Brokerage app Robinhood may be getting closer to launching retirement accounts, according to evidence found in the beta version of the iPhone app, Bloomberg reported Thursday, March 31.
This helps Robinhood go against traditional fund managers and stock trading platforms. The company is now looking to add support for traditional individual retirement accounts (IRAs), Roth IRAs, and retirement accounts.
The underlying code in a beta version of the Robinhood app has been updated to add references to retirement accounts. They came from developer Steve Moser, which were shared with Bloomberg, according to the report.
The code would show that Robinhood would support IRA rollover and contributions, as well as work with legacy IRA accounts.
This move helped the company compete more directly with traditional brokerages. Other fund management and brokerage platforms, like Fidelity Investments and Morgan Stanley’s E*Trade, have offered the accounts for quite some time.
Robinhood CEO Vlad Tenev has in the past expressed support for the rollout of retirement accounts, saying he expects the option to be available no later than mid-year.
IRAs allow users to invest up to $6,000 per year to save on taxes, and traditional IRA accounts typically come with tax-deductible contributions that aren’t taxed until retirement.
PYMNTS recently wrote that Robinhood has also rolled out a new payment card to help new customers start investing. The card is offered by Robinhood Money and will provide debit card benefits and rewards that are usually reserved for credit card holdings.
See also: Robinhood launches debit card with automatic savings
“We’ve seen a new generation change their relationship with money, moving away from credit card debt, cash and doing more digital transactions,” the company said at the time.
The ad noted that only 17% of Gen Z said a credit card was their preferred way to make payments. Meanwhile, 46% of millennials and 47% of baby boomers said the same.