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Robinhood Walks Back 3% Checking, Savings Product

Wednesday, Jan 09 2019
News
Written by  FinTech News Brief Staff

Stock trading app Robinhood tried to launch a 3% interest rate savings and checking product with no fees, but upon concerns from regulators backtracked and changed its marketing of the new offering. So reports CNBC.

However, because the accounts being offered are insured by the Securities Investor Protection Corporation, and not the FDIC, which is designed to handle the failure of a bank, Robinhood decided to rebrand and re-launch. Robinhood’s rate would have been “roughly 30 times the national average,” but its product may actually be closer to a money market fund that offers immediate access to the cash in the account.

Read the full article from CNBC.

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