RobinHood offering 3% interest on Checking and Saving accounts

[Secure Da Bag]

Earn 3%
On Your Money
Whether you keep your money in checking or savings, you’ll get the same 3% on every dollar. That’s an extra $240 every year for the average American with $8,000 in the bank.

With Robinhood, you get more for your money—starting with the very first dollar.

NOTE: I get credit for people using this link to signup - Robinhood – Checking & Savings

 

[Tug life]

They sent me a notification since i have a brokerage account with them. I signed up for the early access Got the all white card I'll use it for mostly my investment money.

 

[Macallik86]

Sounds like there might be some questionable stuff going on behind the scenes. Proceed with caution

 

[CurrencyChase]

Already on the waiting list.

 

[Astroslik]

Already on the waiting list.

You late.

It’s a sham basically

 

[Ghostface Trillah]

You late.

It’s a sham basically

Not a sham at all.

 

[Astroslik]

Not a sham at all.

Not a sham per say, but its not fdic nor sipc insured

Who the hell would put their money in an account like that?

 

[Ghostface Trillah]

Not a sham per say, but its not fdic nor sipc insured

Who the hell would put their money in an account like that?

Robinhood doesn't do scams, they're planning for an IPO next year. They aren't running off with your money. They just counted their chickens before they hatched. They thought that it would be covered under SIPC because it's basically an extension of the rest of Robinhood is. The SIPC is saying that they only cover accounts holding money that is reserved to buy securities, not just a general savings and checking account.

Robinhoods idea is that it would serve as both, hence why you have to have a Robinhood account to get an invite but the SIPC concerns are having to insure the people that will just use it as a checking and savings for things other than securities. Good thing about the waiting list is that they'll have time to come to an understanding but it'll be hard now to get the FDIC on board because they've shown their hand and the banks will do everything they can to fight this.

 

[Astroslik]

Robinhood doesn't do scams, they're planning for an IPO next year. They aren't running off with your money. They just counted their chickens before they hatched. They thought that it would be covered under SIPC because it's basically an extension of the rest of Robinhood is. The SIPC is saying that they only cover accounts holding money that is reserved to buy securities, not just a general savings and checking account.

Robinhoods idea is that it would serve as both, hence why you have to have a Robinhood account to get an invite but the SIPC concerns are having to insure the people that will just use it as a checking and savings for things other than securities. Good thing about the waiting list is that they'll have time to come to an understanding but it'll be hard now to get the FDIC on board because they've shown their hand and the banks will do everything they can to fight this.

I use Robinhood to buy stocks, I know they're a legit company breh.

 

[Lv99 Slacker]

Was excited at the initial news, but now? Eh...I'll wait for the regulatory dust to settle to decide whether or not to park my emergency fund here.

 

[Ghostface Trillah]

I use Robinhood to buy stocks, I know they're a legit company breh.

I do do to but I also know how heavy and deterring words like sham and scam are to new financial ventures.

 

[Macallik86]

I use Robinhood to buy stocks, I know they're a legit company breh.

I agree that they are a legit company. So was Bear Stearns.

I think the point is not whether or not you 'trust' Robin Hood, but rather, whether the rewards (3%) is worth having all your cash sitting there uninsured. Especially in this age of hacking and ransomware. Even Bitcoin (Coinbase) is FDIC insured up to $250,000.

 

[Lv99 Slacker]

Lists all of the high yield bank accounts from national and regional banks/credit unions worth checking out: Best High Yield Savings Accounts - up to 5% APY - Doctor Of Credit

Learned of this list from this video:

 

[dora_da_destroyer]

yea, people were hyped over this robinhood, i had recently identified PNC as the play for me, 2.35 is pretty good to park the emergency fund