UPDATE: Robinhood has since transitioned from its Cash Management account to a new offer.

Are you a Robinhood user and curious about what their new Cash Management account and debit card are all about? Let's take a closer look at the account.

At long last, the Robinhood Cash Management and debit card are finally rolling out to customers. If you’ll recall, the road to launching this product has been a bumpy one, but we’ll that all that aside for now. So what does the account have to offer and is it worth users signing up for? Let’s take a look at what you need to know about Robinhood’s Cash Management.

The first thing to know about the Robinhood Cash Management account is that, at the time I’m recording this video, there’s a waitlist for the product

Back when Robinhood reintroduced plans for their account, they also opened a waitlist that quickly grew. In fact, more than a million people apparently signed-up to open accounts. Currently, it seems Robinhood has been sending out cards to a few thousand users a week, but that figure will hopefully accelerate as time goes on. But for now, you may need to wait a bit before you’ll be able to experience the Cash Management account for yourself.

Once you make you way off of the waitlist, you can elect to get a physical debit card or just use a digital version of the card.

A bit of good news for those who may be having second thoughts about their debit card design decision after joining the waitlist is that you’ll have the chance to change your mind when ordering your actual card. Additionally, if you don’t feel the need to add another piece of plastic to your wallet, you can elect to just use a digital version of the card instead. In either case, you’ll be able to add your debit card to digital wallets such as Apple Pay right away. Then, when your physical card does arrive — hopefully in a few day’s time — you can easily activate it from within the app as well.

Something of note is that, when activating, you’ll have to option to add Location Protection. This feature that will decline charges if they’re made a long distance away from your phone’s current location. Obviously, you’ll need to allow Robinhood to use your current location in order for this feature to work, and you can opt-out of Location Protection by visiting the main settings page.

Another thing to know about the account is that funds deposited will be available in buying power right away, although the money won’t otherwise be able for a few days.

To transfer funds to your Robinhood Cash Management account, you can either link a new bank account or continue using one you already have linked to the app. When you arrange a transfer, Robinhood will show you a timeline of when the funds will start earning interest and when they’ll be fully available for spending. However, in the meantime, deposits under $1,000 will be adding to your buying power, allowing you to buy stocks right away.

This actually isn’t a change from the current Robinhood policy, but it is worth noting nonetheless given the new context of the cash management account.

Next, two of the largest perks of the Cash Management account are the high APY it offers on funds and its impressive network of fee-free ATMs

At this time, Robinhood is paying 1.80% APY on funds in your cash management account. This interest is paid on the last day of each month but, what’s kind of cool is that you can keep track of how much you’re earning ahead of time by looking in the cash management tab of the app.

Also in that tab, you’ll find the option to view nearby free ATMs. Robinhood says there are more than 75,000 of these machines across the country. Sure enough, I was able to find several options in my area, making it easy to pull out cash from my account without incurring any fees.

It should be noted that Robinhood is not a bank and instead has partnered with a number of banks to receive customer deposits and provide FDIC insurance. However, at this time, the Cash Management account is lacking a few features that would be important if you were to use it as a primary banking service. For one, although you can set up direct deposits in Robinhood, there’s currently not a way to deposit paper checks as you could with other online banking tools.

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