Robinhood launches Isa paying 2% cashback: Should UK buyers open an account with this US import?

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The US investment platform Robinhood is launching a stocks and shares Isa for its UK customers and will soon make it available to everyone.

The provider will pay 2 per cent cashback on new Isa contributions made before 5 April 2026.

But you’re out of luck if you want to transfer funds from an existing Robinhood investment account or another Isa provider, because these aren’t eligible for the cashback.

Robinhood made its name in the US as a pioneer of commission–free investing. But the American import finds itself in a crowded market in the UK, with platforms like Etoro*, Freetrade*, Prosper* and Trading 212* already having thrown down the fee–free gauntlet.

Robinhood offers the ability to trade complex financial instruments such as options and futures, which could attract a niche subset of UK investors. 

However, we don’t cover this type of trading, because it’s very risky and most investors should steer well clear.

You also can’t trade options and futures within a stocks and shares Isa, so Robinhood’s account looks very similar to products from more established UK providers regardless.

> Find out more about Robinhood’s Isa* 

Robinhood is a well-known platform in the US, but less so here

What do you get with a Robinhood Isa?

As an American investment platform, the Robinhood stocks and shares Isa only gives UK investors access to the US market.

You’ll be able to trade around 5,000 US–listed stocks and ADRs – or American Depositary Receipts, which are financial instruments traded on US exchanges that allow access to foreign companies.

Trades will always be executed in USD, but Robinhood’s selling point is a low 0.1 per cent foreign exchange (FX) fee during US FX market hours.

This rate is far easier to understand than the convoluted conversion fees at Etoro* and beats its 0.75 per cent rate. Read our Etoro review.

But it’s not much lower than Trading 212’s 0.15 per cent FX fee. Trading 212* is a lot more established in the UK and offers a far wider range of investments, so you might find the slightly higher FX fee worth the premium. Read our Trading 212 review.

The 2 per cent cashback on contributions could be lucrative, but this depends on how much of your Isa allowance you have left to invest.

If you’ve used half of your allowance so far and wanted to deposit £10,000 before 5 April, you’d earn £200.

For another offer that pays £200, have a look at IG. The investment platform is currently matching deposits made by 13 February up to £200. You’d need to make a first trade by that date and then maintain an open position until June 2026, after which the platform will pay you the relevant amount.

> Open an account with IG*

Make sure you read all the terms and conditions of any deal before going ahead, and that you don’t make important decisions based on cashback alone.

You should check if the platform is right for you before going ahead – we have roundups of the best stocks and shares Isas and the best investment platforms to help you decide.