If you want to leave Robinhood, you need to take a few steps before your account can be closed. The first thing to know is that you generally need to bring your account balance to zero and have no pending activity before you can deactivate or permanently close it.
This guide explains how to withdraw money from Robinhood, deactivate your account, permanently close it, and request deletion of eligible personal data.
How to Withdraw Money From Robinhood
To withdraw money from Robinhood, start by opening the app and tapping the icon in the bottom-right corner of the screen. This will take you to your portfolio overview, where you can see your accounts and balances.
Next, tap the Transfer button at the bottom of the screen. This opens the transfers page, where you can move money into or out of Robinhood.
To withdraw money, select Withdraw and enter the amount you want to transfer to your bank account. Your available balance will be shown on the screen.
Make sure you are withdrawing money from the correct account and that your bank account is selected as the destination.
Choose Your Withdrawal Speed
Robinhood may offer different withdrawal options, including standard and instant withdrawals.
A standard withdrawal is free but can take several business days to reach your bank account. An instant withdrawal can arrive more quickly but may include a fee.
If you do not need the money immediately, the standard option can help you avoid an instant withdrawal fee.
After selecting your preferred withdrawal method, review the details and tap Withdraw to complete the request.
Once you withdraw money, wait until the transfer has fully completed before attempting to close the account.
Make Sure Your Robinhood Balance Is Zero
Before you can deactivate or permanently close your Robinhood account, your balance needs to be at zero and there should not be any pending transactions or other activity.
If you still have money in the account, withdraw money to your linked bank account and wait for the transaction to settle. You may also need to resolve any pending deposits, withdrawals, trades, or other activity.
Once everything has cleared and your balance is zero, you can move on to the account closure process.
How to Deactivate Your Robinhood Account
Robinhood distinguishes between deactivating an account and permanently closing an account.
To deactivate your account, open your profile and tap the three lines in the top-right corner to open the menu. Then scroll down and select Settings.
Look for the Deactivate Account option and follow the instructions.
Deactivation stops you from trading in the account, but your account information remains accessible. You may still be able to log in and access things such as tax documents, account statements, and trading history.
According to the information provided in the guide, Robinhood allows the primary investment account to be reactivated if you later change your mind. Additional accounts that have been deactivated may not be eligible for reactivation.
How to Permanently Close Your Robinhood Account
If you want to permanently close your Robinhood account, the process is different from simply deactivating it.
A permanent closure means you cannot log back into the account or reactivate it later. Before this option becomes available, you need to make sure your balance is zero and there is no pending activity.
Robinhood can also close an account automatically when all of its assets are transferred to another brokerage. If you transfer your investments to another broker, you may not need to manually close the Robinhood account afterward.
Alternatively, you can permanently close the account manually through the available settings once the account has been deactivated.
How to Close Robinhood After an Account Transfer
Another way to close your Robinhood account is to transfer all your investments to another brokerage.
When all of your assets are transferred out, Robinhood may automatically close the account. This can be useful if you are moving your investments to a different broker rather than selling everything and withdrawing money to your bank.
If you do not transfer your assets, you can withdraw money from Robinhood and then follow the manual account closure process after your balance reaches zero.
How to Delete Your Robinhood Data
Closing your Robinhood account does not necessarily mean that every piece of personal information is immediately deleted.
As a regulated financial institution, Robinhood is required to retain certain records for legal and regulatory purposes. These can include tax information and transaction records.
However, you can submit a separate request to delete eligible personal data.
To request deletion, go to Settings, then Security and Privacy, and look for the option to request deletion of your personal data.
Some non-essential information, such as certain marketing information, device identifiers, and IP addresses, may be eligible for deletion. Financial records that Robinhood is legally required to retain generally cannot be removed through a data deletion request.
Deactivate vs. Close vs. Delete
The three options can be confusing, but they serve different purposes:
- Deactivate: Stops trading while leaving the account and its records accessible.
- Close: Permanently closes the account and prevents future access or reactivation.
- Delete: Removes eligible personal data, but does not necessarily remove financial records that Robinhood is legally required to retain.
If your goal is simply to leave Robinhood, start by making sure you have no pending activity and withdraw money until your balance reaches zero. You can then choose whether you only want to deactivate the account or permanently close it.
