If you haven’t heard of , now is an excellent time to join the team. Starting this week, the commission-free investment company has grown from its roots in portfolio development and day trading to becoming a solid cash management option. As of October 8th, you can open your own brokerage checking/savings account with Robinhood and start earning over 2% APY.
This may not be the first you’ve heard of this as last year, the company announced their intentions to unveil the Robinhood Cash Management product with a 3% APY; a notably competitive rate for the industry. As it stands, the actual introductory APY sits at 2.05% which isn’t bad, but it isn’t 3%. As with any percentage yield, though, it varies with the market and the market has dropped since the initial announcement. Currently, Robinhood is accepting additions to the waitlist for the product, and once you elect to participate in Robinhood Cash Management, all previously uninvested funds will be swept into participating program banks that will pay the 2.05% APY.