What do you think of Robinhood's interest rates?

[murray t turtle]

Robinhood is offering 1.5% and 4.9% APY for "un-invested" or "Free" cash that is in your regular and Gold Membership accounts respectively. That's great, I don't need to commit to a CD or anything, it's just a savings account.

Is 4.9% APY a lot? Are there other brokers doing this and are offering more? If Robinhood is doing this, wouldn't other brokers be offering similar services?

https://robinhood.com/us/en/support/articles/cash-sweep-program-interest-rate/

Gold Membership is $5 a month. I might just move all the money from my checking account in there. My Bank isn't offering a lot of interest on their savings accounts.

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NO, that's not a lot but it's close to what SCHW pays .SCHW money market requires about 12 hours notice to buy + sell
Not sure why any would pay a broker $5 for that; but i do understand why a broker would charge $5 for that .

 

[funwisely]

Robinhood is a simplest, most user friendly, least expensive, highest interest(hassle free of CD, account transfer, money moving) brokerage so far(I come across- by the way I have no any incentive for writing this...). If any brokerage beats Robinhood, please list them. Only Robinhood lacks is Trade History with Profit/Loss, Your old Trade evaluation, Profit analysis and other useful tools, big brokerages have.

 

[murray t turtle]

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Sounds lacking, in the name, character\ collateral + capacity to pay.
Of course like prices, subject to change. Fine with me if HOOD stock price clears $88; below $10 now. Good HOOD market idea giving stock away