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Robinhood takes on big banks with checking and savings accounts

Published 12/13/2018, 11:36 AM
© Reuters.  Robinhood takes on big banks with checking and savings accounts
US500
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XLF
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FXO
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IYF
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IYG
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UYG
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FINU
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RWW
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RSPF
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VFH
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FNCL
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  • Robinhood challenges the big banks by introducing no-fee online checking and savings accounts that offer 3% interest rate and access to more than 75,000 free ATMs in the U.S.
  • Up until now, Robinhood has focused on commission-free investing in stocks , ETFs, options, and cryptocurrency.
  • According to TechCrunch, Robinhood expects to make a profit due to its lean 300-employee operation, margins earned on investing deposits in U.S. Treasurys, and a revenue-sharing pact with Mastercard (NYSE:MA).
  • Previously: Robinhood talks with regulators about offering bank products: Bloomberg (June 20)
  • ETFs: XLF, FAS, FAZ, VFH, UYG, FNCL, IYF, BTO, IYG, RYF, FXO, SEF-OLD, FINU, RWW, FINZ, JHMF, FAZZ
  • Now read: The S&P 500 Pushed The Federal Reserve Too Far - Now It's Too Late


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