In December 2018, Robinhood announced checking and savings accounts, with debit cards issued by Ohio-based Sutton Bank would be available in early 2019.[48] Robinhood claimed the accounts would have a 3% annual interest rate; at the time of the announcement, the highest interest rate on a savings account from a licensed bank was 2.36%.[49] Robinhood initially claimed the accounts would be SIPC insured, which the SIPC denied.[50] The products were rebranded as "Cash Management" the next day.[51] In January 2019, the waitlist and sign-up page were removed from the app.[52] A new Cash Management feature was announced in October 2019, with FDIC insurance from various partner banks and an annual 2.05% interest rate, though lowered before launch to 1.8% after a federal rate cut.[53] The feature launched in December 2019.[54] However, the current APY is a fraction of what it was originally promised and is .30%.[55]