Free stock-trading start-up Robinhood announces a cash management account with a 2.05% interest rate ten months after the failed launch of a checking and savings account.
Most of these fintech companies don't have access to their own FDIC insurance that would protect customers' accounts in the event of a financial crisis. Partnering with banks is an increasingly popularOhio-based Sutton Bank will issue the Mastercard debit card that comes with Robinhood's accounts, and the company said it will offer access to 75,000 free ATMs. Robinhood said it will not charge foreign transaction fees or maintenance fees, and has no account minimums.
Pressure to diversify is growing after Charles Schwab, TD Ameritrade and E-Trade all announced last week that they would no longer charge for individual stocks, ETFs and options trades. Analystslast week that the move by incumbents has the potential to take away price sensitive customers who flooded to Robinhood in search of low costs. Others said this puts pressure on Robinhood to lean into new banking products to add value beyond just stock trading.
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