Robinhood checking & savings. Earn 3% interest plus zero Fees

[tay1]

Robinhood is undercutting the big banks by forgoing brick-and-mortar branches with its new zero-fee checking and savings account features. With no overdraft or monthly fees, a juicy 3 percent interest rate and a claim of more U.S. ATMs than the five biggest banks combined, Robinhood is using the scalability of software to pass impressive perks on to customers. The free stock trading app already used that approach to attack brokers like E*Trade and Charles Schwab that charge a per-trade fee. Now it’s breaking into the larger financial services market with a model that could put the squeeze on Wells Fargo, Chase and Bank of America.

Today Robinhood launches checking and savings accounts in the U.S. with a Mastercard debit card issued through Sutton Bank that starts shipping December 18th. Users earn 3 percent on all the dough they keep with Robinhood, yet there’s no minimum balance or fees for monthly membership, overdrafts, foreign transactions or card replacements. That’s a pretty sweet deal compared to the other leading banks that all charge for some of that or offer much lower interest rates. The trade-off is that while customers get 24/7 live text chat support, they won’t be able to walk into a local bank branch. Users who want early access cansign up here.

https://techcrunch.com/2018/12/13/robinhood-free-checking-and-savings-accounts/amp/

 

[tay1]

Thought I'd share this. Robinhood has stock trading with no fees and now this. How are they making money because I know somethings up?

I'm prolly gonna sign up for this though.

 

[nawghtyhare]

They got cc too???

 

[6 Rings G.O.A.T.]

 

[alchemist iq]

Robinhood’s 3% Interest Checking Is Just a Money-Market Fund
The fintech startup’s plan to disrupt bank accounts is a familiar product in disguise.

By
Brian Chappatta
December 13, 2018, 2:41 PM EST

A classic dressed up for young people. Photographer: Fox Photos/Hulton Archive/Getty Images
Robinhood Financial LLC’s grand plan to disrupt the traditional bank account with a checking-and-savings offering isn’t quite as innovative as it might seem. It’s effectively a classic money-market fund with a few additional bells and whistles.

The startup, which got off the ground as a no-fee stock trading app, began to roll out its “Robinhood Checking & Savings” on Thursday. Its website trumpets the plans as “fee-free and give 3 percent on every dollar.” That sounds great, considering that other high-earning online savings accounts from Barclays Plc and Marcus, the consumer arm of Goldman Sachs Group Inc., have interest rates of about 2 percent. As Bloomberg News’s Julie Verhage reported, though, “There are some key differences in how the product was created — including how it’s insured.” First and foremost, the fine print on its website states that the new offering “is not a separate account or a bank account.”

 

[antidope]

Wow. The money market I'm in gives me 2.55% I may have to switch that. That's nuts.

WELP NEVERMIND

 

[antidope]

If you click the debit card you move up spots

 

[htg designs]

That card look hard af

 

[htg designs]

Think I read somewhere jayz was apart of their funding or something.

 

[kvsm23vs24]

It says checking and saving.

Crazy.

 

[voidemperor]

Sweet.

 

[blastercombo]

Meh maybe in a couple years I’ll consider handing over my money to a new company

 

[shibadekobe]

https://www.cnbc.com/2018/12/14/sip...-about-robinhoods-free-checking-accounts.html

Whoops..

 

[mplsdunk]

That’s dope.

I’d switch but my credit union is the same deal. Pays me interest on checking and savings and free atms anywhere since they only have like 4 locations.

 

[6 Rings G.O.A.T.]

I put my email and nothing happened..

 

[flacobey]

Signed up yesterday. will keep a little cash there and see what happens. If they can offer 3%, it’s only a matter of time until some of the other non brick and mortar banks start offering it.

 

[tay1]

If you click the debit card you move up spots

Yeah that does look dope.

 

[goledensilence]

Been using Robinhood for Crypto and Stocks so I'm definitely signing up for this.

 

[AZwildcats]

Meh maybe in a couple years I’ll consider handing over my money to a new company

Same here

 

[Chopper]

Just saw a headline today about they don’t have enough insurance to cover their checking accounts. Nah player.

 

[goledensilence]

 

[robotea]

I've been using robinhood for the past 2 years for stocks only. They offer free trading so that's awesome, but if you trade over a certain # of times a week, then you start paying. It's great if you're just a casual and want to test out the stock market.

It's been steady for me, but I would be hesitant to put a big amount of $ with them.

 

[Bert.]

I’m a Robinhood user got this email the other day

It’s only maxed out at like 8k or sometbing

So it’s not like you can dump 100k and collect 3% on that

Unless i read it wrong

 

[goledensilence]

Signed up for the black card.

 

[ASE]

Signed up yesterday. will keep a little cash there and see what happens. If they can offer 3%, it’s only a matter of time until some of the other non brick and mortar banks start offering it.

From what im reading, it’s a money market account. I plan on using it as wallet for when im staying liquid.

I see it as Robinhood wanting to ensure your money never leaves their ecosystem. Market is crap? Cool, pull it out and put it in OUR savings account that yields 3%. Tough to say no to that.

Hopefully transfers are still immediate.