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Robinhood’s New Feature Grants You Interest and a Fancy Card
For those who’ve been on Robinhood’s waiting list for its Cash Management feature — today is your lucky day. Robinhood is releasing the Cash Management feature to all of its customers.
The feature combines the cash deposits you make into the app with a checking account — allowing users to earn interest on uninvested cash. Robinhood will also send you a debit card connected to that fund storage, so you can spend directly from the account rather than transferring the sums to another account. Similarly, you can set up auto-pay for bills through the account.
Only about one million people (of its approximately 13 million users) are enrolled in Robinhood’s Cash Management feature. According to a Robinhood spokesperson, the feature has earned customers over $2.5 million in interest in 2020.
As of March 16, 2020, the APY is 0.30% on your uninvested cash via a Deposit Sweep program, with interest compounding daily. There’s also no account minimums, no transfer fees and no foreign transaction fees.
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