![]() ![]() Once your spot in line is at the top of the list, you’ll be notified to finalize your debit card design. You can pop up 10,000 spots for the first friend you’ve invited who joins the waiting list, and another 1,000 spots for each subsequent friend. Once you’ve chosen a card, you’re shown your place in the line, but you can move up the queue by inviting friends. If you’re not yet a Robinhood customer, you can download the app and sign up for Checking & Savings. Their blog post claims that there is a network of over 75,000 ATMs, but there is no indication as yet regarding where they might be located.Īccess to Checking & Savings will begin in January 2019, in order of a customer’s position on their waiting list. And since Robinhood has no physical presence, they will rebate your ATM fees at partner banks for withdrawing and depositing cash. Paying the same interest rate on checking and savings is an unusual offer. There is a limit on the number of debit cards that will be issued, for now. When you sign up for Checking & Savings, you’re given the opportunity to pick one of the four available designs for your debit card. Debit cards are offered in a partnership with Ohio-based Sutton Bank. Robinhood says it can offer the high rate of interest due to splitting the revenue it receives from MasterCard whenever a debit card is used. The accounts pay a 3% annual interest rate, which is certainly a loss leader at the present time, and there are no fees for the customer. Upon logging in to the app, customers are now greeted with an invitation to apply for the banking capabilities. ![]() Robinhood is fine for the investor with a small account who wants to minimize the effect of commissions on a small portfolio and whose needs are minimal, if not absent (research, charting, fast execution and reporting, customer support, etc.). ![]()
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May 2023
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