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Contributor ○○○

Robinhood Tries Again on Cash Accounts

2nd time should be a charm. Robinhood is now partnering with 6 banks to offer high % cash accounts with FDIC insurance up to $1.25 million [although my basic math of 6 x 250,000 comes to $1.5 million] and a linked ATM card. As Robinhood gets a cut of transactions fees, it may hope that you will spend that $1+ million soon.

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Re: Robinhood Tries Again on Cash Accounts

Maybe for each customer they'll only spread the money across a max of 5 out of the 6 available banks and thus why the FDIC insurance is only $1.25M max?  Just a wild guess. 

It sounds like it's treated equivalent to a checking account with a debit card you can use attached to it?  If that's the case - then 2% interest is pretty good.  

It's a good move to stay competitive in a new zero commission competitive world.


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