobile banking app has over 47 million active users and is highly rated. | Contact customer support via chat in the app |
| Customer service availability | Phone support is available Monday to Friday 8 a.m. to 11 p.m. ET and Saturday to Sunday 8 a.m. to 8 p.m. ET. The phone number is (800) 432-1000. Customer service is also available via social media and a secure email address. | Website, app, live chat (variable response times), phone support, Transaction disputes: 888-275-8523 (or 1-800-469-7205 for California residents) |
| FDIC insurance coverage | Bank of America deposit accounts are FDIC-insured, protecting your funds up to $250,000 per depositor, per insured bank. | Up to $1.25 million through multiple partner banks |
| Investment options integration | The program integrates with Merrill investment accounts. Balances in Merrill Cash Management Accounts and 529 Plans can help you qualify for higher tiers. | Linked to Robinhood brokerage account |
| Debit card benefits | ATM/Debit card rush delivery fees are waived for all Preferred Rewards tiers. | Robinhood Cash Card is a prepaid card |
| Credit score requirements | Approval for Bank of America products, like credit cards and loans, is subject to credit approval and standard underwriting guidelines. | Not applicable |
| Account security features | Bank of America provides various security measures, including online and mobile banking security, fraud monitoring, and assistance with identity theft. | Industry-standard measures, BCrypt password hashing, Encryption, Two-factor authentication (2FA), Transport Layer Security (TLS) |