Robinhood Now Offers Banking Services

Robinhood , the digital platform with $539m in funding offering commission-free trading for stocks, ETFs, options, and cryptocurrencies, is going after banks with the introduction of “Robinhood Checking & Savings.”

https://www.youtube.com/watch?v=f48SglGrpEg

Launching in January 2019, the new Robinhood checking and saving accounts have no minimum balance, no monthly fees, no overdraft fees, and no foreign transaction fees. Customers get a personalized debit card that can be used for free cash withdrawals at over 75k ATMs across the country – more free ATMs than the five largest banks combined, with locations in major stores like Target, Walgreens, or 7-Eleven. Last, customers earn a 3% interest rate on money in either accounts which is paid out daily.

The new accounts will be available via the Robinhood app, which allows customers to pay bills, deposit or mail checks, find the closest free ATM, and chat with customer support 24/7.

Bottom Line: Almost 395k people have joined the waitlist since this morning.