Robinhood has decided to provide a new service to its American users - the ability to open a checking or savings account. According to the company's announcement, it will pay 3% on deposits to any type of account.
Robinhood is primarily known for its crypto trading platform and the stock trading service it offers. The company boasts its "free, no obligation, no surprises" experience rewriting the laws of retail.
Robinhood Checking & Savings promises the highest rate currently offered on the market, no fees, access to more than 75,000 free ATMs, 24/7 customer support and a personalized debit card. The American startup is already issuing Mastercard debit cards together with Sutton Bank. New accounts are offered on these cards with no minimum balance or overdraft fee, through the Robinhood mobile app, as early as January of next year.
Rumors about Robinhood's intention to launch banking services began to spread back in June, when their customer base already included six million accounts and the company itself was valued at $5.6 billion.
Despite Robinhood's announcement in the last blog post and the date for sending out the first cards, the startup has not yet received official permission to operate as a bank. Instead of waiting for such regulatory approval, the company simply changed the accounts to work with the licenses they currently have.
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