Robinhood Checking and Savings Accounts are a BIG DEAL. Here's why.
Today, Robinhood, the app where you can trade stocks with no commission, announced checking and savings accounts where you can earn 3% on your money, don’t pay fees, and have access over 75,000 free ATMs.
THIS IS HUGE.
How to Robinhood Checking and Savings Accounts Compare
The next best rate you can get on a checking or savings account from one of the major banks is incredibly low compared to Robinhood's offer of 3%. Here's a breakdown comparison:
|Bank and Accounts||Rate||Balance Requirement|
|WellsFargo Portfolio Checking||0.05%||$5000 or more|
|Wells Fargo Way2Save® Savings||0.01%|
|Chase Savings Accounts||0.01%||All accounts, All balances|
|Bank of America||0.03%|
|My Local Credit Union||0.1%||$300 or more|
So, if you have $8000 in the bank, like the average American does, you will earn $240 per year just for having an account with Robinhood. No bank has a deal that good!