Robinhood takes on big banks with checking and savings accounts
Seeking Alpha
Published Dec 13, 2018 11:36AM ET
Robinhood takes on big banks with checking and savings accounts
- 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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