Robinhood Checking & Savings

Earn 3% on your money. Pay no fees.

#1 Product of the DayDecember 13, 2018

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.

Discussion
Would you recommend this product?
8 Reviews3.1/5
3% is a great rate compared to almost every other bank offering. Robinhood continues to attack incumbent margins.
@rrhoover Simple, Ally, and many other banks are offering 2% currently, and they are constantly increasing their rates to remain competitive. I wonder what will happen first, my bank increases interest rate to 3% or my invite for Robinhood Checking & Savings arrives.
@rrhoover @gabriel__lewis Wanted to reply to this as some information in these comments may be slightly incorrect. "Continues to attach incumbent margins" Not accurate. Technically these aren't savings or checking accounts. It's a money market account which they are treating as one. This also means it's not FDIC insured. A few articles came out which pointed to this being less secure given when they are doing isn't protected by the SIDC "Simple, Ally, and many other banks are offering 2% currently, and they are constantly increasing their rates to remain competitive" Sort of accurate but not entirely. All of those banks are offering varying levels of the Federal Interest Rate range. That means when the Feds drop the interest rate, so will these banks. The only "competitive" part of this usually when they choose to increase the rate and how they choose to market it. "I wonder what will happen first, my bank increases interest rate to 3% or my invite for Robinhood Checking & Savings arrives." Your invite to Robinhood is likely to happen first. Banks won't raise their rates unless the Feds raise the rates. Even more so, your money is not secured in a Robinhood Savings or Checkings account. In a nutshell. This is not what it says it is. Be very wary of this shitty "we'll figure it out later" approach to personal finance.
When will we get this in Europe? 😢😢
@anna_0x, yep, I'm waiting for them as well. 😃

Awesome concept, but this is a bank account without protection. Although Robinhood claims these accounts will be SIPC-insured, the head of the SIPC says they are not: https://www.bloomberg.com/news/a....

PS: SIPC is like FDIC but for the balance held in a brokerage account intended for purchasing securities. Different agency, different protections, and apparently not covering Robinhood who is trying to game the system. Hopefully they can figure this out, I am excited for a Robinhood bank account!

Pros:

3% interest for a checking account and no account fee, awesome!

Cons:

Your money is not insured by SIPC or FDIC

Not FDIC insured... So when the market crashes, and robinhood goes belly up, so does your cash money...
Damn I already have 100k people ahead me on the queue. Excited for this, those debit cards look sweet as well!