Consumer complaint received 2026-04-24 00:00:00
Product: Checking or savings account — Savings account
Issue: Opening an account — Didn't receive terms that were advertised
Company: ROBINHOOD MARKETS INC.
State: WA

Complaint narrative:
I am submitting this complaint regarding Robinhoods failure to honor the advertised 3.5 % APY on its XXXX XXXX account, which I relied upon when transferring funds into the account. In XXXX, as a subscriber to Robinhood XXXX, I enrolled in Robinhood Banking after reviewing the advertised terms for its savings accounts. At the time of enrollment, Robinhood clearly represented that its XXXX XXXX account offered a 3.5 % APY. The platform also described two account tiers : XXXX ( for balances under {$100000.00} ) and XXXX ( for balances over {$100000.00} with additional requirements, including {$1000.00} per month in direct deposits ). No requirement for direct deposit was disclosed in connection with the XXXX XXXX account APY. I have retained a screenshot confirming these representations. In reasonable reliance on these advertised terms, I transferred my savings from my XXXX XXXX XXXX XXXX XXXX Account to Robinhood in order to obtain the higher 3.5 % APY. After approximately two months, I discovered that my account was no longer receiving any APY. When I contacted Robinhood customer support, I was informed that maintaining the advertised APY required at least {$1000.00} per month in direct deposits. I explained that I am self-employed and not eligible for traditional direct deposit. I was then told that manually transferring funds would satisfy the requirement. Relying on this representation, on XX/XX/year> I transferred {$14000.00} into the account. It took sometime for funds to arrive to Robinhood, but despite this, my APY remained at 0 %. Upon contacting support again, I was told that only direct deposit ( not manual transfers ) would give me the 3.5 % APY in XXXX XXXX account. This directly contradicted the prior advice from robinhood agent that I had received. I reviewed the Robinhood Banking Agreement, which states : Achieving a higher relationship tier provides access to more competitive benefits. However, you must be enrolled in Direct Deposit and maintain an aggregate Direct Deposit amount of at least {$1000.00} every statement period to get these benefits. This language explicitly ties the direct deposit requirement to achieving a higher relationship tier, which, based on Robinhoods own definitions, refers to the XXXX tier. There are only two tiers : standard and premiere. There is no clear disclosure that direct deposit is required to receive the advertised APY for Standard accounts. There is only a statement that for a " higher tier '' the direct deposit is required. Based on the above : - Robinhood advertised a 3.5 % APY for Standard Savings accounts without clearly disclosing any direct deposit requirement ; - I reasonably relied on that representation when transferring my funds ; - Robinhood later imposed undisclosed conditions and failed to honor the advertised rate ; - Customer support provided inconsistent and misleading information, further compounding the issue. I believe this constitutes misleading advertising and a failure to provide clear and accurate disclosures regarding material account terms. I request that Robinhood : 1. Honor the 3.5 % APY on my XXXX XXXX account for the period during which I maintained qualifying balances ; and/or 2. Provide compensation equivalent to the interest I would have earned at the advertised rate during that time. I am prepared to provide supporting documentation, including screenshots of the advertised terms and records of my communications with customer support. Sincerely, XXXX

Company response to consumer: Closed with explanation