Robinhood made its name as a stock trading app but, in recent years, the company has been making a concerted push to become a full-fledged financial services firm akin to Fidelity or Charles Schwab. On Wednesday, it took another step toward that goal by announcing Robinhood Banking, a service that p rovides "traditional checking and savings accounts with luxury benefits," as well as a wealth management product called Robinhood Strategies. According to Steph Guild, a former JP Morgan executive who is President of Robinhood Asset Management, the company's goal is to fill a gap in the current wealth management landscape—one that is marked by pricey investment advisors on one hand, and low-cost generic 'robo-advisors' on the other. In practice, this will entail Robinhood using AI to offer active portfolio management to its customers that goes beyond what the low-end advisors currently offer. Features include personalized portfolio displays as well as personalized notes delivered via written and audio messages in the app. Guild says the offering is especially timing given recent market volatility, and that active management means investors can more quickly get exposure to assets on an upswing. She cited Chinese tech stocks and European equities as recent examples. The most noteworthy aspect of Robinhood's new wealth management service may be the cost, which is 0.25% and is capped at $250 per year for those who subscribe to the company's Gold service. On the banking side, Robinhood is planning a debut rate of 4% yield (APY) for savings accounts, and a novel feature that will deliver cash directly to a customer's door if they don't wish to go to an ATM. Customers will also be able to order check books, pay bills and send international money transfers for free. "We will have everything a legacy bank does," said Deepak Rao, VP and GM of Robinhood Money, adding that Robinhood Banking will not come with the limits of so-called neo-banks, which typically do not offer checks and certain other services. Meanwhile, the banking service will also offer special perks like the opportunity to buy tickets to events like the Oscars, the Met Gala and F1 Grand Prix Monaco. As part of the banking launch, which is set for this fall, the company will rebrand its existing secondary app known as Gold—which currently serves as a hub for its credit card—as Robinhood Banking. The company announced the banking and wealth management plans as part of its second annual Gold keynote event. Robinhood also used the occasion to tout an impending AI-driven stock research tool known as Cortex, and the popularity of its high rewards Gold credit card, which is made of 10 karat gold and weighs twice as much as other cards. The latest announcements come a week after Robinhood launched a foray into prediction markets, which let users wager on the outcome of real world events. This story was originally featured on Fortune.com ...read more read less