FYI Even as interest rates have risen in the past two years, most checking and savings accounts pay next to nothing. Banks don’t like to give away money if they don’t have to, and they haven’t been pressured to raise rates by consumers or competitors.
Now, Robinhood, best known as an investing app that allows people to trade stocks for free, says it wants to put the heat on those banks. As of Thursday, the app is offering savings and checking accounts that yield 3% annual interest rates paid out daily. What’s more, there are no account minimums or other requirements that banks often add in the fine print. And Robinhood has hooked up with ATM networks to allow it to offer free withdrawals from 75,000 banks using a debit card.
Regards,
Ted
https://www.barrons.com/articles/robinhood-app-is-offering-a-3-interest-rate-to-take-on-the-banks-51544723146?mod=djem_b_Weekly barrons_daily_newsletter
