Robinhood (HOOD) is taking on major banks and their ATM services for deposit options. The platform, now offering banking and wealth management services, introduced two new products to compete against top U.S. banks like JPMorgan (JPM), Citigroup (C), and Bank of America (BAC).

Robinhood Banking is set to offer traditional checking and savings accounts with a 4% annual percentage yield to members of its Gold service. Insurance is provided through FDIC coverage from Robinhood’s partnership with Coastal Community Bank.

Additionally, Robinhood plans to provide a "cash to your door" service through an app similar to Uber for banking customers. CEO Vlad Tenev aims for Robinhood to be a go-to platform for managing wealth, emphasizing that home cash delivery is in demand, particularly in areas like San Francisco where ATM-related crimes are a concern.

Tenev mentioned the possibility of exploring a bank charter in the future, revealing that the idea was previously considered in 2019 but deemed too costly at the time.

Robinhood Strategies will offer wealth management services with a 0.25% annual fee for its Gold subscribers, giving access to expert-managed portfolios with ETFs for as little as $50. For a minimum of $500, investors can access individual stocks within the portfolios.

Robinhood has been consistently introducing new services, including a prediction markets hub, event contracts for the presidential election, futures trading, index options trading, and the recent launch of Robinhood Legend, a platform targeting more experienced traders with advanced features such as multiple chart views and technical indicators like Bollinger Bands.