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Robinhood just released information about their new Cash Management program that included a debit card and bank account that pays 2% interest. But does it beat Charles Schwab?
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32 comments
Funny video great laugh the whole way good one
My debit card can’t be put into Apple Pay
Even with this new update, Robin Hood can't compete with the bigger brokerages. Fidelity also has a CMA account, and is a more robust brokerage.
Can you move money from the cash management system back into a bank account?
No point to use robin hood I’m good with my 1.9% with a trusted bank like discover.
Robinhood blew it for me back when they “realized” their funds weren’t FDIC secured on air 😂
To be fair, my primary bank will be the 8th largest in the US. I cannot put my debit card in Google Pay. So, yeah … that would be of value to me. For me though, Robinhood would be a sock drawer debit card. I only want the additional interest for cash that is sitting idle. I'd rater earn 2%+ (or whatever) interest vs. getting nothing on that cash.
I also understand that if you have a bank they use and are concerned about exceeding the threshold for FDIC insurance, you can contact them and they will take it off the list. Curious though if you can keep it on the list but limit it to say $50,000. But as you stated, the FDIC limit is a lot of cash to begin with.
The limits seem to be in line with typical debit cards. Again – my primary bank, I have limits that seem low but I rarely take out cash to begin with. I just keep $15 on me for just in case and rare that I ever use it besides the occasional cash tip; ie: shuttle buses, etc.
Why are they offering amenities so basic to most of us that it sounds insulting! Who uses debit cards any more?
Can you make a video about the new Chase “You Invest” brokerage account … thanks! love your vids 👌🏽
Holy SHIt FUck! Three mid-roll ads?! Besides the pre-roll and end-roll?! Not even Ask Sebby does this greedy ass crap. Later.
Robin hood is a disruptive app for an industry that is designed to not be disrupted.
Any change of doing a review with SoFi Money Sweep Program, Wealthfront and Betterment Sweep Program?
10:47 If you read the list carefully, which is to sorted in ay particular order – first facepalm, you might fid a country called Balkans… WTF Robinhood? 😭😭😭🧐🧐🧐😤😤😤🤬🤬🤬🤯🤯🤯
I use the fidelity CMA which has the very same 1.25 million FDIC sweep insurance, but I don't use it. I keep 0 in there and keep all my cash in the brokerage account's money market account SPRXX. Sure its not as high as 2% but I just trust fidelity more. If i make a payment or withdraw cash, money is drawn from the MMF and then paid out. Heck in response they no longer charge commissions on stocks as well.
bank of baroda is an indian bank.
So as a person that never uses cash/atm or a debit card I feel like this is objectively better than Charles Schwab since they only offer 0.23% on cash in your account
Don't understand why this is a big deal. 2% apy is pretty standard for online bank accounts.
If they provided no atm fees on top of 2% that would be dope.
Is it ok if I get two credit cards in a month?
Can you review the Revolut UK metal bank card 😀
I like this topic because we can learn and know more about something NOT JUST big bank cards chase chase chase AMEX AMEX so boring boring
Let’s talk more for banks products , small banks card products
Not every card goes through Samsung pay. My credit union cards doesn't work on Samsung pay
Robinhood debit card can't be used in almost 75% of African countries, can't be used in Cyprus, can't be used in Sri Lanka, can't be used in Thailand? I'll stick with my Chase Sapphire Preferred card, thanks.
I think Robinhood is losing the plot.
I signed up for it. It fits my budget and life, the APY is nice too because why not. The Google Pay is nice too, my bank does have it but my local credit union doesn't offer it which kinda sucks.
Ally invest has no fees now as well.
That's how FDIC insurance works period, that's why accounts are labeled different. To maximize the insurance.
Would this be more like a checking account or a savings account and is there a specific withdraw limit and a limit on how many transactions could be made?
Robinhood is very sketching because what kind of bank says "oh we don't want to pay for the insurance but we are still going to offer you 2.05% APY interest"
I was thinking of doing just a regular Robin Hood free stock to test the waters. I don’t know anything about stocks or anything in that general area. I just have a normal savings, checking, CD at the bank. If I do this the regular Robin Hood am I forced to invest anything or just do the free stock and do nothing to collect dividends from the free share to see if I like investing in the market.
back to the ashes..its down to 1% apy lol
Love that Schwab debit card ⭐️
You can use it at 7-11 atms in Canada
Not sure why you would say Money Pass would be at the low end of the totem pole, I used to be an employee of Chase and all of their ATM’s were on the Money Pass network. All BofA and US Bank ATM’s also operate on that network, so they aren’t just a boutique operation you find in a bar. It’s actually the second largest ATM network in North America. That being said I am not familiar with AllPoint and I do agree with everything else you said describing this product from Robinhood.