• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Interest Rate

Robinhood aims to court users by offering attractive 1% interest rate on cash – TechCrunch

by Matthew Upton
May 10, 2022
in Interest Rate
0
Robinhood aims to court users by offering attractive 1% interest rate on cash – TechCrunch
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Investing app Robinhood is on a roll with announcing new features as it looks to appeal to more customers amid dwindling transaction revenue. Less than a week after unveiling plans to allow users to lend out their stock, the company announced that it has introduced a “revamped” brokerage cash sweep program that will be rolled out to customers today.

What that means is that all “eligible” Robinhood users will be able to earn 1% interest on cash sitting uninvested in their accounts (though the company did not define which customers are eligible).

1% APY (annual percentage yield) may not sound like a particularly sexy return, but compared to the average rate a U.S. investor earns on cash in a savings account of 0.06% today according to Bankrate, it looks like a pretty sweet deal –16 times higher than average. The interest, which will accrue on funds users have in their accounts from depositing cash or from proceeds they earn after selling a stock, will be paid out monthly, the company says.

The cash from these customer accounts will be “swept,” or transferred into deposit accounts at one of six partner banks, according to Robinhood. Any cash deposited made will be covered by FDIC insurance up to $250,000 per bank, they noted.

Robinhood’s brokerage cash sweep program used to offer an interest rate of 0.5% to customers that were enrolled for its Cash Management feature, according to the company. Those previously enrolled for that Cash Management program will be automatically transitioned into the new one and see their interest rate increase to 1%.

New customers can opt into the feature as long as they have the latest version of the Robinhood app, the company says.

[ad_2]

Source link

Previous Post

Home Insurance Market Size And Forecast

Next Post

Effort to require health plans to share PBM rebate savings with enrollees moves forward in California Legislature

Next Post
Effort to require health plans to share PBM rebate savings with enrollees moves forward in California Legislature

Effort to require health plans to share PBM rebate savings with enrollees moves forward in California Legislature

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.